Thailand’s business community say its key worries for 2005 are high and volatile oil prices and severe competition from China for export markets, The Nation reported. These two key factors will directly affect Thailand’s exports and its competitiveness this year, while ongoing negotiations to form free-trade agreements (FTAs) with other countries should have a...
Openspec naphtha tonne C+F Japan – US$ 406.42 (+US$6.67 from Jan 17 closing) 95 ron unleaded gasoline barrel FOB Singapore – 50.42 (+1.92) Jet kerosene barrel FOB Singapore – 52.67 (+1.37) Gasoil barrel FOB Singapore – 50.60 (+1.06) HSFO 180cst tonne FOB Singapore – 198.00 (+6.39) LSWR barrel FOB Indonesia – 28.97 (+0.97) HSFO 380cst tonne FOB Singapore...
ExxonMobil has agreed to supply natural gas to fertiliser plants in Indonesia’s Aceh province threatened with closure following the Dec 26’s earthquake and tsunamis disaster, according to the China Daily. The report, citing Indonesian officials, said that ExxonMobil’s gas deliveries will help rebuild the devastated economy. ExxonMobil, the world’s largest publicly traded oil...
US major ChevronTexaco said its subsidiary, Caltex South China Investments Limited (CSCIL), and China’s CITIC Resources Holdings Limited (CITIC) have entered into a preliminary agreement in which CITIC has agreed to purchase a majority stake in CSCIL. The transaction, subject to CITIC shareholders approval, is a significant step in growing Caltex’s retail fuel business in...
Thailand’s Electricity Generating Plc (Egcomp) is planning to increase its total energy investment this year to between 4 billion baht and 4.5 billion baht (US$115 million). The private company had invested 1.2 billion baht last year for increasing its generating capacity. The Business Day newspaper quoted Egcomp managing director Chalermchai Ratanarak as saying that...
Thailand’s proposed US$7-billion energy landbridge project will move forward despite the damage caused by the December 26 tsunami disaster, said Energy Minister Prommin Lertsuridej, according to local newspaper reports. He told the Bangkok Post that the infrastructure spanning southern Thailand from the Andaman Sea to the Gulf of Thailand would be built to withstand...
Mr Hussain M Sultan, Group CEO and Board Member of Emirates National Oil Company (ENOC), Mr Yusr Sultan, CEO Horizon Terminals Limited, Mr Tayyeb Al Mulla, CEO ENOC International Refining & Marketing, and Director of Horizon Terminals Limited. I am happy to join you here today to witness the inauguration of Horizon Singapore Terminals...
Australia’s leading resources company BHP Billiton said oil began flowing from the Angostura field in Trinidad and Tobago on January 9. This was preceded by first gas production on 16 December 2004. The new facility has been commissioned on a rapid schedule, just 40 months after the discovery of crude oil at the Kairi-1...
Australia’s upstream company Horizon Oil Limited said it has successfully raised approximately A$10 million, before fees, in new capital through a share purchase plan (SPP), underwritten by ABN AMRO Morgans Corporate Limited. (US$1=A$1.3). The capital raised, together with existing cash reserves of approximately A$4 million, will finance the costs of several projects including: The...
Energy ministers from Myanmar, India and Bangladesh have signed an agreement to export natural gas from Myanmar to India via Bangladesh, a joint statement issued last week said. According to the Kyodo news agency, Myanmar Energy Minister Brigadier General Lun Thi, Bangladesh’s Minister for Energy and Mineral Resources Mosharraf Hossain and Indian Minister of...
Lower oil product exports from India “should” boost the refining margins of Singapore refiners, said US based consultant ESAI. “While lower than expected demand from Australia and New Zealand has contributed to the weakening in Singapore margins, higher exports from India have also helped,” it said. In a recent edition of its Pacific...
MayBank Securities has maintained a ‘hold’ on the shares of Tenaga Nasional Berhad (TNB), Malaysia’s largest power company, after it was blamed for a major power failure in four of the country’s states. Selangor, Melaka, Negri Sembilan and Johor states suffered a power outage for more than 70 minutes last week. TNB’s deputy president...
Openspec naphtha tonne C+F Japan – US$ 399.75 (+US$9.35 from Jan 14 closing) 95 ron unleaded gasoline barrel FOB Singapore – 48.50 (+0.50) Jet kerosene barrel FOB Singapore – 51.30 (+0.04) Gasoil barrel FOB Singapore – 49.54 (+0.92) LSWR barrel FOB Indonesia – 28.00 (+0.41) HSFO 180cst tonne FOB Singapore – 191.61 (+3.89) HSFO 380cst...
The New York Mercantile Exchange, Inc (NYMEX) said it has opened an office in Tokyo on January 11, and has appointed Thomas J. McMahon as director. Mr McMahon has more than 15 years of executive level experience in the commodities industry. A former NYMEX board member, he has served on the petroleum, natural gas,...
Zenath Oil Derivatives LLC, a member of the Dubai-based ETA-ASCON Group, recently entered into an agreement to distribute the oil products of Abu Dhabi National Oil Company (Adnoc) in Dubai. The agreement with Adnoc Distribution covers gasoil, fuel oil, kerosene and gasoline. The agreement was signed by Jamal Jaber Al Dharif, general manager of...
Mexican authorities have granted permits for the construction of a US$650-million liquefied natural gas (LNG) terminal off the Tijuana coast. The permits are considered crucial for the A$11-billion (US$8.4-billion) Gorgon gas project off Western Australia, the Sydney Morning Herald reported. Quoting ChevronTexaco, the owner of the LNG project and leader of the Gorgon gas...
India’s Petroleum and Natural Gas Ministry has sought legal advice in a dispute with UK’s Cairn Energy over payment of a tax on the crude oil the company plans to produce from the Barmer district off Rajasthan state, the Press Trust of India (PTI) news agency has reported. “Cairn Energy signed a contract for...
Sumatec Resources Bhd has won a RM300 million contract to build, operate and own a bunker and fuel oil terminal facility within the Port of Tanjung Pelepas (PTP) for oil companies to store, market and trade oil products in the Far East. The contract for the facility Tanjung Bin off the southern Malaysian state of...
China announced its arrival on the world oil stage last year in the loudest way possible. On the world spot markets, its buying helped send world oil prices to record high levels to feed its insatiable domestic appetite. At the strategic level, its well-financed oil companies have launched into a frantic race to secure oil,...
Foreign direct investment (FDI) in South Korea is expected to fall nearly 14% to US$11 billion this year after last year’s sharp rise, the Ministry of Commerce, Industry and Energy (MOCIE) said in a report. FDI rose 97.4% last year to $12.77 billion, the country’s third highest annual FDI, the ministry said. “The...
Energy sector stocks listed on the Karachi Stock Exchange Ð oil and gas marketing companies, refineries, exploration and production (E&P) and power-generating companies Ð yielded a strong return of 27% in 2004, according to an analyst. Abdul Rasheed of InvestCap told the Dawn newspaper the local refinery industry posted a 74% return in 2004,...
The China National Offshore Oil Corp. (CNOOC) has launched a joint venture with Shanghai’s Shenergy Group to operate a liquefied natural gas (LNG) terminal in Shanghai. The joint-venture project would form part of a network of LNG terminals it plans to build along the country’s eastern coast, Chinese media reports quoted the company as...
Malaysian Pedu Hydro Sdn Bhd, a consortium in which Jana DCS Sdn Bhd has a 60% stake, will invest RM40 million to build an independent power producer (IPP) plant at the Pedu dam to supply electricity to residents in the Padang Terap district in Kedah state. (US$1=RM3.8). Jana DCS managing director Abdul Rahim Ismail told...
Openspec naphtha tonne C+F Japan – US$ 399.75 (+US$5.75 from Jan 13 closing) 95 ron unleaded gasoline barrel FOB Singapore – 48.50 (+0.95) Jet kerosene barrel FOB Singapore – 51.30 (+1.07) Gasoil barrel FOB Singapore – 49.54 (+0.77) LSWR barrel FOB Indonesia – 28.00 (+1.70) HSFO 180cst tonne FOB Singapore – 191.61 (+3.86) HSFO 380cst...
India’s Ministry of Petroleum and Natural Gas is dividing up the construction of a 250-billion-Indian-rupee (US$5.7-billion) mega project comprising liquefied natural gas, power and petrochemicals plants in Mangalore city to several state oil companies. The project in the southern Indian state of Karnataka was originally awarded to the Oil and Natural Gas Company’s (ONGC), according...