(EnergyAsia, June 2) — MayBan Securities has placed a ‘hold’ rating on Malaysian pipeline company Wah Seong Corp after the company reported disappointing first quarter results. Net profit was up 24.5% to RM7.3 million while revenue fell 5.5% to RM192.2 million from year-ago level. (US$1=RM3.8). Wah Seong did not declare a dividend for the quarter....
(EnergyAsia, June 2) — With LNG producers in the region boosting their export capabilities, LNG shipping has become one of the most important factors in the expansion of the global LNG industry. In response to the new dynamics impacting this critical sector, leading figures involved in the Middle East LNG and shipping industries are set...
US crude futures finished the last week of May well above US$50/barrel after recovering from a slump that had seen some liquidation and profit-taking keep prices in the US$40s for nearly two weeks. Traders have become instinctively fearful of sharp rebounds when oil goes below US$50 these days. And so they were, right on cue...
(EnergyAsia, June 2) — US engineering firm Bechtel Corp said an affiliate has won a US Federal court order to seize the shares of Dabhol Power Corp owned by a company controlled by the Indian state of Maharashtra, the country’s commercial center and second largest state. Bechtel said it took action when the Indian company...
(EnergyAsia, June 2) — Synenco Energy Inc. and SinoCanada, a subsidiary of China-based Sinopec Group, said they have entered into a series of agreements under which Sinopec will pay approximately C$105 million in return for a 40% interest in the Northern Lights oil sands project located in northeastern Alberta in Canada. (US$1=C$1.25). Under the terms of the...
(EnergyAsia, June 2) — Representatives in the Legislative Assembly of the Primorye (Maritime) territory in the Russian Far East last week heard strong opposition from environmental groups to the proposed construction of the East Siberia-Pacific Ocean oil pipeline. Itar-Tass news agency reported that environmentalists told lawmakers they believe the construction of the oil terminal in...
(EnergyAsia, June 2) — The board of Singapore’s Energy Market Company (EMC) has appointed David Wong as the fifth member of its Market Surveillance and Compliance Panel (MSCP) member for the National Electricity Market of Singapore (NEMS). Mr Wong is the managing director and chief executive of ABN AMRO Bank NV, Singapore and the regional...
(EnergyAsia, June 2) — High oil prices slashed Japan’s April customs-cleared trade surplus by 10.4% from a year earlier to 962.8 billion yen, said the Finance Ministry. (US$1=107 yen). Oil futures rose to a record US$58 a barrel in April. Exports rose 7.8% to 5.507 trillion yen, their second highest level on record while imports...
(EnergyAsia, June 2) — Indian oil marketing companies and the Indian Sugar Mills Association (Isma) have signed an agreement for the supply of ethanol-mixed gasoline in 10 states and four Federal territories from July. Financial Express reported that Isma members will now quote a price in tenders issued by the oil companies for sourcing ethanol,...
(EnergyAsia, June 2) — Qatar will have to slow down the pace of its construction of gas-to-liquids plants as a result of rapidly escalating construction costs, reported the Khaleej Times. The slowdown could have implications for future supply of energy to consumer countries such as the US and Europe which recently signed large long-term purchase...
(EnergyAsia, June 1) — Thailand’s leading agricultural company, The CP Group, plans to bid for a licence to operate a state-backed biodiesel project using palm oil in a fully integrated system including the oil palm plantation and refinery. According to the Bangkok Post, Montri Congtrakultien, president of the CP Crop Integration Business Group, said it...
(EnergyAsia, June 1) — Exhibitors at the 10th Asian Oil, Gas & Petrochemical Engineering Exhibition (OGA 2005) to be held in Kuala Lumpur from June 13 to 16, expect to clinch sales worth at least RM1 billion, said organiser Malaysian Exhibition Services Sdn. Bhd. (MES). (US$1=RM3.8). MES’s general manager, Ian Roberts, said the successful...
(EnergyAsia, June 1) — Taiwan’s Formosa Plastics Group (FPG) reported strong earnings for the first quarter, due largely to the new quarterly high earnings by four major subsidiaries. The subsidiaries are Formosa Plastics Corp. (FPC), Nan Ya Plastics Corp., Formosa Chemical and Fiber Corp. (FCFC), and Formosa Petrochemical Corp. (FPCC). As the most profitable firm...
(EnergyAsia, June 1) — Singapore-listed PEARL Energy Limited last week announced the preliminary results of the DEL-11A and DEL-11B delineation wells in the Block B 5/27 contract area in the Gulf of Thailand. DELÐ11A and DEL-11B were wells drilled directionally from the DEL-11 surface location 3.2 km south of PEARL’s existing offshore production platform...
(EnergyAsia, June 1) — Financially indebted Singapore-based China Aviation Oil wants to meet with creditors on June 8 to discuss its improved repayment scheme. The company has proposed to pay creditors 53.9% of its debt, up from 41% in its first plan. CAO has also sweetened the offer by throwing in a shorter five-year...
(EnergyAsia, June 1) — The Taishet-Nakhodka oil pipeline will likely be first built from Taishet in East Siberia to the town of Skovorodino on the Russian-Chinese border, and only then to the city of Nakhodka on the Pacific Ocean, Igor Rogachov, Russia’s ambassador in China, said recently. “The branch to the Pacific Ocean will...
(EnergyAsia, June 1) — Citiing KNM Group’s ‘stellar results’ for the first quarter and a strong outlook for the rest of the year, MayBan Securities has placed a ‘buy’ rating on the engineering company. MayBan said KNM’s first quarter results came in above expectations. The improvement in turnover reflects KNM’s growing order book, which...
(EnergyAsia, June 1) — Until recently, crude prices have largely shrugged off the increasingly bearish fundamental picture in the US. US energy consultant ESAI believes the enduring strength was due largely to persistent worries about demand growth in the third and fourth quarters. In the latest edition of its Global Crude Oil Outlook, ESAI...
(EnergyAsia, June 1) — Indian Oil Corporation (IOC) is headed for its first quarterly loss for the April-to-June period which it blames on enforced subsidies which it has to bear on behalf of the government. P Sugavanam, IOC’s director of finance, said it might lose Rs30 billion from sales in April and May. It...
(EnergyAsia, June 1) — Singapore’s Keppel FELS Ltd, the wholly owned subsidiary of Keppel Corporation Limited through Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract to build two semi-submersible drilling platforms for AP Moller-Maersk. The contract is worth S$780 million, said the Keppel Group. (US$1=S$1.65). Maersk will supply the drilling and other...