[Kabar-indonesia] 17 RI oil/gas/mining reports: Power Plants Crash Program; Fuel Subsidy; Oil Down
JoyoNews at aol.com
JoyoNews at aol.com
Tue Oct 3 17:48:26 MDT 2006
17 Reports:
- Indonesia to issue power plants
guarantee in 'immediate future;'
no date given
- '07 Fuel Subsidies Pegged At
IDR61.8 Tln
- Indonesian parliament cuts fuel
subsidy allocation for 2007
- IHT/Bloomberg update:
Jakarta to Finance Biofuels
- Platts: Pertamina to invest
US$200 million on building six
new tankers
- Oil Falls the Most in Almost
14 Months on Ample Fuel Supplies
- Santos starts Maleo production
in Indonesia
- UAE's RAK Petroleum Takes
15% Stake In UK's Anzon Energy
- Upstream: Indonesia dishes out
five blocks
- Upstream: Revamp plan for Sumatra
- Upstream: Premier rises to task
with Asia discoveries
- Upstream: Kufpec lightens
Seram load
- Indonesia Sept crude output rises
to 862,900 bpd
- Asia-Pacific Crude-Nov lights clear
at weaker diffs
- Asia Coal-Thermal stays
at 8-mth low on weak demand
- Petromindo Headlines,
Tuesday, October 3, 2006
Indonesia to issue power plants guarantee
in 'immediate future;' no date given
JAKARTA, October 3 (XFN-ASIA) - The government will soon issue a
presidential edict (Perpres) serving as the legal basis for providing
a government guarantee for the so-called "power plants crash program,"
Coordinating Minister for the Economy Budiono said.
"The government will issue a presidential instruction on the matter
(guarantee scheme) in the immediate future," Budiono told reporters
after a cabinet meeting led by President Susilo Bambang Yudhoyono.
He refused however to give any specific date for the decree, saying
only that the draft edict is ready to be signed by the president.
The government is aiming to drastically increase generating capacity
in the country in order to avert a power crisis but under existing law
it cannot guarantee private sector financing schemes for companies
undertaking infrastructure projects. However the presidential edict
will provide an exemption for the power plants program.
Finance Minister Sri Mulyani Indrawati meanwhile noted that the value
of the government guarantees for financing the capacity buildout will
reflect in the 2009 state budget, instead of the 2007 and 2008
outlays.
---------------------------------------------------------
'07 Fuel Subsidies Pegged At IDR61.8 Tln
JAKARTA, October 3 (Dow Jones)--The Indonesian government and
parliament's budget committee agreed to peg fuel subsidies at IDR61.8
trillion ($6.7 billion) next year, slightly below IDR68.5 trillion
previously proposed by the government, Bisnis Indonesia reported.
The electricity subsidy will be raised to IDR28 trillion from the
proposed IDR25.8 trillion because demand for electricity is expected
to rise 6.1% in line with the economic growth target of 6.3%, the
daily reported.
Parliament and the government have also agreed to assume that the
amount of subsidized petroleum products will reach 37.9 million
kiloliters in 2007, the report said.
----------------------------------------------------------
Indonesian parliament cuts fuel subsidy allocation for 2007
JAKARTA, October 2 (Xinhua) -- The Indonesian House of Representatives
Monday agreed a lower fuel subsidy amount than what initially proposed
by the government for fiscal year 2007.
The House's commission seven allowed fuel subsidy of 61.83 trillion
rupiah (6.7 billion U.S. dollars) against government- proposed 68.5
trillion rupiah (7.4 billion dollars).
Legislator Ramson Siagian said the subsidy cut is related to the
ongoing government program to introduce the mass use of liquefied
petroleum gas (LPG) that will substantially save kerosene consumption.
"The LPG program is expected to reduce kerosene consumption by 1
million kiloliters in 2007," he said in the open hearing with
executives of state-run oil and gas firm Pertamina.
The subsidy is intended to support Pertamina in supplying 37.9 million
kiloliters of fuel, comprising 17 million kiloliters of gasoline, 9.9
million kiloliters of kerosene and 11 kiloliters of diesel fuel.
-----------------------------------
International Herald Tribune
October 3, 2006
Jakarta to Finance Biofuels
Leony Aurora and Claire Leow
Bloomberg News
Indonesia plans to seek as much as 23 trillion rupiah, or $2.5
billion, to kick-start its nationwide program to produce, distribute
and export fuels made from crops like oil palms and sugarcane.
The government will put up 2 trillion rupiah in capital for a company
that will finance biofuel projects, Alhilal Hamdi, head of the
national team for biofuel promotion, said Wednesday in an interview in
Jakarta. The country needs to raise 200 trillion rupiah over five
years to promote biofuels, Energy Minister Purnomo Yusgiantoro said in
July.
Rising crude oil prices, which have tripled since 2002, are spurring
greater government and investor interest in biofuels worldwide. The
Indonesian biofuel initiative is part of President Bambang Susilo
Yudhoyono's plan to focus on the rural economy to create more jobs and
spur economic growth. About 40 percent of the labor force holds jobs
in the agricultural industry.
"The green energy program is pro-jobs, pro-growth and pro- poverty
reduction," Hamdi said. "But it has to be profitable to draw investor
interest."
The team is seeking funds from agencies like the Asian Development
Bank and private investors. The government will set up a company,
Lembaga Pembiayaan Bahan Bakar Nabati, to use the funds as venture
capital and finance 70 percent of projects, said Hendi Kariawan, a
member of the team.
"Indonesia has the space for biofuel production, which needs to be
done on a mass scale to keep prices low," said Anton Gunawan, an
economist at Citibank in Jakarta. "That is key because when oil prices
come down, biofuels must still be viable."
The government plans to scrap value-added taxes for biofuel products
to cut costs and raise the competitiveness of biofuels produced in
Indonesia. It also wants to waive or lower taxes on capital gains from
trading stocks and on income from bonds issued by companies involved
in biofuels, Hamdi said.
"We are rolling out a red carpet for investors to take part in biofuel
projects," he said. "These actions show how serious we are with the
biofuel programs."
--------------------------------------
Platts Commodity News
October 3, 2006
Pertamina to invest $200 million on building six new tankers
Indonesia's state-owned oil and gas company Pertamina will invest
around $200 million in the next two years to build new six vessels to
meet growing demand and reduce the company's vessel leasing costs, a
company senior official said Tuesday. "We estimate to spend around
$200 million in the next two years for new six vessels," Pertamina
finance director Ferederick Siahaan said. Pertamina plans to spend $45
million next year on the project. "There are equity financing,
supplier credit as well as internal cashflow," Ferederick said.
Pertamina president Ari Soemarno said earlier that the company would
spend $900 million in the next five years on tankers. The six new
vessels comprise of two LPG vessels with capacities of 5,000 mt, two
85,000 mt vessels and two medium range tankers. Of the 140 vessels
Pertamina operates, 36 are owned by the company, while the remaining
101 are on lease.
------------------------------------
Oil Falls the Most in Almost 14 Months on Ample Fuel Supplies
By Mark Shenk
Oct. 3 (Bloomberg) -- Crude oil in New York fell the most in almost 14 months
on speculation that a government report will show U.S. fuel inventories
jumped.
Supplies of distillate fuel, a category that includes heating oil and diesel,
rose 1.5 million barrels last week, and gasoline stockpiles increased 1.2
million barrels, according to the median of 12 responses in a Bloomberg News
survey before tomorrow's report. Analysts said production reductions announced by
Venezuela and Nigeria won't crimp supplies.
``U.S. inventories are high and it doesn't look like the situation will
change anytime soon,'' said Michael Lynch, president of Strategic Energy & Economic
Research in Winchester, Massachusetts. ``We are drifting toward $50 because I
doubt that OPEC will make a meaningful cut until we get there.''
Crude oil for November delivery fell $2.35, or 3.9 percent, to $58.68 a
barrel on the New York Mercantile Exchange, the lowest close since Feb 16. It was
the biggest one-day decline since Aug. 17, 2005. Futures have dropped 25
percent from a record $78.40 a barrel on July 14 as tensions in the Middle East
eased and U.S. fuel stockpiles increased.
The Dow Jones Industrial Average rose to an intraday record of 11,754.55, as
the decline in oil heightened expectations that consumer spending will
increase.
Crude oil, gasoline, heating oil, diesel and natural gas supplies in the week
ended Sept. 22 were above the five-year average for the period, the Energy
Department said.
Higher Prices Ahead
Oil analysts are raising their price estimates for next year in anticipation
of increased demand that may outpace the development of new fields. Crude oil
will average $64 a barrel in New York in 2007, according to the median
forecast of 29 analysts surveyed by Bloomberg News last week. That's $2 higher than
estimated at the end of the second quarter.
``The recent fall in prices is due to short-term factors,'' said Kevin
Norrish, a director of commodities research for Barclays Capital in London. Barclays
expects oil next year to average $76.70 a barrel, the highest forecast in the
survey. ``We're looking for fairly strong global growth, and we don't see
capacity expanding by much.''
Oil's climb from less than $20 a barrel at the end of 2001 has been driven by
the failure of producers to generate new supplies fast enough to keep pace
with rising demand, especially in China. Analysts are betting that trend will
continue.
Iran's Nuclear Program
Prices surged during the first half as Iran, the fourth- largest oil
producer, pushed ahead with nuclear fuel enrichment, heightening tensions with the
U.S. Iran has the world's second- biggest proved oil reserves and borders the
Strait of Hormuz, a waterway through which almost a quarter of the world's oil is
shipped.
France said Iran must suspend its uranium enrichment efforts before it makes
further proposals on how to end the dispute. Iran said earlier today that
French nuclear company Areva SA could oversee uranium enrichment in Iran to
guarantee that it was intended for peaceful purposes.
Strategists who forecast a drop in prices next year say a slowing U.S.
economy will coincide with increased output. The U.S. consumes 25 percent of the
world's oil.
``We're very pessimistic about the U.S. and global economy next year,'' said
Eoin O'Callaghan, an analyst with BNP Paribas SA in London, who expects oil to
average $59.80. ``The last four years there's been limited spare capacity,
making us sensitive to disruptions and geopolitical risk.''
The Institute for Supply Management said yesterday its U.S. manufacturing
index dropped to 52.9, the lowest since May 2005.
OPEC Cuts
``Weaker U.S. economic growth is going to translate into lower growth in
China and India,'' said Bill O'Grady, an analyst with AG Edwards & Sons in St.
Louis. ``OPEC is not ready to seriously cut production yet because the Saudis
think lower prices are a positive event.''
Saudi Arabia, the world's biggest oil exporter and the Organization of
Petroleum Exporting countries' most influential member, has not announced a
production cut. ``Prices are still at a good level,'' Saudi Arabian Oil Minister Ali
al-Naimi said on Sept. 19.
Venezuela and Nigeria, which already produce less than their OPEC targets,
said last week that they would lower output by a combined 170,000 barrels a day
from Oct. 1.
OPEC President Edmund Daukoru said members of the group should follow
Nigeria's example in cutting production because the market is ``slightly
oversupplied,'' Reuters reported today. Daukoru, who is also Nigeria's oil minister, said
today's decline in oil prices to below $60 a barrel vindicated Nigeria's
decision on Sept. 29 to cut production.
Hurricane Season
Prices have also fallen because production platforms in the Gulf of Mexico
have escaped damage this Atlantic hurricane season. Last year all production was
shut when Hurricane Rita moved through the Gulf. No more major hurricanes are
expected to form in the Atlantic Ocean this year, Colorado State University
forecasters said today.
Brent crude oil for November settlement declined $2.02, or 3.3 percent, to
$58.43 a barrel on the London-based ICE Futures exchange, the lowest close since
Feb. 15.
-----------------------------------
Santos starts Maleo production in Indonesia
MELBOURNE October 3 (AAP) -- Production of Santos Ltd's offshore gas
project Maleo in Indonesia has commenced on schedule and within budget
four years from first discovery.
Santos said the $100 million project will deliver gas to PT Perusahaan
Gas Negara for distribution to the Surabaya and Gresik gas grid.
Gas will be supplied at a plateau rate of up to 110 million standard
cubic feet per day and is expected to operate at plateau production
for about five years.
Maleo is Santos' third operated project to come on line in the last 18
months following the commission of the Casino gas field off Victoria
in early 2006, and the Mutineer Exeter oil development off Western
Australia in March 2005.
By 1450 AEST Santos shares were 15 cents weaker at $11.01.
---------------------------------------------------------------
UAE's RAK Petroleum Takes 15% Stake In UK's Anzon Energy
By Ayesha Daya
Of DOW JONES NEWSWIRES
DUBAI, October 3 (Dow Jones)--The U.A.E's RAK Petroleum has taken a
15% stake in the U.K.'s Anzon Energy, the company's chief executive
Phillip Turberville said Tuesday.
RAK Petroleum and Anzon Energy said Tuesday they had signed a
memorandum of understanding that the U.K. firm said "provides a
platform for the pursuit of international oil and gas opportunities."
Anzon said in a statement that the initial focus will be on the Middle
East but that the intention is for the two companies to build a major
exploration and production group in several geographic locations.
"We want to use this deal to expand into Indonesia," Turberville told
Zawya Dow Jones in an interview Tuesday.
Anzon has oil and gas assets in Australia and Indonesia.
RAK Petroleum will be making "significant financial commitments" to
the Anzon Group, Anzon said in the statement.
Anzon will immediately issue 3.8 million shares at a price of GBP1.20
a share to RAK Petroleum, raising a total of GBP4.56 million.
Anzon Investments Limited, a unit of Anzon, has issued to RAK
Petroleum GBP20 million worth of three-year bonds at a coupon rate of
9.25% a year annum.
Anzon Investments has also issued to RAK Petroleum convertible bonds
of GBP20 million, entitling RAK Petroleum to convert their bonds
within three years into ordinary shares of Anzon at GBP1.45 a share.
A RAK Petroleum representative will join the Anzon board, effective
immediately, the firms said.
RAK Petroleum, 70% owned by investors including the Ras al-Khaimah
government, is considering a 2 billion U.A.E. dirham ($5.4 million)
initial public offering on the Dubai International Financial Exchange
in the first half of 2007, as well as a potential dual listing in
London.
RAK Petroleum, which focuses on the Middle East, North Africa and
Asia, is considering importing natural gas supplies from Iran to fuel
a planned petrochemical project.
The firm is also in talks to develop mature hydrocarbon fields in Ras
al-Khaimah, the neighboring emirate of Umm al-Quwain, as well as a
joint Omani-Iranian gas field.
-----------------------------------------------------------
Upstream
September 29, 2006
Indonesia dishes out five blocks
Indonesia's attempt to reverse its declining oil production has
received a boost with the formal award of five blocks, all to
companies with the necessary finances and technical expertise to carry
out their exploration commitments, writes Amanda Battersby.
The companies will spend $219 million during the initial three-year
exploration terms of their 30-year contracts while Jakarta will
receive signature bonuses totalling $14.25 million for the five
blocks.
US supermajors ExxonMobil and ConocoPhillips won the Suramana block in
the Makassar Strait off Kalimantan and the Amborip 6 block in the
Arafura Sea off Papua, respectively. ExxonMobil is looking to begin
exploration soon at the 5340 square-kilometre Suramana block where
water depths extend to 2000 metres.
The other recipients were Malaysia's national upstream company
Petronas Carigali for the Lampung 2 block in South Sumatra,
Calgary-based Husky Energy, which picked up the East Bawean 3 block,
off East Java, and Marathon Oil.
Marathon of the US signed the production sharing contract for the
sought-after 1.2-million acre offshore Pasangkayu block, which it will
operate with a 70% interest. Marathon's plans for Pasangkayu, most of
which is located in deep water, envisage seismic surveying next year
to be followed by exploration drilling in 2008 and 2009. Talisman is
partnering Marathon at Pasangkayu.
-------------------------------------------------------------
Upstream
September 29, 2006
Revamp plan for Sumatra
ConocoPhillips is planning to revamp some of its brownfield onshore
facilities in South Sumatra, Indonesia, writes Amanda Battersby.
The US supermajor this week invited contractors to prequalify for
conceptual and preliminary engineering services that will also include
field optimisation work.
The engineering work, which is expected to take between six and eight
months to complete, is expected to start in January.
The operator ideally wants a contractor that is able to provide
personnel, including process engineers, piping engineers, onshore
pipeline engineers and a mercury specialist, as well as a mechanical
pressure vessel.
ConocoPhillips acquired Gulf Indonesia in 2002 and obtained the
Corridor production sharing contract in South Sumatra through that
deal.
The block contains existing mature infrastructure such as the gas
processing facilities at Grissik, which are likely to need
improvements to handle the phase-two development of the Suban field.
Gas from Suban will be flowing by pipeline to neighbouring Java, with
production scheduled to reach a plateau of 400 million cubic feet per
day in 2012.
-----------------------------------------------------------
Upstream
September 29, 2006
Premier rises to task with Asia discoveries
UK INDEPENDENT Premier Oil has struck oil and gas with appraisal and
development wells in Indonesia and Vietnam, writes Russell Searancke.
In Vietnam, the company's Dua-5X well on block 12E hit multiple oil
and gas reservoirs in the southern part of the Dua structure. The
previous Dua-4x well had confirmed the presence of oil and gas in the
northern segment of the structure.
Following the testing of the Dua-5x well, Premier and project partner
Santos will immediately drill the Blackbird exploration prospect to
the west of Dua. This is a test of a substantially larger structure
than Dua. Premier's chief executive Simon Lockett said: "We are very
excited by the discovery of oil and gas in Dua's previously undrilled
southern fault block.
"We look forward to the results of the drillstem test on Dua-5X, which
will provide more information on the potential development options
available to the joint venture. Results to date are encouraging for
Blackbird and other prospects in the area"
In Indonesia's Natuna Sea Block A, one of the four development wells
for the Anoa field West Lobe project hit a 100-foot
hydrocarbon-bearing interval in a shallower horizon above the main
producing reservoir. An evaluation of the the West Lobe-1 well is
under way to establish the significance of the well, which is likely
to require appraisal.
In addition, a further appraisal well has been drilled into a new
fault block in the Anoa field. Results confirmed a 67-foot column,
with an overlying 80-foot gas column. The result has the potential to
increase oil output significantly at the Anoa field.
Lockett said: "The success here is positive news for our key Anoa
asset in Natuna Sea Block A where next year we will be drilling a
further five wells."
------------------------------------------------------------
Upstream
September 29, 2006
Kufpec lightens Seram load
Kuwaiti state-owned international oil and gas company Kufpec has sold
the lion's share of its majority stake in the Seram non-Bula
production sharing contract in Indonesia, writes Amanda Battersby.
China's Citic Resources bought a 51% operated stake in Seram, while
Gulf Petroleum Investment Company of Kuwait picked up a 16% interest,
leaving the former operator with a 30% share.
Current production from the onshore Oseil oilfield on the Seram block
is about 5000 barrels per day of 15 to 22-degree API oil, much lower
than the phase-one output of between 12,000 and 18,000 bpd that was
being targeted.
Recoverable reserves of between 43 million and 62 million barrels of
crude at Oseil have been suggested by independent sources.
Hong Kong-listed Citic said in July it would be paying $97.4 million
for its Seram stake. However, Kufpec did not reveal any price for the
sale.
Kufpec appointed JP Morgan Chase in early 2001 as financial adviser
for the sale of a large chunk of its holding in the Seram non-Bula
PSC, which expires in 2019.
-------------------------------------------------------------
Indonesia Sept crude output rises to 862,900 bpd
JAKARTA, October 3 (Reuters) - Indonesian crude oil output rose
slightly to 862,900 barrels per day (bpd) in September from 860,500
bpd in August, helped by steady production at several wells, an
industry source said on Tuesday.
Indonesia, OPEC's second-smallest member in production terms, has
struggled to maintain output as the country has failed to tap new
oilfields fast enough.
"Indonesia's crude oil output is expected to increase a little in
October as several small new development wells are due to come
onstream," said the source, who declined to be identified.
Indonesian crude oil production had fallen in August, extending
successive drops to the lowest level in more than three decades.
Condensate output fell to 116,000 bpd in September from 124,000 bpd in August.
Indonesia was a net importer of crude oil in July, June and May this
year after production continued to fall, an energy ministry official
had said.
Following are monthly Indonesian crude and condensate output figures,
with volumes in barrels per day:
Crude Condensate Total
September 862,900 116,000 978,900
August 860,500 124,000 984,500
July 887,000 131,000 1,018,000
June 900,000 130,000 1,030,000
May 918,000 120,000 1,038,000
April 920,000 120,000 1,040,000
March 929,100 122,800 1,051,900
February 918,500 130,000 1,048,500
January 916,000 124,000 1,040,000
-------------------------------------------------------------
Asia-Pacific Crude-Nov lights clear at weaker diffs
SINGAPORE, October 3 (Reuters) - Light sweet Asia-Pacific crude was
clearing at much weaker differentials, traders said on Tuesday, with
Kutubu sold at its steepest discount in a year, traders said on
Tuesday.
November-loading Papua New Guinea's Kutubu crude traded at between a
60-cent and a $1-a-barrel discount to Tapis APPI, levels unseen for a
year, with three cargoes, or the whole programme, clearing at these
levels.
Naphtha-rich grades have fetched deep discounts for November loading,
as slack demand for naphtha limited interest in the grades at a time
when Tapis APPI assessments remained well above Brent.
Only North West Shelf (NWS) condensate for November loading has
fetched premiums largely steady from October, but that came as NWS
APPI trailed well below Tapis APPI in September, leaving more room for
differentials, and still reflecting weaker outright prices.
November NWS condensate was now sold out, traders said, as details
slowly emerged. Australian producer Woodside sold two cargoes,
including at least one to South Korea, while Chevron placed its cargo
with South Korea's GS Caltex, traders said.
Indonesia's TPPI bought one cargo, traders said.
The last deals were said to have been done between parity and a
50-cent premium to NWS APPI, which was the level fetched by Woodside's
first sale last month.
It was unclear whether November-loading Bayu Undan was sold out, with
ConocoPhillips said to have been offering one cargo last week at
around a 50-cent premium to NWS APPI.
Middle distillates-rich Malaysian grades attracted small premiums,
with gas oil resisting slightly better than other products in Asia.
Malaysia's Petronas lately sold some Kidurong, Labuan and Tapis crude
at premiums to Tapis APPI, despite the strong APPI assessments.
Exact details of the deals had yet to emerge, with the grades said to
have fetched premiums of between 20 and 70 cents to Tapis APPI.
In a sign that demand for heavy sweet crude was slowly improving,
Malaysia's Petronas was already sold out of November-loading Nile
Blend crude, having placed a 1 million-barrel cargo. But details of
the deals had yet to emerge,
Sudan's state oil Sudapet sold last week its November volumes at
discounts of $5.90-6.00 to Minas Indonesia Crude Price (ICP), largely
steady from its previous tender, as Minas ICP prices have retreated
sharply and demand for heavy sweet crude is expected to recover
slightly as winter looms.
Indonesian crude oil output rose slightly to 862,900 barrels per day
(bpd) in September from 860,500 bpd in August, helped by steady
production at several wells, an industry source said [ID:nJAK26862].
But condensate output fell to 116,000 bpd in September from 124,000
bpd in August.
ICE Brent <LCOc1> fell 75 cents to $59.70 a barrel at 0956 GMT, down
almost $2.50 from late Asian trading a day ago, pressured by forecasts
of a further increase in fuel inventories in the U.S.
------------------------------------------------------------
Asia Coal-Thermal stays at 8-mth low on weak demand
SINGAPORE, October 3 (Reuters) - Benchmark Australian spot thermal
coal prices languished at an eight-month low this week as slowing
demand on the back of weakening global energy prices was met with
robust coal supply.
Thermal coal, used for power generation, fell 40 cents to $45.18 per
tonne, the globalCOAL NEWC index showed on Tuesday, based on
free-on-board (FOB) prices loaded at Australia's Newcastle port.
The index has been falling consistently since a mid-July peak of
$52.76, as the summer demand season in Northeast Asia came to an end.
"The recent slide in prices is partly due to falling energy prices in
the overall market. Prices of oil and natural gas alternatives have
fallen since July, so coal is also seeing a similar trend," said
Andrew Harrington, a commodities analyst at ANZ Bank.
"The prices are also quite seasonal and there is now a lull in demand
since we're in between the air-conditioning season and winter heating
period," Harrington added.
Along with waning demand as summer comes to an end, thermal prices are
also on the back foot as the pace of growing supply exceeds relatively
flat demand, analysts said.
Indonesia, the world's largest thermal coal exporter, raised thermal
coal production by about 13 percent this year to 169 million tonnes,
while Australia and Colombia also ramped up production, said Gerard
McCloskey, head of the England-based McCloskey Group, which publishes
coal market data.
The world's biggest coal export terminal shipped out about 1.432
million tonnes over the week, raising coal exports by about 383,000
tonnes from the week ended Sept. 25, data from Newcastle Port
Corporation (NPC) showed.
There were 41 coal ships queued off the port waiting to load about
3.551 million tonnes of coal, up by five vessels from the previous
week.
The average waiting time for coal vessels at the port jumped to 13 and
a half days, the highest since September last year.
Australia is the world's second-largest exporter of thermal coal after
Indonesia, exporting 108 million tonnes in 2005, largely from Hunter
Vallet mines operated by global giants Rio Tinto , Xstrata and BHP
Billiton .
But capacity constraints in New South Wales and Queensland ports have
limited Australia's ability to take advantage of the surge in global
thermal coal demand.
Harrington said coal prices were likely to rise in the start of 2007
when the next round of negotiations take place for the contract year
beginning April 2007.
-----------------------------------------
Petromindo Headlines,
Tuesday, October 3, 2006
Oil/Gas:
- Transocean’s Indonesian fleet
update: Sept 2006
- AKR eyeing aviation fuel business
- Continental Energy, CNPC close
E. Kalimantan upstream deal
Mining:
- Inco in Pomalaa continues to operate
despite closure threat
Power:
- Indonesia loses in Karaha Bodas case
------------------------------------------
Joyo Indonesia News Service
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