India’s main upstream company ONGC has posted a record net profit of Rs 56.92 billion in the first half of the current fiscal year to September despite paying out Rs17.82 billion as fuel subsidy to the country’s downstream companies IOC, BPC and HPC. (US$1=Rs45). The profit is a 15% increase over the net profit of...
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)....
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...
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...
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...
Asian product prices for November 2 Openspec Naphtha tonne C+F Japan Ð US$449.10 (-US$9.40 from Nov 1 closing) Jet kerosene barrel FOB Singapore – 58.25 (-2.30) Gasoil barrel FOB Singapore – 54.20 (-2.30) LSWR barrel FOB Indonesia – 39.15 (-1.05) HSFO 180cst tonne FOB Singapore – 205.75 (-7.25) HSFO 380cst tonne FOB Singapore – 195.50 (-6.75)...
Japan’s Mitsubishi Heavy Industries, Ltd (MHI) said it has received an order from CMS&A – a joint venture of Chiyoda Corporation and Italy’s Snamprogetti SpA – for a large liquefied natural gas (LNG) storage tank in Qatar. The contract was concluded in a consortium with the French company VINCI. The order will mark MHI’s fourth...
Singapore-listed China Aviation Oil (CAO) last week provided further information to the October 21 announcement about the sale of its shares by its parent company, China Aviation Oil Holding Company (CAOHC). The sale had attracted criticism from the local business press that disclosure had been slow. CAO’s share price has fallen sharply over the...
China Shipping Development, the largest oil shipping company in the country, said its third quarter net profit jumped 64% year-on-year to 465.9 million yuan (US$1=8.27 yuan), on quarterly revenue of 1.63 billion yuan (+24%). Cargo volume growth, however, slowed to around 2% to 29 billion tonne nautical miles year-on-year, reported the Hongkong Standard. ...
China Petroleum & Chemical Corporation (Sinopec) said its profit rose 54.88% to RMB26.653 billion for the first three quarters of 2004 while operating revenues climbed 36.09% to RMB433.646 billion. (US$1=RMB8.27). Third quarter revenue came to RMB 158.204 billion (+39.63%) while was profit RMB10.502 billion (62.02%). Sinopec said the Chinese economy grew by 9.5% in...
India’s civil aviation ministry has applied to the Prime Minister’s Office (PMO) to end the monopoly of state oil companies in the supply of jet fuel, according to the Business Standard. It said that domestic airlines are being overcharged for their jet fuel by the oil companies. “There should be a standard pricing mechanism...
Indonesia’s authority on its downstream oil business, BPH Migas, will soon issue new guidelines on its domestic retail fuel business in preparation for further deregulation. Tubagus Haryono, BPH Migas’s head, said the guidelines would be needed to regulate the activities of both local and foreign investors in the country’s domestic retail oil business. The...
Sonoran Energy Inc announced said it has signed a Memorandum of Understanding (MOU) with Iraq’s Al Azharan Group to develop oil and gas opportunities in that country. President and CEO Peter Ostenfeld-Rosenthal said the initial MOU will lead to the establishment of a partnership to focus on oil and gas exploration and production activities in...
Asian product prices for November 1 Openspec Naphtha tonne C+F Japan Ð US$458.50 (+US$8.00 from Oct 29 closing) Jet kerosene barrel FOB Singapore – 60.55 (+0.50) Gasoil barrel FOB Singapore – 56.50 (+0.60) LSWR barrel FOB Indonesia – 40.20 (+0.70) HSFO 180cst tonne FOB Singapore – 213.00 (+4.00) HSFO 380cst tonne FOB Singapore – 202.25 (+4.25)...
Russia’s oil export will grow till 2010 and then stabilise, said Minister of Industry and Energy Viktor Khristenko at last month’s fourth All-Russian Week of Oil and Gas. “The oil export from Russia depends both on the output and consumption of oil on the domestic market. According to the forecasts, up-till 2010 the growth...
Caltex Australia said it has started constructing a A$145 million clean fuels unit at its Lytton oil refinery, due for completion in 2006 to produce “some of the cleanest fuels in Australia and the world.” (US$1=A$1.35). The project will upgrade the refinery to greatly reduce the benzene content of gasoline and sulphur content of...
Australian upstream company Amity Oil has provided an update of its third quarter activity. Cash receipts from sales were up significantly (56%) from the previous quarter, due mostly to improved collections from customers, sales timing and an increase in the selling price from the previous quarter. Average net production (i.e. Amity share) for the...
Australian upstream company Santos Limited said its oil and gas production continued to improve in the latest September quarter, following the full recommissioning of the Moomba plant and new production from the Bayu-Undan field. Production was up 12%, helping revenue rise 26% compared with the second quarter and 9% over the September 2003 quarter....
China’s Huaneng Power International said it has signed agreements to purchase coal from the Yangquan Coal Group and Huating Coal Group. Hong Kong-listed Huaneng said Yangquan will be providing between 4.2 and 8 million tonnes a year over the next five years. Huaneng said it will purchase from Huating 6.4 million tones/year of...
LUKoil may replace troubled Yukos as Russia’s main oil supplier to China, reported the RIA Novosti news agency. The agency quoted Gennady Fadeyev, the president of Russian Railways, saying that his company was negotiating with LUKoil on delivering oil to China. It said that Lukoil representatives have confirmed that the company was studying the...
President Susilo Bambang Yudhoyono’s pledge to eradicate rampant corruption has been put to the test by prosecutors halting an investigation involving former mines and energy minister and current legislative leader Ginandjar Kartasasmita and a former President of state oil and gas company Pertamina. According to the Jakarta Post, the Attorney General’s Office said last...
China and Iran are rapidly building up their oil and gas ties, underlined by announcements of multi-billion-dollar deals last week and the visit to Beijing by Iranian Oil Minister Bijan Zanganeh last week. The National Iranian Oil Company (NIOC) and China National Petroleum Company (CNPC) last week signed a memorandum of understanding (MOU) to...
Malaysia’s state oil and gas company Petronas is looking to build its third lube base oil plant in Melaka state next year. According to the local press reports, Petronas had placed advertisements in local newspapers seeking applications from companies, consortia or joint-venture firms to bid for the project. The Malay Mail reported that applicants...
Rising oil prices have taken a toll on the business sentiment of Singapore’s manufacturers. In the latest survey in September, the Singapore Manufacturers’ Federation (SMa) said its members are “less positive” about business prospects in the next few months on growing concern over the rising price of oil and commodities. New York crude futures...
Indian upstream company Oil and Natural Gas Corporation Ltd., (ONGC) last month presented a final dividend cheque for the year 2003-04 of Rs 10.57 billion to Prime Minister Manmohan Singh. This is in addition to an interim dividend of Rs 16.79 billion paid to the government in February. The total dividend paid to the government...