China’s Meiya Power Company Limited (MPC) said it has begun commercial operation of its wholly owned Meiya Yulchon Power Plant in Jeollanamdo in Korea. At a press conference in Seoul earlier in the week, Colin Tam, MPC’s chairman and CEO, said that MPC is committed to investing in Korea’s power industry. “We believe Korea is...
(EnergyAsia, September 9) — Claude Mandil, head of the Paris-based International Energy Agency, last week authorised its 26 IEA member countries to release emergency crude stockpiles as a “collective action in response to the interrupted oil supplies in the Gulf of Mexico caused by Hurricane Katrina.” Warning of the possibility of a “worldwide crisis” of...
(EnergyAsia, September 9) — OPEC said it is considering taking further measures to help ease “the severe problems” caused by Hurricane Katrina, which had devastating consequences for the south-east of the US since last week. The measures would be in addition to the offers of extra crude supplies to customers that have already been...
(EnergyAsia, September 8) — The International Monetary Fund (IMF) has called for the release of more timely and accurate data for the oil markets. It said that limited or incorrect information about oil demand, supply, stocks, and trade can increase perceptions of risk, reduce willingness to invest in new capacity, and increase price volatility....
(EnergyAsia, September 8) — Hong Kong-listed Datang International Power Generation Co Ltd said its first half operating revenue surged by more than 42% to RMB 8,589 million over the same period last year. Its consolidated net profit barely changed, creeping up by just 0.55% to RMB1,119 million. (US$1=RMB8.1). Basic earnings per share came to RMB0.22....
(EnergyAsia, September 9) — Japan plans to reduce its mandatory minimum oil reserves held by refiners and other private-sector oil firms in a coordination with the action of the International Energy Agency, reported Kyodo News Service. The IEA last week announced the release of 2 million barrels/day in a move to stabilise the oil markets...
(EnergyAsia, September 9) — BP plc is seeking a loan of US$3.5 billion to finance the construction of the Tangguh liquefied natural gas plant in Papua, the Bisnis Indonesia daily reported. The paper said negotiations are in progress with creditors. The fund is expected to be available before the end of this year, said Lilian...
(EnergyAsia, September 9) — GAIL, the leading gas company in India, has floated global tenders for the appointment of technical and legal advisors for the Iran-Pakistan-India pipeline project. GAIL has been entrusted with the responsibility to appoint the advisors for the project. Soli Sorabjee, the former Attorney General of India, has given his consent...
(EnergyAsia, September 9) — The UN has accepted that its oil-for-food programme operated for Iraq during the Saddam Hussein regime was riddled with corruption and mismanagement. In accepting the report which also faulted his management, Secretary-General Kofi Annan told UN staff to renew their dedication to the ideals embodied by the world organisation after...
(EnergyAsia,, September 8) — Malaysian state energy company Petronas has signed a Letter of Intent agreement with China’s carmaker Nanjing Automobile Corporation (NAC) and Brilliant Culture Group Limited (BCG) for the use of Petronas E01 engine technology in the Chinese company’s vehicle line-up. Petronas and NAC will assess the engine technology’s suitability and develop engine...
(EnergyAsia, September 8) — Philippines’ Petron Corp said that that nearly 38% of its total net income of P2.31 billion in the first half of 2005 was derived from export sales. (US$1=P55). For all of last year, the company registered a total net income of P3.42 billion with P2.04 billion coming from domestic sales and...
(EnergyAsia, September 8) — Singapore’s Advanced Holdings Ltd said it has signed exclusive agreements with two international companies, E.I Du Pont De Nemours and Company, generally referred to as DuPont and Monsanto Enviro-Chem Systems Inc (MECS), to introduce major process technologies and proprietary equipments in providing clean fuels to refineries in China. DuPont and...
(EnergyAsia, September 8) — GAIL (India) Limited said it has received an offer from China Gas Holdings Limited (CGHL) to jointly participate in a gas-based petrochemical project which is to be established in Humor, Inner Mongolia. A feasibility study of the project is underway. GAIL said the Chinese company made the offer after it...
(EnergyAsia, September 8) — Korea’s SK Corp has signed a memorandum of understanding to take over financially strapped Inchon Oil Refinery, according to the Chosun News Service. SK Corp said it will invest a total of W3.2 trillion (US$1=1,000 won) in the oil refinery including W1.6 trillion to take over the faltering company and another...
(EnergyAsia, September 8) — Japanese refiners have resumed shipping oil products in the country’s south after the 162-km per hour Typhoon Nabi passed the region and faded into the Sea of Japan as a tropical storm on Wednesday. The typhoon earlier killed at least nine people and injured more than 80 when it struck the...
(EnergyAsia, September 8) — State-owned Vietnam Oil and Gas Corporation or PetroVietnam has signed a contract with international engineering companies to build the country’s first oil refinery, reported the Vietnam News Agency. The successful bidders – Technip of France, Technip Geoproduction of Malaysia, JGC of Japan and Tecnicas Reunidas of Spain – will be...
(EnergyAsia, September 8) — The World Liquefied Petroleum Gas Association (WLPGA) will hold its 18th Forum in Shanghai on September 14 to 16. The conference will concentrate on showing how LPG, a clean, portable, widely available and easy to use energy, can contribute to building a healthier, more prosperous world. The WLPGA has set...
(EnergyAsia, September 8) — CNOOC Ltd, the subsidiary of China National Offshore Oil Corporation (CNOOC), said its first half net profit surged 68.6% to a historical high of RMB11.83 billion. (US$1=RMB8.1). The company’s net production increased 14.9% to 420,325 barrels of oil equivalent (BOE) per day over the same period. This comprised 356,826 barrels of...
(EnergyAsia, September 8) — Canada’s Westport Innovations Inc said it has signed a Letter of Intent to form a joint venture company with China’s Beijing Tianhai Industry Co Ltd (BTIC) to market and sell natural gas fuel tanks for the transportation market. The equal joint venture company, to be based in Beijing, will market...
(EnergyAsia, September 7) — Formosa Petrochemical Corp, Taiwan’s largest private company with a value of US$9.6 billion, was ranked the country’s leading trader last year, according to the statistics released by Bureau of Foreign Trade (BOFT) under the Ministry of Economic Affairs. Formosa owns and operates refineries and petrochemical plants. According to Taiwan’s CENS...
(EnergyAsia, September 7) — India’s privately owned Reliance Industries Ltd (RIL) is looking at reviving plans for a 1.5 million tonne/year naphtha cracker at its refining-petrochemicals complex in Jamnagar in Gujarat state. The plans follow RIL’s recent announcement of plans to double refining capacity at Jamnagar to 60 million tonne/year, Infraline newswire reported. The...
(EnergyAsia, September 7) — Korea’s Hyundai Heavy Industries Co said it has received an order from Kuwait Oil Company to build oil storage tanks and loading facilities to boost Kuwait’s capacity to export oil. Ulsan-based Hyundai Heavy has signed a letter of intent with Kuwait Oil Co for the US$1.25 billion project which will...
(EnergyAsia, September 7) — New Zealand’s Contact Energy Ltd said it has sold off its 40% shareholding in the Valley Power project in Victoria, Australia in conjunction with Valley Power’s co-owner, International Power and Mitsui & Co Ltd (IPM). The sale to Snowy Hydro, a New South Wales-based generator and retailer of electricity is for...
(EnergyAsia, September 7) — Singapore-listed KS Energy Services Limited (KSES) said a substantial shareholder Kim Seng Holdings Pte Ltd (KSH) has sold off 15 million shares to local and international institutional shareholders for S$2.70 a share. Tan Kim Seng, Tan Hoo Lang, Tan Fuh Gih and Tan Wei Min, being directors of KSES, have a...
(EnergyAsia, September 7) — GAIL India is poised to take equity stakes in Beijing Gas Company and Beijing Jianggang Gas, which supply compressed natural gas (CNG) in the area around the Chinese capital, Infraline news wire reported. GAIL will be buying parts of China Gas’s holding in Beijing Jianggang as well as a minority...