Economic conditions
As the high oil prices continue to weigh heavily on South Korea's fragile economy, government officials are racing against time to craft measures to address the issue. Analysts warn that the situation may worsen if prices fail to relent, with estimates suggesting that a $5 increase in international
Petroleum industry
Singapore's conglomerate, Keppel Corporation, has posted a significant increase in net profit for the first half of the year, with offshore and marine division being a key contributor. The company's net profit stood at S$240 million, marking a 24% on-year increase. The offshore and marine
Petroleum industry
BHP Billiton Ltd, the world's largest diversified mining group, has reported record iron ore production for the 2003/04 fiscal year, driven by strong consumer demand and the expansion of Western Australian projects. The company's iron ore production rose to 84.2 million tonnes, a 14.
Petroleum industry
Public sector oil firms in India are set to invest approximately Rs 178 billion (US$3.85 billion) by 2010 to produce cleaner auto fuel compliant with Euro-III emission norms. The Indian Oil Corp (IOC) will invest the largest amount of Rs 55.51 billion by March 2005, followed by
Petroleum industry
The Oman Oil Refinery Company LLC has entered into an agreement worth RO 34 million (US$88 million) with the Saipem/CCC joint venture to construct a crude oil pipeline from Mina Al-Fahl to the Sohar Refinery. The engineering, procurement, and construction (EPC) contract for the Mina Al-Fahl - Sohar
Petroleum industry
Coles Myer Ltd celebrated its first year in the fuel business, having taken a bold step to expand its retail operations by partnering with Shell to offer four cents a litre off petrol prices for customers who spend A$30 or more in-store. This initiative not only helped the company
Petroleum industry
China's largest oil companies, including PetroChina, CNOOC, and Sinopec, are expanding their business scopes to include offshore oil exploration and production, breaking a de-facto monopoly held by China National Offshore Oil Corp. (CNOOC) over offshore oil prospecting and production. This move is seen as a landmark event by
Petroleum industry
Investors welcomed the news of a significant decline in oil prices, which led to a surge in airline stocks on Tuesday. The price of oil plummeted to nine-week lows, easing concerns about the industry's most unpredictable cost. Qantas Airways Ltd and Virgin Blue Holdings Ltd, two major Australian
Petroleum industry
Qatar Petroleum and ExxonMobil Chemical Company have announced the signing of a Statement of Intent to conduct a feasibility study for a world-scale ethane-based cracker and ethylene derivatives complex in Ras Laffan Industrial City, Qatar. The study aims to define the technical and commercial aspects of a world-class petrochemical growth
Petroleum industry
The South Australian government has entered into an agreement with gas distributer Envestra Ltd to cover $AUD54.6 million in costs associated with the introduction of retail contestability in the state's natural gas market. The one-off payment will eradicate the need for a retail price increase, according to
Petroleum industry
The Indian Oil Corporation (IOC) plans to implement an online real-time monitoring system to ensure the quality of products provided to customers. This system will track the movement of supplies from depots and refineries to retailers and end-users, in addition to monitoring loading and offloading operations. The company has allocated
Petroleum industry
The Steel Authority of India Ltd (SAIL) is assessing the impact of Coal India Ltd's (CIL) 20-30% hike in coking coal prices, which could potentially affect steel production costs. However, a SAIL official stated that steel prices may not necessarily increase due to the hike, as prices are
