BP said it will be expanding its Singapore office space by about 30% when it relocates to its new Keppel Bay Tower at Harbour Front Avenue in mid-2005. BP has agreemd to lease 65,000 sq ft of space for three years for its 430 employees, expected to grow to more than 500 next year due...

A senior member of te recently elected Indonesian government has said it will reduce the fuel subsidy for next year, a move that will lead to higher domestic fuel prices.   Coordinating Minister for the Economy Aburizal Bakrie said a government team is looking to introduce a different scheme to replace the current subsidy scheme,...

Japan’s Marubeni Corporation and the US FuelCell Energy, Inc. have jointly announced the siting of a 250-kilowatt Direct FuelCell(R) (DFC(R)) power plant to operate on anaerobic digester gas from a food recycling facility at the Tokyo “Super Eco Town” project in Japan.   Marubeni, the Asian partner of fuel cell developer FuelCell Energy, will supply...

Openspec Naphtha tonne C+F Japan – US$443.30 (+US$6.80 from Nov 17 closing) 95 ron unleaded FOB Singapore – 51.00 Jet kerosene barrel FOB Singapore – 56.20 (+1.00) Gasoil barrel FOB Singapore – 54.14 (+1.29) LSWR barrel FOB Indonesia – 32.22 (+0.57) HSFO 180cst tonne FOB Singapore – 184.77 (+ 0.77) HSFO 380cst tonne FOB Singapore – 172. 76 (+0.38)...

Asian Development Bank (ADB) has approved loans totalling US$19 million to improve public health, the environment while boosting economic growth and reducing poverty in the Federated States of Micronesia (FSM). The Omnibus Infrastructure Development Project will develop Micronesia’s water supply and wastewater infrastructure, and improve its electrical power sector.   Despite government efforts, infrastructure deficiencies...

Openspec Naphtha tonne C+F Japan РUS$436.50 (-US$3.50 from Nov 16 closing) Jet kerosene barrel FOB Singapore – 55.20 (-0.65) Gasoil barrel FOB Singapore – 52.85 (-0.45) LSWR barrel FOB Indonesia – 31.65 (-0.85) HSFO 180cst tonne FOB Singapore – 184.00 (-2.80) HSFO 380cst tonne FOB Singapore – 172.38 (-3.37)  ...

Japanese trading company Itochu Corporation said it has invested in H2Gen Innovations, Inc., a US company engaged in the development of high-quality and compact onsite hydrogen generation systems. It has also executed an exclusive sales agency agreement for Japanese market with H2Gen.   Established in 2001 by engineers who were in charge of R&D for...

Malaysia International Shipping Corporation Bhd (MISC) has reported a 63.8% jump in net profit to RM1.54 billion for the first half ended Sept 30 over the corresponding period a year ago. (US$1=RM3.8).   The shipping unit of Petronas, Malaysia’s state oil and gas company, said revenue jumped 47.3% to RM4.88billion as a result of higher...

Indonesia’s President Susilo Bambang Yudhoyono recently inaugurated three gas-fired power plants in South Sumatra worth a total investment of US$80.5 million. The three plants, with a combined maximum capacity of 154 megawatts, will help meet the province’s annual 12% increase in power demand.   “We expect this to help reduce the risk of a power...

Singapore’s City Gas Pte Ltd has named Ng Yong Hwee as VP for marketing and business development, and Victor Ong as senior manager.   Malaysian oil and gas company Scomi Group Bhd has announced key management appointments following its acquisition of Singapore-based Oiltools International Ltd in July.   Ridzuan Ali has been named senior VP...

Russian president Vladimir Putin will hope to complete this year what he set out to accomplish last year with his attack on oil giant Yukos and the arrest of its boss, Mikhail Khodorkovsky, on alleged fraud and tax evasion offences. Many Western commentators had narrowly viewed that attack in political terms, having cheered Mr Khodorkovsky...

PTT plc, Thailand’s largest energy company, said its January-to-September net profit rose 49.4% to 42.17 billion baht over the same period last year on the back of higher oil prices and domestic consumption. Third quarter profit was up by 52% to 15.81 billion baht, according to the Business Day newspaper. (US$1=40 baht).   PTT said...

Australia’s peak national pipeline industry group has slammed the energy market reform agenda being pursued through the Commonwealth and State Ministerial Council on Energy.   “Australia’s Ministerial Council on Energy (MCE) process has clearly reached a crisis point, characterised by a policy paralysis on virtually all of the key issues,” said Allen Beasley, Chief Executive...

Hong Kong-listed CNOOC Limited said that its offshore Huizhou 19-3/2/1 fields have started producing crude oil. The Huizhou 19-3-1 well recently began yielding 6,500 barrels of oil per day.   More wells will be brought on stream gradually, the company said.   The Huizhou 19-3/2/1 fields are located in block 16/08 and 16/19 about 120...

Indian Prime Minister Manmohan Singh has defended the recent in the domestic prices of oil products despite strong protest from leftist politicians and worker groups worried about the impact of high energy prices on the poort.   At a recent a news conference in New Delhi, Mr Singh said the hike was a “painful necessity...

Lanka IOC, the Indian downstream oil company operating in Sri Lanka, is due to offer 100 million of its shares to the public on November 29. The company hopes to raise between Rs 2.3 billion and Rs 3.6 billion with a price offer of around Rs 23-27. (US$1=Rs105).   The issue comes with a price-earning...

Oman Oil Company (OOC) has bought a 30% stake in South Korea’s power company LG Energy, a subsidiary of the conglomerate LG Group. Founded in 1996, LG Energy owns a 537-MW power plant in Korea’s Pyongtaek region which sells its output on a take-or-pay basis to the Korea Electric Power Companyy (Kepco).   According to...

Beijing residents have started paying higher electricity tariffs from last week to reflect rising energy prices on the world markets. The China Daily said each household now pays nearly 5 yuan more per month as a result of the 4 fen (0.48 US cents) per kilowatt hour increase. (US$1=8.27 yuan).   The power price hikes...

Leading Japanese chemical company Mitsui Chemicals and independent petroleum company Idemitsu Kosan Co Ltd have agreed to jointly ship imported naphtha into the country as part of their overall cooperation arrangement this year.   The two companies hope to reduce transportation cost by making the joint use of large naphtha tankers for shipping naphtha imported...

Singapore Exchange-listed China Petrotech Holdings Limited, a leading provider of technical solutions to China’s oil and gas industry said its group net profit increased to RMB14.3 million for the quarter ended September 30, reversing a loss of RMB1 million in the previous corresponding period. (US$1=RMB8.27).   Group revenue increased RMB18.7 million from RMB303,000, driven mainly...

Sri Lanka’s trade deficit for the first eight months of the year jumped 67% to US$1.46 billion as a result of a 38% rise in its fuel import bill.   The Central Bank said the country’s import bill grew 20% to US$5.05 billion from US$4.22 billion the year before as world oil prices shot up...

French and Australian scientists have resumed measurements of Antarctic waters south of Australia to assess their capacity as a massive oceanic sponge to absorb greenhouse gases and store them away for hundreds or perhaps thousands of years.   According to Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO), the two countries have a joint research...

Indonesian state-owned oil company Pertamina has signed a one-year contract for the import of 7.2 million barrels of high-speed diesel oil from Russia.   According to Antara news agency citing an unnamed Pertamina source, the contract was signed with Singapore-based trader WVC Petroleum (Far East) Ltd.   The first cargo of 600,000 barrels will be...

MARKETS: Asian product prices for November 16; Singapore was closed for a public holiday on Nov 15 Openspec Naphtha tonne C+F Japan РUS$440.00 Jet kerosene barrel FOB Singapore – 55.85 Gasoil barrel FOB Singapore – 53.30 LSWR barrel FOB Indonesia – 32.50 HSFO 180cst tonne FOB Singapore – 186.80 HSFO 380cst tonne FOB Singapore – 175.75  ...

Australian resources company BHP Billiton has announced the results of its second appraisal well on the Shenzi discovery in the Gulf of Mexico. The BHP Billiton-operated drillship CR Luigs began drilling in Shenzi-3’s Green Canyon Block 653 in May. The discovery is located approximately 14 kilometres northwest of the company’s Atlantis field, which is currently...