Japan’s Mitsui said it will acquire a 25% equity participation in the LNG terminal in Altamira, Mexico, which is currently owned by Shell (75%) and Total of France (25%). If approved by the Mexican authorities, the new equity interests in the LNG terminal will be Shell 50%, Mitsui 25% and Total 25%. All...
Qatargas has awarded Korea’s Hyundai Heavy Industries Co Ltd contracts to build two 216,000-cubic metre LNG carriers worth a total US$470 million. The order is part of the Qatargas II project between ExxonMobil and Qatar Petroleum, which calls for the building of four LNG carriers according to the basic design provided by HHI. In...
US oil and gas company Unocal Corporation said that two of its subsidiaries have signed a natural gas purchase and sales agreement (GPSA) with Petrobangla, the state oil and gas company of Bangaldesh, to develop and produce natural gas from the Bibiyana field. Unocal’s minimum production will be 200 million cubic feet (mmcf) of...
Hong Kong-listed China Oilfield Services Limited (COSL), a leading oilfield services provider in China, said it achieved strong operating growth in its all four business segments for the nine months ended September 30. It said the total number of wells drilled increased by 29% to 182, of which 135 were development wells and 47...
Australian resources company BHP Billiton said it has agreed to sell its interests in the Laminaria and Corallina oil fields to Paladin Oil & Gas (Australia) Pty Ltd, a fully owned subsidiary of Paladin Resources plc, an independent oil and gas company listed on the London Stock Exchange. The purchase price is US$150 million...
The chairman of Australian engineering company Clough, Jock Clough, has given an update of the troubled company’s outlook for the financial year 2004. Stating that he remains optimistic, he said the company’s board and senior management have two immediate priorities. “One is the finalisation of the existing difficult contracts in a construction sense while...
Wuhan Iron and Steel (Group) Corporation (WISCO) recently supplied 500 tons of high strength steel plate for the construction of two oil tanks in China of capacity of 50,000 cubic metres and 100,000 cubic metres. According to Interfax, the deal makes WISCO the first local steel supplier for China’s oil tank projects. Previously, Chinese...
Japanese industrial plant engineering company Chiyoda Corporation has reported a 135.6% rise in net profit to ´5,095 million for the first half of the current fiscal year ending March 31, 2005. (US$1=´105). Net profit per common share climbed to ´27.44 from year-ago levels. Consolidated operating profit rose 90.4% to ´4,752 million on a net...
Openspec Naphtha tonne C+F Japan – US$448.75 Jet kerosene barrel FOB Singapore – 56.60 Gasoil barrel FOB Singapore – 53.75 LSWR barrel FOB Indonesia – 34.05 HSFO 180cst tonne FOB Singapore – 192.45 HSFO 380cst tonne FOB Singapore – 182.85 ...
An oil executive has said that the Pakistani government will pay Rs 3 billion to oil marketing firms this year to partly compensate for their losses from importing oil at high international prices. (US$1=Rs60). PakNews reported that Farooq Rehmatullah, managing director of Shell Pakistan made the claim at a recent event in Islamabad. ...
Equipment failures and costly downtime eliminated Ð productivity up at Chinese offshore oil platform. Rockwell Automation’s ControlNet-based PLC-5 ‘hot backup’ forms the new heart of the emergency shutdown system on a major oil platform, saving up to two hours per month in platform downtime. Due to reasons of confidentiality, this customer prefers to remain anonymous....
ENOC-controlled Horizon Terminals has obtained a US$40 million loan to build its oil storage terminal in Djibouti from Abu Dhabi’s financial institution ADCB. The US$58 million terminal in Doraleh village is located about 10 km from Djibouti port on the Red Sea. Horizon Djibouti Terminals Limited, the operating company, aims to turn Djibouti into...
Australia’s Northern Territory state could be the recipient of an A$1 billion natural gas pipeline investment following the signing of a natural gas deal early this month. US$1=A$1.3. According to AAP news service, Canadian aluminum company Alcan has agreed to buy 800 petajoules of gas from Woodside‘s part-owned Blacktip gas field in the Bonaparte...
China’s three main oil and gas companies, Sinopec, China National Petroleum Corp (CNPC) and China National Offshore Oil Corp (CNOOC), will discuss business opportunities with Argentina’s new state oil company Enarsa during next week’s visit to the Latin American country by Chinese President Hu Jintao. According to the Calgary Herald, Argentina’s Ambassador to China...
India’s Essar Shipping Ltd has agreed to sell five of its tankers to Top Tankers Inc to take advantage of high asset valuation in the shipping market, said PTI. The agreement is subject to Top Tankers fulfilling certain capital markets formalities on or before November 25. The vessels are to be delivered to Essar...
Asian product prices for November 10. Singapore was closed for a public holiday on Nov 11. Openspec Naphtha tonne C+F Japan Ð US$442.50 (-US$14.00 from Nov 9 closing) Jet kerosene barrel FOB Singapore – 57.15 (-1.20) Gasoil barrel FOB Singapore – 54.05 (-1.55) LSWR barrel FOB Indonesia – 34.15 (-3.25) HSFO 180cst tonne FOB Singapore – 194.50 (-6.00) HSFO 380cst tonne FOB Singapore – 184.25 (-6.00)...
PT Medco Energi Manamas has started up a 55.5-megawatt gas-fired power plant on the Indonesian island of Batam located just south of Singapore. The plant consists of two Rolls Royce engines each with a capacity of 27.75 megawatt, said a report from the Antara news agency. PT Medco Energi Manamas is 54% controlled by Indonesian...
Officials from Russia’s Gazprom and ExxonMobil recently met to discuss development of the Sakhalin-1 fields in the Russian Far East. Teams led by Gazprom’s deputy CEO Alexander Ananenkov and Jeffrey Woodbury, president of Exxon’s Russian unit, discussed the possibility of co-operating on Gazprom’s plans to export gas from Eastern Siberia to the Far East...
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...
Malaysia’s power company Tenaga Nasional Berhad (TNB) has appointed Aishah Datuk Abdul Rauf as vice-president for distribution. Ms Aishah, also the managing director of Malaysia Transformer Manufacturing, a subsidiary of TNB, has served the electrical utility for 29 years. An engineering graduate from the University of Liverpool, Britain, she has vast experience in the power utility...
Sinopec, Asia’s largest oil refiner, and major BP last week launched their retail chain joint venture (JV) in the eastern Chinese province of Zhejiang. According to China Daily, the joint venture aims to build and operate 500 filling stations in Hangzhou, Ningbo and Shaoxing cities over the next three years. Sinopec, with a 60%...
Asian product prices for November 9 Openspec Naphtha tonne C+F Japan Ð US$456.50 (-US$1.50 from Nov 8 closing) Jet kerosene barrel FOB Singapore 58.35 (+0.15) Gasoil barrel FOB Singapore – 55.60 (+0.35) LSWR barrel FOB Indonesia – 37.40 (-0.65) HSFO 180cst tonne FOB Singapore – 200.50 (-0.25) HSFO 380cst tonne FOB Singapore – 190.25 (-1.00)...
Like Americans choosing their President, the oil market appeared deeply divided over its next direction and if it’s in the midst of a crisis. Most analysts did not even have S$40/barrel oil on their radar screen as recent as early this year. By May, New York crude futures had broken that record, and another four...
Shell Malaysia has awarded a RM385 million contract to Johor-based Malaysia Shipyard & Engineering Sdn Bhd (MSE) to build its largest offshore gas production facilities in the Asia-Pacific region. (US$1=RM3.8). The New Straits Times said MSE, a subsidiary of the Malaysia International Shipping Corp Bhd (MISC) will have to complete five offshore fabrication packages...
Taxi drivers in Malaysia’s capital city of Kuala Lumpur want the government to build more liquefied petroleum gas stations (LPG) to meet growing demand for the fuel from gas-powered vehicles. According to a Malay Mail news report, taxi drivers complain that there is a shortage of natural gas for vehicle (NGV) stations in the...