INDIA: Indian Oil Corp to expand refining capacity to 80 million tonnes per year by 2012

(EnergyAsia, September 27, Friday) — Indian Oil Corp (IOC) plans to invest Rs432.5 billion to expand its refining capacity to 80 million tonnes by 2012, said chairman Sarthak Behuria. (US$1=Rs40).The company has set its sights on becoming an oil products exporter to Asia. It will also increase profits by raising the processing of cheaper high-sulphur…

This article is for Subscriber members only.
Log In Register

INDONESIA: Oyong field starts producing crude oil

(EnergyAsia, September 27, Friday) — Indonesia’s offshore Oyong crude oilfield in the Sampang production sharing contract area has begun production, said shareholders Santos of Australia, and Singapore Petroleum Company (SPC).Oyong’s gross production is expected to stabilise at between 8,000 and 10,000 barrels of oil per day.Operator Santos holds a 45% share while SPC has a…

This article is for Subscriber members only.
Log In Register

NEW ZEALAND: Contact Energy says 90% renewables ambitious but achievable

(EnergyAsia, September 27, Friday) — New Zealand’s Contact Energy said the government’s target of 90% of electricity coming from renewable sources by 2025 is ambitious but possible, and the announcement of an emissions trading scheme was an important step towards achieving it.Contact CEO David Baldwin said the announcements were significant in that all greenhouse gases…

This article is for Subscriber members only.
Log In Register

SAUDI ARABIA: Petro Rabigh to launch Middle East’s largest IPO

(EnergyAsia, September 27, Friday) — Petro Rabigh, an equal Saudi-Japan oil refining and petrochemical company, plans to raise at least US$3 billion through the Middle East’s initial public offering (IPO) later this year. As much as 25% of its shares, now held by Saudi Aramco and Sumitomo Chemical Co, could be offered to the public.According…

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Windpower maker Vestas to shut down plant next year

(EnergyAsia, September 27, Friday) — Denmark’s Vestas, the world’s largest maker of windpower turbines, will close its Portland, Victoria factory and stop its manufacturing activities in Australia at the end of next year.Vestas said it is shutting down its blade manufacturing plant as Australia’s wind power market was too small to be financially viable. At…

This article is for Subscriber members only.
Log In Register

CHINA: IMF survey says economy must focus on domestic growth, rely less on exports

(EnergyAsia, September 26, Wednesday) — Most economists agree that if China is to continue its strong economic growth it must rebalance its economy to rely less on investment and exports and more on domestic consumption.According to the IMF, the question is whether that rebalancing will happen on its own, the result of the natural course…

This article is for Subscriber members only.
Log In Register

ENERGY: Abu Dhabi to acquire PrimeWest Energy Trust for C$5 billion, distribution threatened

(EnergyAsia, September 26, Wednesday) — An Abu Dhabi state energy company has agreed to buy over Canada’s PrimeWest Energy Trust for C$5 billion. (US$1=C$1).1350849 Alberta Ltd and TAQA North Ltd, both wholly owned subsidiaries of Abu Dhabi National Energy Company PJSC (TAQA), will pay $26.75 per PWT share, representing a 26.5% premium over the 30-day…

This article is for Subscriber members only.
Log In Register

SINGAPORE: Keppel FELS delivers third KFELS B Class jackup rig to Seadrill ahead of time

(EnergyAsia, September 26, Wednesday) — Singapore’s Keppel FELS Limited, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, said it has delivered the third KFELS B Class design jackup drilling rig to Seadrill Limited within budget and ahead of time.The rig was named West Atlas by Lady Sponsor Mrs Anne-Marie Hood, wife of Peter Hood,…

This article is for Subscriber members only.
Log In Register

INDIA: Oil firms charged with polluting Hooghly river

(EnergyAsia, September 26, Wednesday) — An Indian High Court panel has charged three of the country’s main oil companies with polluting the Hooghly River, a 260-km tributary of the mighty Ganges. Hooghly branches off into West Bengal near the border with Bangladesh.Indian Oil, Hindustan Petroleum and Bharat Petroleum did not have the required equipment to…

This article is for Subscriber members only.
Log In Register

BIOFUELS: Developing countries to face food supply crunch

(EnergyAsia, September 26, Wednesday) — The UN’s Food and Agriculture Organisation (FAO) said that the rising costs of basic grains like wheat and corn – partly spurred by their use as biofuels feedstock in the US and Europe – could cause food supply crises in developing nations.Rising food prices and supply shortages will trigger socials…

This article is for Subscriber members only.
Log In Register

INDIA: Power giant NTPC plans big push into renewables

(EnergyAsia, September 26, Wednesday) — India’s state power firm NTPC plans to build some 1,000 megawatts (MW) in renewable energy capacity in the next few years.The investments will focus on wind energy, which alone will fuel 650MW of new capacity to come onstream through 2017.NTPC plans to obtain financing from the Asian Development Bank and…

This article is for Subscriber members only.
Log In Register

INDIA: State oil firms’ performance hurt by subsidies

(EnergyAsia, September 26, Wednesday) — India’s state oil marketing firms are facing a 240% rise in their subsidy burdens this year, threatening to tear big hole into their financial results.World oil prices have been rising to record levels, hitting a high of $84.10 a barrel last week, but the oil companies selling fuels to Indian…

This article is for Subscriber members only.
Log In Register

CHINA: First coal-to-oil project to start up this year

(EnergyAsia, September 26, Wednesday) — China’s first coal-to-oil project at Erdos in China’s Inner Mongolia is expected to start up later this year after three years of construction.The project by China’s top coal producer, Shenhua Group, will convert coal into mostly diesel and liquefied petroleum gas (LPG). The company said it will be using a…

This article is for Subscriber members only.
Log In Register

CHINA: AMSC receives follow-on order from Sinovel for $20 million in power electronics for wind turb

(EnergyAsia, September 26, Wednesday) — Nasdaq-listed American Superconductor Corporation (AMSC), a leading energy technologies company, said it has received a new order for $20 million in wind turbine electrical systems from Beijing-based Sinovel Wind Corp Ltd. The order follows a $70 million order received from Sinovel Wind in July and additional D-VAR® orders for grid…

This article is for Subscriber members only.
Log In Register

TAIWAN: Macquarie International Infrastructure Fund to acquire wind farms

(EnergyAsia, September 26, Wednesday) — Singapore-listed Macquarie International Infrastructure Fund (MIIF) said it is acquiring Taiwan’s InfraVest Wind Power Co. Ltd for 13.3 million euro from Asia Wind Co. Limited and Meihui Windpark GmbH & Co KG. (US$1=0.7 euro).The acquisition price equates to an EV/EBITDA multiple of nine times based on a forecast EBITDA of…

This article is for Subscriber members only.
Log In Register

INDIA: Reliance buys into African fuel retailer GAPCO

(EnergyAsia, September 25, Tuesday) — India’s privately owned Reliance Industries has acquired a majority stake in east African fuel retailer Gulf Africa Petroleum Corporation (GAPCO) for an undisclosed sum. Analysts applaud the move as a first step by Reliance to break into the retail markets in the US and Europe.GAPCO, headquartered in Mauritius, has 250…

This article is for Subscriber members only.
Log In Register

SINGAPORE: Macquarie to sell German oil and chemicals storage business

(EnergyAsia, September 25, Tuesday) — Singapore-listed Macquarie International Infrastructure Fund Limited (MIIF) said it has agreed to sell its entire interest in its wholly-owned subsidiary, Macquarie Storage Holdings Limited (MSHL), the holding company of TanQuid GmbH & Co KG to LODH Macquarie Infrastructure Fund (LMIF) for €89 million. (US$1=0.70 euro).MIIF said its interest in TanQuid…

This article is for Subscriber members only.
Log In Register

CHINA: CNPC to build oil refinery in Chad

(EnergyAsia, September 25, Tuesday) — China National Petroleum Corp (CNPC) and Chadian Oil Refinery have signed an agreement to jointly build an oil refinery in the African country.The deal was sealed during a visit to Beijing by Chad President Idriss Deby last week. The project’s details including cost, timeline and plant capacity are still under…

This article is for Subscriber members only.
Log In Register

INDIA: Bharat Oman Refineries Ltd to raise Rs12 billion for refinery project

(EnergyAsia, September 25, Tuesday) — Bharat Oman Refineries Ltd, a joint venture between India’s BPCL and Oman Oil Corp, will offer shares to the public to raise Rs12 billion for the construction of a six-million-tonne-per-year oil refinery in Bina in Madhya Pradesh state. (US$1=Rs40).BPCL chairman and managing director Ashok Sinha said the initial public offering…

This article is for Subscriber members only.
Log In Register

OMAN: Sultan issues royal decree to merge Sohar and Oman Oil refineries

(EnergyAsia, September 25, Tuesday) — Oman’s Sultan Qaboos bin Said has issued a royal decree merging the sultanate’s two refining companies to become Omani Refineries Petrochemicals Company LLC.Royal Decree No 99/2007 merges Sohar Refinery Company (SRC) with Oman Oil Refinery Company (ORC), amending an earlier decree that established Oman Oil Refinery Company LLC.The decree took…

This article is for Subscriber members only.
Log In Register

INDIA: IOC eyes Orissa refinery start-up for 2011

(EnergyAsia, September 25, Tuesday) — Indian Oil Corp (IOC) expects to commission its new 15-million-tonne-per-year refinery at Paradip in Orissa state in late 2011.IOC has acquired more than 3,300 acres of land to build the plant and has selected a firm to conduct front end engineering and design (FEED). Environmental approvals were granted in August.The…

This article is for Subscriber members only.
Log In Register

SOUTH KOREA: GS Caltex to start up new heavy oil upgrader next month

(EnergyAsia, September 25, Tuesday) — Korean refiner GS Caltex plans to start up its newly completed 55,000 barrels per day (b/d) heavy oil upgrading plant next month. (US$1=920 won).The 1.5-trillion-won plant converts lower-cost low-quality heavy crude, bunker and fuel oil into higher-margin gasoline and jet fuels.South Korea’s second largest refiner estimates the price gap between…

This article is for Subscriber members only.
Log In Register

SOUTH KOREA: GS Caltex to build another heavy oil upgrader by 2010

(EnergyAsia, September 25, Tuesday) — Fresh from completing a heavy oil upgrader, GS Caltex, South Korea’s second largest refiner, plans to build a similar plant by 2010.The 2.95-trillion-won project follows the completion of a 1.5-trillion-won upgrader at the company’s 650,000 b/d Yeosu refinery earlier this month. The plant converts heavy oil into higher-value oil products…

This article is for Subscriber members only.
Log In Register

THAILAND: PTT awards refining contract to Korea’s SK Engineering

(EnergyAsia, September 25, Tuesday) — Thai state energy company PTT has awarded a US$170 million contract for the expansion and upgrade of its refinery to South Korea’s SK Engineering.SK will expand the capacity of PTT’s wholly-owned Rayong Refinery to 200,000 b/d from 145,000 b/d by early 2009. SK will also build an a condensate splitter…

This article is for Subscriber members only.
Log In Register

SINGAPORE: MHI awarded polyethylene plant contract for ExxonMobil Chemical’s new petrochemical compl

(EnergyAsia, September 25, Tuesday) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it has been awarded a contract by ExxonMobil Asia Pacific Pte Ltd for the construction of two polyethylene (PE) units with a combined production capacity of 1.3 million tons per year.Finishing, packaging, and shipping facilities for both PE units and a new polypropylene…

This article is for Subscriber members only.
Log In Register