Unocal Corp. set for first Asian listing<\/p>\n
SINGAPORE (AFP): U.S.-based energy giant Unocal Corp., ahead
\nof its maiden listing in Asia, said yesterday it will pour
\nbillions of dollars into new oil, natural gas and geothermal
\nexploration projects in the region.<\/p>\n
\"The projects on the pipeline will cost billions of dollars.
\nTo use stock market terminology, we are very bullish on Asia,\"
\nUnocal chief executive officer Roger Beach told reporters.<\/p>\n
Apart from new on- and off-shore natural gas projects eyed by
\nUnocal in China, Vietnam and Cambodia, the company would extend
\nits presence in Thailand, Indonesia, the Philippines and Myanmar,
\nBeach said.<\/p>\n
\"For competitive reasons, I can't go into specifics at this
\ntime,\" he said after signing an agreement with the Stock Exchange
\nof Singapore for Unocal to make a secondary listing on the
\nbourse.<\/p>\n
\"We expect the listing on the exchange in Singapore will
\nheighten our profile in the region and expand the opportunity for
\ninvestors in Southeast Asia to participate in our growth,\" Beach
\nsaid.<\/p>\n
Trading here of the company's shares, which has primary
\nlistings in the United States and Switzerland, will begin today.<\/p>\n
Beach said Unocal's gas production in Thailand was expected to
\nincrease to between 900 million and 950 million cubic feet (25
\nmillion and 27 million cubic metres) a day by the June quarter
\nwhen a second pipeline to shore comes on stream.<\/p>\n
Unocal at present operates eight gas producing offshore fields
\nin three contract areas in Thailand -- the company's largest
\ndevelopment project outside the United States -- with production
\naveraging more than 700 million cubic feet (19.8 million cubic
\nmetres) a day.<\/p>\n
Unocal would also begin exploration work with French firm
\nTotal later this year on \"significant\" additional gas projects
\nnear the giant Yadana gas field offshore Myanmar, he said.<\/p>\n
The US$1 billion Yadana project is a joint venture among
\nMyanmar Oil and Gas Enterprise, the Petroleum Authority of
\nThailand, Unocal and Total, which serves as an operator.<\/p>\n
Unocal's oil and gas reserves totaled two billion barrels of
\noil-equivalent at the end of 1994. Almost half its gas reserves
\nare in Southeast Asia, where Unocal has invested nearly $8.6
\nbillion so far.<\/p>\n
In Indonesia, Unocal is exploring three additional geothermal
\nenergy prospects in the Sarulla field off Sumatra island after
\nits first discovery in May, Beach said.<\/p>\n
Last year, the first 100 megawatts of power generation came on
\nline at Unocal's Salak project south of Jakarta and Beach said
\nthe second phase of development would increase generating
\ncapacity to 330 megawatts by 1997.<\/p>\n
Unocal's projects in Indonesia together with those in the
\nPhilippines account for 70 percent of its geothermal reserves.<\/p>",
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