COMMODITY / ENERGY BRIEFS

COMMODITY / ENERGY BRIEFS

ENGINEERS INDIA WINS

PART OF TURNKEY PROJECT

NEW DELHI - State-run Engineers India Ltd. will provide design and engineering services to build a gas compression platform in the offshore White Tiger oil field in Vietnam, a Petroleum Ministry statement said Monday.

South Korea's Samsung Heavy Industries, which had won the offshore project along with a French company on a turnkey basis, awarded the engineering services for the platform to Engineers India.

CANADIAN 88 ENERGY

REPORTS GAS FIND

CALGARY - Canadian 88 Energy Ltd. of Calgary said it has scored a third significant natural gas discovery near Crossfield, north of the city.

The site is estimated to have gas reserves in excess of 15 billion cubic feet, the company said.

Canadian 88 President Greg Noval said the sulfur-rich field has become a major development for the oil company. Over the next 18 months, it plans to spend up to $25 million drilling about 20 wells on 15 to 20 adjacent sections.

The company, now producing about 40 million cubic feet of gas and 1,600 barrels of oil and liquids a day, hopes to boost production to 60 million cubic feet of gas and 2,500 barrels of oil a day by year end.

CHINESE DRUG FIRMS

HAVING A GOOD YEAR

BEIJING - China said its pharmaceutical industry performed well in the first five months of this year despite a shortage of working capital, rise in energy and raw material prices and a big increase in management costs.

The industry generated 40.17 billion yuan ($4.84 billion) of output value in the five-month period with a sales/production ratio of 94 percent, up 28 percent and 0.8 percent respectively over a year earlier.

Sixteen pharmaceutical manufacturers and 4,537 dealers reversed losses into profits. Gross profits of manufacturers and dealers increased 53 percent and 18 percent respectively.

MICH. UTILITY REPORTS

RECORD POWER DEMAND

NEW YORK - Consumers Power Co. said Tuesday it set an all-time peak demand for electricity Monday because of searing heat in Michigan.

The record of 7,140 megawatts surpassed the previous mark of 6,889 Mw, set on July 31, the utility said.

The company also set an all-time record for daily power demand record Monday at 144,970 megawatt-hours.