(EnergyAsia, May 24) — Thailand’s main energy company PTT Public Company Limited said its first quarter earnings before interests, taxes, depreciation, and amortisation (EBITDA) rose 37% to Bt24.316 billion. (US$1=40 baht). Revenues climbed 39% to Bt191.16 billion over the same period last year. Excluding the Bt7.7 billion gained from the debt restructuring of subsidiary...
(EnergyAsia, May 24) –Ð Iran has predicted that its crude oil export terminal on Qeshm Island will soon become the largest in the Middle East. Hojjat Heydary, managing director of the Oil Export Terminals Company, said international companies were interested to invest on Qeshm Island to take advantage of its strategic location serving both...
(EnergyAsia, May 24) — In the latest twist, Russia said it will favour supplying oil to China over Japan from an oil pipeline project linking eastern Siberia with the Russian Far East, according to a Kyodo news report quoting departing Russian Ambassador to China Igor Rogachev. “First of all, oil will go to China. And...
(EnergyAsia, May 24) — Engineering company Foster Wheeler InternationalCorporation has been awarded a project management consultancy contract by Abu Dhabi Gas Industries Ltd. (GASCO) for the engineering, procurement and construction (EPC) phase of the third natural gas liquids (NGL) train project at Ruwais, Abu Dhabi in the United ArabEmirates. The terms of the award were...
(EnergyAsia, May 24) — US major ChevronTexaco early this month changed its name to Chevron, a move it said will communicate a clear, strong and unified presence in the global marketplace. The company has also unveiled a new image, what it calls a refreshed and redesigned version of the red and blue Chevron logo. ...
(EnergyAsia, May 24) — Indian downstream company Essar Oil is planning to invest Rs10 billion to build oil storage terminals and pumping stations in Madhya Pradesh state. (US$1=Rs45). According to the Business Standard, Essar will build a 70,000-kilolitre storage and pumping station in Ratlam in the first phase and a second storage terminal of 22,500...
(EnergyAsia, May 24) UK energy major BP has pledged to improve safety procedures at its Texas, US oil refinery after accepting responsibility that its staff was responsible for a huge explosion that killed 15 workers and injuring more than 170 others. The incident at the 460,000 barrels per day plant on March 23 was one...
(EnergyAsia, May 24) — PTTEP Iran Company Limited, a subsidiary of Thai upstream company PTTEP, recently won a 25-year contract to explore and develop oil and gas in Iran’s Saveh Block located about 200 km south of Tehran. The block covers an area of 13,500 sq km. PTTEP Iran Company Limited was established in...
(EnergyAsia, May 24) — Sri Lanka is enlisting the help of China to fund the construction of a US$90 million tank farm at its proposed mega port project in Hambantota in the south of the island. According to Lanka BusinessOnline, China could help build 10 oil tanks and four pipelines going out to sea...
(EnergyAsia, May 24) — MayBan Securities has issued a ‘buy’ rating on Malaysian upstream support company Scomi which expects to complete its purchase of a 29.6% stake in Habib Corp by September. Scomi has proposed to pay RM200 million or RM1.15 per share, making it Habib’s shareholder. (US$1=RM3.8). The acquisition would be funded through...
(EnergyAsia, May 20) — Australian upstream company Carnarvon Petroleum Ltd, through its wholly owned subsidiary, Strategic Exploration (Asia) Limited (SEAL), has filed claims in Alberta, Canada, against its partners in the Wichian Buri SW1A joint venture in Thailand. Carnarvon said it is seeking specific performance against Pacific Tiger (Energy) Thailand Limited and Tiger Petroleum Inc...
(EnergyAsia, May 20) — Australia’s new national energy regulator has appointed Michelle Groves as its chief executive. From June 6, the newly established Australian Energy Regulator will report to three commissioners. Ms Groves is an experienced official who had overseen energy and transport regulation operations under the National Competition Council for nine years before...
(EnergyAsia, May 20) — Japan is considering building a $100 million, 60-megawatt thermal power plant in the southern Iraqi city of Samawah with grant aid, reported the Japan Times. This could be Japan’s first major infrastructure project in the troubled Middle East country since it was invaded by the US in 2003. If the...
(EnergyAsia, May 20) — With reports of big projects in the pipeline, Vietnam expects to attract a record of more than US$5 billion in foreign direct investment (FDI) this year. The optimism was fuelled by an announcement from the Ministry of Planning and Investment (MPI)’s Foreign Investment Agency (FIA) that FDI inflows into the...
(EnergyAsia, May 20) — China’s Guangdong province will invest 180 billion yuan (US$22 billion) over the next five years to expand its downstream oil facilities, according to the local Southern Metropolitan News. The province will invest in several petroleum bases in Daya Bay in Huizhou, the Maoming-Zhanjiang coastal industrial area in the southwest of...
(EnergyAsia, May 20) — The Indian government has cleared a proposal to revamp the kerosene distribution system to ensure that the highly subsidised cooking fuel reaches the poorer section and is not diverted to adulterate diesel. According to The Telegraph of India, Petroleum minister Mani Shankar Aiyar told Parliament recently that the pilot project...
(EnergyAsia, May 20) — Australia should aim to slash carbon dioxide (CO2) emissions by 60% by 2050, a Senate inquiry recently recommended. According to AAP news service, Canberra last June issued an energy white paper (EWP) promising to establish a A$500-million fund to drive at least $1.5 billion investment in new technologies for greenhouse gas...
(EnergyAsia, May 20) — India’s Reliance Industries Ltd said it is planning to raise the capacity of its Jamnagar oil refinery to 60 million tonne per annum (1.2 million barrels/day) by 2009 from around 33 million tonne (660,000 b/d) now. The company may have to invest as much as Rs 150 billion. (US$1=Rs44). According to...
(EnergyAsia, May 20) — Philippines’ largest oil company Petron Corporation said its first quarter net income rose 10.7% to 870 million peso, thanks largely to a 9.4% drop in operating costs. (US$1=55 peso). The company said costs fell from 1.39 billion peso in the first quarter of last year to 1.26 billion peso. Petron...
(EnergyAsia, May 20) — The Japanese government has officially adopted a set of measures to cut the country’s greenhouse gas emissions to fulfil its obligations as a signatory of the Kyoto Protocol. The public and private sectors must switch to energy-saving appliances, and step up the use of alternative energy sources such as fuel cells...
(EnergyAsia, May 19) — The Asian Development Bank (ADB) has launched a website, www.AsianBondsOnline.com, to help investors buy and trad Asian government securities and bonds. As part of the site’s expanded offerings is a section guiding investors – whether institutional, retail, local, or foreign – through the various types of government securities available in each...
(EnergyAsia, May 19) — Chiyoda Corporation, a leading Japanese engineering and construction firm, said it achieved ‘stellar’ financial results for the fiscal year ended March 31, 2005. Consolidated operating profit rose 88.4% from the previous fiscal year to 11,077 million yen on a gain in construction contracts of 29.4% to 267,655 million yen, exceeding...
(EnergyAsia, May 19) — Hong Kong-listed Panva Gas Holdings Limited said its net profits grew by 29.82% to HK$58 million for the quarter ended March 31 2005. (US$1=HK$7.79). The group’s turnover increased by 13.87% to HK$468 million compared with the same period last year. The wholesale LPG business remains the group’s core business. For...
Singapore Petroleum Company Limited has opened its 39th service station at Jalan Bukit Merah. The new station is located within a high traffic area supported by matured residential, retail and commercial developments. It will serve motorists in the vicinity of Alexandra, Jalan Bukit Merah, Leng Kee, Queensway and Tiong Bahru and is expected to capture...
(EnergyAsia, May 19) — The Indian government led by the UPA Party will complete its first year in office on May 21 and is loudly trumpeting its achievements in the oil and gas sector. Energy security has been a key policy goal of the government of Prime Minister Manmohan Singh. As examples of the...