Shell's pipelines will be shut down<\/p>\n
MANILA (AFP): The operator of the Pilipinas Shell Petroleum
\nCorp. liquefied petroleum gas (LPG) pipeline to Manila is to shut
\nit down for maintenance, prompting energy officials yesterday to
\nimmediately move to allay fears of a supply crunch.<\/p>\n
The Department of Energy (DOE) said in a statement that the
\nFirst Philippine Industrial Corp. (FPIC), which operates the
\npipeline for Shell, has informed DOE Secretary Delfin Lazaro of
\nits decision, but did not give a date when the shutdown will
\noccur.<\/p>\n
"According to FPIC, the company is scheduled to undertake a
\ndetailed survey of the white product pipeline," the statement
\nsaid. LPG is the fuel widely used by most Philippine households
\nfor cooking.<\/p>\n
The pipeline runs from Shell's loading facility in Tabangao
\ntown, Batangas province, about 90 kilometres (56 miles) south of
\nthe capital, to a central depot in downtown Manila's Pandacan
\ndistrict.<\/p>\n
Neptali Franco, director of the DOE's Energy Industry
\nAdministration Bureau, said the shutdown could last for four
\nmonths, during which shipments of about one million liters
\n(260,000 gallons) of LPG per month through the linkage would be
\nsuspended.<\/p>\n
Franco told reporters he will meet FPIC officials on Wednesday
\nand industry suppliers on Thursday "to discuss contingency
\nmeasures."<\/p>\n
Franco said he will convince major LPG suppliers Caltex
\nPhilippines Inc. and Petron Corp. to increase LPG sales to
\nindependent dealers while the pipeline is being serviced in order
\nto maintain the supply level. Shell also would bring LPG to
\nManila through other means, he added.<\/p>\n
Coffee price
\nstarts declining<\/p>\n
LONDON (Reuter): London coffee and cocoa prices were easier at
\nthe midday close yesterday, squeezed by technical selling and a
\ngeneral lack of fresh news, traders said.<\/p>\n
Coffee lost $12 to $2,270, basis second month, extending
\nyesterday's declines on steady commission house selling ahead of
\nnotice day in the U.S tomorrow for deliveries to the exchange.<\/p>\n
"We're drifting lower on New York's heels as people tidy up
\npositions," said one trader.<\/p>\n
News from New York of a fall in Brazilian differential coffee
\nstocks brought no relief. "We hoped it might be taken positively,
\nbut there's just no interest," said one trader.<\/p>\n
Another trader said: "It is a case of moods. Right now, the
\nmarket lacks enthusiasm to do anything, so it shrugs off news
\nthat, in a bullish phase, would be an extra excuse to buy."<\/p>\n
Cocoa was also dull. The second position ended the morning
\nsession down 10 stg at 1,012 stg, off a low of 1,007 stg.<\/p>\n
"We were due down because of New York. Much of the weakness is
\ncoming from funds liquidating long positions in a range of
\ncommodities," said one cocoa trader.<\/p>\n
"The lack of volume suggests the professionals are content to
\nsit back and wait for fresh fundamental news," he added.<\/p>\n
Traders said New York was providing what little sense of
\nmovement there was.<\/p>\n
"We tend to see more volume in the afternoon as London reacts
\nto New York's opening moves," one said.<\/p>\n
Fresh market-moving news on the West African cocoa crop might
\nnot emerge for several weeks yet, traders said.<\/p>\n
"In the meantime, we are likely to stay in the hands of the
\nfunds," one added.<\/p>",
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"sponsor": "Okusi Associates",
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