Dahana, Oiltech cooperate<\/p>\n
JAKARTA (JP): PT Dahana, a state-owned company under the
\nsupervision of the Agency for Management of Strategic Industry,
\nwill cooperate with PT Bina Reksa Perdana-Oiltech, a joint
\nventure between the Humpuss Group and Oiltech Services Pte. Ltd
\nof the United States, in exploratory drilling using Oiltech's
\nshape charge technique.<\/p>\n
Shape charge is an explosive material commonly used in either
\noil drilling or for military purposes.<\/p>\n
Dahana's President, Edisuharia Bratanatadiria, said yesterday
\nthat the cooperation between Dahana and Bina Reksa Perdana
\nOiltech is aimed at transferring the shape charge technology from
\nOiltech to Dahana as well as marketing the technology to other
\noil companies in the country.<\/p>\n
According to Edisuharia, Dahana is able to produce 500,000
\nshape charges annually, but the company has yet to master the
\ntechnology of using shape charge for oil exploration.<\/p>\n
The Antara news agency reported that the joint cooperation
\nagreement was signed by Edisuharia, Tonny Hardianto, the
\npresident of Bina Reksa Perdana, and John T. Blair representing
\nOiltech, while President Soeharto's youngest son, Hutomo Mandala
\nPutra, chief commissioner of the Humpuss Group, witnessed the
\nsigning. (03)<\/p>\n
UAE-RI air services upped<\/p>\n
JAKARTA (JP): Gulf Air will expand its flight services between
\nthe United Arab Emirates (UAE) and Jakarta because its load
\nfactor for Indonesian flights has reached 80 percent, an
\nexecutive says.<\/p>\n
The carrier, which is equally owned by Oman, Bahrain, Qatar
\nand the UAE, will increase the frequency of its Jakarta-Abu Dhabi
\nflights from two to three times a week beginning in July, Nurdin
\nPurnomo, president of PT Air Cardinal Raya, Gulf Air's sole agent
\nin Indonesia, said here Wednesday evening in a ceremony to mark
\nthe opening of Cardinal's new office.<\/p>\n
He remarked that some 360 passengers fly between Indonesia and
\nAbu Dhabi by Gulf Air each week.<\/p>\n
Gulf Air, which operates 48 aircraft, will use an Airbus-340
\nfor flights between Indonesia and the UAE. (icn)<\/p>\n
Malaysia to buy RI planes<\/p>\n
KUALA LUMPUR (Reuter): Malaysia will buy 18 short-range
\ntransport planes from Indonesia's Industri Pesawat Terbang
\nNusantara (IPTN), the national Bernama news agency said.<\/p>\n
Quoting a Ministry of Defense official, the agency said a
\nmemorandum of understanding for the purchase will be signed
\nduring Defense Minister Najib Tun Razak's four-day visit to
\nJakarta beginning on May 17.<\/p>\n
The aircraft purchase is tied to a cross-trade agreement
\nbetween Malaysia and Indonesia involving the export of Malaysian
\nProton cars into Indonesia and the purchase of Malaysian light
\ntrainer aircraft by Indonesia, it said yesterday.<\/p>\n
Quoting the unnamed official, Bernama said the memorandum was
\none of the three to be signed during the visit. The others cover
\nthe Proton car and light aircraft deals.<\/p>\n
An umbrella government-to-government memorandum, which will
\npave the way for the three related agreements, will also be
\nsigned by Najib and Indonesian officials.<\/p>\n
Bernama said the CN-235 transport planes will replace the
\nfleet of aging Canadair Caribou transport aircraft which the
\nRoyal Malaysian Air Force has been using over the last three
\ndecades.<\/p>\n
The planes are expected to be delivered within two or three
\nyears.<\/p>\n
U.S. oil tops $18\/barrel<\/p>\n
LONDON (Reuter): The futures price of U.S. light crude oil
\ntraded above the psychologically important barrier of US$18 per
\nbarrel on Thursday for the first time since Oct. 25.<\/p>\n
Traders said technical factors -- options on New York futures
\nexpire yesterday -- helped the latest extension of a rally by oil
\nprices that began just over a month ago.<\/p>\n
But underlying the recovery are concerns about supply, fueled
\nby civil war in Yemen which exports 340,000 barrels of crude oil
\na day.<\/p>\n
Oil still hasn't retraced all of 1993's recession-led slide
\nfrom values at around $20 to $21. But it is up from $13 to 14
\nwhere it began 1994. And forecasts of $10 oil are as yet
\nunfulfilled.<\/p>\n
Traders say there has been a reversal in market psychology
\nwith fears of an imminent glut succeeded by concern that supply
\nmight be tight later in 1994.<\/p>\n
A cold northern winter may have drained excess Western stocks
\nof oil. And a reviving global economy is firing up consumption of
\npetroleum. Traders also no longer expect the United Nations will
\nquickly ease or lift its Gulf War embargo on Iraqi oil exports.<\/p>\n
Japan cuts LNG imports<\/p>\n
TOKYO (AFP): Japan's Tokyo Electric Power Co. Inc. said
\nyesterday it would cut imports of liquefied natural gas (LNG) by
\n3.8 percent to 13.5 million tons this year, the first reduction
\nsince it started importing LNG in 1968.<\/p>\n
The country's biggest electrical power company said the
\nreduction, amounting to 500,000 tons, would be spread uniformly
\namong its suppliers -- Australia, Abu Dhabi, Brunei, Indonesia,
\nMalaysia and the United States.<\/p>\n
L. American free trade<\/p>\n
MEXICO CITY (Reuter): Mexico, Colombia and Venezuela reached a
\nfinal accord Thursday on a free trade agreement, the Mexican
\ncommerce ministry said.<\/p>\n
The accord struck in Bogota between the so-called Group of
\nThree creates a new free-trade bloc in the Americas, following on
\nthe North American Free Trade Agreement (NAFTA) and two other
\ndeals linking Mexico to Chile and to Costa Rica.<\/p>\n
\"After more than three years...Mexico, Colombia and Venezuela
\nconcluded negotiations in Bogota on a Free Trade Agreement of the
\nso-called G-3 after reaching a final accord on technical aspects
\nthat emerged during a legal revision of the texts,\" the commerce
\nministry said in a statement.<\/p>\n
\"The (G-3) accord would open a market of 50 million
\ninhabitants, who import more than US$20 billion annually, to
\nMexico's exports,\" it said.<\/p>\n
The accord goes into effect on Jan. 1, 1995, pending
\nlegislative approvals in the three countries.<\/p>\n
It would gradually lower tariffs and other trade barriers
\namong the three nations. Like NAFTA, it sets standards for
\ncommerce and establishes a dispute-resolution mechanism.<\/p>\n
Taiwan to cut tariffs<\/p>\n
TAIPEI (AFP): Taiwan is to cut tariffs on 758 items, about
\none-third of them agricultural products, by an average of 2.81
\npercent to promote free trade and boost its chance of being
\nadmitted to the General Agreement on Tariffs and Trade (GATT,)
\nfinancial officials said yesterday.<\/p>\n
The cabinet Thursday approved a revised tariff schedule
\nreducing import duties on 514 industrial goods and 244 farm
\nproducts as proposed by the ministries of finance and economic
\naffairs, the officials said.<\/p>\n
The rates would become effective after endorsement by
\nparliament, they said.<\/p>\n
Average tariffs on the affected industrial items would be
\nlowered from 6.52 percent to 6.38 percent, while those on the
\nagricultural goods would be cut from 21.64 percent to 20.79
\npercent.<\/p>\n
The tariff reductions would cost US$94.3 million in custom
\nrevenues, they added.<\/p>\n
U.S. $1.5t budget approved<\/p>\n
WASHINGTON (Reuter): President Clinton's US$1.5 trillion
\nspending plan for fiscal 1995 won final approval in Congress
\nThursday with a 53-46 vote in the Senate, putting the country's
\nbudget deficit on a downward path.<\/p>\n
The budget projects revenues of $1.338 trillion, spending of
\n$1.513 trillion. The difference between the two is the deficit,
\n$175 billion.<\/p>\n
The measure passed the House of Representatives earlier this
\nmonth. It does not need a presidential signature, because it sets
\nthe outline for Congress as it makes final decisions on
\ngovernment spending for fiscal 1995 starting Oct. 1.<\/p>\n
The biggest ticket items in the budget are Social Security at
\n$337 billion, defense at $271 billion, interest at $213 billion
\nand Medicare at $161 billion.<\/p>\n
The measure includes a $13 billion reduction over five years
\nin spending caps on discretionary spending, starting with a $540
\nmillion reduction in fiscal 1995.<\/p>\n
Tokyo property prices down<\/p>\n
TOKYO (AFP): An inventive Japanese housing cooperative is
\nundercutting market prices by as much as a fifth, enabling it to
\nsell a tiny home in the Tokyo suburbs for the (comparatively)
\nrock-bottom price of US$465,000.<\/p>\n
The cooperative, West Tokyo Home Center, purchases the land
\nand carries out the construction itself, thus cutting out the
\nlayers of intermediaries which inflate property prices, the
\nMainichi daily said yesterday.<\/p>\n
The home, measuring 89 square metres (957 square feet), lies
\non a tiny parcel of land of 109 sq. metres (1,171 sq. feet) at
\nHigashi-Kurume, a 40-minute train ride from central Tokyo.<\/p>\n
Housing prices in Japanese cities are notoriously high,
\nalthough they have recently dropped, reflecting the country's
\neconomic difficulties, and the fall has accelerated this year.<\/p>",
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