Petroleum industry
The state-owned oil and gas firm PT Pertamina is poised to announce the winner of a tender for a 260,000 Dead Weight Tonnage (DWT) Very Large Crude Carrier (VLCC) oil tanker, after signing a sales and purchase agreement with the successful bidder. The announcement is expected to be made
Petroleum industry
As part of its efforts to improve quality and reduce costs, Shell Oil Co. is planning to cut 600 to 800 information technology jobs in the United States and outsource most of the work to India and Malaysia. This move is expected to save the company $850 million annually, starting
Petroleum industry
Yunnan Province in southwestern China is on the cusp of a significant development in its energy sector, as a direct coal liquefaction project moves forward. The feasibility report for the project has recently been appraised by experts in Kunming, the provincial capital. This technology aims to meet the local demand
Energy industries
State-owned National Thermal Power Corporation has secured an exemption from market regulator SEBI for a 5% public issue of shares, paving the way for an IPO later this year. The exemption, granted due to market concerns about the huge size of the issue, will allow NTPC to raise funds for
Energy industries
The Asian Development Bank (ADB) has approved a technical assistance grant to help the government of Afghanistan prepare a national power transmission grid project. The project aims to interconnect the northwestern power system with northern and central power systems to supply electricity to the provinces of Badghis, Faryab, and Jawzjan,
Petroleum industry
Australian Prime Minister John Howard has confirmed that his government will not raise the tax on petrol sales, citing the significant revenue implications of such a move. Mr. Howard stated that the excise tax on petrol will remain at around 38 cents in the dollar, despite petrol prices exceeding $1.
Petroleum industry
South Korea's SK Group, the third-largest conglomerate, has announced plans to invest up to 20 trillion won ($17.06 billion) in its core businesses by 2007, amidst a government push for increased job creation and facility investment. The group's chairman, Chey Tae-won, emphasized the importance of
Petroleum industry
XTO Energy Inc., a major natural gas producer, has increased its production growth targets for 2004 and 2005 following a record-breaking deal to acquire $1.1 billion of natural gas and oil fields from ChevronTexaco Corp. The acquisition, the largest to date for Fort Worth-based XTO, is part of the
Petroleum industry
China and Kazakhstan have strengthened their energy cooperation with the signing of a framework agreement to facilitate full-range cooperation in oil and natural gas. The agreement, signed by Chinese minister Ma Kai and Kazakhstan's Minister of Energy and Mineral Resources Vladimir Sergeyevich Shkolnik, aims to deepen cooperation in
Petroleum industry
Input/Output, Inc. (IO) has announced the launch of its newest innovation in land seismic imaging, the System Four Digital-Analog platform. This latest version of System Four includes a hybrid functionality that supports the acquisition of single component or multicomponent data, or a combination of both, on any survey. Customers
Petroleum industry
Qantas Airways Ltd, one of Australia's leading airlines, has introduced a surcharge on ticket prices due to the significant increase in jet fuel costs. Fuel prices have surged above $US44 a barrel this week, a substantial rise from $US28 a barrel last year. This increase has forced Qantas
Petroleum industry
Concerns over a possible US interest rate hike have led to a decline in Latin American stocks, specifically energy shares in Argentina and Brazil. The Bovespa general index in Brazil has dropped by 11% since the start of April, but remains 57% higher than its level from a year ago.
