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Processing 2000 P

  • 09/22/2000 -- TIMING WRONG FOR DRAWDOWN OF CRUDE FROM SPR
    Now is the worst time in the history of the world for the US government to market crude oil from strategic storage. Yet Vice-Pres. Al Gore wants to do precisely that.
  • 09/22/2000 -- Energy strategy
    American Petroleum Institute Pres. Red Cavaney says the US needs to open a discussion on drafting a national energy strategy.
  • 09/20/2000 -- Duke reconsidering field services IPO
    Duke Energy Corp. officials say the company is reconsidering making an initial public offering (IPO) of stock in Duke Energy Field Services LLC, its 69.7%-owned midstream energy unit. Sue Becht, head of investor relations for Charlotte, NC-based Duke, told analysts attending the Dain Rauscher Wessels conference Tuesday in Houston the company will be making a decision soon regarding the IPO.
  • 09/20/2000 -- Duke negotiating on 32,200 Mw of power
    Duke Energy Corp. units plan to bring 10-11 new power facilities on line during 2002-2003, Sue Becht, head of investor relations for the Charlotte, NC-based firm, told analysts attending the Dain Rauscher Wessels conference in Houston. Duke is currently negotiating to build 32,200 Mw of additional generation with a capacity to burn up to 6.4 bcf/day of natural gas, Becht said.
  • 09/20/2000 -- Nigeria awards Siemens $120 million power project
    Nigeria's state-run National Electric Power Authority (NEPA) has awarded a $120 million contract to Germany's Siemens AG for the construction of a 276 Mw skid-mounted power generating plant at Afam, in Rivers State, southeast Nigeria. Erratic performance by the nation's power plants has forced Nigerian President Olusegun Obasanjo's administration to place more emphasis on improving supplies to attract much-needed investments from within and outside the country.
  • 09/19/2000 -- Saudi Aramco eyes stake in Filipino naphtha cracker
    Saudi Aramco, which owns a 40% stake in the Philippines national refinery corporation, Petron, plans to study investing in a $600 million Filipino naphtha cracker project through an additional investment in Petron. Saudi Aramco outbid all international groups, including Malaysian state oil corporation Petronas, to buy 40% of Petron a few years ago in a market that could prove to be a stepping stone into China.
  • 09/19/2000 -- PDVSA offers Bahamas terminal for US heating oil storage
    The US could use facilities in the Bahamas belonging to Petroleos de Venezuela SA (PDVSA) to store heating oil against possible supply shortfalls this winter, said Hector Ciavaldini, president of the Venezuelan state oil company. Recently there has been much concern over lower levels of heating oil in storage than average, prompting many to speculate about shortages this winter, particularly in the northeast US.
  • 09/18/2000 -- Finance/Companies news briefs, Sept. 18
    BP � Vastar Resources � Sui Southern Gas � Pakistan Petroleum � Petroleum Exploration � Pyramid Energy Canada � Pakistani Government Holdings � Metiom � BHP � Chicago Mercantile Exchange � CheMatch.com � Penn Virginia � Waterous & Co. ... TotalFinaElf ... Agip ... Avia ... Dynelf ... EuroGas ... Teton Petroleum ... Duke Energy Gas Transmission ... Market Hub Partners ... NiSource
  • 09/18/2000 -- Harza orders 250 Capstone units
    Harza Engineering Co. Inc., Chicago, and Capstone Turbine Corp. reported a 3-year agreement under which Harza will order 250 Capstone MicroTurbine power systems, Capstone reported Monday, its second major deal in 2 months. This summer the New York State Department of Public Service approved the Capstone MicroTurbine as the first 3-phase distributed generation device permitted to operate in parallel with utilities in the state as part of the state�s new distributed generation standard.
  • 09/18/2000 -- Petrobras to remain dominant in Brazil for a decade
    Despite Petroleo Brasileiro SA's loss of its 40-year monopoly on Brazil's oil sector in 1997, the company's strength and critical mass still give Petrobras enough muscle to dominate Brazil's oil and gas industry for the next decade, allowing it to "effectively hold back the deregulation process in Brazil," says Edinburgh-based Wood Mackenzie Consultants Ltd.
  • 09/18/2000 -- EU to discuss fuel protests this week
    European Union ministers are due to meet in Brussels Sept. 20 to discuss European fuel supplies, as protests of high fuel prices died down in Britain late last week but picked up steam in Germany and other parts of Europe. In Belgium, the Port of Antwerp was blockaded, and Brussels was brought to a virtual standstill.
  • 09/15/2000 -- Eni doubles second quarter income
    Italy's Eni SpA yesterday joined the ranks of international oil and gas giants recording best-ever second quarter financials in recent weeks with its announcement of net income topping 2.6 billion euros, more than double the amount reported at this time last year. The company explained the jump in net income as chiefly the result of 'the exceptional increase in the prices realized by [the company] on hydrocarbons produced and refining margins.'
  • 09/14/2000 -- Transportation news briefs, Sept. 14
    Crosstex Energy Services � Western Gas Resources � Reliant Energy Gas Transmission � Longhorn Partners Pipeline � Texas Railroad Commission � Westcoast Energy
  • 09/13/2000 -- MMS outlines deepwater royalty relief program
    The US Minerals Management Service Wednesday announced a proposed rule to continue, but limit, deepwater Gulf of Mexico royalty relief. The agency proposes to provide relief, as needed, for new leases issued after November 2000.
  • 09/13/2000 -- Megamajors open door to China expansion plans
    Megamajors BP, ExxonMobil Corp., and Royal/Dutch Shell Group each has signed up to a strategic joint-venture agreement with China's state oil and petrochemical company, Sinopec Corp., to pave the way for their individual company expansion plans in the country.
  • 09/13/2000 -- US distillate output at record in August
    The latest statistics report by the American Petroleum Institute revealed increases in almost all production, delivery, and inventory categories in August, with the exception of US crude production, which fell for the month.
  • 09/13/2000 -- Oil groups urge Supreme Court to overturn Unocal patent
    The American Petroleum Institute, the National Petrochemical & Refiners Association, and the Western States Petroleum Association Wednesday urged the US Supreme Court to review a lower court decision upholding a Unocal Corp. patent. The lower court ruling upheld the validity the patent, which covers the composition of reformulated gasolines.
  • 09/13/2000 -- API says US needs energy strategy
    Red Cavaney, American Petroleum Institute president, Wednesday called for the US to open a debate about drafting a national energy strategy. Cavaney told a meeting of the National Association of State Energy Officials in Redondo Beach, Calif., that there is a widening gap between the growing energy demands of the US economy and the country's ability to meet those needs from its own resources.
  • 09/12/2000 -- TXU signs new wind purchase agreement
    TXU Electric & Gas, a unit of TXU Corp., said it has agreed to buy 31.5 Mw from a soon-to-be constructed 82.5-Mw wind farm near Pecos, Tex. In July, TXU announced a contract to purchase renewable energy from a 160 Mw wind farm in west Texas and is also buying power from a 40 Mw wind farm near Big Spring, Tex. These projects will help in meeting Texas's legally mandated requirement to have 2,000 Mw of new renewable power projects developed by Jan. 1, 2009.
  • 09/12/2000 -- Asian natural gas rebounding after economic crisis
    Natural gas demand in Asia is on the rise, after being restrained for 2 years as a result of the economic crisis in the region, an industry conference was told here Monday. In an address at Gasex 2000, a natural gas conference being held in this Thai resort city, Mohamed Hassan Marican, CEO of Malaysian state oil corporation Petronas, noted that the strong growth projected in electricity consumption in the recovering economies of the Asia-Pacific region is a key reason for rising gas demand.
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