- Email: [email protected]
Spain to sell PTA750 billion of its Endesa stake
April 1997
than 1300 feet deep off Angola. Further appraisal of the discovery is required to confirm the oil reserves and to determine plans for the development. Initial results indicate a combined flow rate of approximately 7500 barrels of oil per day. RUSSIA SET TO
PRIVATIZE ROSNEFT Rosneft, the last stateowned Russian oil company, is set to be privatized later this year. While its production output at 13 million tonnes in 1996 is relatively small when compared with other Russian oil companies, Rosneft's main assets are its reserves and long-term projects such as the multi-billion dollar development offshore Sakhalm island in the Russian Far East and in the Timan Pechora basin in the north. Rosneft was formed in 1995, grouping together companies unwanted by the main privatized oil giants.
CHEVRON CHEMICAL'SSAUDI
Pump Industry Analyst
15TH WORLD
For Western Europe, chemi-
phurization equipment to re-
PETROLEUM
cals output is expected to in-
CONGRESS
crease by 3.3 per cent, with exports increasing 4 per cent
duce sulphur dioxide emissions substantially.
The 15th World Petroleum Congress Technology and
and imports by 3.5 per cent. Employment will also drop 1 per cent for the region. The latest estimates for 1996 show UK chemical sales totalling £35.8 billion. Export sales were £22.9 billion and
Globalization: Leading the Petroleum Industry into the 21st Century will be held in Beijing, China from 12-16 October 1997. The Congress includes a series of fora and review and forecast papers and includes a strong technical programme. The World Petroleum Congress has 47 of the major petroleum producing and consuming countries as members. The Congress' principal aim is to promote the management of the world's petroleum resources for the benefit of mankind. More recently its scope has been expanded to include all aspects of the natural gas and petrochemicals industries, petroleum finance, training, economics, management and environmental matters. The Congress programme and registration form can be obtained from: WPC-15 Secretariat, c/o China National Petroleum Corporation, PO Box 766, Liu Pu Kang, Beijing 100724, China. Tel: +86 10 6209 5446; Fax: +86 10 6209 5447.
FACILITY UNDERWAY
Chevron Chemical Co has broken ground (m a US$650 million petrochemical complex in AI-Jubail, Saudi Arabia. Chevron Chemical and Saudi Industrial Venture Capital Corp (SIVCG) havc formed a 50-50 joint venture company to build and operate the plant. Construction of the 482 000 tons per year benzene plant and a 220 000 tons per year cyclohexane unit is scheduled to be completed in mid-1999.
NEW FIGURES
FROM
CIA
The latest figures from the London-based Chemical Industries Association (CIA) forecast UK chemical output to increase by 3 per cent in 1997. Both exports and imports are each forecast to rise by 5 per cent, while employment is expected to fall by I per cent.
imports reached £ 18.5 billion, while 1996 chemical output in the UK rose by 2 per cent.
INDONESIAN
POWER
PLANT DEAL
An international consortium has won a major project in Indonesia to build a US$1.6 billion coal-fired power station. The consortium has established an Indonesian project company, PT Tanjung Jati Power Company. On completion of the financial arrangements, targeted for April 1998, National Power of the UK and Tomen Corporation of Japan are to each have a 30 per cent stake, and two Indonesian companies, PT Bakrie Power Corporation and PT Maharani Paramitra, will have 20 per cent each. National Power would also operate and maintain the plant in partnership with Bakrie. A 30-year power purchase agreement has been signed under which the Indonesian state-owned electricity corporation PT PLN (PERSERO) would buy power Iiom the 1320MW plant. The plant will be built 80km north east of Semarang on the northern coast of central Java. The power station Tanjung Jati A - is planned to have two 660MW units, and be fitted with flue gas desul-
AMOCO
AND CEA IN
COLOMBIAN
JOINT
VENTURE
Amoco Power Resources Corporation and Community Energy Alternatives Inc (CEA) have reached an agreement to jointly own the 200 MW Termo Santander de Colombia ESP electric power generating plant. Initially Amoco had a 100 per cent interest in the plant which is currently being developed by the group. However present Colombian law prohibits gas producers from owning more than 50 per cent of a natural gas-fired power plant alter commercial operations begin. Termo Santander is located at the Opon natural gas field, north of Bogota, and is expected to begin commercial operations by the end of 1997. In Latin America, Amoco Power currently owns power plants in Argentina and Trinidad while CEA Americas owns plants in Argentina and Venezuela. Both companies are actively pursuing business opportunities throughout the region. SPAIN TO SELL PTAJ50 BILLION
OF
ITS ENDESA STAKE
The Spanish government is to sell half of its 66 per cent stake in Endesa, the electricity generator and distributor. The offering will be worlh an estimated Pta750 billion and will be made later this year. The government had planned to sell off its Endesa stake in three separate blocks by the end of 1999, but has been encouraged by a buoyant domestic stock market.
II
than 1300 feet deep off Angola. Further appraisal of the discovery is required to confirm the oil reserves and to determine plans for the development. Initial results indicate a combined flow rate of approximately 7500 barrels of oil per day. RUSSIA SET TO
PRIVATIZE ROSNEFT Rosneft, the last stateowned Russian oil company, is set to be privatized later this year. While its production output at 13 million tonnes in 1996 is relatively small when compared with other Russian oil companies, Rosneft's main assets are its reserves and long-term projects such as the multi-billion dollar development offshore Sakhalm island in the Russian Far East and in the Timan Pechora basin in the north. Rosneft was formed in 1995, grouping together companies unwanted by the main privatized oil giants.
CHEVRON CHEMICAL'SSAUDI
Pump Industry Analyst
15TH WORLD
For Western Europe, chemi-
phurization equipment to re-
PETROLEUM
cals output is expected to in-
CONGRESS
crease by 3.3 per cent, with exports increasing 4 per cent
duce sulphur dioxide emissions substantially.
The 15th World Petroleum Congress Technology and
and imports by 3.5 per cent. Employment will also drop 1 per cent for the region. The latest estimates for 1996 show UK chemical sales totalling £35.8 billion. Export sales were £22.9 billion and
Globalization: Leading the Petroleum Industry into the 21st Century will be held in Beijing, China from 12-16 October 1997. The Congress includes a series of fora and review and forecast papers and includes a strong technical programme. The World Petroleum Congress has 47 of the major petroleum producing and consuming countries as members. The Congress' principal aim is to promote the management of the world's petroleum resources for the benefit of mankind. More recently its scope has been expanded to include all aspects of the natural gas and petrochemicals industries, petroleum finance, training, economics, management and environmental matters. The Congress programme and registration form can be obtained from: WPC-15 Secretariat, c/o China National Petroleum Corporation, PO Box 766, Liu Pu Kang, Beijing 100724, China. Tel: +86 10 6209 5446; Fax: +86 10 6209 5447.
FACILITY UNDERWAY
Chevron Chemical Co has broken ground (m a US$650 million petrochemical complex in AI-Jubail, Saudi Arabia. Chevron Chemical and Saudi Industrial Venture Capital Corp (SIVCG) havc formed a 50-50 joint venture company to build and operate the plant. Construction of the 482 000 tons per year benzene plant and a 220 000 tons per year cyclohexane unit is scheduled to be completed in mid-1999.
NEW FIGURES
FROM
CIA
The latest figures from the London-based Chemical Industries Association (CIA) forecast UK chemical output to increase by 3 per cent in 1997. Both exports and imports are each forecast to rise by 5 per cent, while employment is expected to fall by I per cent.
imports reached £ 18.5 billion, while 1996 chemical output in the UK rose by 2 per cent.
INDONESIAN
POWER
PLANT DEAL
An international consortium has won a major project in Indonesia to build a US$1.6 billion coal-fired power station. The consortium has established an Indonesian project company, PT Tanjung Jati Power Company. On completion of the financial arrangements, targeted for April 1998, National Power of the UK and Tomen Corporation of Japan are to each have a 30 per cent stake, and two Indonesian companies, PT Bakrie Power Corporation and PT Maharani Paramitra, will have 20 per cent each. National Power would also operate and maintain the plant in partnership with Bakrie. A 30-year power purchase agreement has been signed under which the Indonesian state-owned electricity corporation PT PLN (PERSERO) would buy power Iiom the 1320MW plant. The plant will be built 80km north east of Semarang on the northern coast of central Java. The power station Tanjung Jati A - is planned to have two 660MW units, and be fitted with flue gas desul-
AMOCO
AND CEA IN
COLOMBIAN
JOINT
VENTURE
Amoco Power Resources Corporation and Community Energy Alternatives Inc (CEA) have reached an agreement to jointly own the 200 MW Termo Santander de Colombia ESP electric power generating plant. Initially Amoco had a 100 per cent interest in the plant which is currently being developed by the group. However present Colombian law prohibits gas producers from owning more than 50 per cent of a natural gas-fired power plant alter commercial operations begin. Termo Santander is located at the Opon natural gas field, north of Bogota, and is expected to begin commercial operations by the end of 1997. In Latin America, Amoco Power currently owns power plants in Argentina and Trinidad while CEA Americas owns plants in Argentina and Venezuela. Both companies are actively pursuing business opportunities throughout the region. SPAIN TO SELL PTAJ50 BILLION
OF
ITS ENDESA STAKE
The Spanish government is to sell half of its 66 per cent stake in Endesa, the electricity generator and distributor. The offering will be worlh an estimated Pta750 billion and will be made later this year. The government had planned to sell off its Endesa stake in three separate blocks by the end of 1999, but has been encouraged by a buoyant domestic stock market.
II