CHINA: BP builds US$22 million lubricants blending plant

(EnergyAsia, April 28) — BP has broken ground on its dedicated industrial lubricants blending facility in Taicang in east China’s Jiangsu province. BP said the US$22 million plant is the largest, most efficient and flexible industrial lubricant facility in China and within the company when it is commissioned by end 2006.   The new plant...

This article is for Subscriber members only.
Log In Register

CHINA: Moody placed Titan Petrochemicals on review for possible downgrade

(EnergyAsia, April 28) — Moody’s Investors Service recently put on review for possible downgrade the Ba3 corporate family rating of Hong Kong-listed Titan Petrochemicals Group Ltd and its B1 senior unsecured bond rating. The action follows the announcement of its FY2005 results.   Moody’s expressed concern over Titan’s weakening financial position, which includes declining margins,...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Additional RM3.5 billion in fuel subsidy paid out in recent weeks

(EnergyAsia, April 28) — The Malaysian government said it has paid out an unexpected additional RM3.5 billion in fuel subsidy in recent weeks as a result of the sharp run-up in the oil price. (US$1=RM3.7).   The increase has wiped out the bulk of the expected saving of RM4.4 billion in subsidy payments from the...

This article is for Subscriber members only.
Log In Register

MARKETS: BP senior executive says financial markets behind high oil price, not supply shortage

(EnergyAsia, April 28) — The following is an edited speech given by Nick Butler, BP’s Group Vice President for Strategy and Policy Development, at an event last week.   Energy security has become such a live topic of discussion in both producing and consuming nations around the world. There is certainly no shortage of energy...

This article is for Subscriber members only.
Log In Register

MARKETS: CERA says world suffering from ‘slow-motion supply shock’

(EnergyAsia, April 28) — Peak oil skeptic Daniel Yergin says the world oil market is “in the grip of a slow motion supply shock” as the oil price moved to a new $70 to $75/barrel price range in April. The chairman of Cambridge Energy Research Associates (CERA) said the new record price “reflects an aggregate...

This article is for Subscriber members only.
Log In Register

PEOPLE: J Michael Yeager to succeed Philip Aiken as President of Australia’s BHP Billiton

(EnergyAsia, April 28) — Australia’s leading resources company BHP Billiton has named J. Michael (Mike) Yeager as the new President for its energy business, suuceeding Phil Aiken who is retiring on December 31 2006.   Following a search that started in late 2005, BHP Billiton said it appointed former ExxonMobil executive J. Michael (Mike) Yeager...

This article is for Subscriber members only.
Log In Register

SAUDI ARABIA: US waste-to-energy International Power Group to establish subsidiary to team up with s

(EnergyAsia, April 28) — US-based International Power Group Ltd said it will soon establish a new company, IPWG SAUDI Limited, in Saudi Arabia that will team up with the kingdom’s state-owned National Environment Company for waste management services. IPWG SAUDI Limited will be National Environment Company’s primary partner in developing technology for the disposal of...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Ezra in JV to charter out jack-up rig for US$95 million

(EnergyAsia, April 28) — Singapore-listed Ezra Holdings Limited, an integrated solutions provider in the offshore oil and gas industry, said it has established an equal joint venture company with KS Energy Services Limited (KS Energy) to acquire and own a new self-propelled offshore jack-up rig.   The rig, which will be constructed by a North...

This article is for Subscriber members only.
Log In Register

SINGAPORE: KS Energy buys stake in oil service company

(EnergyAsia, April 28) — Singapore-listed KS Energy Services Limited said it has acquired a 20% equity interest in SCE Controls & Engineering Pte Ltd (SCE) comprising 56,105 ordinary shares of S$1 each in the capital of SCE.   Singapore-incorporated SCE is involved in trading, marketing and installation of valves and equipment for the oil and...

This article is for Subscriber members only.
Log In Register

THAILAND: PTTEP expands in Oman and Vietnam

(EnergyAsia, April 28) — Thai upstream company PTT Exploration and Production Plc (PTTEP) has made headway in its exploration and production activities in Oman and Vietnam.   In Oman, the company succeeded in bids to obtain exploration and production rights. PTTEP said it expects to sign an Exploration and Production Sharing Agreement (ESPA) by June...

This article is for Subscriber members only.
Log In Register

SINGAPORE: SPC reports 6.6% drop in net profits for 1Q 2006

(EnergyAsia, April 27) — Singapore Petroleum Company (SPC) said group net profits fell 6.6% in the first quarter despite a 52.1% rise in revenue. Its net profit came to S$67.9 million on revenue of S$2.2 billion. (US$1=S$1.6).             The company blamed the lower profits on a weaker US dollar, higher expenses and slower-than-expected oil demand...

This article is for Subscriber members only.
Log In Register

ASIA: Canadian bank buys firm with oil and gas interests in Asia

(EnergyAsia, April 27) — Canada’s Proprietary Industries Inc has acquired Bermuda-registered Frontier Holdings Ltd, which holds interests in Asian gas properties, from equal owners Loon Energy Inc and Nemmoco Petroleum Ltd for for C$23.2 million. (US$1=C$1.13). Proprietary Industries Inc and Loon Energy are listed on the Toronto Stock Exchange, while Nemmoco is a Bermuda-registered company....

This article is for Subscriber members only.
Log In Register

CHINA: CNOOC Ltd closes upstream deals in Nigeria, Australia

(EnergyAsia, April 27) — Hong Kong-listed CNOOC Limited has recently completed its purchase of stakes in upstream projects in Australia and Nigeria. Subsidiary CNOOC Australia E&P Pty Ltd has signed farm-in agreements with Australia’s BHP Billiton Limited and Kerr-McGee Australia Exploration and Production Pty Ltd, a subsidiary of Kerr-McGee of the US, for exploration permits...

This article is for Subscriber members only.
Log In Register

CHINA: Three new oil refineries on the drawing board

(EnergyAsia, April 27) — China is planning to build two new oil refineries in the southern provinces of Guangxi Zhuang Autonomous Region and Guangdong and another in the east. The projects need the final approval of the National Development and Reforming Commission (NDRC).             PetroChina Co, the Hong Kong-listed subsidiary of China National Petroleum Corp,...

This article is for Subscriber members only.
Log In Register

MONGOLIA: UGL begins 2006 drilling campaign at Ulaan Ovoo coal project

(EnergyAsia, April 27) — Vancouver-based UGL Enterprises Ltd said its 2006 drilling campaign at its Ulaan Ovoo coal project in northern Mongolia has begun. The programme will continue to delineate southern extensions of coal seams which Behre Dolbear (USA) of Denver, Colorado calculated have a defined reportable coal resource of 136.4 million tonnes of low-ash,...

This article is for Subscriber members only.
Log In Register

QATAR: Sasol Chevron embarks on “unique” South Africa-to-Qatar challenge to test GTL fuel

(EnergyAsia, April 27) — Sasol Chevron, the joint venture between US major Chevron Corp and South African’s leading petrochemical company, Sasol Limited, said they recently jointly launched an unprecedented challenge to showcase its cleaner, greener GTL (gas-to-liquid) diesel fuel technology.   The Sasol Chevron GTL Challenge will see a team of 12 men and women...

This article is for Subscriber members only.
Log In Register

RUSSIA: Sakhalin Energy signs an LNG supply deal with Hiroshima Gas

(EnergyAsia, April 27) — Russia’s Sakhalin Energy Investment Company Ltd has signed a full sales and purchase agreement (SPA) to supply Hiroshima Gas Co. Ltd with 210,000 tonnes of liquefied natural gas (LNG) per annum for 20 years. The SPA follows an earlier Heads of Agreement that was signed in May 2005, and completes the...

This article is for Subscriber members only.
Log In Register

SAUDI ARABIA: Aramco, Sinopec sign MOU for greater strategic commercial partnership

(Energy Asia, April 27) — Saudi Aramco president and CEO Abdullah S. Jum’ah and Sinopec Group President Chen Tong Hai this week signed a Memorandum of Understanding (MOU) to enhance the strategic commercial partnership between the two companies. According to the Saudi Press Agency, Sinopec and Saudi Aramco re-emphasised their mutual interest in exploring opportunities...

This article is for Subscriber members only.
Log In Register

SINGAPORE: KS Energy, Tat Hong land four-year charter of two rigs for US$10.8 million

(EnergyAsia, April 27) — A joint venture of two Singapore companies, KS Energy Services Limited and Tat Hong Holdings Ltd, has signed a deal to lease out two land rigs to an unidentified China state oil company for a fee of approximately US$10.8 million. The four-year lease comprises an initial term of two years with...

This article is for Subscriber members only.
Log In Register

SINGAPORE: China Petrotech clinches first overseas oilfield service contract

(EnergyAsia, April 27 — Singapore-listed China Petrotech Holdings Limited said it has landed its first overseas oilfield service contract. Under its service agreement with China Zhen Rong Cambodian Energy Co Ltd (CZRCE) effective April 11, China Petrotech will provide technical advisory and project management services for the exploration, development and production operations of CZRCE’s offshore...

This article is for Subscriber members only.
Log In Register

THAILAND: Refiners told to draw on diesel stockpile

(EnergyAsia, April 26) — Thailand’s three oil refiners have been permitted to draw down their diesel stockpile below the mandated minimum level to help the country cope with a worsening diesel shortfall. The government said Esso, Thai Oil and Star Refining Company will be temporarily exempted from holding reserves of crude and oil products equivalent...

This article is for Subscriber members only.
Log In Register

CHINA: Oil terminal operator Dalian Port Co aims to raise HK$2 billion with IPO

(EnergyAsia, April 26) — China’s Dalian Port is set to list on the Hong Kong Stock Exchange, leveraging on its oil terminalling and storage capabilities. In launching its offer this week, Dalian Port will sell some 30% of its 840 million shares with the aim of raising at least HK$2 billion. (US$1=HK$7.78).   The bulk...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Titan Petrochemicals, Vitol planning floating storage tanks

(EnergyAsia, April 26) — Two international trading companies are planning to store oil in vessels in waters off the southern Malaysian state of Johor, just north of Singapore.   Hong Kong-listed Titan Petrochemicals Group Ltd could add a third floating oil storage facility to its existing two vessels in Malaysia while Europe’s Vitol Asia is...

This article is for Subscriber members only.
Log In Register

JAPAN: State agency may propose joint oil stockpiling with neighbours

(EnergyAsia, April 26) — The Japanese government may soon propose to undertake joint oil stockpiling arrangements with other Asian countries to strengthen energy supply security in the region. As a start, the Natural Resources and Energy Agency (NREA) under the Ministry of Economy, Trade and Industry (METI) is interested to discuss oil-stockpiling operations with Thailand...

This article is for Subscriber members only.
Log In Register

INDIA: Reliance Petroleum to build oil storage tanks in Paradip port

(EnergyAsia, April 26) — India’s privately owned Reliance Petroleum Ltd is planning to build oil storage tanks at Paradip port in the northeastern part of the country. The port authorities are expected to view the proposal favourably as the tanks will store vital supplies of gasoline, kerosene and diesel delivered from the company’s refinery in...

This article is for Subscriber members only.
Log In Register