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Processing 2001 P4

  • 01/29/2001 -- Nova has profit for 2000, loss for fourth quarter
    Nova Chemicals Corp., Calgary, reports a $266 million profit in 2000, compared with $217 million in 1999, despite a fourth quarter loss of $12 million. Factors in the fourth quarter slide included a slowdown in the US economy, weakening product demand in Asia, high natural gas prices and a decline in chemical product prices.
  • 01/29/2001 -- Thai company awards ethylene plant contract
    Thai Olefins Co. has selected Chiyoda Corp. and Halliburton Co. affiliate Kellogg Brown & Root to design and build its proposed 300 kilotonnes/year ethylene plant in Map Ta Phut industrial complex at Rayong, Thailand.
  • 01/29/2001 -- California style shock threatens Nevada, Sierra Pacific chief says
    Sierra Pacific Resources Inc. and Nevada Power Co. proposed raising electric rates an average 17% Monday in an emergency filing with the Nevada Public Utilities Commission. Sierra Pacific Resources CEO said action is needed to correct imbalances between wholesale power costs and retail prices. The utilities say they have lost over $125 million on fuel and purchased power transactions.
  • 01/31/2001 -- Sonangol seeks partners for proposed refinery
    Angolan national oil company Sonangol is seeking strategic partners to build a refinery, said Kellogg Brown & Root, an affiliate of Halliburton Co., which recently completed a feasibility study for the project. The 200,000-b/d grassroots refinery would be built in Lobito, about 400 km from Luanda.
  • 01/31/2001 -- African project certified for greenhouse gas trading
    CMS Energy Corp. said Wednesday the Atlantic Methanol Production Co. project on Bioko Island in Equatorial Guinea has been accepted by a US program that certifies greenhouse gas reductions for potential trading credits. AMPCO partners are CMS, Samedan Oil Corp., and the Equatorial Guinea government.
  • 02/01/2001 -- Market watch, Feb. 1
    Energy futures weakened Wednesday on international markets, dragged down by a drop in petroleum products prices in the last day of trading February contracts on the New York Mercantile Exchange.
  • 02/01/2001 -- Texas predicts 23% summer reserve margin but decline forecast
    Compared to the 1.5% reserve margin that has kept California on the edge of rolling blackouts for 17 straight days, Texas will have a substantial cushion over peak demand this summer, state regulators said Thursday. Within the Electric Reliability Council of Texas Inc., firm peak demand is projected to reach almost 56,500 Mw this summer, while installed capacity will top 70,700 Mw. However, the same study projects a steady decline in reserve margins through 2006 to 11.2%.
  • 02/02/2001 -- Power sector growth the juggernaut driving gas demand, price strength
    Despite a brief dip in gas prices to less-stratospheric levels, strong growth in gas-fired power will keep a prop under gas prices for years to come.
  • 02/05/2001 -- Consulting firm predicts drop for US natural gas prices
    Changing market fundamentals could push US natural gas prices down to near $4/MMbtu by early summer, according to Energy & Environmental Analysis Inc., Arlington, Va. It said increased drilling activity boosted gas productive capacity by more than 1 bcfd between the fourth quarters of 1999 and 2000.
  • 02/05/2001 -- Technip, Yukos to jointly develop some projects
    French company Technip SA's German unit and an arm of giant Russian company Yukos have signed an agreement to jointly develop selected projects. Technip will provide services and supplies related to field production, field processing, and transportation facilities for projects undertaken by NK Yukos.
  • 02/06/2001 -- Processing news briefs, Feb. 6
    California Air Resources Board � Lubrizol � Probex � Bechtel � Saudi Aramco
  • 02/06/2001 -- Enerchem to purchase Trysol Canada
    Enerchem International Inc., Nisku, Alta., has signed a letter of intent to purchase the shares of Trysol Canada Ltd. for $10 million. Enerchem will pay $6.4 million in cash and issue 1.2 million in shares. The transaction is subject to shareholder and stock exchange approval, but is expected to close by Mar. 31.
  • 02/08/2001 -- Thai Olefins to build ethylene glycol plant
    Thai Olefins Co. is planning a 300,000 tonne/year ethylene glycol plant to integrate with its existing Map Ta Phut petrochemical complex at Rayong, Thailand. The company is also looking forward to increased financing this year, both from its parent company and a proposed initial public offering.
  • 02/08/2001 -- Ultramar Diamond Shamrock to buy back $750 million in stock
    Ultramar Diamond Shamrock Corp. plans to repurchase $750 million, or 27%, of its common stock in a series of transactions expected to be completed within 3 months. Thereafter, it plans to buy back $100 million worth of stock a year. As part of the program, it will buy back 8% of its shares from TotalFinaElf SA at $32.85/share.
  • 02/08/2001 -- California's Davis seeks to avert summer blackouts
    Faced with the prospect of widespread blackouts, California Gov. Gray Davis issued an executive order Thursday to add electricity peaking facilities by summer, coax more output from existing plants, and provide tax incentives for more renewable power facilities. Davis says a package of 'special incentives' signed Thursday will add an additional 5,000 Mw of power by July 2001. The California ISO is projecting a shortfall of 6,815 Mw in June.
  • 02/09/2001 -- Electric Power news briefs, Feb. 9
    Vectren Corp. ... CMS Generation Co. ... Office Nationale de l'Ectricite ... TECO Energy Inc. ... American Electric Power Co. ... Thermo Ecotek ... Norsk Hydro AS ... CMS Viron Energy Services
  • 02/13/2001 -- Parco puts $886 million refinery on line in Pakistan
    Pak-Arab Refinery Ltd.'s $886 million, 100,000-b/d refinery has begun production on a trial basis at about 50% of capacity. Pakistani ruler Gen. Pervez Musharraf will inaugurate the project, at Mehmood Kot, near Multan, Punjab province, on Feb. 19.
  • 02/13/2001 -- INEOS buys Dow's gas treating amines business
    INEOS PLC has purchased Dow Chemical Co.'s US and Canadian GAS/SPEC gas treating amines business. Also included was Dow's ethanolamine (EOA) manufacturing assets in Plaquemine, La., and its global EOA business. The US Federal Trade Commission required Dow to sell the businesses as a condition of its merger with Union Carbide Corp.
  • 02/13/2001 -- El Wastani field in Egypt due on stream at midyear
    Centurion Energy International Inc., Calgary, plans to bring its El Wastani field on the El Manzala concession in Egypt on stream midyear. El Manzala concession, in which Centurion owns 100%, covers 420,000 acres in Egypt. The company is concentrating on El Wastani and Abu Monkar as core areas.
  • 02/14/2001 -- Forecasts differ for California summer electricity supply
    The California Electricity Oversight Board�s summer forecast for electricity supply and demand predicts the state will avoid blackouts this summer. But a forecast by the California Independent System Operator (ISO) projects July supply shortages at a staggering 4,600 Mw and expects rolling blackouts on numerous occasions. And a third forecast by Cambridge Energy Research Associates shows the state short 3,000 Mw at peak and expects 20 hrs of rolling blackouts this summer.

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