KUWAIT: GDP grew by 35% in 2005

(EnergyAsia, July 27) — Kuwait’s economy grew a whopping 35% to 23.6 billion dinar last year, following on two consecutive years of 23% growth. (US$1=0.29 dinar).   According to the National Bank of Kuwait (NBK), growth came from high oil prices and production which boosted the oil sector by 60%, while the non-oil sector rose…

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MARKETS: FIMAT expects MidEast tensions to continue to support oil prices

(EnergyAsia, July 27) — Although the launch of cease-fire discussions have clearly put the goal of ending the fighting in Israel and Lebanon on the international front burner, the chances of that goal being quickly achieved are small and the Israeli-Hezbollah confrontation seems set to continue in its current, hot phase for at least another…

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MARKETS: ESAI says US could see gasoline surplus

(EnergyAsia, July 27) — Despite sturdy but slow growing US gasoline demand, US-based energy consultant ESAI said said there is an increasing risk that European gasoline supplies could ‘swamp’ Atlantic Basin demands in the second half of 2006.   “Our 2006 US demand forecast growth is low in historic terms, but year-to-date growth is already…

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SINGAPORE: Ezra in sale-leaseback deal again for US$181 million

(EnergyAsia, July 27) — Ezra Holdings Limited, a Singapore-based integrated solutions provider in the offshore oil and gas industry, said fully-owned subsidiary Lewek Shipping Pte Ltd has signed a US$181.3 million sale and leaseback agreement with Navigation Finance Corporation (NFC) on seven deepwater anchor handling, towing and supply (AHTS) vessels and two anchor handling tugs…

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SINGAPORE: KS Energy to provide management services for construction of specialised onshore rig

(EnergyAsia, July 27) — Singapore’s KS Energy Services Limited said it has signed a contract with an unidentified American drilling company to provide management services for the construction of a specialised onshore rig at a facility in north west China. The duration of the project is one year and KS Energy will be paid a…

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UAE: IPIC, ConocoPhillips sign MOU agreement on Middle East refinery project

(EnergyAsia, July 26) — US integrated oil and gas company ConocoPhillips and International Petroleum Investment Company (IPIC) of Abu Dhabi have signed a Memorandum of Understanding (MOU) to identify new upstream and downstream opportunities for joint investment.   The parties also announced the signing of a Heads of Agreement (HOA) to conduct a feasibility study…

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AUSTRALIA: Woodside second quarter sales, production lower from same period last year

(EnergyAsia, July 26) — Australian upstream company Woodside Petroleum Ltd said its sales and production volume for the June quarter were lower compared with year-ago levels. Crude and condensate production was 1.4% lower at 15.6 million barrels of oil equivalent while sales fell 1.9% to 15.4 million barrels of oil equivalent.   But thAustralia’s largest…

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CHINA: Is market impact overestimated, consultant asks in new report

(EnergyAsia, July 2006) — The oil industry could be over-estimating the impact of China on the world market, said consultant Wood Mackenzie.   In its latest report titled, “The China Impact: Does the Market Overestimate It?”, Wood Mackenzie said that China’s role in the oil market is more complex than the image often presented of…

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INDIA: BHEL said Chhattisgarh power plant to start up on time

(EnergyAsia, July 26) — State-owned engineering major Bharat Heavy Electricals Ltd (BHEL) said the Korba-based 500 MW thermal power plant will start up before the original August 2007 deadline. The company gave the assurance after the Chhattisgarh state government expressed concern over reports that the two-unit plant was going to be delayed. BHEL was awarded…

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INDIA: MRPL said April-June net profit little changed from same period last year

(EnergyAsia, July 26) — Indian downstream company Mangalore Refinery & Petrochemicals Ltd said its April-June net profit was little changed at Rs2,159.1 million from year ago levels, while revenue surged 10.11% to Rs72,740 million. (US$1=Rs46). The company, a subsidiary of upstream company ONGC, said export revenue jumped 68% to Rs27,970 million.   Its refinery throughput…

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INDIA: Oil products emerging as fastest growing export item

(EnergyAsia, July 26) — Refined oil products have become India’s fastest growing export item, overtaking manufactured and primary goods in the last three years. Oil products accounted for 11.2% of the country’s export revenue in the last year to March 31 2006, up from 5.5% in fiscal 2003.   Indian companies like Reliance Industries and…

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INDIA: ONGC told to focus on finding oil, not selling it

(EnergyAsia, July 26) — The Indian government has told the country’s main upstream company, Oil and Natural Gas Corp (ONGC), to focus on exploring and producing crude oil and gas and to drop its plans for venturing into fuel retailing, and building LNG terminals, wind farms and industrial zones.   However, ONGC has been permitted to…

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INDIA: Chevron seeks foothold in tie-up with Reliance Petroleum

(EnergyAsia, July 25) — Chevron Corp is seeking a foothold in India, Asia’s other large emerging economy, through its increasingly cosy relationship with Reliance Petroleum Limited (RPL), the country’s largest privately owned oil company.             Last week, the US major announced that Jeet Bindra, president of Chevron Global Refining, has been appointed to the RPL…

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MALAYSIA: Scomi forms natural gas joint venture with US NATCO

(EnergyAsia, July 26) — Malaysia’s Scomi Group Bhd said it has entered into an agreement with National Tank Company (NATCO) of the US to form a 70/30 joint venture company for its gas business. The unnamed company will work on separating high concentrations of naturally occurring carbon dioxide (CO2) from prolific natural gas fields and…

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PHILIPPINES: Biodiesel process is like blending coffee, says inventor

(EnergyAsia, July 26) — Philippine scientist Rico Cruz, 48, is the inventor of a catalyst substance to accelerate the production of bio-diesel now residing in Craigmont, Idaho, US.   About 20 years ago, while working at the University of Idaho, Dr Cruz engaged in a post-doctoral work on how to make alternative fuel. He thought…

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MALAYSIA: Petronas plans large oil and gas terminal in Sabah state

EnergyAsia, July 24) — Malaysia’s state energy company Petronas said it and its production sharing contract (PSC) partners are building an integrated oil and gas terminal to serve its upstream operations in the state of Sabah. The facility includes the construction of a pipeline from offshore Sabah to an onshore oil and gas processing terminal…

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ASIA: ADB predicts emerging East Asia to post strong growth in 2006, calls for greater energy effici

(EnergyAsia, July 25) — The economies of emerging East Asia will grow 7.5% as a group in 2006, drawing strength from a sustained, broad-based economic expansion in major industrial countries that are key export markets for the region, and a rebound in the global information technology industry, according to the Asian Development Bank (ADB).  …

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CHINA: Court blocks Hong Kong airport from building large fuel depot

(EnergyAsia, July 25) — A Hong Kong court has blocked the Airport Authority’s plan to build a large jet fuel depot to meet growing passenger and cargo traffic needs citing safety and environmental concerns. The Court of Final appeal ruled last week that the proposed 220,000-cubic metre depot on Tuen Mun had not been subject…

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INDIA: Reliance Industries report 10.3% rise in April-to-June net profit on improved refining margin

(EnergyAsia, July 25) — India’s privately owned oil refining and petrochemicals company, Reliance Industries, said improved refining margins help drive second quarter net earnings grow by 10.3% to a record Rs25.47 billion. Revenues were up sharply by 31.6% to Rs261.66 billion. (US$1=Rs45).   The refinery margins were sharply up in all parts of the world…

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CHINA: PetroChina reports growth in crude, products output in first half of 2006

(EnergyAsia, July 25) — PetroChina Company Limited said it expanded its crude, oil products and natural gas output in the first half of 2006 compared with the same period last year.   The company’s crude oil output edged up 1.8% to 419 million barrels while its refineries processed 392 million barrels of crude oil, up…

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PHILIPPINES: Shell questioned for leak from Pandacan oil storage

(EnergyAsia, July 25) — Pilipinas Shell Petroleum Corp, a unit of the Royal Dutch Shell group, is being questioned following complaints that oil had spilled from its Pandacan storage depot into the Pasig River in Manila city. The Philippine Coast Guard said its Marine Environmental Protection Command is investigating the oil spill allegedly caused by…

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SINGAPORE: Keppel FELS/Technip consortium completes the most challenging phase in platform job

(EnergyAsia, July 24) — The consortium of Keppel FELS and Technip has completed the offshore mating of the 25,000-tonne topside and the 4,500-tonne spider deck with hull structure, weighing 17,500 tonnes, for one of the world’s largest floating production platforms, the P-52, in Brazil.   Considered the most challenging phases in the construction of the…

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US: Congressmen Bartlett, Israel announce formation of the Congressional Defense Energy Working Grou

(EnergyAsia, July 25) — US Representatives Steve Israel (D- NY) and Roscoe Bartlett (R-MD) last week announced the formation of the Defense Energy Working Group alongside former CIA Director R. James Woolsey. The Defense Energy Working Group, founded on the premise that the military’s dependence on energy is a national security vulnerability, will be a bipartisan…

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US: Pure Energy Corp, Green Star Products and Bio-Clean Fuels form JV to produce biofuels

(EnergyAsia, July 25) — Three US-based companies, Pure Energy Corp, Green Star Products Inc and Bio-Clean Fuels Inc have entered into a joint venture to undertake integrated ethanol and biodiesel production projects in the US and select countries internationally. The new company, known as Green Star International Inc, was formed pursuant to a joint venture…

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INDIA: Wind equipment producer Suzlon secures major US repeat order with Edison Mission Group

(EnergyAsia, July 25) — Suzlon Wind Energy Corporation – a subsidiary of Suzlon Energy A/S of Denmark, the international marketing arm of Pune, India-based Suzlon Energy Limited – has signed with Edison Mission Group (EMG) for an additional 105 MW of capacity, which includes 50 units of Suzlon’s S88 Ð 2.1 MW wind turbine.  …

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