PHILIPPINES: New biofuels law sets 5% blending mandate

(EnergyAsia, February 28) — The Philippines’ new Biofuels Act requires oil firms to sell fuel with at least 5% ethanol content or risk incurring fines of up to 100,000 pesos a day. (US$1=48 peso).   The Philippine Biodiesel Association, an industry body, is pressing for a quick implementation of the legislation whose provisions also mandate...

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SINGAPORE: China Aviation reports net profit of S$369 million in 2006

(EnergyAsia, February 28) — Restructured China Aviation Oil (Singapore) Corporation Ltd (CAO) reported net after-tax profit of S$369 million for 2006. It said that excluding about S$312 million of debt waived under the company’s restructuring exercise after its collapse in 2005, the group’s after-tax profit registered a strong growth of about 95% to S$57.3 million...

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SINGAPORE: Keppel secures S$35 million repeat order for WTE plant in the Netherlands

(EnergyAsia, February 28) — Keppel Seghers, the environmental technology division of Singapore’s Keppel Integrated Engineering (KIE), has secured a S$35 million contract offering technologies and services to expand an existing waste-to-energy (WTE) plant in Moerdijk, southwest of the Netherlands. (US$1=S$1.53). The plant is the third largest plant in the Netherlands with a capacity to treat...

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SINGAPORE: Noble Group reports ‘strong’ 2006 results

(EnergyAsia, February 28) — Noble Group Limited, a Singapore-listed global supplier of agricultural, industrial and energy products, has announced increased 2006 revenues of US$13.8 billion and gross profits of US$492 million.   Noble said the ‘strong’ results reflect its successful efforts in building an integrated supply chain supported by investments in infrastructure and resource assets....

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THAILAND: Price for biogas-generated electricity to be raised

(EnergyAsia, February 28) — Thailand has boosted the price it will pay for biogas-generated electricity to 2.30 baht per kilowatt hour (kwh), from 2 baht. (US$ = 33 baht).   The price hike is meant to provide additional incentives to smaller biogas generators who turn biomass such as tapioca and palm-oil into biogas which is...

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CHINA: Trina Solar fourth quarter net revenue up 144% to $38.8 million year-on-year

(EnergyAsia, February 28) — Trina Solar Limited TSL, an integrated manufacturer of solar PV products based in Changzhou, China, said its fourth quarter net revenues jumped 144.3% to US$38.8 million from year-ago level.   For the full year, net revenues were $114.5 million, up 319.8% from $27.3 million in 2005. Gross profit for the year...

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MALAYSIA: Tenaga to build more hydropower plants

(EnergyAsia, February 28) — Malaysia’s power utility Tenaga Nasional Berhad said it is planning to build new hydropower plants in the east coast states of Terengganu and Pahang by 2014.   CEO Che Khalib Mohamad Noh said the company has begun a feasibility study on the plants which will help the country reduce its dependence...

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SOUTH KOREA: Biomass to provide 5% of energy by 2011

(EnergyAsia, February 28) — The South Korean government is aiming to boost the share of biomass in the country’s energy mix to 5% by 2011 from 2% now.   The Ministry of Commerce, Industry and Energy said paper, wood and agricultural wastes will be the target of its campaign as the bulk of that is...

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NEW ZEALAND: BOC Ltd cleared to acquire Shell’s LPG portfolio

(EnergyAsia, February 28) — New Zealand’s Commerce Commission has cleared BOC Limited to acquire Shell’s LPG business which includes Shell New Zealand Holding Company Limited’s shareholding in Liquigas Limited.   Commission chair Paula Rebstock said the commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect...

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INDIA: ONGC and Gazprom agree to expand mutual co-operation

(EnergyAsia, February 28) — Indian upstream company ONGC and Russia’s gas giant Gazprom have agreed to expand oil, gas and power co-operation.   ONGC Videsh Ltd (OVL) managing director R.S. Butola and Gazprom deputy chairman A.I. Medvedev signed a cooperation protocol agreement at the recent second meeting of their joint working group in the Indian...

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MARKETS: Uranium now a “precious metal” after record US$10 rise to new high of US$85 a pou

(EnergyAsia, February 27) — Uranium, the fuel for nuclear reactors, is now a “precious metal” after its spot price surged US$10 to yet another record of US$85 a pound last week, said StockInterview.com. The latest price jump came after an auction for Texas-mined uranium drew a record number of bidders.   StockInterview wrote: “Uranium oxide...

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CHINA: Integrated refining, petrochemicals and fuels marketing JV projects launched in Fujian

(EnergyAsia, February 27) — A joint venture of China’s Sinopec, Fujian province, ExxonMobil and Saudi Aramco have signed a contract for the Fujian refining and ethylene joint venture project. At the same time, Sinopec, ExxonMobil and Saudi Aramco signed the contract establishing the Fujian fuels marketing joint venture project.   The partners said that signing...

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AUSTRALIA: Caltex reports strong second half operational performance

(EnergyAsia, February 27) — Caltex Australia Limited said it made an after-tax profit of A$430 last year, up slightly from A$414 million (excluding significant items) for 2005. (US$1=A$1.3). The profit equates to 2.2 Australian centres per litre on average for all petroleum products sold. Revenue came to A$18.4 Managing director Des King said the strong...

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VIETNAM: US$1 billion state loan for Dung Quat oil refinery

(EnergyAsia, February 27) — The Vietnam Development Bank (VDB) has approved a US$1 billion loan to fund the ongoing construction of the country’s first oil refinery by state oil and gas company, PetroVietnam. The loan for the Dung Quat refinery in Binh Son district in the central province of Quang Ngai carries an annual interest...

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MARKETS: IEA predicts world oil demand to grow 2% a year through 2011

(EnergyAsia, February 27) – — World oil demand is expected to grow by a rapid 2% annually through 2011, compared with 1.8% per year between 2001 and 2006, said the International Energy Agency (IEA). High oil prices are not expected to have any major impact on consumption growth as the bulk of the increases will...

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MALAYSIA: KIC targets fuel storage hub start-up by 2009

(EnergyAsia, February 27) — Malaysia’s KIC Oil & Gas (KIC) said it is on course to start up its planned RM1.3 billion bunker fuel terminal on a 40-hectare man-made island off Johor state by 2009.   When fully commissioned, the one-million cubic metre terminal on Tanjong Bin near the Port of Tanjung Pelepas (PTP) will...

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INDONESIA: Pertamina aims to better manage stockpile to reduce fuel shortages

(EnergyAsia, February 27) — Indonesian state oil and gas company Pertamina has pledged to reduce fuel shortages around the country by better managing its stockpile at storage depots sited in various cities and towns.   Its latest programme calls for all depots to be at least 75% filled despite the constant threat of supply disruptions...

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INDIA: Mittal enters oil refining industry

(EnergyAsia, February 27) — Luxembourg’s Mittal Investments has paid Rs32 billion for a 49% stake in an oil refinery being built by Hindustan Petroleum Corporation (HPCL) in India’s Punjab state. (US$1=Rs44). The investment marks the first foreign direct investment (FDI) in India’s oil refining industry as well as Mittal’s entry into the business. The domestic-oriented...

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INDIA: ONGC in joint effort to build oil refinery in Ecuador

(EnergyAsia, February 27) — India’s state upstream company, ONGC Videsh Ltd (OVL) is teaming up with PetroEcuador and Petroleos de Venezuela (PDVSA) to build a $4.5-billion oil refinery in Ecuador.             Carlos Abad, Ecuador’s ambassador to India, who recently disclosed this said his country wants to step up trade and investment ties with India and...

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SINGAPORE: Geostock-Jurong Consultants consortium to design and manage phase 1 of underground oil st

(EnergyAsia, February 27) — The Geostock-Jurong Consultants Pte Ltd engineering consortium has been awarded the S$18.942 million contract to provide the basic engineering design and management of the first phase construction of Singapore’s first underground oil storage cavern. (US$1=S$1.53).   State agency JTC Corp (JTC) said the consortium will build underground tunnels and associated facilities...

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SINGAPORE: Ezra raises investor profile and share liquidity with placement

(EnergyAsia, February 26) — Ezra Holdings Limited, a leading Singapore-based offshore support and marine services provider for the offshore oil and gas industry, recently placed out 15 million shares at S$5.18 apiece. (US$1=S$1.53).   Managing director Lionel Lee said: “We are gratified by investors’ interest in our shares and are accommodating their requests for more...

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RUSSIA: Rosneft mulls refinery near Nakhodka port

(EnergyAsia, February 26) — Russian state oil firm Rosneft is exploring plans to build a 20-million-ton/year refinery at the port of Nakhodka, near the end of an oil pipeline linking Taishet in eastern Siberia to the Pacific coast.   CEO Sergei Bogdanchikov said subsidiary Eastern Oil will begin building the US$5 billion plant next year....

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IRAQ: Up to 400,000 b/d of crude lost to attacks on oil infrastructure

(EnergyAsia, February 26) — Increased attacks on oil infrastructure is causing Iraq to lose up to 400,000 barrels of crude oil a day, said the country’s oil ministry. Last year, insurgents successfully launched 159 serious attacks on oil installations, with pipelines the main targets.   The ministry said 116 attacks on pipelines led to disruption of...

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INDONESIA: New task force to check outbound smuggling of fuel

(EnergyAsia, February 26) — The Indonesian government has set up a new task force to check the outbound smuggling of subsidised fuels from the country that is said to be worth hundreds of millions of dollars a year. With domestic prices for gasoline, kerosene, diesel and fuel oil set well below international levels, companies sell...

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TAIWAN: Formosa’s plans for refining expansion may face environmental hurdles

(EnergyAsia, February 26) — Taiwan’s Formosa Petrochemical Corp may have to do battle with the state environmental agency in its bid to boost its refining capacity to 690,000 barrels a day.   While the Energy Bureau has approved the private firm’s plan to expand its seven-year-old Mailiao plant by up to 150,000 barrels per day...

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