Australian oil and gas company Santos Limited said that its insurers have agreed that losses resulting from the New Year’s Day incident at its Moomba gas plant are recoverable under the property damage and business interruption policy. Santos said this has been a detailed process given the nature of the claim. The company and...
Hong Kong-listed CNOOC Limited said it has made an offering of US$850 million zero coupon convertible bonds due 2009 through its wholly owned finance subsidiary, CNOOC Finance Limited. The company said it has also granted the managers an over-allotment option to offer additional bonds aggregating US$150 million. The bonds were placed to non-US investors...
Finland’s W’rtsil’ said it has been contracted to supply a total of 16 dual-fuel engines for four liquid natural gas (LNG) carriers under construction at the Hyundai Heavy Industries Co Ltd shipyard in Korea for BP Shipping. The engines will have a total power output of 160 MW. The vessels are scheduled for completion...
Esso Malaysia Berhad (EMB) has reported an after-tax loss of RM 36 million in the third quarter of 2004, down from RM 62 million for the third quarter of last year. (US$1=RM3.8). EMB’s accumulated losses for the first nine months of 2004 were RM35 million compared to the RM 50 million profits in the...
Openspec Naphtha tonne C+F Japan – US$421.00 (-US$19.50 from Dec 2 closing) 95 ron unl FOB Singapore Ð 46.50 (-3.70) Jet kerosene barrel FOB Singapore Ð 51.30 (-2.13) Gasoil barrel FOB Singapore Ð 49.70 (-2.51) LSWR barrel FOB Indonesia Ð 25.50 (-1.95) HSFO 180cst tonne FOB Singapore Ð 177.43 (-1.1) HSFO 380cst tonne FOB Singapore Ð 159.93 (-0.24) ...
Xinhua Far East China Ratings (Xinhua Far East) has downgraded the issuer credit rating of China Aviation Oil (Singapore) Corp Ltd (CAO) from A to C, the lowest rating in Xinhua Far East’s rating scale. CAO is the largest jet fuel supplier in China and the eighth largest in the world. It is also...
Australia’s upstream company Amity Oil Limited has been renamed Antares Energy Limited, the company said in a statement to the Australian Stock Exchange. The Perth-based company said shareholders approved the name change at its Annual General Meeting late last month. Its stock symbol has been changed from AYO to AZZ while the code of...
Canada is interested to develop business opportunities with Taiwan based on the use of clean energy technologies. Companies from both countries will soon begin operating in the Southern Taiwan Science Park, reported the Taipei Times. At a recent press conference in Taipei, Arthur Carty, Canada’s National Science Adviser, said his country has developed alternative...
A court in Alberta, Canada has directed that Pacific Tiger Energy (Thailand) Limited (PTET) immediately pay to Carnarvon Petroleum US$109,745.81 for June and July oil revenues, and to also pay Carnarvon’s wholly-owned subsidiary, Strategic Exploration Asia Limited (SEAL), its share of oil revenues for subsequent months. SEAL was also awarded costs of C$20,000 plus...
Financially stricken China Aviation Oil (Singapore) Corporation Ltd (CAO) has officially called off its proposed purchase of 88 million Singapore Petroleum Company (SPC) shares from Hong Kong-based Satya Capital. CAO early this week shocked the stock and oil markets with the disclosure that it had lost US$550 million speculating in oil derivatives. CAO said...
China’s Huaneng Power International, Inc has provided an update on the operation of two of its plants last month. The Hong Kong-listed company said the 300MW coal-fired generating unit 4 of its 60%-owned Shanxi Huaneng Yushe Power Co Ltd went into commercial operation on November 12. The 600MW coal-fired generating unit 1 of...
A former head of Indonesian oil and gas company Pertamina said his country should quit its membership in the Organisation of Petroleum Exporting Countries (OPEC). Last month, Baihaki Hakim said Indonesia should quit the cartel as it is no longer beneficial to the country and the membership fee of about US$ 2 million a...
Lanka IOC, the subsidiary of Indian Oil Company (IOC) operating in Sri Lanka, has reported strong public response to its IPO of 100 million of on November 29. The company hopes to raise between Rs 2.3 billion and Rs 3.6 billion with a price offer of Rs 27. (US$1=Rs105). reported profit of Rs 500...
Malaysian oil and engineering firm Dialog Group Bhd expects to have six ProJET fuel stations by the end of 2005, up from three now, said its chairman and group managing director Ngau Boon Keat. According to The Edge newspaper, Dialog aims to open two more stations in Seremban next year, while its flagship double-storey...
Sakhalin Energy Investment Company said it has loaded the first cargo of Russian Far East crude oil at its Vityaz production complex off Sakhalin Island for delivery to Japan’s Tohoku Electric Power Company. Sakhalin Energy said this represents the first sale of Vityaz crude to a power company. All previous cargoes of Sakhalin Vityaz...
Openspec Naphtha tonne C+F Japan – US$440.50 (-US$27.12 from Dec 01 closing) 95 ron unl FOB Singapore Ð 50.20 (-2.05) Jet kerosene barrel FOB Singapore Ð 53.43 (-2.67) Gasoil barrel FOB Singapore Ð 52.21 (-2.09) LSWR barrel FOB Indonesia Ð 27.45 (-1.45) HSFO 180cst tonne FOB Singapore Ð 178.53 (-10.72) HSFO 380cst tonne FOB Singapore Ð 160.17 (-12.33) ...
City mayors and their representatives from China and other countries met recently in Kunming city to discuss solutions on solving traffic congestion and conserving energy at the International Mayors Forum on Sustainable Urban Energy Development. According to the China Daily, Xu Kuangdi, head of the Chinese Academy of Engineering, told China’s city mayors to improve...
The value of Indonesia’s exports grew 10.77% in the first nine months of this year, boosted by increased sales of crude oil, natural gas, coal, rubber-based products and organic chemicals to China. According to Jakarta Post citing the Central Statistic Agency (BPS), Indonesia exported US$50.74 billion worth of merchandise, up from $45.81 billion over the...
Malaysia’s Shell Refining said it earned RM482.6 million in net profit on revenue of RM5.3 billion for the nine months ended September 30. This was a 291.4% jump in net profit, and 30.8% increase in revenue over the same period last year. In a statement, chairman Jon Chadwick attributed his company’s excellent result to...
Australian upstream company Santos Limited said its wholly owned subsidiary, Santos (Donggala) Pty Ltd (Santos), has agreed to buy over the entire equity interests of France’s Total and Japan’s Inpex in the Donggala Production Sharing Contract (PSC) in the Kutei Basin, off the coast of Indonesia. Santos will take up a total equity interest of...
SMOE Pte Ltd, the offshore engineering subsidiary of Singapore’s SembCorp Utilities, and Saipem Asia, have been awarded a turnkey contract for building an offshore platform system for a transmission pipeline project by Thailand’s PTT Public Company Limited. SMOE said it will perform the engineering, procurement and fabricatioan of the PTT Riser Platform (PRP) Topsides,...
A consortium comprising French engineering firm Technip and Al Jaber Energy Services has been awarded a lump sum turnkey contract worth approximately $62 million by Dolphin Energy Limited for a new terminal to receive and distribute natural gas from Qatar to the UAE. The facilities will be built adjacent to the existing Taweelah Power Station....
Openspec Naphtha tonne C+F Japan – US$467.62 (-US$4.38 from Nov 30 closing) 95 ron unl FOB Singapore Ð 52.25 (-0.7) Jet kerosene barrel FOB Singapore Ð 56.10 (-1.40) Gasoil barrel FOB Singapore Ð 54.30 (-1.55) LSWR barrel FOB Indonesia Ð 28.90 (-1.05) HSFO 180cst tonne FOB Singapore Ð 189.25 (-8.75) HSFO 380cst tonne FOB Singapore Ð 172.50 (-10.50)...
The oil exporting countries of the Middle East are expected to earn more than US$180 billion in oil export revenue this year, with a fiscal surplus of US$60 billion. According to the Khaleej Times, Qatar will have the highest GDP growth rate of 10% followed by Saudi Arabia and Kuwait at eight per cent...
China Aviation Oil (Singapore) Corporation Ltd said it lost an estimated US$550 million from speculative oil derivative trading as at November 29, and has suspended its CEO Chen Jiulin from duty and may halt earlier announced investment plans. The Singapore-listed company said it is proposing a scheme of arrangement with its creditors for the...