Record July retroactive price

Japan's benchmark bunker price up 8.1% month-on-month.

Strike shuts down South Africa's biggest refinery

Durban bunker supply not affected much despite 'curtailed' dispensing, while Cape Town MGO situation still uncertain.

Singapore Petroleum Company has upped its stake in Australia's Cue Energy Resources to 6.75 per cent and had informal talks with the company on how they can better cooperate on upstream exploration and production projects. 'It's not a takeover,' an SPC source said after reports from Sydney yesterday that said Cue had received 'an informal approach' from SPC. The reports suggested a possible merger of some or all of the companies' assets. SPC said on Friday that it had raised its shareholding in Cue to 6.75 per cent by buying 8,570,295 Cue shares on the open market between July 27 and Aug 3. It said the shares were bought for investment purposes at an average price of A$0.2176 apiece, for a total of A$1.86 million (S$2.41 million). The move followed SPC's A$6.49 million purchase of a 5.38 per cent stake in Cue last month, also for investment purposes. Cue is one of SPC's partners in Indonesia's Oyong field, which is expected to start producing oil next month. The two also have operations in Australia's Bass Basin.

Singapore Petroleum Company said yesterday it has gained a foothold in China's oil and gas market through its first exploration and production (E&P) project there. The Singapore company has acquired 100 per cent of a 4,961 sq km offshore block in the Pearl River Mouth Basin, where it will search for oil and gas under a production sharing contract (PSC) with China National Offshore Oil Corporation CNOOC). Block 26/18 is 150 km offshore, where SPC will conduct seismic surveys and exploration drilling in water 85-200 metres deep. SPC did not say how much the rights cost. But it is understood the company is committed to spend a set amount on surveys and drilling. If oil and/or gas is found in commercial quantity, state-owned CNOOC has the right to 'farm-in' or participate up to an interest of 51 per cent. 'We are very pleased to build an alliance with CNOOC for this foothold in China's large oil and gas market,' said SPC chief executive Koh Ban Heng.

km block off the Pearl River Basin. It has also raised its stake in Australia?s Cue Energy Resources to 6.75% for A$1.86m.