Companies ready to help Asia grow economy, fight climate change and improve energy security

Asia Power Week, June 20 2016 Asia’s governments today face an increasingly difficult set of challenges to grow their nations’ economies, mitigate climate change and improve energy security all at the same time, said the World Bank. To succeed, they will need political resolve, financial resources as well as help from infrastructure and engineering firms (more…)

MIDDLE EAST: Region accounted for 75% of OPEC export revenue in 2015

(EnergyAsia, June 20 2016, Monday) — The export revenues of the Organisation of Petroleum Exporting Countries (OPEC) will plunge to a 12-year low of nearly US$341 billion in 2016, predicts the US Energy Information Administration (EIA). Coincidentally, the price of Brent benchmark crude is forecast to fall to a 12-year average low of US$43.03 per...

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SAUDI ARABIA: Government hurries economic diversification plan as oil’s share of GDP falls to 30%

(EnergyAsia, June 16 2016, Thursday) — Two years into the global energy market collapse with no certainty of a recovery, Saudi Arabia has hurriedly approved a radical economic diversification plan after firing its long-serving oil minister. Last week, the Saudi government approved the first phase of Vision 2030 to transform the economy and reduce dependence...

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MIDDLE EAST: Political instability from low oil prices and conflicts threatens other regions, says IMF

(EnergyAsia, June 13 2016, Monday) — Two years into the global energy price collapse, the political and socio-economic turmoil gripping the Middle East and Central Asia could become a lot worse amid the “exceptionally challenging policy environment”, said the International Monetary Fund (IMF). In a 52-page survey released early June, the fund said the mounting...

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MARKETS: Unplanned global oil supply disruptions at highest level since January 2011, says EIA

(EnergyAsia, June 11 2016, Saturday) — Unplanned global oil supply disruptions averaged more than 3.6 million b/d in May 2016, the highest monthly level recorded since the US government’s energy unit began keeping such records in January 2011. According to the Energy Information Administration (EIA), a huge surge in production losses in Canada, Nigeria, Iraq (more…)

INDONESIA: Oiltanking-Gunvor joint venture starts up oil storage terminal on Karimun Island

(EnergyAsia, June 6 2016, Monday) — With the June 6 start-up of a 730,000-cubic metre terminal, Indonesia’s Karimun Island has realised a century-old vision to provide oil storage services to support the booming trade in Southeast Asia. In a statement, PT Oiltanking Karimun, a joint venture between Oiltanking GmbH and Gunvor Group, said its state-of-the-art...

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SINGAPORE: No serious security threat yet to booming offshore oil storage, analysts say

(EnergyAsia, June 3 2016, Friday) — There are no immediate or serious security threats yet to the growing volume of oil stored in floating tankers in and around the increasingly congested waters off Singapore, but vulnerability exists, said analysts. Faced with a permanent land shortage, Singapore, one of the world’s leading oil trading and storage...

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COMPANY: Puma Energy considering a public listing

(EnergyAsia, June 1 2016, Tuesday) — On the back of its successful expansion across the world, Singapore-based mid-and-downstream firm Puma Energy is looking to list its shares on a major stock exchange, according to UK’s Sky News. In a story last week, Sky News reported that the firm which specialises in operating fuel storage and...

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MARKETS: Storage is key to oil price outlook as supply-demand gap narrows

(EnergyAsia, June 1 2016, Tuesday) — After months of debate over the direction of global oil prices, the International Energy Agency (IEA) has emerged the clear winner over Wall Street for correctly calling the market’s short-term recovery. Brent crude touched a six-month high of US$50.07 a barrel on May 26 to complete a steady rebound...

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JAPAN: Vopak sells off stake in joint venture firm owning five storage terminals

(EnergyAsia, May 31 2016, Tuesday) — Continuing its divestment of global assets to boost competitiveness, Dutch oil and chemical logistics giant Royal Vopak said it has sold off its 40% stake in Nippon Vopak Company Limited that owns and operates five storage terminals in Japan. The Rotterdam-based firm said it will realise a gain of (more…)

INDIA: Plans underway to jointly develop oil storage, downstream projects with Middle Eastern producers

(EnergyAsia, May 24 2016, Tuesday) — India is hoping to secure oil storage investment deals with Iran, Saudi Arabia, the UAE and Kuwait to enhance its own energy security as well as bolster political, economic and military ties with the Middle East. Iran offers the most exciting prospect following the May 23 signing of a...

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FUJAIRAH: Concord Energy on track to start up crude and oil products storage by mid-2018

(EnergyAsia, May 23 2016, Monday) — Concord Energy, a Singapore-based energy trader and developer of oil infrastructure assets, said it is on course to construct and start up its second oil storage terminal in Fujairah by mid-2018. The Concord Oil Terminal will have the capacity to store up to 1.1 million cubic metres of crude...

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EAST ASIA: Region positioned to grow economy, fight climate change and improve energy security, says World Bank

(EnergyAsia, May 17 2016, Wednesday) — The governments of six East Asian countries are positioned to achieve a difficult trio of objectives: grow their nation’s economies, mitigate climate change and improve energy security, said the World Bank. In a special report, East Asia’s Sustainable Energy Future, the bank said China, Indonesia, Malaysia, the Philippines, Thailand...

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CLIMATE: World leaders signed Paris agreement, carbon pricing deal to slow down global warming

(EnergyAsia, May 15 2015, Monday) — The world faces a tough struggle to slow down global warming despite last month’s signing of an agreement by 175 countries to keep global temperature from rising between 1.5 and two degree Celsius above pre-industrial levels around 1750. Bjorn Lomborg, a well-known critic of climate agreements, has described the...

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COMPANY: Puma Energy reports record sales and gross profit for January-March quarter

(EnergyAsia, May 12 2016, Thursday) — Singapore’s Puma Energy said it achieved rapid growth in its January-to-March quarter including record sales volume and gross profit compared with the same period last year. The integrated mid and downstream energy company with operations in Asia, Europe, Africa and the Americas said gross profit rose 23.3% to US$428...

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INDONESIA: SBS International and Black & Veatch to develop commercial tidal currents projects

(EnergyAsia, April 29 2016, Friday) — US infrastructure builder Black & Veatch said it and UK’s SBS International Ltd have agreed to jointly develop commercial-scale tidal current projects to produce energy for remote communities in Indonesia. The companies recently signed a Memorandum of Understanding (MoU) to follow through on feasibility studies supporting the development of (more…)

CHINA: Russian nuclear energy firm Rosatom opens regional office in Beijing

(EnergyAsia, April 19 2016, Tuesday) — Russian nuclear energy provider Rosatom has announced the opening of a regional office in Beijing to serve the Chinese market. Rosatom said the new office will enhance its collaboration with Chinese firms as well as develop opportunities for international expansion. The company has similar regional representative offices in Latin (more…)

ASIA: Turkmenistan, Afghanistan, Pakistan and India sign investment agreement to build gas pipeline

(EnergyAsia, April 19 2016, Tuesday) — Officials of Turkmenistan, Afghanistan, Pakistan and India, and the Asian Development Bank (ADB) have signed an investment agreement for the construction of a proposed US$10-billlion pipeline to deliver natural gas from Central to South Asia. The agreement will pave the way for the TAPI Pipeline Company Limited (TPCL), owned (more…)

SOUTH KOREA: GE and LSIS to collaborate in developing and implementing smart energy solutions

(EnergyAsia, April 18 2016, Monday— US industrial giant GE and South Korea’s LSIS said they have agreed to undertake “comprehensive cooperation” in developing and implementing smart energy solutions. The companies have signed a memorandum of understanding (MoU) to collaborate extensively on manufacturing innovation, as well as on smart grid solutions such as energy storage systems (more…)

SINGAPORE: REC to invest S$250 million to boost solar modules efficiency, develop new type of panel

(EnergyAsia, April 4 2016, Monday) — REC, a global provider of solar energy solutions, has announced it will invest a total of S$250 million in automation, technology upgrade and research and development (R&D) efforts to bolster its operations in Singapore. (US$1=S$1.37). Eighty percent of that investment will go towards increasing productivity and efficiency at the (more…)

MARKETS: IEA sees possible “light at the end of the tunnel” for oil prices

(EnergyAsia, March 12 2016, Saturday) — Nearly two years into the global oil price collapse, the International Energy Agency (IEA) has suggested the market is close to bottom with a comment that there is “light at the end of the tunnel”. In its latest monthly report, the agency observed that crude oil prices have recovered...

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AUSTRALIA: LNG export earnings seen surging 22%, oil revenues to drop in FY2015

(EnergyAsia, March 5 2016, Saturday) — Australia expects its combined oil and gas export earnings to increase by more than 9% to A$27.86 billion for the current fiscal year to June, compared with A$25.55 billion for FY2014 (US$1=A$1.4). According to the Department of Industry, Innovation and Science, the nation’s earnings from liquefied natural gas (LNG)...

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INDIA: IMF urges continued push to promote private investment and structural reforms

(EnergyAsia, March 4 2016, Friday) — India must continue to promote private investment and structural reforms to ensure its economy stays on the path of sustainable long-term growth, said the International Monetary Fund (IMF). A mix of positive policy actions and the unexpected collapse in oil prices will enable India’s economic growth to accelerate to...

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ASIA: Changes to pricing, trading system imminent, predicts president of world’s largest LNG importer

(EnergyAsia, March 3 2016, Wednesday) — Asia’s rigid and well-established system of trading and pricing its liquefied natural gas (LNG) cargoes is breaking down as more supply comes on the market with new players prepared to offer better terms to buyers, said Yuji Kakimi, president of Japan’s JERA Co Inc. JERA was established last April...

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