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CHINESE STATE-OWNED OIL REFINERIES TO CUT PRODUCTION: REPORT
BEIJING - Chinese state-owned refineries, run by PetroChina (SEHK:0857, SSE:601857) and Sinopec (SEHK:0386, SSE:600028), will cut the crude run for November due to high-level inventories and anticipation of a price cut in oil products, reported National Business Daily on Tuesday.
The specific crude run figure for November was not revealed, but Zhenhai Refinery, Sinopec's largest refinery, plans to decrease the crude run by nine per cent on month and Tianjin Petrochemical will postpone its resumption of production until mid-November, the report quoted Sinopec Corp. representative Huang Wensheng as saying.
SWISS CORP. BUILDS SECOND POWER EQUIPMENT PLANT IN VIETNAM
HANOI - Switzerland-based Automation and Power Technologies Group ABB on Nov. 11 officially launched the construction of its second factory in Vietnam with an investment of US$30 million.
The new factory, located in northern Bac Ninh province, is expected to produce power equipment and medium and high voltage power systems and 80 percent of the total output will be exported.
S KOREAN STATE UTILITY KEPCO SEEKS COOPERATION WITH ECUADOR
SEOUL - Korea Electric Power Corp. (KEPCO), South Korea's state-run power company, said Tuesday that it has clinched a preliminary deal with the Ecuadorian government to cooperate in the electricity sector.
The deal calls for KEPCO to build power stations and electric power transmission and distribution systems, the company said in a statement.
INDONESIA'S PERTAMINA STARTS SUPPLYING BIODIESEL TO INDUSTRIES
JAKARTA - State-owned gas and oil company Pertamina is to start supplying biodiesel to 28 industrial consumers in Jakarta, Banten and West Java, here Tuesday, a Pertamina executive said.
The operation would constitute the first phase of a plan to supply biodiesel to 436 industrial consumers in the three provinces after the implementation of a similar program for consumers in the transportation sector, Maulanatazi HZ, general manager for fuel marketing of Pertamina's Region III, said.
PHILIPPINES' PETRON RECEIVES 1ST SHIPMENT OF CRUDE FROM GALOC
MANILA - Leading Philippine refiner Petron Corporation is expecting more investment to flow in after receiving the first shipment of 300,000 barrels of Palawan Light from the Galoc oil field at its refinery in Limay, Bataan.
Being the first oil company to buy and process crude oil from Galoc, Petron chairman and chief executive officer Nicasio Alcantara, said the success of Galoc oil field should accelerate oil exploration activities and investment in the country.
PAKISTAN POWER GEN PROJECTS REACTIVATED ON "WAR FOOTING BASIS"
LAHORE - Pakistani Minister for Water and Power Parvez Ashraf said here on Saturday that the present government has reviewed and re-activated all electricity generation relating projects on a war footing basis and gap between demand and supply would be overcome by December 2009.
The Minister was addressing a press conference at the Wapda House. Wapda Chairman Shakeel Durani and other members of the Authority were also present on the occasion. Earlier, the Ministry had organised a briefing to the 10-member National Assembly standing committee on water and power at the Wapda House.
UZBEKENERGO SIGNS CONTRACTS WORTH OVER US$41 MLN
TASHKENT - Uzbekistan's state-run energy company Uzbekenergo signed 133 agreements for over 53.2 billion soums (US$41 million) at the National Industrial Fair and Cooperation Exchange, which was held in Tashkent, Uzbekistan from 27 October to 1 November.
About 12 enterprises of Uzbekenergo participated at the event. The fair was organized in line with the presidential Decree of 12 November, 2007 "On measures to further enhance intra-and inter-sectoral industrial cooperation". This year, National Industrial Fair and Cooperation Exchange attracted over 270 enterprises from leading industries of economy of Uzbekistan and scientific-research organizations.
APPLIED MATERIALS BUILDS SOLAR ENERGY R&D CENTER IN CHINA
XI'AN - Applied Materials Inc. of the United States recently kicked off the construction of its global solar energy research and development (R&D) center in Xi'an, capital of Northwest China's Shaanxi Province.
Applied Materials will inject US$45 million into the R&D center, which is expected to come into operation in June 2009, covering 34,000 square meters of floor space.
INDIA'S OVL GETS NOD FROM RUSSIAN BODY FOR IMPERIAL DEAL
NEW DELHI - ONGC Videsh Ltd's US$2.59 billion bid to acquire UK-listed firm Imperial Energy Plc on Tuesday got the crucial regulatory approval from the Russian anti-trust body, bringing the company closer to clinching the deal.
Russia's Federal Anti-Monopoly Service (FAS) has approved the takeover under the competition law, OVL informed the London Stock Exchange in a filing.
TOWNGAS PRICE RISES IN CHINESE MAJOR CITIES LIKELY TO SPREAD
BEIJING - Chinese major cities such as Shanghai and Guangzhou have or will raise the local towngas price and the other cities may likely follow suit, reported Xinhua-run Shanghai Securities Journal.
Shanghai, the hub city in east China, has raised the local towngas price from 2.10 yuan (US$0.31) per cubic meter to 2.50 yuan per cubic meter, putting an end to a freeze on the towngas price from 2006 due to the extended CPI highs since 2007.
QUEENSLAND ELECTRICITY COMPANIES TOLD TO RAISE THEIR GAME
BRISBANE - Queensland's energy watchdog says electricity companies need to improve after drawing more than 7,000 complaints over the past financial year.
The first annual report from the Energy Ombudsman Queensland's (EOQ) office showed more than 20 complaints were received per day.
INDONESIA TO BUILD UP COAL BUFFER STOCKS
JAKARTA - The Indonesian government will accumulate coal buffer stocks in 2009 under PT PLN Batubara, a subsidiary of state electricity company Perusahaan Listrik Negara (PLN).
Energy and Mineral Resources Minister Purnomo Yusgiantoro said the national coal buffer stock is aimed at guaranteeing coal supplies to coal-fired power plants of PLN.
ENERGY SENGKANG TO BUILD 60-MW POWER PLANT IN S. SULAWESI
JAKARTA - PT Energy Sengkang plans to build a 60-megawatt gas fired power plant in the regency of Wajo, South Sulawesi in January, 2009.
Implementation of the project is earlier than previous schedule of 2010 on request from the provincial administration, the newspaper Bisnis Indonesia said.
WORLD LARGEST OIL COMPANY ARAMCO PRAISES CO-OP WITH CHINA
BEIJING - Saudi Arabia's leading oil firm is looking to step up supplies to and cooperation with China in anticipation of an emergence from the global economic slowdown, Abdallah S. Jum'ah, president of Saudi Arabian Oil Company, or Saudi Aramco, said on Monday in Beijing.
He saw the economic slowdown in China as short-term, and was focused on continuous cooperation in the long haul.
SOUTH KOREA TO RAISE POWER, GAS PRICES
SEOUL - South Korea will increase electricity rates and gas prices this week to reflect hikes in global energy costs that occurred earlier this year, the government said Tuesday.
The average cost of electricity will rise 4.5 per cent from Thursday, while gas prices will go up 7.3 per cent starting Saturday, the Ministry of Knowledge Economy said.
UZBEK OIL AND GAS CO UZBEKNEFTEGAZ UNCOVERS 10 FIELDS
TASHKENT - In the first nine months of this year the total output of the industrial enterprises in Uzbekistan's oil and gas sector, including the output volumes of enterprises of foreign investors at current prices made up 102.7 per cent of the figure forecasted for the period.
The production growth rate in comparative prices made up 122.1 per cent. In total consumer goods worth 250.8 billion soums (US$193.36 million) were produced demonstrating a growth of 103.5 per cent.
S KOREAN OIL CO, UZBEKNEFTEGAZ REACH OIL FIELD EXPLORATION DEAL
TASHKENT - Korea National Oil Corp (KNOC) has signed an agreement with Uzbekneftegaz to explore oil fields in eastern Uzbekistan, the first of its kind between the two countries, South Korea's energy ministry said on Monday.
Under the deal, KNOC will explore the two fields -- Namangan-Tergachi and Chust-Pap -- which are estimated to hold gas reserves of up to 10.5 million tonnes or crude reserves of 9.2 trillion tonnes.
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