KOREA: Hyundai Heavy Industries, Finland’s W’rtsil’ to set up joint venture for dual-fuel engines fo

(EnergyAsia, January 29) — Finland’s W’rtsil’ Corp and Korea’s Hyundai Heavy Industries Co. Ltd (HHI) have agreed to set up an equal joint venture in Korea to manufacture dual-fuel engines for liquefied natural gas (LNG) carriers.  The partners will each invest EUR 29 million to set up W’rtsil’ Hyundai Engine Company Ltd in South Korea….

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KOREA: Refiners to expand upgrading capacity

(EnergyAsia, January 29) — South Korea’s leading oil refiners are expanding their upgrading capacities to increase the production of light products at the expense of fuel oil.   GS Caltex expects to complete a 600-billion-won heavy oil upgrader at its 650,000 b/d Yosu oil refinery in the south of the country by end-2007. The upgrader…

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INDIA: Foster Wheeler wins Indian Oil Corp contract for world-scale refinery and petrochemicals comp

(EnergyAsia, January 29) — Foster Wheeler Ltd said that subsidiaries Foster Wheeler Energy Limited and Foster Wheeler India Private Limited have been awarded services contracts by Indian Oil Corporation Limited (IOCL) for one of the largest integrated refinery petrochemicals complexes in northern India. The world-scale facility, comprising a new export refinery and petrochemicals complex, will…

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KOREA: Court fined five oil refiners 81 billion won for price rigging

(EnergyAsia, January 29) — A South Korean court has ordered five oil refiners to pay a total of 81 billion won in compensation to the Defence Ministry for their role in fixing the price of fuels supplied to the military. (US$1=950 won).   SK Corp, SK Incheon Oil, Hyundai Oilbank, GS Caltex and S-Oil were…

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AUSTRALIA: Santos reports record 2006 production

(EnergyAsia, January 29) — Australian upstream company Santos has reported a record annual production of 61 million barrels of oil equivalent (mmboe) for 2006.   The result, at the upper end of the company’s forecast range, was 9% higher than the 2005 production of 56 mmboe and 7% higher than Santos’ previous record production of…

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INDIA: Tamil Nadu eyes bigger role in windpower technology

 (EnergyAsia, January 26) — India’s Tamil Nadu state is well placed to play a bigger role in the production and development of wind-power equipment and technology.   The state is already India’s largest generator of wind-power, with over 3,100 megawatt (MW), or just over half the country’s total wind power generation capacity.   Now, the…

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AUSTRALIA: Santos wins new A$90 million Newmont gas supply contract

(EnergyAsia, January 26) — Australia’s Santos said it has secured a new A$90 million contract to supply natural gas to West Australia’s Newmont Australia. The contract calls for natural gas to be supplied to Newmont’s existing operations at the Jundee gold mine and the Parkeston power station in central Western Australia over three years.  …

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BANGLADESH: Farming, business in northern districts affected as fuel depots stay empty for more than

(EnergyAsia, January 26) — Life in northern Bangladesh, one of the world’s poorest countries, has been hard hit by growing shortages of fuel and fertiliser as oil vessels have been unable to travel up the Jamuna fast-drying river channels and waterways. The lack of rain over the past year has also decimated farming and reduced…

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CHINA: Singapore’s Advanced Holdings Ltd signs clean fuel contract worth S$5.39 million

(EnergyAsia, January 26) — Singapore’s Advanced Holdings Ltd said it has landed a clean fuel contract worth over S$5.39 million in China. (US$1=S$1.55). The contract follows the group’s first clean fuel project win last November, which involved the supply of alkylation process equipment to a new grass-root refinery in China using DuPont and MECS’s cutting…

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CHINA: UOP selected by Petrochina for new aromatics project

(EnergyAsia, January 26) — UOP LLC, a Honeywell company, said PetroChina Company Ltd., a subsidiary of the China National Petroleum Corp. (CNPC), has selected UOP to supply technology, basic engineering services and equipment for an aromatics project to be installed at the Chinese company’s Urumqi facility.   Basic engineering design is underway, and commissioning of…

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COMPANIES: Goldman Sachs doubles stake in UK-listed Climate Exchange

(EnergyAsia, January 26) — Shares in Climate Exchange, the UK-listed company that owns the European Climate Exchange (ECX) and the Chicago Climate Exchange, have been bolstered by Goldman Sachs’ recent announcement to raise its stake in the exchange to 19%. Goldman Sachs bought a 10% stake in Climate Exchange in the third quarter last year….

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KOREA: AMSC signs wind energy system development contract with Doosan Heavy Industries & Constructio

(EnergyAsia, January 26) — Nasdaq-listed American Superconductor Corp (AMSC), a leading energy technologies company, said it has signed a wind energy system development contract worth more than $2 million with Korea’s Doosan Heavy Industries & Construction Co Ltd, an engineering, procurement and construction contractor with 5,000 employees worldwide.   AMSC said its wholly-owned subsidiary, Windtec¬™,…

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PHILIPPINES: Flip flop over Shell refinery plan

(EnergyAsia, January 26) — Royal Dutch Shell has once again changed course on plans for its 110,000 b/d refinery in the Philippines. Blaming its latest decision on high cost of as much as US$3 billion, subsidiary Pilipinas Shell Petroleum Corp said it will defer plans to expand the refinery in Tabangao, Batangas province.             The…

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SAUDI ARABIA: SABIC made SR20.3 billion (US$5.4 billion) record profits in 2006

(EnergyAsia, January 26) — Petrochemicals giant Saudi Basic Industries Corporation (SABIC) has reported a record 2006 net profit of SR 20.3 billion (US$5.4 billion), up 6% from SR 19.2 billion (US$5.1 billion) in 2005. Sales revenues reached SR 86.5 billion (US$23.1 billion) compared to SR 78.3 billion (US$20.9 billion) in 2005, an increase of 11%….

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INDIA: US mining firm WM Mining eyes uranium supply deal

(EnergyAsia, January 26) — US uranium firm WM Mining has signed a contract to supply uranium to India, subject to final ratification of the pending nuclear energy deal between the two countries.   Under the deal, WM Mining will supply India’s Nuclear Fuel Complex 500 tonnes/year of uranium over five years, with the uranium feeding…

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CONFERENCES: Oil trading workshops and classes by OxfordPrinceton

(EnergyAsia, January 25) — With crude oil futures tumbling below $50 per barrel for the first time since May 25, 2005, some new realities are setting into the world’s energy markets. Petroleum industry participants – traders and risk managers in the forefront or support staff – must have a strong understanding of the fundamentals of the…

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US: President Bush plans to strengthen America’s energy security

(EnergyAsia, January 25) — President George W. Bush has laid out his plans to strengthen America’s energy security in his State of the Union address yesterday.   He has asked Congress, America’s scientists, farmers, industry leaders, and entrepreneurs to join him in pursuing the goal of reducing US gasoline consumption by 20% in the next…

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MARKETS: FIMAT calls 2007, Year of Asia

(EnergyAsia, January 25) — US commodities broker FIMAT said the oil industry will view 2007 as the “Year of Asia” as the region could overtake North America as the world’s largest oil consumer.   It said: “The surge in Asian demand, which has been growing much faster than that of the mature European and North…

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INDIA: Sale of state hydropower company approved

(EnergyAsia, January 25) — India’s federal government has given the greenlight for the planned initial public offering (IPO) of state-owned National Hydroelectric Power Corp (NHPC).   Plans call for a 24% stake of NHPC to be sold in an IPO with the proceeds to be used to expand the company’s power capacity.   India also…

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PHILIPPINES: Energy Secretary says Biofuels Act will boost energy self-reliance

(EnergyAsian, January 25) — The signing of the Biofuels Act into law paves the way for the Philippines to become reliant on itself for energy supply, said Energy Secretary Raphael Lotilla.   The law mandates and promotes the use of alternative and renewable energies, such as compressed natural gas, liquefied natural gas, liquefied petroleum gas,…

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PAKISTAN: Kuwaiti company Bakri Energy building oil depot, retail outlets

(EnergyAsia, January 25) — Kuwait-based Bakrie Energy Marketing Systems is building an oil depot and more than 100 retail outlets in Pakistan as part of its expansion plan in that country, said managing director Hussain Al Shammaa.   Subsidiary Bakri Energy Marketing Systems and Overseas Oil Trading company is building the oil depot in the…

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US: Bush announced expansion of Strategic Petroleum Reserve to 1.5 billion barrels

(EnergyAsia, January 25) — US President George W. Bush has announced that the Department of Energy will double the nation’s Strategic Petroleum Reserve to 1.5 billion barrels.   In a statement on January 23, Energy Secretary Samuel W. Bodman said the expansion is a wise and prudent policy decision that will provide an additional layer…

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CHINA: ABB helps Tianjin city improve power reliability

(EnergyAsia, January 25) — Switzerland’s ABB said it is helping to ensure stable power supply to China’s third largest city, Tianjin, in the country’s northeast. ABB said it has undertaken to improve the power grid stability by state-owned Tianjin Electric Power Co, the country’s largest utility.   Tianjin is China’s second largest port and home…

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INDIA: W’rtsil’ offers to increase holding In W’rtsil’ India Ltd

(EnergyAsia, January 25) — Finland’s W’rtsil’ Corp said it has offered to raise its stake in Wartsila India.   The company said it announced a public offer to the minority shareholders of W’rtsil’ India Ltd on January 19th 2007 to acquire 1,240,599 shares, or 10.3% of the share capital. The offer is scheduled to open…

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CHINA: Canada’s AMEC to service Third Qinshan Nuclear Power Company

(EnergyAsia, January 25) — AMEC, a Canada-based project management and services company, said its nuclear subsidiary, Nuclear Safety Solutions, has signed a two-year, General Service Agreement with China’s Third Qinshan Nuclear Power Company (TQNPC), the owner and operator of two CANDU nuclear power stations.   “This is part of AMEC’s goal to expand its nuclear…

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