Petronas eyes BP refining stake<\/p>\n
KUALA LUMPUR: Petronas, Malaysia's state-owned oil and gas
\ncompany, is interested in buying BP PLC's stake in Singapore
\nRefining Co., Petronas' chief executive said Monday.<\/p>\n
\"Yes, if the opportunity exists, we'd be interested to do
\nsomething,\" Hassan Marican, Petroliam Nasional Bhd.'s chief, told
\nreporters on the sidelines of an oil and gas conference in Kuala
\nLumpur.<\/p>\n
BP, one of the world's largest petroleum and petrochemicals
\ncompanies, has been seeking buyers for its 30 percent stake in
\nSingapore Refining since 2000. There is speculation it is in
\ntalks with potential bidders including Singapore Petroleum Co.,
\nOman Oil Co. and Indonesia's state-owned Pertamina.<\/p>\n
Singapore Refining operates a 285,000-barrel-a-day refinery in
\nthe city state's Jurong Island. Singapore Petroleum Co. holds a
\n40 percent stake while Caltex Corp. holds a 30 percent stake in
\nthe company.<\/p>\n
Marican also said Petronas is continuing negotiations with
\nPertamina and ExxonMobil Corp. on developing natural gas from the
\nEast Natuna field in Indonesia.--AP<\/p>\n
;AFP;
\nANPAf..r..
\nCorporatebrief-Kawasaki
\nKawasaki, INI Steel tie up
\nJP\/14\/Brief<\/p>\n
Kawasaki, INI Steel tie up<\/p>\n
TOKYO: Japanese steel maker Kawasaki Steel Corp. on Monday
\nannounced a technical tie-up with INI Steel Co. of South Korea
\nfor the production of stainless steel sheets for automotive use.<\/p>\n
The two companies signed the agreement on Friday in South
\nKorea, the Japanese steel maker said in a statement.<\/p>\n
Under the accord, Kawasaki Steel will provide hot coils for
\nINI, which is to sell the product to South Korean auto makers,
\nKawasaki said.<\/p>\n
The Japanese firm said last month it would merge with its
\ndomestic rival NKK Corp. with the establishment of a holding
\ncompany on September 27.--AFP<\/p>\n
;AFP;
\nANPAf..r..
\nCorporatebrief-Mizuho
\nMizuho to cut pay across the board
\nJP\/14\/Brief<\/p>\n
Mizuho to cut pay across the board<\/p>\n
TOKYO: Japanese banking giant Mizuho Financial Group is
\nconsidering cutting the salaries of all its employees in a bid to
\nreduce costs, a report said Monday.<\/p>\n
\"Mizuho, which has already lowered bonuses, is set to begin
\nnegotiations with its labor union over the group-wide wage cut --
\nthe first among the country's major banks,\" said the Nihon Keizai
\nShimbun, citing company sources.<\/p>\n
\"It will also sharply slash compensation to executives for
\ntheir mishandling of the recent computer system fiasco, which
\ndisrupted money transfers and crippled automatic teller machines
\nin April,\" it said.<\/p>\n
Detailed plans would be announced \"soon,\" the newspaper said,
\nadding they would include a payroll cutback and consolidation of
\nbranches and affiliates, in addition to the pay cuts.<\/p>\n
The world's biggest financial group in terms of assets had
\noriginally planned to close 130 of its 618 branches and cut jobs
\nfrom 30,000 to 25,000 by March 2006. -- AFP<\/p>\n
;AFP;
\nANPAf..r..
\nCorporatebrief-Alstom-Vietnam
\nAlstom to build Vietnam power plant
\nJP\/14\/Brief<\/p>\n
Alstom to build Vietnam power plant<\/p>\n
HANOI: Vietnam's state-owned power company has signed a
\ncontract with a consortium led by engineering group Alstom SA to
\nbuild a US$215.6 million power plant in southern Vietnam, the
\npower company's board chairman said Monday.<\/p>\n
The 450-megawatt plant in Ba Ria-Vung Tau province will have
\ntwo gas-powered turbines with capacities of 150 megawatts each
\nand one 150-megawatt steam-powered turbine, said Dang Hung, board
\nchairman of Electricity of Vietnam Corp, or EVN.<\/p>\n
EVN signed the contract Friday with the consortium, which also
\nincludes Japan's Marubeni Corp. and Vietnam's Lilama.<\/p>\n
Construction of the Phu My-4 plant is scheduled to begin in
\nJune and be completed in 24 months, Hung said.<\/p>\n
Gas for the plant will come from the Nam Con Son basin gas
\nfield developed by British Petroleum off Vietnam's southern
\ncoast, Hung said. -- AP<\/p>",
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