With oil prices at record high levels, Singapore Airlines said its fuel-hedging programme contributed to a better-than-expected first-half profit of S$616 million, compared with a S$6.5 million loss for the same period last year because of Sars. (US$1=S$1.67). Group turnover reached S$5.78 billion, up from S$4.17 billion last year and S$5.3 billion in 2002....
Thai upstream company PTT Exploration and Production Public Company Limited (PTTEP) and its subsidiaries have announced a 5.65% rise in their third quarter net profit to 4.111 billion baht over the same quarter last year. Their total revenues were up 29% to 12.757 billion baht from 9,923 million bath. The company said it...
State PetroVietnam has signed a contract with three Japanese companies to jointly explore for oil in the offshore Blocks 05.1b and 05.1c southeast of Ho Chi Minh City.. Idemitsu Oil & Gas Co, a unit of Idemitsu Kosan Co, Nippon Oil Exploration Ltd, an arm of Nippon Oil Corp., and Teikoku Oil Co will explore...
Caltex Australia has started on its A$150 million upgrading work of its Kurnell oil refinery. (US$1=A$1.3). Dubbed the Clean Fuels Project, it will see the refinery produce some of the cleanest fuels in Australia from 2006. The 124,500 barrels per day plant is the largest refinery in New South Wales and the second largest...
Japan’s power and gas consumers will be hit with higher charges from January as companies pass on higher fuel costs. According to the Japan Times, 10 of the regional power companies said they will increase monthly charges for an average household of four people by between 29 yen and 79 yen. (US$1=106 yen). ...
Canada’s PetroKazakhstan Inc has reported a sharp increase in third-quarter profits helped by record oil prices. It said it earned US$176.2 million or US$2.30 per share for the three months ended September 30 compared with a profit of US$91.2 million or US$1.17 per share a year ago. Quarterly revenue increased to US$1.24 billion, up...
SK Corp., Korea’s largest oil refiner, said that its third-quarter profit rose more than 15-fold as prices of gasoline, diesel and jet fuel outpaced the cost of crude oil and exports to China increased. According to the Korea Herald, the company’s net income rose to 309 billion won ($275 million) won in the three...
Asian product prices for November 4 Openspec Naphtha tonne C+F Japan Ð US$462.30 (+US$7.90 from Nov 3 closing) Jet kerosene barrel FOB Singapore – 58.75 (+0.35) Gasoil barrel FOB Singapore – 55.55 (+1.10) LSWR barrel FOB Indonesia – 39.25 (+0.20) HSFO 180cst tonne FOB Singapore – 206.25 (-0.25) HSFO 380cst tonne FOB Singapore – 196.75 (+0.50)...
Malaysia’s state oil company Petronas said its wholly-owned subsidiary, Petronas International Corporation Ltd (PICL), has signed definitive agreements with a group of African companies to create Southern Africa’s largest liquid fuels business, Uhambo Oil Ltd (Uhambo). The other signatories include South Africa’s listed energy and chemical company Sasol Ltd, Worldwide African Investment Holdings (Pty)...
Environmental group Greenpeace has criticised the International Energy Agency (IEA) for failing to properly assess the world’s energy trends for the next decades in its recently released “World Energy Outlook 2004”. Greenpeace said the IEA contradicts its own publications on energy efficiency and ignores the scientifically recognised need for an urgent, global shift away...
The International Air Transport Association (IATA) said air traffic volume has increased for the first three quarters of 2004 across all regions, but has expressed concern with the negative impact of high oil prices on the industry. International scheduled passenger traffic for the nine months to September 2004 grew 17.7% over the same period...
China’s lawmakers are mulling passing legislation to promote the use of renewable energy as a drastic step to overcome the country’s power shortage problems and combat pollution. According to the China Daily, Li Junfeng, secretary-general of the Chinese Renewable Energy Association, said state agencies are drafting a law to compel power grid companies to...
Thailand’s state oil company PTT Plc said it plans to merge its affiliates and subsidiaries into two to three different groups as part of a restructuring plan. “We are looking at consolidating our operations in various businesses and would want to have two to three pillars so as to be able to balance any...
Nigeria is seeking to expand its alliances with foreign companies including those from China to help develop its oil and gas resources, said a senior Nigerian oil executive. Chris Ogiemwnui, managing director of the Nigeria Petroleum Development Company (NPDC), told the Shanghai Daily his company wants to develop technical partnerships with international investors in...
State electricity company PLN said it plans to soon invite bids to develop a liquefied natural gas (LNG) receiving terminal in West Java. According to the Jakarta Post, Ali Herman Ibrahim, PLN’s director of power plants and primary energy, said the company had advanced its plans to send out the invitations. “We want to...
Widya Purnama has threatened to resign as president of Indonesia’s state-owned oil company Pertamina if the government bows to US-based Karaha Bodas Company (KBC) over a dispute regarding a geothermal power project. According to Antara news agency, Mr Widya issued the threat after Pertamina lost an appeal to a US high court against an...
Iran’s Ambassador to China Fereydoun Verdinejad said the two countries will step up their long-term cooperation in the oil, gas and petrochemicals sector. He told the IRNA news agency that a visit by Iran’s Oil Minister Bijan Namdar Zanganeh to China last month addressed the issues of long-term cooperation on exploiting his country’s rich...
Asian product prices for November 3 Openspec Naphtha tonne C+F Japan Ð US$454.40 (US$+5.30 from Nov 2 closing) Jet kerosene barrel FOB Singapore – 58.40 (+0.15) Gasoil barrel FOB Singapore – 54.45 (+0.25) LSWR barrel FOB Indonesia – 39.05 (-0.10) HSFO 180cst tonne FOB Singapore – 206.50 (+0.75) HSFO 380cst tonne FOB Singapore – 196.25 (+0.75)...
Malaysia’s state oil company Petronas will use ExxonMobil’s lube technologies for its new grassroots catalytic lube basestock plant at its refinery in Melaka state. In a statement, ExxonMobil Research and Engineering Company (EMRE), a subsidiary of the major oil company, said the plant will convert 16,000 barrels/day of low sulphur waxy atmospheric residue to...
Canada-based PetroKazakhstan Inc said it recently has been approved for listing on the Kazakhstan Stock Exchange. The date of opening trade in the shares on the Kazakhstan Stock Exchange will be announced at a later date. PetroKazakhstan, already listed on the New York, Toronto, London and Frankfurt Stock Exchanges, is a vertically integrated, international...
The Japanese government is proposing to impose on households a new environment tax of 4,950 yen per year for fiscal 2005. (US$1=108 yen). The Japan Times reported that the tax is aimed at combating global warming and would be the equivalent of a 2% increase in gasoline prices. According to the newspaper, the Environment...
Thailand’s PTT Plc said it expects its revenue in the third quarter of this year to increase by more than 150 billion baht and income for the whole year to rise to more than 550 billion baht on the back of increasing prices for petrochemical products and higher additional revenues from its affiliates. (US$1=41 baht)....
BP chief executive Lord Browne met with analysts and the financial media in London last week to discuss the company’s third quarter results and the outlook for the oil markets. In a statement, he said: “The recent surge in the oil price above $50 a barrel has raised many questions about future prospects and...
Malaysian state oil company Petronas has awarded Oilcorp Bhd’s subsidiary Oil-Line Fabricators Sdn Bhd two exclusive licences to undertake major fabrication work for offshore and onshore structures, and for mechanical and electrical works. In becoming a direct vendor to Petronas, Oil-Line is now among seven companies holding the exclusive major fabrication licence, according to...
Japanese engineering and construction firm Chiyoda Corporation has revised its forecasts for net sales from construction contracts, profits and dividends for the fiscal year ending March 31, 2005. In a statement, the company cited steady progress in construction projects and a yen weaker than what had been projected at the beginning of the fiscal...