CHINA: CNOOC-Petronas deal seen as setting LNG benchmark price for Asia

(EnergyAsia, October 16) — China’s recent deal to import liquefied natural gas (LNG) from Malaysia may set a new pricing benchmark for the Asian market.             CNOOC chairman Fu Chengyu told local media that the deal with Malaysia’s Petronas to supply an upcoming terminal in Shanghai could become a standard for regional LNG pricing.            ...

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CHINA: Russia’s Gazprom to build natural gas pipelines

(EnergyAsia, October 31) — Russia’s gas giant Gazprom is in talks with Chinese authorities to build two pipelines to deliver natural gas to China.             The first project aims to deliver natural gas from Siberia to China’s western regions by 2011. The line is expected to cost up to US$5 billion.             The second pipeline...

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CHINA: Foster Wheeler awarded another CFB boiler design and supply contract by Sinopec

(EnergyAsia, October 31) — Foster Wheeler Ltd said that two of its Chinese subsidiaries have been awarded contracts by a unit of the China Petrochemical Corporation or Sinopec to design and supply three 100 Mwe circulating fluidised-bed (CFB) boilers for their ethylene complex in Tianjin city. The state-of-the-art, petroleum coke-fired boilers will be designed by...

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CLIMATE CHANGE: ADB says suburban living in Asian cities increasingly unsustainable

(EnergyAsia, October 31) — We have to make smart choices for the infrastructure investments today that have climate change consequences that future generations will have to live with, a senior ADB official told a meeting on Asia and Pacific’s carbon market potential last week.         “The world is coming to grasp the effects of greenhouse gas...

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CHINA: SUEZ Global LNG signs agreement for potential LNG supply with CNOOC

(EnergyAsia, October 31) — France’s SUEZ Global LNG recently signed an agreement with CNOOC, China’s third largest oil company, for a potential short-term deal to supply LNG to China.   The agreement defines the structure and terms under which future short-term deliveries will take place and will enable SUEZ to transact quickly when market conditions...

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INDIA: Retail product prices will stay at current levels

(EnergyAsia, October 31) — The Indian government said it is unlikely to reduce domestic prices for oil products although international oil prices have come down sharply in recent months.   Petroleum Minister Murli Deora told local reporters that a price cut was “not appropriate” at this time as oil prices are still too high. But...

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RUSSIA: Sakhalin Energy Company in meeting with Ministry of Natural Resources

(EnergyAsia, October 31) — The Shell-led Sakhalin Energy Company said it was briefed on the findings of the most recent environmental inspection at a meeting in a Russian Far East town last week. The meeting was chaired by visiting Minister for Natural Resources (MNR) Yuri Trutnev.   In response to the briefing on the latest...

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MARKETS: Consultant asks if OPEC really needs to cut output

(EnergyAsia, October 31) — With crude prices losing nearly $20 per barrel from their August highs, OPEC felt compelled to recently annoucce a 1.2 million b/d cut in production after completing their meeting in Qatar. However, this decision did not come without much infighting between those countries producing beyond their quotas, and those below.  ...

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INDIA: New Delhi sees role for IMF to curb oil price volatility

(EnergyAsia, October 31) — India wants the International Monetary Fund (IMF) to take on a more active role in helping address oil price volatility on international markets.             At a recent forum, Finance Minister Palaniappan Chidambaram said that high and volatile oil prices remain a threat to developing countries. High oil prices are pushing up...

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INDIA: Qatar offered stake in Petronet in exchange for natural gas supply

(EnergyAsia, October 31) — India has offered Qatar a 12.5% stake in Petronet LNG Ltd in exchange of security of natural gas supply.   The offer is part of India’s strategy to strengthen its ties with Qatar as it seeks to boost its purchases of liquefied natural gas (LNG). India is seeking some 15 million...

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PEOPLE: Oxford Princeton Programme names Jobert Abueva as global marketing manager

(EnergyAsia, October 30) — The Oxford Princeton Programme, a leading provider of training solutions to the energy, commodity and derivatives industries, has named Jobert Abueva as global marketing manager. The company describes Mr Abueva as a seasoned marketer and entrepreneur who has worked for multinationals including Bristol-Myers Squibb and Procter & Gamble. “Jobert’s extensive international...

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SRI LANKA: Chinese-built Muthurajawela oil storage facility to be fully utilised

(EnergyAsia, October 30) — The new management of Sri Lanka’s state-owned Ceylon Petroleum Corporation (CPC) said it plans to fully use the Muthurajawela oil storage facility as a hedge against volatile oil prices. Newly appointed chairman Asantha de Mel said CPC will begin storing 60,000 litres of diesel at Muthurajawela for the first time. The...

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CHINA: Domestic, Russian crude oil fills up Zhenhai storage facility

(EnergyAsia, October 30) — China has begun filling up its first strategic petroleum reserve (SPR) at Zhenhai in Zhejiang province near Shanghai.   The first supplies for the 5.2 million cubic metre facility are coming from domestic and Russian production.   The direct impact of filling Zhenhai on international oil markets remains unclear. The move...

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SAUDI ARABIA: Coalition navies watch over Ras Tanura storage terminal after threat of terror attacks

(EnergyAsia, October 30) — Oil prices kept above US$60 a barrel last week following news reports that terrorists are planning to attack Saudi Arabia’s oil storage and terminal facilities in Ras Tanura, and a refinery in Bahrain.             Coalition naval forces in the Gulf led by the US have been placed on alert against possible...

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MARKETS: US delays restockpiling, China begins filling up

(EnergyAsia, October 30) — The US will not refill its strategic petroleum reserve (SPR) over the winter, said the Department of Energy. The recent drop in US oil inventories has helped oil prices regain the US$60 a barrel level after declines in early October to US$55-57 a barrel.   Overall, the US needs to replace...

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INDIA: LPG shortage continues in Gujarat state

(EnergyAsia, October 30) — Gujarat state’s liquefied petroleum gas (LPG) supply crisis is continuing, third largest city Vadodara still badly affected.             The shortage is occurring just as India’s oil firms continue to suffer losses incurred as a result of enforced subsidies on their LPG sales. The companies have decided to stop supplying and selling...

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AUSTRALIA: Axiom Energy, Visy in alliance to test biodiesel in trucking fleet

(EnergyAsia, October 30) — Australian renewable energy company Axiom Energy said it has entered into a strategic alliance with Visy Industrial Packaging to start trials of biodiesel use in its trucking fleet.   If successful, Axiom Energy said it will become the preferred biodiesel supplier for the packaging manufacturer’s trucking fleet.   The alliance follows...

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AUSTRALIA: Origin Energy says “significant” oil flows recorded at Jingemia and Hovea

(EnergyAsia, October 30) — Australian upstream company Origin Energy said it recorded “significant” oil flows from the appraisal and development wells of Jingemia 8 in L14 along with the Hovea 12 field in L1, operated by ARC Energy Limited. The Jingemia 8 has been cased and completed for production. Origin said the well was perforated...

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INDIA: Maharashtra state signs up Middle East group for energy hub project

(EnergyAsia, October 30) — India’s Maharashtra state has persuaded investment bank Gulf Finance House (GFH) to join as a partner for its planned integrated oil and gas hub project called the “Energy City India”.   GFH is a leading investment bank serving the Gulf Corporation Countries (GCC) in the Middle East.             Maharashtra’s plans call...

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SINGAPORE: SPC reports 78.3% drop in net profits on weak margins

(EnergyAsia, October 27) — Singapore Petroleum Company said a sharp drop in refining margins caused its third quarter net profit to plunge 78.3% to S$23.2 million from year ago levels. (US$1=S$1.57). Third quarter revenue was little changed at S$2.242 billion (US$1=S$1.57).   For the nine months of the year, SPC’s net profit was down 19.4%...

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JAPAN: ExxonMobil Chemical affiliate presents capabilities at specialty battery exposition

(EnergyAsia, October 27) — ExxonMobil Chemical said its affiliate in Japan, Tonen Chemical Corporation (TCC), will feature its innovative microporous film lithium ion battery (LIB) separators designed for hybrid electric vehicle (HEV) applications at the 22nd International Battery, Hybrid and Fuel Cell Electric Vehicle Symposium & Exposition (EVS 22) in Yokohama city from October 23...

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INDIA: Strategic petroleum reserves could be used to offset oil price volatility

(EnergyAsia, October 27) — India is planning to use its upcoming strategic petroleum reserves (SPR) to help cushion the effects of volatility in international oil prices.   Petroleum Secretary M.S. Srinivasan said the SPR would act as a “price stabiliser” to address short-term spikes.   This move would be contrary to the US position which...

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CHINA: Titan Petrochemicals to start up oil storage terminal in Nansha, Guangdong

(EnergyAsia, October 27) — Titan Petrochemicals Group Limited, a Singapore-owned Hong Kong listed integrated oil service provider in Asia, said it is pushing ahead “aggressively” with its multi-million US dollar investment into the oil logistics business in China.   This involves the construction of major onshore storage facilities at strategic locations: Nansha in Guangdong, Quanzhou...

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PHILIPPINES: PNOC-EDC to proceed with IPO

(EnergyAsia, October 27) — The PNOC-Energy Development Corporation (EDC), the geothermal and renewable energy development arm of PNOC, plans to proceed with its initial public offering (IPO) this year once it sorts out unresolved issues with its main creditor, the World Bank.   The PNOC-EDC board has accepted the proposed price range submitted by its...

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