INDONESIA: Pertamina sets up two units to oversee Cepu deal

(EnergyAsia, September 21) — Indonesian state oil and gas firm Pertamina has formed two units to manage the Cepu block with US major ExxonMobil, according to the Jakarta Post. A special subsidiary, PT Pertamina Cepu, which will report to the company’s exploration and production division, has been established to manage the block, spokesman Mochamad Harun...

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CHINA: Fourth largest state oil company launched

(EnergyAsia, September 21) — China has issued a licence for the establishment of its fourth largest state oil company to help it meet its growing domestic oil demand. The country’s main oil companies include China National Petroleum Corp., China Petrochemical Corp and China National Offshore Oil Corp.   Shaanxi Yanchang Petroleum Group Co, formed by...

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CHINA: Enerchina reports 397% rise in first half profit to HK$176 million

(EnergyAsia, September 21) — Hong Kong-listed Enerchina Holdings Limited said its first half net profits rose 397% to HKS$176.2 million on revenue of HK751.1 million for a 106% growth over the previous year. (US$1=HK$7.79). The board has recommended paying shareholders an interim dividend of HK1 cent and a special interim dividend of HK1 cent payable...

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UAE: Sharjah Pipeline Co to build jet fuel storage in free zone

(EnergyAsia, September 20) — Sharjah Pipeline Co (SPC) has signed a lease agreement with Hamriyah Free Zone to build a jet fuel storage facility in the free zone that will be linked directly to Sharjah International Airport (SIA) by a 41 km pipeline, according to AMEInfo.   The agreement was signed on behalf of HFZ...

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AUSTRALIA: New Western Australian field starts producing gas

(EnergyAsia, September 20) — Australian upstream company Santos Limited said its John Brookes offshore gas field in the Carnarvon Basin, Western Australia has begun p=oducing gas at an initial flow rate of 60-80 terajoules per day (TJ/d). The A$300 million Apache-operated field development incorporates a minimum facilities un-manned platform with three production wells interconnected via...

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CHINA: Canada’s Westport Innovations signs letter of intent with leading Chinese engine manufacturer

(EnergyAsia, September 20) — Vancouver, Canada-based Westport Innovations Inc said it has signed a Letter of Intent with Weichai Power Co. Ltd to cooperate in the development, marketing, and sales of gas-fired engines and vehicles for the Chinese market. The two companies will negotiate the terms of use of Westport’s portfolio of advanced clean natural...

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INDIA: IndianOil’s bond issue oversubscribed 2.5 times

(EnergyAsia, September 20) —IndianOil Corp said its recent bond issue to raise Rs10 billion has been oversubscribed by more thanr 2.5 times to reach Rs25 billion. The company said it plans to retain only Rs12.25 billion of the full amount raised, returning the rest to those who were not successful at subscribing for the bonds....

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INDONESIA: Pertamina and Exxonmobil sign contract to develop Cepu oil and gas block

(EnergyAsia, September 20) — Indonesian state energy company Pertamina and US major ExxonMobil Corp have signed a joint venture agreement to develop the Cepu oil and gas field.   Pertamina spokesman Abadi Poernomo said the contract was signed by Pertamina Exploration and Production Cepu, Mobil Cepu Ltd and the Indonesian oil and gas regulatory agency....

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JAPAN: Showa Shell to buy 6.58% stake in AOC

(EnergyAsia, September 20) — Japanese refining company Showa Shell Sekiyu KK said it has concluded a capital tie-up agreement with AOC Holdings Inc to secure a stable supply source of oil products. According to Kyodo News Agency, Showa Shell will buy privately placed new shares and outstanding shares at a cost of about 10 billion...

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MARKETS: IEA to make 60 million barrels of crude and products available for 30 days

(EnergyAsia, September 20) — The International Energy Agency (IEA) said it has decided to maintain its initial plan of making available to the market 60 million barrels of crude and oil products for 30 days to calm the markets spooked by the impact of Hurricane Katrina in southern USA. The IEA said the decision was...

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SINGAPORE: SPC pays US$9 million for additional stake in Vietnamese oil and gas blocks

(EnergyAsia, September 20) — Singapore Petroleum Company Limited said its wholly-owned subsidiary, SPC Vietnam (Blocks 102/106) Co. Ltd, has completed a farm-in for an additional 10% participating interest in Vietnam’s Blocks 102 and 106 Production Sharing Contract from ATI Petroleum Inc. (ATIP). With the additional US$9 million investment, SPC now holds a 20% interest in...

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VIETNAM: World Bank/IFC report says economic reform has helped improve business climate

(EnergyAsia, September 20) — Vietnam has been described as one of the world’s 10 fastest reforming economies in a recent international report, but more needs to be done for the country to be counted as business friendly, reported the Vietnam News Agency. “Doing Business in 2006”, published by the World Bank and the International Financial...

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CHINA: Xinghe Industrial to build pipeline, storage tanks to import Russian oil

(EnergyAsia, September 20) — China’s Xinghe Industrial Development Co Ltd will soon start construction of a 30-km pipeline to import crude oil from Russia.             The RMB520 million pipeline will link railway lines between the northeastern city of Heihe in China’s Heilongjiang province and Siberia’s Blagoveshchensk in Russia, China Securities Journal reported. (US$1=RMB8.1).             In...

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MARKETS: OPEC says “high” crude output by members helped supply recovery from impact of Hu

(EnergyAsia, September 20) — The actions by OPEC member cuntries and consumer nations in response to the crisis brought on by Hurricane Katrina have shown the resilience of the oil market and the greater stability that has been achieved through working together, said OPEC’s Monthly Oil Market Report for September 2005. The report credited the...

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SINGAPORE: Oiltanking says new berth on Jurong Island to boost vessel turnaround rate by 25%

(EnergyAsia, September 19) — Oiltanking Singapore has begun operating a new deepwater berth at Seraya Avenue on Jurong Island constructed for handling oil product vessels. The S$20 million berth will accommodate vessels up to 150,000 dwt with a maximum length of 350 m. It will boost Oiltanking’s vessel turnaround rate by 25%, strengthening Singapore’s position...

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THAILAND: Oil and gas demand up 4.7% for Jan-July 2005

(EnergyAsia, September 19) — Thailand’s oil and gas demand excluding feedstock for petrochemical sector rose by 4.7% to 1,177,700 barrels per day (b/d) for the first seven months of the year.             According to state oil and gas company PTT, consumption of refined oil products averaged 737,200 b/d, an increase of 2.7% over the same...

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CHINA: Sinolink announces total dividend of HK$0.063, sharp rise in first half net profit

(EnergyAsia, September 19) — Hong Kong-listed Sinolink Worldwide Holdings Limited is rewarding its shareholders with an interim dividend of HK$0.03 and a special interim dividend of HK$0.033 for a total HK$0.063 compared with 2004’s interim dividend of HK$0.015. (US$1=HK$7.79). The dividend will be paid to shareholders before October 14.   The company made the announcement...

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DUBAI: ENOC ties up lubricants retail deal with Mag group

(EnergyAsia, September 19) — Dubai’s Emirates National Oil Company (ENOC) said it has signed an agreement appointing Moafaq Al Gaddah (MAG) group to handle the retail distribution of its products in Abu Dhabi.             With the MAG Group in its network, ENOC Lubricants said it has significantly extended its coverage of the Abu Dhabi market....

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MARKETS: APEC aims to beef up oil policy cooperation

(EnergyAsia, September 19) — The 21-member Asia-Pacific Economic Cooperation (APEC) forum is planning to accelerate policy coordination between oil-producing and oil-consuming nations to help stabilise oil prices and ensure security of supply.             The APEC finance ministers are also aiming to promote new technologies to conserve energy and reduce fuel use, Kyodo news agency reported,...

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JAPAN: Tokyo will not tap reserves to damp domestic fuel prices

(EnergyAsia, September 19) — Japan’s economy minister Shoichi Nakagawa dismissed talk that Japan will tap its domestic strategic petroleum reserve (SPR) to damp domestic fuel prices amid surging global crude prices.             Kyodo news agency quoted Mr Nakagawa as saying that Japan is “not in a panic.” He also rejected suggestions that the government look...

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SINGAPORE: Huntsman to build polyetheramine plant on Jurong Island

(EnergyAsia, September 19) — US chemicals company Huntsman Corporation has announced that it is building a “world scale” 30 million pounds/year polyetheramine manufacturing facility on Singapore’s Jurong Island. In a statement, the company’s President and CEO, Peter R. Huntsman, said the company expects the facility to start up in the first quarter of 2007. He...

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SINGAPORE: PEARL Energy raises up to US$75 million financing from Natexis Banques Populaires

(EnergyAsia, September 19) — Singapore-listed PEARL Energy Limited said its wholly owned subsidiary, PEARLOIL Holdings Ltd, has entered into a senior reducing revolving facility agreement with the Singapore branch of the Natexis Banques Populaires banking group. With the agreement, Natexis has made available to Pearl Holdings a loan facility of up to US$75 million.  ...

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TANKERS: INTERTANKO says tankers being phased out different from orderbook size profile

(EnergyAsia, September 19) — The size distribution of tankers 5,000-80,000 dwt to be phased out of the oil trades according to MARPOL 13G is quite different from the size distribution of the orderbook, said INTERTANKO.   In a presentation at the recent Lloyd’s List’s 7th Product Tanker Conference in London, Erik Ranheim, INTERTANKO’s manager of...

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CHINA: CNOOC to give aid to victims of Hurricane Katrina

(EnergyAsia, September 19) — China National Offshore Oil Corp (CNOOC) said its staff have raised some RMB 800,000 (US$1=RMB8.1) in donations to help victims of the Hurricane Katrina in the US south. CNOOC, China’s top offshore oil and gas producer, has a 30,000-strong staff.   The Chinese government has pledged US$5 million to help Katrina’s...

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CHINA: Canada’s AECL to cooperate on nuclear energy development

(EnergyAsia, September 16) — The Atomic Energy of Canada Limited (AECL) and the China National Nuclear Corporation (CNNC) last week signed an agreement on nuclear energy cooperation at a signing ceremony in Ottawa in the presence of Prime Minister Paul Martin and Chinese President Hu Jintao.   The agreement specifies a number of nuclear-related projects...

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