In Thursday’s Asia Papers

15 December 2005 02:39  [Source: ICIS news]

A summary of political, economic, trade, business and product news affecting the chemical and related industries.

International Economics and Politics

Japan urges WTO to help poor nations

The World Trade Organization (WTO) should work harder to improve the infrastructure in poor nations to help them to enjoy the benefits of free trade, Japan's Foreign Minister Taro Aso told a WTO meeting on Wednesday (14 December). Aso said this in a speech to a ministerial meeting, which opened on Tuesday in Hong Kong. Economy, Trade and Industry Minister Toshihiro Nikai and Agriculture, Forestry and Fisheries Minister Shoichi Nakagawa also spoke. Japan announced a $10bn (Euro8bn) aid package last week to promote trade by developing countries, to spearhead its efforts to gain a consensus on aid at the Hong Kong meeting. The trade minister said Tokyo would help developing countries to promote their products by holding trade exhibitions in Japan. He also said Japan would pass on its "one-village, one-product" initiative. The goal of the scheme, which originated in Oita Prefecture, is to make select local products globally competitive.

Japan Times, Japan (online edition)

Tankan survey: Japan business confidence up

Japanese companies were more optimistic in December amid improved exports and firm domestic consumption, demonstrating that the economy is continuing its gradual upswing, according to the Bank of Japan's (BoJ) 'tankan' quarterly business survey released on Wednesday (14 December).  The business confidence index for large manufacturers was 21 points, up two points from three months ago and the third straight quarter of improvement. A positive number results from confident firms outweighing their pessimistic counterparts. Economists said China's expanding economy and the recent fall in the yen's value encouraged exports. Weakening oil prices also boosted corporate sentiment. The index for large nonmanufacturers jumped to 17 from 15 in the previous survey, marking the highest level since February 1992. The tankan is being closely scrutinised to get a glimpse of the world's second-largest economy now that the BoJ is considering ending its current ultra-easy monetary policy sometime next year. Some economists said the rise in the indexes were more tepid than they had expected.

Japan Times, Japan (online edition)

New Straits Times, Malaysia (online edition)

Wen: East Asia should embrace others

East Asian co-operation should be an open and transparent process rather than being "closed, exclusive or directed against any particular party," Chinese Prime Minister Wen Jiabao said on Wednesday (14 December) at the first East Asia Summit held in Kuala Lumpur, Malaysia. It should welcome Australia, New Zealand and India's participation and also welcome the participation of Russia. It should strengthen contact with the US, the European Union and other countries, he said. Asian leaders hailed a new era of co-operation on Wednesday as the summit ended with a call for greater efforts to promote regional peace, security and prosperity. The 16 leaders signed a declaration pledging annual talks on broad strategic, political and economic issues of common interest and concerns such as security and trade. The three-hour inaugural meeting brought together the 10 countries of the Association of Southeast Asian Nations (Asean), plus China, Japan, South Korea, India, Australia and New Zealand. The gathering represented about half of the world's population and a fifth of global trade.

China Daily, China (online edition)

New Straits Times, Malaysia (online edition)

Pakistan joins Cairns agricultural exporters

Pakistan joined the Cairns Group of agricultural exporters, bringing the lobby group's total membership to 18 nations, Commerce Minister Humayun Akhtar Khan announced at a World Trade Organisation (WTO) conference in Hong Kong.  Khan said Pakistan had some of the lowest agricultural trade barriers in the world and wanted other countries to follow suit. That is the main aim of the pro-free trade Cairns Group. The Cairns Group's other members are Argentina, Australia, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Guatemala, Indonesia, Malaysia, New Zealand, Paraguay, the Philippines, South Africa, Thailand and Uruguay. The group has lobbied to eliminate farm subsidies and import tariffs in the developed world since its formation in 1986 in the Australian city of Cairns.

Channel News Asia, Singapore (online edition)

Hindustan Times, India (online edition)

Energy

Energy usage in Oct up for a sixth month

Taiwan's energy consumption rose for a sixth month in October because of increased demand from electronics companies such as Taiwan Semiconductor Manufacturing, the world's biggest supplier of made-to-order chips. Energy use increased 4.1% from a year ago to the equivalent of 9.36m kilolitres (58.9m barrels) of oil in October, the Bureau of Energy said. That's faster than the 1.9% gain in September. Electronics companies used more energy, as customers raised orders to prepare for the year-end shopping season. The bureau's data also showed that manufacturers and other industrial companies accounted for 54% of energy consumption in October. Taiwan used 19.1bn kilowatt-hours of electricity in October, 4.6% more than the same month last year, it said in a report.

Taipei Times, Taiwan (online edition)

Oil & Gas

Kazakhstan set to open pipeline to China

Kazakhstan is due to open the valves on Thursday of a major pipeline carrying oil to China, establishing the energy-rich former Soviet Republic's first oil export route that bypasses Russia. For the vast Central Asian nation, which is expected to become one of the world's largest oil exporters, the 625-mile pipeline opens a huge market. It is designed to carry 140m barrels of oil annually to China. For China, the new route is a key achievement in aggressive efforts to secure foreign energy supplies for its booming economy. The pipeline is a 50-50 joint venture between state companies China National Petroleum and KazMunaiGaz. Kazakhstan, which possesses the largest oil deposits in the energy-rich Caspian Sea, currently produces about 1.3m barrels a day, according to the Oil Ministry. By 2015, its oil output is expected to reach 3m barrels a day.

China Daily, China (online edition)

China confirms major natural gas find

A new natural-gas field in Northeast China has proven reserves of 100bn cubic metres, more than double this year's estimated production, said Daqing Oilfield, a PetroChina subsidiary, on Wednesday (14 December) after a state expert team verified the find. The new gas field, named Qingshen, is located in Heilongjiang Province, which produced 46.4m tons of crude oil last year. It would be the country' fifth-biggest gas field after the Tarim, Qaidam, Shaanxi-Gansu-Ningxia and Sichuan basins, according to industry experts. They said the finding would boost PetroChina's shares "to some extent." But there will not be big fluctuation because it will take years to turn new reserves into oil and gas output. China is expected to produce 180m tonne of crude oil and 48bn cubic metres of natural gas this year.

China Daily, China (online edition) 

Petroleum

S'pore well placed to be a hydrogen producing centre

UK energy giant BP says Singapore is well positioned to become a hydrogen producing centre -- given its push towards natural gas. The comment came during a seminar on hydrogen fuel. BP also expects Singapore to be an early adopter of hydrogen as a source of transport fuel. But that is provided hydrogen fuel-cell cars are priced at affordable levels. BP has been actively developing hydrogen as a major source of fuel. With oil prices not stabilising anytime soon, the need to develop alternative energy sources has become even more pressing. BP currently produces 5,000 tonne of hydrogen a day.

Channel News Asia, Singapore (online edition)

Business Times, Singapore (online edition)

Company News

Condon is Malaysian CEO of the Year

Titan Chemicals chief executive officer Donald M Condon Junior has been named as Malaysia's Chief Executive Officer of the Year 2005. Condon was selected from an impressive list of CEOs, including some of the most prominent figures across various industries in the Malaysian corporate sector. Under Condon's leadership, Titan Chemicals became the country's first petrochemical company to be listed on Bursa Malaysia this year.The company is the second-largest polyolefins producer in South-East Asia in terms of capacity. Condon attributed the award to various parties including the government, Titan's staff and leaders, board of directors as well as its loyal customers.

New Straits Times, Malaysia (online edition)

(Some stories may not appear in all editions of the cited news media.)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly