KOREA: Germany’s SolarWorld lands 15MW order from Gochang Solarpark Co Ltd

(EnergyAsia, July 30, Monday) — Germany’s SolarWorld said it has recently landed an order for a 15MW solar power project with Gochang Solarpark Co Ltd of South Korea.SolarWorld has started construction of the plant in the southwestern Korean province of Chollabuk-Do, and expect to complete it by early 2008. South Korea has emerged as one…

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KUWAIT: Cost of proposed giant refinery rise again to $14 billion

(EnergyAsia, July 30, Monday) — Kuwait has had to raise the budget for its delayed proposed 615,000 b/d oil refinery for the second time this year. Last week, state refiner Kuwait National Petroleum (KNPC) increased the project’s cost to $14 billion from $12 billion. In June, the company was forced to call for a new tender…

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MARKETS: IEA predicts world refining capacity to rise by 1.5 million b/d in 2008

(EnergyAsia, July 30, Monday) — The world’s primary refining capacity is expected to increase by 1.5 million barrels per day (b/d) next year, but fuel supplies are expected to remain tight, said the International Energy Agency (IEA). Another 1.5 million b/d of hydrotreating capacity could be added, 60% of which will help reduce the sulphur…

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INDIA: ASL Marine secured shipbuilding contracts worth S$102 million

(EnergyAsia, July 30, Monday) — Singapore’s ASL Marine Holdings Ltd said its wholly-owned subsidiary, ASL Shipyard Pte Ltd, has secured new shipbuilding contracts worth a total of S$102 million for the construction of five vessels from customers in Europe. The orders include a 90m DP2 subsea operation vessel, two rotor tugs and two self-propelled split…

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SINGAPORE: US investment fund pays S$131.6 million for strategic stake in KS Energy

(EnergyAsia, July 30, Monday) — Singapore’s KS Energy said it has sold a strategic to Stark Investments, a US-based investment fund, for S$131.6 million. (US$1=S$1.5).Stark will buy 10 million KS Energy ordinary shares for a total of S$34.8 million and a five-year zero-coupon convertible bond valued at S$96.8 million.With the ordinary share placement, Stark will…

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TAIWAN: Formosa Petrochemical Corp eyes refinery project in Guatemala

(EnergyAsia, July 27, Friday) — Taiwan’s Formosa Petrochemical Corp (FPC) is studying plans for a refinery and power project in Guatemala. The Central America state is among a dwindling group of 24 countries still holding diplomatic ties with Taiwan.FPC said it is checking out Guatemala’s business environment and investment incentives.The Guatemalan government is hoping for…

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MALAYSIA: Consulting firm plans to invest build crude oil depot

(EnergyAsia, July 27, Friday) — A little known Malaysian oil and gas consultancy, Pristine Oil, said it plans to invest RM1.8 billion next year on the construction of a crude oil depot in Kedah state. (US$1 = RM3.44).The company said the one-million-tonne depot would serve tankers plying the Straits of Malacca. It would be the…

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US: IEA joins OPEC calls for more refining capacity

(EnergyAsia, July 27, Friday) — The US must urgently expand its refining throughput as well as investment in new capacity to help avert a fuel supply crunch, the International Energy Agency (IEA) urged.World oil prices are on an upward march again as supply is increasingly strained by fast growing demand.IEA officials are worried that third…

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SINGAPORE: Another large oil refinery needed, says planner

(EnergyAsia, July 27) — Singapore needs to build a fourth world-scale oil refinery, said an official at the lead planning agency, the Economic Development Board (EDB).The 300,000 b/d plant would add to the country’s existing 1.3 million b/d refining capacity owned by Shell, ExxonMobil and the Singapore Refining Company (SRC). ExxonMobil counts its two plants…

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INDIA: Fuel prices could be raised

(EnergyAsia, July 27, Friday) — The Indian government is under increasing pressure to raise domestic gasoline and diesel prices as oil prices continue to rise on the world markets. Crude oil prices are a few dollars short of US$80 a barrel, while cargo product prices have reached new highs in Asia this month.Retailers IndianOil Corp,…

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CHINA: Legal dispute holds up Hong Kong jet fuel depot

(EnergyAsia, July 27, Friday) — A protracted five-year legal battle over safety and environmental issues is set to enter another phase, holding up the construction of a much needed jet fuel depot at Hong Kong’s fast growing airport.Workers at a local steel mill are challenging the Environmental Protection Department’s approval of the Airport Authority’s latest…

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JAPAN: US wants new fuel depot, facilities at air base

(EnergyAsia, July 27) — The US wants Japan to pay for new infrastructure and facilities, including a fuel depot, at the US Marine Corps Iwakuni Air Station in Yamaguchi Prefecture.As part of a deal between Tokyo and Washington, more than 4,000 US military personnel will be relocated to Iwakuni from US Atsugi Naval Air Station…

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INDIA: Satellites and GPS system to help HPCL stop fuel theft from oil depots

(EnergyAsia, July 27, Friday) — A leading Indian downstream company, Hindustan Petroleum Corporation Limited (HPCL), is launching a vehicle management system to track inventory and fuel movements at oil depots and retail outlets in the eastern part of the country.The system is now in use to provide surveillance of HPCL’s depots in areas around Durgapur,…

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SRI LANKA: Fuel stolen from Ceylon Petroleum Corporation storage terminal

(EnergyAsia, July 27, Friday) — Sri Lanka’s Ceylon Petroleum Corp has suspended five of its staff following allegations of their involvement in the frequent theft of fuel from the Muthurajawela oil storage terminal near Colombo city.Workers claim that at least 1.3 million litres of fuel worth more than Rs100 million have been stolen from the…

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COURSE: Oxford Princeton’s biofuels course in Singapore, August 27-29

(EnergyAsia, July 27, Friday) — The Oxford Princeton Programme, the world’s leading provider of training solutions to the energy, commodities and derivatives industries, will hold a biofuels training course in Singapore on August 27 to 29.Ray Hogger, a renowned expert in fuel quality and technical contracts, will conduct the course which includes innovative nanotechnology products,…

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SINGAPORE: Strong refining margins boost net profit by a third, share price to record high

(EnergyAsia, July 26, Thursday) — Boosted by strong refining margins and regional oil demand, Singapore Petroleum Company (SPC) reported a 32% rise in second-quarter net profit to S$179.2 million while its share price rose to a record high of S$7.05 on July 24. (US$1=S$1.5). Its first half net profit was up more than 43% to…

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AUSTRALIA: Santos proposes multi-billion dollar Gladstone LNG project

(EnergyAsia, July 26, Thursday) — Australian upstream company Santos has announced a proposal to construct a liquefied natural gas (LNG) facility at Gladstone in Queensland state, which would see coal seam gas processed and sold into export markets.Santos is proposing a plant capable of processing between three and four million tonnes of LNG a year…

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CHINA: IFC to back Far East Energy Corp’s CBM venture

(EnergyAsia, July 26, Thursday) — US-based Far East Energy Corporation said it has tentatively agreed to a proposed equity investment of $15 million by the World Bank’s International Finance Corporation (IFC), to support its coalbed methane projects in China’s Shanxi and Yunnan provinces.The final terms and closing of the offering are subject to entering into…

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CHINA: New capacities to impact global markets, says Shell executive

(EnergyAsia, July 26, Thursday) — Within a few years, China will almost certainly become the world’s largest consumer of petrochemicals, said a Shell Chemicals executive. It is already the key export focus for producers in Asia Pacific and the Middle East, and what happens in China will have an increasing impact on global petrochemicals markets.“In…

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CHINA: Shenzhen aims to triple oil storage capacity to 300,000 tons

(EnergyAsia, July 26, Thursday) — China’s Shenzhen city, located next to Hong Kong, is planning to triple its crude oil and products storage capacity to 300,000 tons over the next few years.The thriving commercial hub of Guangdong province, Shenzhen is widely recognised as the symbol of China’s manufacturing prowess. The province accounts for the bulk…

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INDIA: Exports boost net profits at refining company MRPL

(EnergyAsia, July 26) — Mangalore Refinery and Petrochemicals Ltd, the downstream subsidiary of Indian upstream company ONGC, said its net profit for the April-June quarter surged 71% to Rs3.69 billion on the back of a rise in export earnings. (US$1=Rs41).Its revenue was up 17% to Rs 84.9 billion compared with Rs72.7 billion in the same…

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PAKISTAN: Oil companies under pressure to expand refining capacity

(EnergyAsia, July 26, Thursday) — Pakistan’s oil companies are under pressure to rapidly expand their refining capacity from the current level of 12.6 million b/d (255,000 b/d) over the next five to 10 years. The bulk of that increase will come from new refineries with foreign investors expected to play a key role. Pakistan’s five small…

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KUWAIT: KPC names new CEO

(EnergyAsia, July 26, Thursday) — State-owned Kuwait Petroleum Corporation has named Saad al-Shuwayib as its new CEO and deputy chairman, replacing Hani Hussein who retired in April.Mr Shuwayib, formerly the chairman and managing director of KPC subsidiary Petrochemical Industries Company (PIC), takes over at a time when Kuwait’s oil industry has been thrown into turmoil…

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SINGAPORE: Trader Chemoil expands storage capacity in Fujairah

(EnergyAsia, July 26, Thursday) — Singapore-listed marine fuels trader Chemoil Energy is expanding its oil storage capacity in Fujairah by investing US$60 million in a 40% stake in a new terminal. Local company Gulf Petrol Supplies will be the majority partner as storage players expand capacity in the world’s second largest bunker port after Singapore.The…

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CONFERENCE: Africa Upstream, Independents Forum and Africa Strategy, South Africa, Oct 29-Nov 3

(EnergyAsia, July 26, Thursday) — The 14th Annual Africa Upstream 2007 is the world’s largest and most significant exploration and development event on Africa for the global oil exploration and gas-LNG industry calendar, with African government decision-makers and senior oil executives present along with senior executives in the African energy sector.In 2006, there were more…

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