(EnergyAsia, April 6) — ChevronTexaco Corporation is acquiring Unocal in a stock and cash transaction valued at approximately $18 billion including net debt, the companies have jointly announced. The acquisition, subject to approvals by Unocal shareholders and certain regulatory agencies, will significantly enhance ChevronTexaco’s position as a leading global energy provider. The US major...
(EnergyAsia, April 6) — A panel of Japanese oil experts is in favour of raising the country’s strategic oil stockpiles from fiscal 2006 to deal with growing fears of a possible oil supply shock, said a Japan Times report. The panel, which submitted its findings to the Ministry of Economy, Trade and Industry’s energy advisory...
(EnergyAsia, April 6) — South Korean-registered oil tankers with a hull life of over 26 years have been banned from operating from early April, a move aimed at preventing possible oil spills, the government has announced. According to Yonhap news agency, the move is in line with a global trend to phase out single-hull...
(EnergyAsia, April 6) — MayBan Securities research house has placed a ‘buy’ rating on Malaysian-listed SapuraCrest Petroleum. Its fourth quarter results, pushing full-year net profit to RM74.9 million, came in above forecast. The lower turnover in the final quarter was due to reduced activities in the pipe installation and marine services businesses following bad weather...
(EnergyAsia, April 6) — In the latest edition of its Stockwatch Quarterly Review, US energy consultant ESAI examines the factors to shape the oil markets over the next 20 years. ESAI believes one major issue which may depress oil demand over this forecast period will be environmental factors, namely hybrid cars, legislation in California to...
(EnergyAsia, April 5) — While reports suggest that Chinese oil import has been slowing down in recent weeks, the chairman of the China Petroleum and Chemical Industry Association has forecast his country’s oil demand to rise by around 10% to 2.5 billion barrels this year. China’s runaway oil appetite has been a pillar of strength...
(EnergyAsia, April 5) — Hong Kong-listed Huaneng Power International, Inc said it has obtained approval from China’s National Development and Reform Commission (NDRC) to build three 300MW-class generating units at its combined-cycle-gas-turbine power complex in Shanghai. The complex is located in between its Shanghai Shidongkou First Power Plant and Second Power Plant. The company...
(EnergyAsia, April 5) — Senior state and private sector officials and Asian Development Bank officials met in Beijing, China last month to discuss ways to improve China’s road building and expansion programmes. The ADB will also provide a technical assistance grant to help optimise future road investments in China and maximise their benefits for the...
(EnergyAsia, April 5) — Offshore support and marine services provider Ezra Holdings Limited said it and wholly owned subsidiaries, Emas Offshore Private Limited and Lewek Shipping Private Limited, have been awarded the Approved International Shipping Enterprise (AIS) status by Singapore’s Ministry of Transport. Ezra is a leading player in the business in Asia. Ezra’s...
(EnergyAsia, April 5) — Hong Kong-listed Sinolink Worldwide Holdings Limited said its operating profits for the year ended December 31 2004 rose 40.3% to HK$429.1 million with revenue up 32.6% to HK$2.406 billion. Net profit was HK$314.5 million, but the company did not give the previous year’s number. (US$1=HK$7.79). Sinolink said its board has...
(EnergyAsia, April 5) — Japanese oil refiner Nippon Oil Corp said it has agreed to expand its oil refining service for PetroChina Co in response to fast-growing demand for petroleum products in China. According to Kyodo news service, Nippon Oil has signed a new contract with China Oil, PetroChina’s affiliate, to refine 30,000 barrels a...
(EnergyAsia, April 5) — With only one exception in the last nine years, US gasoline demand for each succeeding January has been higher than the year before, said US energy consultant ESAI. In the latest edition of its Atlantic Basin Stockwatch report, ESAI said it believes that this year will be no exception, and...
(EnergyAsia, April 5) — Philippine National Oil Co.-Exploration Corp (PNOC-EC) said it will ensure a “strict and transparent process” in selling off 49% of its 10% interest in the Malampaya natural gas exploration and development project. PNOC-EC is the state-owned upstream company of the Philippines government. President and CEO Eduardo V. Ma–alac told the Philippine...
(EnergyAsia, April 5) — Canada’s Interoil Corp, which owns and operates a refinery in Papua New Guinea, is disputing claims that the plant is producing ‘sub-standard’ jet fuel after reports that Shell had rejected a shipment of fuel last month. Shell recalled its jet A1 fuel supply and sent samples to Australia for testing, grounding...
(EnergyAsia, April 5) — Oil storage and terminalling projects in Asia continued to make the news as companies and countries stayed the course with active stockbuilding programmes. In Dubai, the port of Fujairah opened two bunkering berths last month to meet rising demand for fuel and bunkering services in the region. “With the addition of...
(EnergyAsia, April 4) — Hong Kong-listed Enerchina Holdings Limited said its 2004 net profit rose 39.6% to HK$80.2 million on a 53% jump in revenue to HK$856.4 million over the previous year. (US$1=HK$7.79). In a statement, chairman Sun Qiang said: “The main reasons for the encouraging performance, despite high world oil prices, are the...
(EnergyAsia, April 4) — Malaysian Palm Oil Board (MPOB) will build a 60,000 tonnes/year bio diesel plant in Negeri Sembilan state at a cost of RM40 million, said director general Tan Sri Yusof Basiron. (US$1=RM3.8). The plant, powered by palm oil, will start up in the third quarter of next year. The board has...
(EnergyAsia, April 4) — Australian upstream company Santos has described its 2005 exploration program as “the most prospective” since the company’s founding half a century ago, according to managing director John Ellice-Flint. His upbeat outlook for the year ahead Ð a period in which Santos for the first time will drill more wildcat wells...
(EnergyAsia, April 4) — Keppel Merlimau Cogen Pte Ltd, a special purpose vehicle incorporated by Keppel Energy Pte Ltd, has secured a S$525 million limited recourse loan package to finance 100% of its total project costs, including ancillary facilities and contingencies, to build, own and operate a 500MW cogeneration plant on Jurong Island (US$1=S$1.62). ...
(EnergyAsia, April 4) — Japanese companies Idemitsu Kosan Co Ltd and Mitsubishi Corporation have agreed to launch a study to their integrate their liquefied petroleum gas (LPG) businesses to increase productivity and reduce operating costs. The companies targeted for integration are Idemitsu Gas and Life Co Ltd (IGL), Mitsubishi’s LPG unit and Mitsubishi Liquefied Petroleum...
(EnergyAsia, April 4) — Tokyo Gas said it recently acquired an interest in the Malhas Project, which constructs and operates natural gas transmission pipelines in the southeast and northeast of Brazil. According to Japan JCNN news service, the project is promoted by Brazil’s state oil company Petrobras as part of a social infrastructure project to...
(EnergyAsia, April 4) — Singapore jet fuel price crossed the US$70 a barrel psychological level last week, according to the FEOP Price Index. Amid heavy trading volume and bullish developments on the world markets last week, jet fuel prices rose to their highest levels in over a decade. Traders were quoting jet at between...
(EnergyAsia, April 4) — Origin Energy Resources (Kupe) Limited said that it will design a new onshore production station to process gas from the proposed offshore Kupe development in New Zealand rather than toll the gas through existing onshore facilities. Origin is operator of the consortium that owns the Kupe gas project. The company said...
(EnergyAsia, April 4) — Saudi Aramco has awarded a contract to the engineering consortium of France’s Technip and US’s Bechtel for the construction of a grass-root gas plant as part of the Khursaniyah, Fadhli and Abu Hadiyah hydrocarbon field development programme. The programme is aimed at raising oil and gas production in Saudi Arabia, according...
(EnergyAsia, April 4) — China Aviation Oil (Singapore) Corporation Ltd (CAO) said last week that the High Court of Singapore has adjourned the judicial management petition filed by SK Energy Asia Pte Ltd (SKEA) for one week to April 8. At the hearing last Friday, SKEA requested the court for a five-week adjournment to...