Philippine auto LPG sector continues to grow
Members of the LP Gas Association remain confident that the Philippine auto liquefied petroleum gas industry will continue to grow as more vehicles convert to LPG and more filling stations open to serve the public, Asia Pulse reported.
The LPGA said of the estimated 52,000 taxi and utility vehicles nationwide, auto-LPG converted units are now expected to reach 4,500 to 5,500 by end-2007, excluding the 10,000 units converted as of December last year.
Likewise, stations offering auto-LPG went up to 100 as of October.
With prices of crude oil on the world market on the rise, auto-LPG is the most economical alternative fuel in the market.
Projecting growth in auto LPG, the government plans to hold the 1st Philippine Auto-LPG Summit on Nov. 22 at the Mandarin Oriental, Makati City.
The summit will provide opportunities where regulations, standards on automotive LPG cylinders, requirements and procedures on dispensing stations and guidelines on the registration of vehicles using automotive LPG will be discussed.
Manufacturers, importers, suppliers, distributors, converters, service providers, motorists, local government units, consumer organizations and other stakeholders of the auto-LPG industry are expected to attend the summit.
BP Azerbaijan raises 2007 revenue
BP forecasts revenue of $4.7 billion in 2007 from the Azeri-Chirag-Gunashli and Shah Deniz projects in Azerbaijan, Phil Home, commercial director of BP Azerbaijan, told reporters in Baku.
The company had originally forecast revenue of $3.5 billion, but rising oil prices will boost revenue 34 percent, he said.
The contract to develop Azeri, Chirag and the deepwater section of Gunashli was signed on Sept. 20, 1994. The project participants are BP, project operator, Chevron, ExxonMobil, Devon Energy, Amerada Hess, SOCAR, Inpex Corp., ITOCHU Oil, Statoil and TPAO.
The contract on development of Shah Deniz was signed in Baku on June 4, 1996. Participants in the project include BP with 25.5 percent interest, Statoil, SOCAR, Lukoil, NICO, TotalFinaElf and Turkey's TPAO.
Rosneft, CNPC discuss 2004 contract price revision
Russia's Rosneft and China National Petroleum Corp. plan to hold talks to discuss increasing oil supply prices set in a 2004 contract, Interfax reported, citing an official familiar with the contract.
"The Chinese party understands that with current world oil prices at such a high level, Rosneft is losing profit on its deliveries to China. We are ready to discuss some increase in prices, which were specified in a contract from December 2004," the official said.
In addition, the source said: "A positive solution to this current issue will hinge upon how much the Russian company will ask."
"We are keen to settle this problem before the year's end. Beijing expects Rosneft President Sergei Bogdanchikov to visit in November," the official said.
"In addition, we expect the Russian side to take into consideration the fact that the contract was necessary above all to itself in 2004, when CNPC made a prepayment to Rosneft for the planned deliveries, however, such an approach is not typical in world oil deals. We then, honestly speaking, have helped Rosneft and now, as China faces serious oil import costs, hope for understanding on the part of our Russian partners," the official said.
Rosneft and CNPC signed a contract in December 2004, according to which the Chinese company paid its Russian partner $6 billion for 48.4 million tons in oil deliveries until 2010.
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Closing oil prices, Nov. 15, 3 p.m. London
Brent crude oil: $90.57
West Texas Intermediate crude oil: $93.67
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