MIDDLE EAST: Railway development to fuel region’s petrochemicals trade, says association

(EnergyAsia, April 24 2014, Thursday) — Boosted by the expansion of rail and transport infrastructure throughout the Middle East, the region’s petrochemicals trade is set for rapid growth in the coming years, predicts the Gulf Petrochemicals & Chemicals Association (GPCA). Most of that growth will take place among the more affluent six member states of […]

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RUSSIA: Putin announces Arctic naval bases as Gazprom names new crude blend ARCO

(EnergyAsia, April 23 2014, Wednesday) — Russia will establish an integrated system of naval bases backed by the latest telecommunications system and infrastructure to defend its interest in the Arctic, President Vladimir Putin announced days after he hailed the shipment of the first cargo of crude oil extracted from the region’s freezing waters. The bases […]

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MARKETS: EIA maintains latest forecasts for global oil demand growth for 2014 and 2015

(EnergyAsia, April 22 2014, Tuesday) — Amid signs of slower economic growth in China and Europe, the Energy Information Administration (EIA) is keeping unchanged its April forecasts for global oil demand growth from its previous March call. The world will consume 91.61 million this year and b/d 92.97 million b/d in 2015, said the US […]

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RUSSIA: Gazprom ships first Arctic oil cargo as Putin proclaims start of mass extraction of region’s resources

(EnergyAsia, April 21 2014, Monday) — Russia has gained first-mover advantage in the mass exploitation of the Arctic’s vast oil and gas reserves. Four months after it started production work in the offshore Prirazlomnoye field, the oil subsidiary of gas giant Gazprom has shipped its first crude cargo produced from the platform stormed by 28 […]

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MARKETS: IEA holds forecast for 2014 global oil demand, sees non-OPEC supply gains offsetting OPEC decline

(EnergyAsia, April 17 2014, Thursday) — The International Energy Agency (IEA) has kept its latest forecast for 2014 global oil demand at 92.7 million b/d, unchanged from its March report. Growth in Asian demand will offset a decline in Russia which will experience an economic slowdown from the impact of the Crimea crisis. In its […]

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KAZAKHSTAN: Lukoil agrees to sell 50% stake in oil firm to partner Sinopec

(EnergyAsia, April 17 2014, Thursday) — Sinopec, Asia’s largest oil refiner, will soon fully own a Kazakhstan crude oil producing firm after agreeing to pay US$1.2 billion to buy out its equal partner, Russia’s Lukoil. The deal, expected to close by end-2014 after clearing regulatory and shareholder approvals, will strengthen the Chinese firm’s plan to […]

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