CNPC, KazMunaiGas in deal to tap Urikhtau gas field

BEIJING, Feb 23 - China National Petroleum Corp agreed in principle with KazMunaiGas [KMG.UL] to form an equally-owned joint venture to develop the Urikhtau gas field in Kazakhstan, its company newspaper China Petroleum Daily reported on Wednesday.

Witnessed by the two countries' presidents, the two state-owned firms signed the agreement in Beijing on Tuesday, the report said.

Production in the field can feed a new Kazakhstan gas pipeline which is being built by the two companies.
The pipeline will be connected to the massive Central Asia-China gas trunk that starts from as far as Turkmenistan and enters China in its northwestern Xinjiang region.

The newspaper report did not mention any investment plan or potential gas reserves in the Urikhtau field.
CNPC, parent of PetroChina <0857.HK>, and KazMunaiGas started laying a first-phase, 1,164-kilometre gas line from Bozoi to Shymkent in Kazakhstan in December, which will be extended to Beyneu in Kazakhstan in a second phase later.

The two phases, with total length of 1,475 kilometres, will have gas shipping capacity of 10-15 billion cubic metres a year.

Singapore Hot Stocks-GMG Global up 8.8 pct after Merrill's "buy" call

SINGAPORE, Jan 26 - Shares of Singapore's GMG Global rose as much as 8.8 percent on Wednesday after Merrill Lynch initiated coverage of the firm with a "buy" rating with a target price of S$0.50.

Mideast oil price rise 'big challenge' for airlines

 

Surging oil prices due to political turmoil in the Middle East spell "very, very big challenges" for airlines, International Air Transport Association chief Giovanni Bisignani has said.

MARKET EYE-JP Morgan starts Yes Bank with overweight

JP Morgan has started coverage on YES Bank with an 'overweight' rating and a price target of 350 rupees. It expects the bank will be able to deliver a loan growth of 35 percent per annum due to its small base and its focus on wholesale lending. The bank is also expected to sustain its supernormal return on assets at nearly 1.5 percent, the brokerage said in a note. The return on assets will be driven by fees from investment banking and debt syndication, transaction banking and selling third-party products such as insurance and mutual funds, it added. At 2:42 p.m., the stock was down 2.3 percent at 268.50 rupees. Reuters Messaging:sowmya.kamath.reuters.com@reuters.net

Japan Hot Stocks-H2O Retailing, Canon, Nintendo, Komatsu

TOKYO, Jan 28 - The benchmark Nikkei average <.N225> fell 0.9 percent and the broader Topix <.TOPX> lost 1.1 percent on Friday.

Indian bond yields seen ranged; supply eyed

MUMBAI, Jan 28 - Indian federal bond yields are expected to move in a tight range of 4-5 basis points on Friday, as traders will be reluctant to build positions ahead of $2.2 billion debt supply scheduled next week.

Obama urges quick approval of Korea trade deal

* Obama urges vote on Korea deal "as soon as possible"

* Sets no timetable for Panama, Colombia pacts

By Doug Palmer

WASHINGTON, Jan 25 - President Barack Obama on Tuesday called on Congress to pass a free trade agreement with South Korea "as soon as possible," but offered no timetable for action on two other pacts with Panama and Colombia.