• Business Day (South Africa): Emerging markets

Investors are interested anyway. Imara launched a Zimbabwean-focused investment fund in March, hoping to pull in $10 million by the end of the year. It had $11 million in a few months, mostly from private investors.
John Legat, the fund's manager, estimates most businesses in Zimbabwe are selling at 15% to 20% of their actual value. In October, Imara said the fund was up 35% in September from the previous month.
Investments include: Zimbabwean fast-food company Innscor Africa Ltd., which also owns a crocodile-farming business; mining subsidiary Rio Tinto Zimbabwe Ltd.; and Dawn Properties Ltd., which invests in hotels left over from Zimbabwe's once-flourishing tourism industry centered around Victoria Falls.
Pan-African investment house Lonrho PLC divested itself of its Zimbabwe holdings a few years ago, but now is getting back in. The London-based company has set up an investment fund targeting Zimbabwe and neighboring countries. The fund, called LonZim, plans to raise $145 million.
Separately, Lonrho last month snapped up Blueberry International Services Ltd., a company incorporated in the British Virgin Islands with interests in two Zimbabwean companies -- telecom firm Celsys Ltd., which specializes in payphones, and Gardoserve Ltd., a chemical maker -- for $5.45 million.
One irony of Zimbabwe's downward plunge is that it is home to some of the richest gold and platinum reserves in the world. As a result, natural-resource investors -- who are used to operating amid political instability -- are looking closely at Zimbabwe, too.
South Africa-based Impala Platinum Holdings Ltd., which owns two Zimbabwean mining subsidiaries, has announced plans to expand its operations in the country, and Anglo Platinum Ltd. is planning to build a 120,000-ton-a-month mine, one of its larger projects.
Zimbabwe is still one of the world's riskiest bets. Lawmakers recently took steps to tighten foreign-ownership rules, requiring 51% local ownership of foreign companies there.
It is unclear how -- or even whether -- the government will enforce the bill. It worries some observers who see parallels with Mr. Mugabe's previous land-overhaul program. Starting in 2000, he let squatters overrun the nation's commercial farms (owned mostly by white Zimbabweans), throwing food production into disarray.
Part of the challenge of investing in Zimbabwe is figuring out how much anything is worth, given the plummeting Zimbabwean dollar.
The Reserve Bank of Zimbabwe fixes the exchange rate at 30,000 Zimbabwean dollars to the U.S. dollar. The problem: Zimbabweans don't put much faith in that figure.
There is another, presumably more accurate, method of estimating what a Zim dollar is worth. Dubbed the " Old Mutual Implied Rate," it offers a glimpse of the obstacles to doing business in Zimbabwe.
It is based on the share price of Old Mutual, a British investment company whose stock trades on three different markets -- London, Johannesburg and Zimbabwe's capital of Harare. Because all Old Mutual shares are of equal value, it is possible to extrapolate the market value of the Zim dollar by comparing the price of Old Mutual shares on the different markets.
On Wednesday, the Old Mutual Implied Rate stood at 2,331,286 Zimbabwean dollars to the U.S. dollar.
Not everyone can stomach that much risk. Navaid Burney, managing director of Washington-based private-equity firm Emerging Capital Partners, which invests exclusively in Africa, says his fund hasn't made a move in Zimbabwe yet.
"It doesn't have the feel of Lagos," he says, referring to the crumbling, crime-plagued Nigerian commercial hub -- which is a bustling boomtown by comparison.
License this article from Dow Jones Reprint Service
Document AWSJ000020071121e3bm0001a
Hong Kong stocks plunge 2.3 pct amid fragile confidence
591 words

22 November 2007

Xinhua's China Economic Information Service

XNHA

English

(c) 2007 Xinhua News Agency. All Rights Reserved
HONG KONG, Nov. 22 (Xinhua) -- Hong Kong stocks turned surpluses into deficits and plunged 613.27 points, or 2.3 percent, to close barely above the 26,000 mark Thursday after stocks slumped on the Chinese mainland.
The blue-chip Hang Seng Index once rebounded 118.4 points, or 0. 45 percent, to close Thursday's morning session at 26,736.59 but sell- off moves mushroomed in the afternoon session after the bad news from markets on China's mainland.
The indicator lost 299.98 points, or 1.13 percent, to open at 26, 318.21 on Thursday, following Wall Street's overnight slump due to economic uncertainty amid oil prices hikes and worsening credit crisis in the United States.
The benchmark Shanghai Composite Index on China's mainland, which closed trading one hour earlier that the Hong Kong Stock Exchange, slumped 230 points, or 4.41 percent, to finish at 4,984. 16.
Turnover shrank to 123.77 billion HK dollars (15.87 billion U.S. dollars) on investor caution from Wednesday's 128.82 billion HK dollars (16.58 billion U.S. dollars).
China Mobile, the country's largest mobile phone operator and the market's largest stock measured by capitalization, continued to lose 1.94 percent to 126.5 HK dollars, pulling down the index alone by 76. 71 points.
China Life, the largest life insurer in China, was another major stock that dragged down the indicator by 74.13 points. China Life dived 4.76 percent to 39 HK dollars.
HSBC, another market heavyweight and the city's largest bank, fell 1.21 percent to 130.2 HK dollars, dampening the index by 41. 47 points.
Hong Kong's property companies were among the worst hit. Cheung Kong sank 2.28 percent to 128.7 HK dollars. Henderson Land descended 3.57 percent to 59.4 HK dollars. SHK Properties lost 2. 76 percent to 137.2 HK dollars. Hang Lung dropped 1.46 percent to 30.3 HK dollars. New World Development fell 2.74 percent to 24.85 HK dollars. Sino Land dipped 0.88 percent to 22.6 HK dollars.
Hutchison was the only property company that outperformed the market by adding 1.23 percent to 86.3 HK dollars.
Hong Kong Exchange and Clearing Limited, the market's sole operator, plunged 4.35 percent 211 HK dollars on the market's shrinking traded volume.
The H-shares index, which was composed of companies registered on the Chinese mainland, plummeted 432.08 points, or 2.7 percent, to close at 15,561.42 after the market slump on the Chinese mainland.
Oil sectors were mixed. PetroChina, the largest oil producer in China, lost 1.4 percent to 14.12 HK dollars. Sinopec, the largest oil refiner in Asia, weakened 1.76 percent to 10.04 HK dollars.
CNOOC, China's largest offshore oil producer, outperformed the market and added 0.63 percent to 12.74 HK dollars amid reports that the Chinese company is to buy stakes of a Nigerian offshore blocks from Shell.
All China's Banking and financials sank. ICBC, China's largest lender, lost 1.37 percent to 5.76 HK dollars. CCB, the second largest bank in China, sank 2.41 percent to 6.88 HK dollars. Bank of China went down 1.24 percent to 3.99 HK dollars. Ping An plunged 4.05 percent to 80.55 HK dollars. (7.77 HK dollars = 1 U.S. dollars) (?)
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EUROPEAN MIDDAY BRIEFING FROM DOW JONES NEWSWIRES
1,243 words

21 November 2007

07:00 AM

Dow Jones International News

DJI

English

(c) 2007 Dow Jones & Company, Inc.
AMERICAN MARKETS OUTLOOK: U.S. stock markets are set to open lower Wednesday, as pessimism about the U.S. economy grows after the Federal Reserve's minutes suggest a gloomy outlook, with the likelihood of an extended slowdown, says Tim Hughes at IG Index.
European stock indexes have fallen sharply in morning trading as the fallout from subprime woes continues to hang over the markets.
"We are seeing aggressive selling and unwinding of risk in Europe and Asian and the U.S is likely to follow suit," says Martin Slaney, Head of Spread Betting at GFT Global Markets.
Investors will look to mortgage applications, jobless claims and Michigan sentiment data for further insight into the U.S. economy. Oil inventories will also be in focus after the benchmark Nymex crude contract hit a record high above $99 a barrel in Asian trading.
On the corporate front, Abercrombie & Fitch, Deere and Gap are due to report earnings.
IG Index is calling the Dow Jones Industrial Average to open down 110 points at 12,900, the S&P 500 down 15 points 1424.7 and the Nasdaq 100 down 20 points at 2010.
EUROPEAN MARKETS: European markets are lower midday amid persisting subprime concerns and high oil prices.
London's FTSE 100 is down 1.4% at 6138.60, after dropping sharply at the open, with selling particularly pronounced in the banking and housebuilding sectors, and remaining down following the release of Bank of England minutes. These showed the Monetary Policy Committee voted 7-2 to hold rates at 5.75% at its last meeting. Oil stocks are higher as the price of crude oil hovers near $100 a barrel.
In Frankfurt, the DAX 30 is down 1.7% at 7500.46 on soaring oil prices and uncertainty over the long-term outlook of the dollar.
In Paris, the CAC 40 is down 1.8% at 5407.15.
Bunds and gilts are up, as European equity markets continue to slide. December bunds are up 0.48 at 115.20 and December gilts are up 0.41 at 110.15.
The dollar is mixed around midday, as the U.S. Federal Reserve's latest minutes and economic forecasts published late Tuesday painted a more dovish picture than the market anticipated. At 1130 GMT, the dollar was down at Y108.50. The euro was down at $1.4785, off a fresh all-time high of $1.4856 touched earlier in the day, while the pound was down at $2.0550.
===========================
TOP STORIES:
NORTHERN ROCK SHARES FALL DESPITE NEW RESCUE INTEREST: Troubled U.K. lender Northern Rock PLC (NRK.LN) continued its recent slide despite its announcement that it had received "additional indicative expressions of interest" covering a range of rescue options. (By Digby Larner)
BOE VOTED 7-2 TO HOLD RATE AT 5.75%: The Bank of England's Monetary Policy Committee voted 7-2 to hold the repurchase agreement rate at 5.75% in November, according to minutes of the meeting. (By Ilona Billington and Joe Parkinson)
AHOLD 3Q PROFIT UP 1.9%: Royal Ahold NV (AHONY) unveiled a 1.9% rise in third-quarter net profit and said its 2007 operating margin will come in at the high end of its 4% to 4.5% guidance range. (By Stefan Simons)
============================
INSIGHT & ANALYSIS FROM DOW JONES NEWSWIRES:
=FOREX FOCUS: Higher sterling money market rates and indications that U.K. inflation isn't backing down as quickly as some hoped are helping to underpin the pound, especially against the dollar. (By Nicholas Hastings)
=CHARTING EUROPE: USD/CHF has fallen to a new all-time low Wednesday, hitting CHF1.1025, but its rate of descent has slowed, after sprinting through its April 1995 low of CHF1.1116 Tuesday, as it nears the major CHF1.10 psychologically-important support region. (By Axel Rudolph)
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STILL TO COME

ET/GMT COUNTRY/PERIOD

0700/1200 US Nov 16 MBA Mortgage Application Survey

0830/1330 US Nov 17 Jobless Claims

1000/1500 US Nov 10 DJ-BTMU Business Barometer

1000/1500 US Nov Reuters/University of Michigan Survey, final

1000/1500 US Oct Conference Board Leading Econ Indicators

1030/1530 US Nov 16 US Energy Dept Natural Gas Inventory

1030/1530 US Nov 16 US Energy Dept Oil Inventories

1400/1900 US Bond markets close early ahead of Thanksgiving holiday
===========================
OTHER NEWS:
Two days after imposing a "Sell" rating on Citigroup (C), Goldman Sachs has slashed its view on two other competitors, Credit Suisse and Societe Generale.
Shares in U.K. newspapers group Daily Mail & General Trust PLC (DMGT.LN) plummeted as the company said net profit more than halved for the year ending Sept. 30 2007, distorted by the sale of a newspaper in 2006, and it also announced the retirement of Chief Executive Charles Sinclair. (By Jessica Hodgson)
Roche Holding AG (RHHBY) said it filed its experimental rheumatoid arthritis drug Actemra for approval by the U.S. Food and Drug Administration. (By Anita Greil)
MPS Finance Banca Mobiliare, a unit of Italian lender Banca Monte dei Paschi di Siena SpA (BMPS.MI), has sold its 2.93% stake in London Stock Exchange Group PLC (LSE.LN) at GBP17.70 per share, the Siena-based bank said. (By Sabrina Cohen)
The U.K. Treasury chief tried to reassure Britons their personal details were safe after the one of the biggest security breaches in the country's history - the loss of two computer disks containing details about almost half the population. (AP)
Siemens AG (SI), now in the completion phases of its Olympics-related projects, is on track to meet its goal of over $13 billion in orders in China in 2010, said the German engineering and technology company's top China executive. (By Loretta Chao)
The outlook for the German economy has worsened due to the stronger euro and high energy costs, Germany's BdB banking group said, though it stressed there is no reason for pessimism. (By Andrea Thomas)
RWE AG (RWE.XE) said it will bundle its renewable energy operations in a new unit from Feb. 1, 2008, with a focus on organic growth and strategic acquisitions of companies and renewables facilities. (By Jan Hromadko)
A Royal Dutch Shell PLC (RDSB.LN) unit has signed a preliminary deal to buy a stake in Regal Petroleum Ltd.'s (RPT.LN) Ukrainian unit for $410 million, Regal said. (By Benoit Faucon)
U.K. media and telecommunications regulator Ofcom unveiled proposals for a major upgrade of Digital Terrestrial Television that will offer more channels and new services and is expected to benefit consumers and the economy. (By Lilly Vitorovich)
Travel company Thomas Cook Group PLC (TCG.LN) said it plans to double operating profit in the next three years, driven by higher revenues from financial services and independent travel services, and raised its estimate of synergies from its recent merger. (By Steve McGrath)
China's Cnooc Ltd. (CEO) is looking into interests in Nigerian blocks held by Royal Dutch Shell PLC (RDSB.LN), according to a person familiar with the matter, the latest indication of China's rising assertiveness in Africa's oil sector. (By Benoit Faucon)
German government economic advisor Peter Bofinger believes the European Central Bank should intervene to prevent the euro from strengthening further, Spiegel Online quotes him as saying.
-By Rebecca Bundhun, Dow Jones Newswires; 4420-7842-9346; [e-mail] [ 21-11-07 1200GMT ]
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Document DJI0000020071121e3bl000lg

BRIEFING - ASIA ENERGY - NOV 19, 2007
2,354 words

19 November 2007

Asia Pulse

APULSE

English

(c) 2007 Asia Pulse Pty Limited
An executive briefing on energy for Nov 19, 2007, prepared by Asia Pulse ( http://www.asiapulse.com ), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities. INDIAN FIPB CLEARS PTC PLAN TO ROPE IN FOREIGN COS IN SUBSIDIARY
NEW DELHI - India's Foreign Investment Promotion Board (FIPB) on Friday cleared a proposal of power trading firm PTC India Ltd (BSE:532524) to sell a 40 per cent stake in its new financial services arm for about Rs 1.55 billion (US$39.44905 million) to two overseas investors.
The approval would allow PTC India to sign definitive agreements with private equity firms Goldman Sachs and Macquarie Singapore for PTC Financial Services (PFS), subject to final clearance from Finance Minister P Chidambaram, official sources said. CHINESE GOV'T EARMARKS US$808 MLN FOR ENERGY CONSERVATION PJTS
BEIJING - The Chinese government has earmarked 6 billion yuan (US$808 million) to pay for energy conservation projects to be launched before the end of this year, a senior official from the top economic planner said Monday.
"The special funds will support 10 major energy-saving projects, such as reducing the use of petroleum and developing petroleum substitutes and green lighting technology. It is hoped these developments will help the country use less energy," Xie Zhenhua, vice minister of National Development and Reform Commission (NDRC), said at the China Energy Saving and Emission Reduction Forum 2007. OPEC MEMBER NIGERIA KEEN TO STRENGTHEN COOPERATION WITH CHINA
BEIJING - Oil exporting countries have expressed strong interest in trade and exploration with China even as they voiced concern that rising prices could weaken demand from the fast-paced economy.
Nigerian Energy Minister Odein Ajumogobia said his country plans to invest US$5 billion next year for energy development and production, with US$4 billion of that amount open to third-party investors. ASIA ENERGY HOPES FOR BANGLADESH NOD DESPITE LOSS IN PHULBARI PJT
DHAKA - Asia Energy incurred a loss of 3,286,000 Pound Sterling (US$6.7 million) in 12 months till June 30, 2007 at its Phulbari Coal Mine project in Bangladesh.
According to an annual report of the Global Coal Management (GCM) plc, which owns the Asia Energy Bangladesh Corporation as its sister concern, the loss was relating to exploration expenditure in the Phulbari Coal Project. The loss was 7,643,000 Pound Sterling in the previous year ending June 30, 2006. ULVAC TO MASS PRODUCE THIN-FILM SOLAR CELL MANUFACTURING SYSTEMS
TOKYO - Ulvac Inc. (TSE:6728) is gearing up to mass produce manufacturing equipment for thin-film solar cells.
The company spent 3 billion yen (US$27.2 million) to build a dedicated production line for the manufacturing equipment in its main plant in Kanagawa Prefecture. Installation was completed in September. At present, mass production of solar cells is being tested and production quality is being confirmed. CHINA SHENHUA ENERGY PRODUCES 13.5 MLN TONS OF COAL IN OCT
BEIJING - China Shenhua Energy Company Limited (SEHK:1088, SSX:601088) produced 13.5 million tons of commodity coal in October, equal to September output and 18.4 per cent more than the average monthly output of 2006, according to October operation data published by China Shenhua.
The data shows that China Shenhua sold 17.4 million tons of coal in October, of which 1.7 million tons were exported, down 15 per cent as compared with the average monthly export of 2006. BANGLADESH PANEL RECOMMENDS GOVT AGENCY'S PRIME ROLE IN COAL MINING
DHAKA - A reviewed coal policy provisionally prescribes government's investment in the country's upcoming sector as it states that private local or foreign firms engaged in mining have to go for partnering with the government.
The coal policy review committee Saturday adopted a proposal to this effect. TOKYO OIL FUTURES: CRUDE SLIPS AS U.S. STOCKPILES MOUNT
TOKYO - Crude oil futures lost ground Friday on the Tokyo Commodity Exchange on the back of a buildup in U.S. crude stockpiles as well as lower precious metals prices.
The most active April crude deliveries lost 810 yen to finish at 57,030 yen (US$516.75) per kilolitre. Prices ended lower for all contract months. JAPAN'S GAS PRICES AT PUMP LIKELY TO RISE AGAIN NEXT MONTH
TOKYO - Nippon Oil Corp. (TSE:5001) plans to raise the December wholesale price of gasoline, Chairman Fumiaki Watari told reporters Friday, suggesting that prices at the pump will likely increase further.
Nippon Oil's price hike is expected to be around 5 yen. INDONESIA'S BAKRI TO INVEST US$11.1 BLN ON MEGA INFRA PROJECTS
JAKARTA - PT Bakrie & Brothers (B&B) (JSX:BNBR) said it will invest a hefty Rp100 trillion (US$11.1 billion) until 2011 in mega projects including oil and gas pipeline, power generating, toll road and telecommunication projects.
A blue print has been drafted that will bring the company, which is owned by Coordinating Minister for the Public Welfare Aburizal Bakrie, to the ranks of global players, its President Bobby Gafur Umar said. BHP BEGINS PRODUCTION AT ITS WEST AUSTRLIAN OFFSHORE OIL PROJECT
MELBOURNE - Major miner BHP Billiton Ltd (ASX:BHP) has started first production from the A$850 million (US$754.88 million) Stybarrow oil project offshore Western Australia.
The $US760 million ($A848.83 million) project is a joint venture with Woodside Petroleum Ltd (ASX:WPL) and is expected to produce about 80,000 barrels of oil per day. CANADIAN CO DISCOVERS NEW OIL FIELD IN NORTHERN THAILAND
PHETCHABUN - Pan Orient Energy (Thailand) Ltd., the local arm of Canadian energy firm Pan Orient Energy, has found an additional oil field with a volume of about 5,000 barrels per day in its concession area in the northern province of Phetchabun, said a senior energy ministry official.
Krairit Nilkuha, director-general of the mineral fuels department, said the discovery was made during a recent survey by the company in its Wichian Buri concession area. TIES FLOURISH BETWEEN INDONESIA & NETHERLANDS
JAKARTA - A Dutch investor plans to build a crude palm oil (CPO) plant in Indonesia to produce biofuel, a minister said.
Indonesian Trade Minister Mari Elka Pangestu said in a statement on Friday the plan to build the plant was part of an agreement reached by her and Dutch Economic Affairs Minister M.J.A. van der Hoven. TAIWAN EPA TO LOOK INTO HIGH CO2 EMISSIONS BY POWER PLANTS
TAIPEI - The Environmental Protection Administration (EPA) will investigate the causes behind high CO2 emissions produced by local thermal power plants in central and southern Taiwan, an EPA official said Friday.
The EPA official made the remarks after the world-renowned science magazine Nature said in its November issue that the thermal power plant in Taichung generates the most CO2 emissions of any facility worldwide, at 37 million tonnes annually. S KOREAN GOV'T POLICYMAKERS OPPOSE BLANKET LOWERING OF FUEL TAX
SEOUL - Government policymakers oppose the blanket lowering of fuel-related taxes, citing the need to conserve energy and prevent shortfalls in state revenue, officials said on Sunday.
Despite rising public and political pressure, officials at the Ministry of Finance and Economy claimed that slashing taxes, particularly on gasoline and diesel fuel, is counter-productive and will result in limited benefits. PHILIPPINE SENATE COMMITTEE TO MEET ON HIGH OIL PRICES
MANILA - The Senate committee on trade and commerce, chaired by Senator Mar Roxas, will meet on Tuesday, November 20, with Cabinet members and oil industry players to determine how the government seeks to deal with record-high oil prices.
"With prices of world oil higher than ever, our people deserve to see a well-thought out contingency plan that would mitigate the impact of further increases on the wallets or paychecks of every citizen," Roxas said. INDIAN OIL REGULATOR PROPOSES BIDDING FOR CITY GAS NETWORKS
NEW DELHI - The Petroleum and Natural Gas Regulatory Board (PNGRB) has proposed a competitive bidding process to select public and private entities for developing city gas distribution networks in the country.
The downstream oil regulator issued draft regulations which contain the proposed method for selection of companies and building or expansion of local gas distribution networks. S KOREA'S S-OIL TO SPEND US$1.53 BLN ON NEW PETROCHEMICAL PLANT
SEOUL - S-Oil Corp. (KSE:10950), South Korea's third-largest refiner, said Friday it plans to spend 1.4 trillion won (US$1.53 billion) in building a new petrochemical plant by 2011, to meet rising demand for chemical materials.
According to the refiner, the plant, to be built in Ulsan, 414 kilometers south of Seoul, will have an annual production capacity of 900,000 tons of paraxylene and 280,000 tons of benzene. BEIJING PROMOTES "CLEAN ENERGY" IN HEATING SEASON TO IMPROVE AIR
BEIJING - A total of 1,105 small coal-fired boilers had been converted to natural gas by Thursday, when Beijing started its annual heating season, marking the completion of a nine-year campaign in China's capital to have all 14 megawatt (mw) boilers use clean energy.
"Starting from 1998, we have earmarked 2.5 billion yuan (US$337 million) and upgraded about 16,000 14mw boilers," said Du Shaozhong, deputy head of the Beijing Municipal Bureau of Environmental Protection. CHINA TO DOUBLE NUCLEAR POWER CAPACITY BY 2020
ROME - China is to double its nuclear power capacity by 2020, the general manager of China National Nuclear Corporation said here on Thursday.
Kang Rixin told the World Energy Congress in Rome that at present China's nuclear power capacity accounts for 2 per cent of the country's total installed capacity. By 2020, the percentage will stand at 4 per cent. CORPORATE BONDS OF OFFSHORE OIL ENGINEERING TO TRADE IN SHANGHAI
BEIJING - The 2007 corporate bonds issued by the Offshore Oil Engineering Co. Ltd (SSX:600583) will be traded on the e-platform of the Shanghai Stock Exchange (SSE) as of November 19, 2007, a SSE notice announced.
Total issuance of the bonds reaches 1.2 billion yuan (US$162 million), with a nominal interest rate of 5.77 per cent and a ticker code of "122001". After going public, collateral buyback can be applied to the bonds, with an application and a transfer code of "104001". S KOREA, BANGLADESH SIGN MOU ON COOPERATION IN ENERGY SECTOR
DHAKA - South Korea Thursday signed a memorandum of understanding (MoU) with Bangladesh to promote cooperation in power and energy sectors to the mutual benefit of the two countries.
Visiting South Korean Vice-Minister Dr. Lee Jae Hoon and Energy Secretary of Bangladesh Mohammad Mohsin signed the agreement on behalf of their respective sides. No potential investment proposal or figure was mentioned in the deal. CNOOC INKS US$50 MLN DRILLING GEAR DEAL WITH NORWEGIAN FIRM AKER
BEIJING - China National Offshore Oil Corp (CNOOC) Thursday signed a US$50 million contract with Norwegian company Aker Kvaerner ASA for deepwater drilling equipment supplies.
The contract will help CNOOC, the nation's biggest offshore oil producer, to strengthen its exploration and development of deepwater oil resources, said Zhou Shouwei, vice-president of the company. PETROCHINA POISED TO INCREASE CRUDE OIL REFINING VOLUME
BEIJING - PetroChina (SEHK:0857, SSX:601857, NYSE:PTR), the nation's biggest oil producer, is poised to increase crude oil refining volume by nearly 12 per cent this year.
The firm is expected to process some 120 million tons of oil this year, the company's vice-president Liu Hongbin told reporters at an exhibition for gas station equipment, new technologies and non-fuel operations in Beijing yesterday. The refining volume would reach 2.4 million barrels a day. AIR NEW ZEALAND TO HIKE INTERNATIONAL FARES DUE TO FUEL COSTS
WELLINGTON - Air New Zealand (ASX:AIZ) has pushed up international economy fares by up to NZ$50 (US$38) as soaring fuel prices hammer airlines around the world, Stuff NZ reports.
The airline, which has encountered new competition in its domestic market from Pacific Blue, said it was holding off hiking domestic fares for now. LUKOIL START SUPPLY OF GAS FROM KHAUZAK AREA IN UZBEKISTAN
TASHKENT - Lukoil Overseas and Uzbekneftegaz national holding company have started the supply of gas from the Khauzak area (Bukhara region of Uzbekistan) within the framework of implementation of the Production Sharing Agreement (PSA) for the Kandym-Khauzak-Shady-Kungrad project.
The start of the gas supply is the most important stage of the implementation of the Khauzak gas field development project. Five wells have been commissioned in the field, a gas treatment unit has been started, gas-refining facilities at the Mubarek gas plant and the gas transportation via the Central Asia-Center Pipeline have been prepared, according to a Lukoil press release. 70 PCT OF INDONESIAN OIL FIELDS DEPLETED
JAKARTA - Inspector General of the Energy and Mineral Resource Ministry Suryantoro said 70 per cent of the country's 161 oil fields have been depleted, leaving only 58 per cent productive.
Most of the oil fields are so old that it would be difficult to increase the country's crude oil production from the present level of around 950,000 per day, Suryantoro said. PETRONAS HOPES TO BUILD PETROCHEMICAL FACILITY IN INDONESIA
JAKARTA - Malaysia's Petronas hopes to expand its operations in the petrochemical industry in Indonesia as it faces difficulty to increase its domestic production capacity.
Petronas has operated at full capacity with production estimated to reach 10 million tons this year but additional facility in Malaysia will not be feasible, Iqbal G. Abdullah, a senior general manager of the company said. INDONESIA'S PLN PLANS TO RAISE VALUE OF GLOBAL BOND TO US$1.5 BLN
JAKARTA - State-owned electricity company PLN said it will increase the value of global bonds to be issued in the first quarter of 2008 to US$1.5 billion from US$1 billion planned earlier.
The bond fund will be needed to finance PLN's investment estimated to total Rp38 trillion (US$4.2 billion) in 2008, a PLN executive Suyud W said. (C) Asia Pulse Pte Ltd.
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