JAPAN: Businesses, consumers, traders feeling impact of high cost of oil

(EnergyAsia, May 29) — Japanese consumers and exporters are starting to complain about the high cost of oil prices, and expect to modify spending and work habits in the second half of the year.   Motorists could reduce their trips with gasoline prices surging to their highest levels in 15 years recently. Regular gasoline prices...

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JAPAN: IHI, Itochu awarded 15 billion yen contract to upgrade Algerian LPG plant

(EnergyAsia, May 29) — Two Japanese companies said they have teamed up to land a 15-billion-yen contract to upgrade a 1.4 million tons/year liquefied petroleum gas in Algeria. (US$1=110 yen).   Engineering firm Ishikawajima-Harima Heavy Industries Co (IHI) and trading house Itochu Corp will work to improve the facility in the industrial zone in Arzew...

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CHINA: IFC contributes US$1 million to XinAo Gas’ energy efficiency operations

(EnergyAsia, May 29) — The International Finance Corporation (IFC), the private sector arm of the World Bank Group, said it recently signed an agreement to provide a US$1 million grant to China’s XinAo Gas to boost its energy efficiency operations.   The grant, part of IFC’s China Utility-based Energy Efficiency Finance Program, aims to make...

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AUSTRALIA: Oil trade deficit to worsen on further depletion of existing fields

(EnergyAsia, May 29) — Australia’s oil trade deficit will widen as it has made no new large oil finds while output from existing fields continue to decline, said consultant EnergyQuest.   Its latest quarterly analysis showed that domestic crude production fell during the March quarter because of cyclone weather in the offshore fields and continued...

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THAILAND: Shares of Rayong Refinery Ltd oversubscribed

(EnergyAsia, May 29) — Rayong Refinery Public Company Limited (RRC) has become the latest company to be listed on Thailand’s stock exchange. Investors applied for more than 600 million shares, or about 25% more than what was offered to the retail public at 18 baht a share last week. (US$1=38 baht).   Board member Prasert...

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AUSTRALIA: Shell reports sharp rise in profit for 2005

(EnergyAsia, May 26) — The Shell Companies in Australia has reported a profit before interest and tax for of A$1.268 billion, up from A$751.5 million in 2004.  This represents a return on average capital employed of 13%. (US$1=A$1.33).   The company attributed the improved result to a continuing robust performance in its upstream and downstream businesses...

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AUSTRALIA: Global Wind Partners said stage 1 of A$157.5 million Lake Bonney wind farm project comple

(EnergyAsia, May 26) — Australia’s Global Wind Partners (GWP) said it has completed the construction of stage 1 of the A$157.5 million Lake Bonney Wind Farm in South Australia. (US$1=A$1.33).   The stage 1 work comprises a 80.5MW project that has a long term off-take agreement with Country Energy for the electricity and Renewable Energy...

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CHINA: Chevron involved in first delivery of LNG

CHINA, May 26 — Chevron Corporation said it participated in China’s first imported shipment of liquefied natural gas (LNG). The inaugural cargo was loaded last week in Karratha, Western Australia, the base of operations for the North West Shelf Venture, and part of the journey leading to China’s first LNG receiving terminal at Guangdong in...

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CHINA: Industrial Bank, World Bank’s IFC set up risk-sharing facility to boost lending for energy ef

(EnergyAsia, May 26) — The International Finance Corporation, the private sector arm of the World Bank Group, last week signed an agreement to provide China’s Industrial Bank with risk-sharing coverage of RMB 200 million (US$1=RMB8). The IFC said: “This will help Industrial Bank establish a loan portfolio of RMB 460 million of energy efficiency equipment...

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INDIA: Kerosene and LPG prices could be kept unchanged

(EnergyAsia, May 26) — Indian policy makers are continuing to resist raising domestic fuel prices as world oil prices continue to set new highs. With pressure building for domestic prices to rise, various interest groups are lobbying political leaders to maintain prices of ‘sensitive’ fuels such as kerosene, diesel and liquefied petroleum gas (LPG). These...

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INDIA: Business lobby said rise in domestic oil prices “inevitable”, presses for energy co

(EnergyAsia, May 26) — A leading Indian business association, the Confederation of Indian Industry (CII), said a rise in domestic oil prices is inevitable and advisable as world oil prices continue to stay at near record highs.             With oil futures in New York surging past US$75 a barrel recently, CII president R. Seshasayee said...

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KOREA: Exporters, businesses reeling from higher fuel costs

(EnergyAsia, May 26) — Record high oil prices are weighing in on the minds of Korean companies still trying to shake off the effects of the 1997-98 financial crisis and three years of weak domestic demand. New York oil futures have stayed stubbornly around US$70 a barrel after rocketing to a record US$75 a barrel...

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MARKETS: Canada’s CIBC predicts record oil prices on ‘severe’ hurricane season this summer

(EnergyAsia, May 26) — Crude oil prices will average a record US$78 a barrel in the fourth quarter, while gasoline prices could hit US$3.50 per gallon in the US and C$1.30 per litre in Canada this summer, said a CIBC World Markets report issued this week. The report, “Drilling in Troubled Waters”, said the US...

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SAUDI ARABIA: Saudi Aramco, ConocoPhillips to jointly build export oil refinery in Yanbu

(EnergyAsia, May 26) — The Saudi Arabian Oil Company (Saudi Aramco) and ConocoPhillips have signed a Memorandum of Understanding (MOU) to evaluate the construction of a 400,000 barrel-per-day full-conversion refinery in Saudi Arabia’s Yanbu city.   The refinery would be designed to process Arabian heavy crude and produce high-quality, ultra-low sulphur refined products that meet...

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SAUDI ARABIA: Aramco says construction projects worth more than US$100 billion up for grabs

(EnergyAsia, May 26) — More than US$100 billion will be spent on large construction projects over the next five years in Saudi Arabia, according to a report by state energy company Saudi Aramco. Business, academic and government leaders met in the Saudi city of al-Khobar early this month to discuss ways to develop the Kingdom’s...

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US: Energy Department signs wind-to-hydrogen research agreement

(EnergyAsia, May 25) — The US Department of Energy’s (DOE) National Renewable Energy Laboratory (NREL) and Xcel Energy, an electric power and natural gas utility, have signed a cooperative agreement for a ‘wind to hydrogen’ research, development and demonstration project.   In a statement, the DOE said researchers will analyse and compare hydrogen production from...

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MALAYSIA: Australia’s Mission Biofuels secures government approval to for a second biodiesel plant

(EnergyAsia, May 25) — Australia-listed Mission Biofuels said it has been informed by the Malaysian government that its application for a licence to build another 200,000 tonnes per year biodiesel plant adjacent to its current site at Kuantan Port in Malaysia has been approved. The licence also allows the company to produce palm fatty acid...

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CHINA: Replay of last year’s supply shortfall likely despite latest 10% gasoline, diesel price rises

(EnergyAsia, May 25) — China’s fuel prices have risen by an average 15% this year following this week’s RMB500 per tonne hike in gasoline and diesel prices, the second this year. (US$1=RMB8.02). The latest hikes translate into a 9.6% rise for gasoline and an 11.1% rise for diesel at the pumps. In March, the government...

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CHINA: Singapore’s Tiong Woon awarded contract in wind farm project

(EnergyAsia, May 25) — Singapore-listed logistics and service provider Tiong Woon Corporation Holding Ltd said its subsidiary, Tiong Woon (Huizhou) Industrial Services Co Ltd (TWHZ), has been awarded its first contract in the Dongshan Wujiaowan Wind Power Project in China’s Fujian province.   TWHZ is responsible to supply a 500-ton heavy crane for heavy lift...

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INDONESIA: Government may allocate Rp21 trillion per year in LPG subsidy

(EnergyAsia, May 25) — The Indonesian government is planning to allocate up to Rp21 trillion per year in subsidies to encourage households and small businesses to substitute liquefied petroleum gas (LPG) for kerosene. (US$1=Rp9,300). The move is part of a wider energy diversification programme that includes increasing the use of biodiesel in the face of...

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MIDDLE EAST: IMF predicts 6% economic growth for region on rising oil prices, urges greater investme

(EnergyAsia, May 25) — High oil prices and a benign global environment provided the impetus for strong economic growth in the Middle East and Central Asia over the past year. The region’s overall economy grew by more than 6% last year and is projected to turn in a similar performance in 2006, said the International...

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PEOPLE: PEARL’s chief operating officer resigned

(EnergyAsia, May 25) — Singapore-based upstream company PEARL Energy Limited said Murray Eldon Hesje has resigned as chief operating officer and President of subsidiary PEARL OIL (Thailand) Limited. The company said Mr Hesje wants to return to Canada to pursue other interests.   Robert G. Shaw, formerly operations manager at PEARLOIL (Tungkal) Limited in Jakarta,...

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PHILIPPINES: Corro-Coat buys Chemrez in preparation of listing to fund biodiesel plant

(EnergyAsia, May 25) — Privately-held Chemrez Inc, which earlier this month launched Philippines’ first biodiesel plant, has been fully acquired by sister company Corro-Coat Inc through a share swap agreement. The acquisition was disclosed by Corro-Coat, a subsidiary of D & L Industries, in a statement to the Philippine Stock Exchange (PSE).   The acquisition...

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PHILIPPINES: More city cabs switching to LPG for fuel

(EnergyAsia, May 25) — Taxi drivers in the Philippine city of Iloilo are following the lead of their counterparts in Manila to switch over to using liquefied petroleum gas (LPG) as gasoline cost continues to rise. Local taxi operator GDR began the fuel substitution in late April with Gas Petronas supplying the LPG for P26...

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SINGAPORE: Sembcorp Marine acquires 110.4 million shares in Cosco Corp

(EnergyAsia, May 25) — Singapore’s SembCorp Marine Ltd said it has signed a conditional sale and purchase agreement with Seletar Investments Pte Ltd (SIPL), a wholly-owned subsidiary of Temasek Holdings Private Limited to acquire its entire equity interest in Cosco Corporation Singapore Limited comprising 110.4 million shares for $120.336 million at $1.09 per share. SembCorp...

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