(EnergyAsia, September 24, Monday) — The international maritime community has given its support to the recent Singapore meeting to enhance safety and environmental protection of the Straits of Malacca, through which the bulk of Asia’s oil and merchandise trade passes. A total of 252 participants representing 50 countries and 17 maritime-related organisations from Australia, Bahamas,...
(EnergyAsia, September 24, Monday) — China’s refining capacity will expand by about 100 million tonnes a year to 450 million tonnes over the next five years largely to meet rising domestic demand. There will be little left for export. Despite the recent start-up of new plants by Sinopec and CNPC, China has been struggling to meet...
(EnergyAsia, September 24, Monday) — India plans to expand its refining capacity from 149 million tons now to 241 million tons by the end of the current five-year-plan to 2012. Petroleum Minister Murli Deora said refineries are being built or expanded at Bina, Paradip, Bhatinda and Jamnagar to enhance the country’s ability to export oil...
(EnergyAsia, September 24, Monday) — China’s strategic petroleum stockpile could rise four times to 12 million tonnes by 2010 despite the recent sharp rise in world oil prices, according to the National Development and Reform Commission (NDRC). The 12 million tonnes would be equivalent to one month of China’s net crude import requirements, still below...
(EnergyAsia, September 24, Monday) — Iran has agreed to help China build up its strategic crude reserves, said Iran’s acting oil minister. Gholam-Hossein Nozari said the two governments have signed a memorandum of understanding but have yet to decide on details like the volume of crude to be stored, when the deal will start and...
(EnergyAsia, September 24, Monday) — Malaysia’s economy is increasingly challenged to break away from its growing reliance on oil which is facing peak production in the next few years. Its manufacturing sector has failed to develop despite years of generous state support. Economists warn that these key shortcomings were not addressed by the country’s latest...
(EnergyAsia, September 24, Monday) — Malaysia’s economy is in for some tough belt-tightening amid skyrocketing oil prices. Government subsidies are helping to cushion the direct impact of record oil prices for now, but the pressure is building on the country’s budget. Last year, the state paid RM4.79 billion in subsidies to keep fuel prices inexpensive,...
(EnergyAsia, September 24, Monday) — Chemoil Energy said its 450,000-cubic-metre oil storage terminal in Singapore is on track for start-up in late January 2008.CEO Robert Chandran said that half the terminal’s capacity will be leased out to third parties. Chemoil initially intended to use the terminal soley for its own trading activities. Among the companies...
(EnergyAsia, September 24, Monday) — Dutch oil trading group Trafigura has signed an agreement to provide PetroVietnam 30 years of crude oil supply. PetroVietnam is trying to build a refinery in the central province of Dung Quat. The partners have also agreed to build oil storage facilities, and ensure the delivery of the crude to...
(EnergyAsia, September 24, Monday) — Singapore-listed Ezra Holdings Limited, a leading integrated offshore support and marine services provider in the offshore oil and gas industry, said it has awarded a S$162.4 million contract for the design and construction of a large 27,000 brake horsepower (bhp) Multi Functional Support Vessel (MFSV) to Norway’s Karmsund Maritime Service...
(EnergyAsia, September 21, Friday) — Singapore-listed SP Chemicals Ltd has reiterated its statements made in April pertaining to its proposed petrochemical project in Vietnam. Unhappy with recent reports in Vietnam’s newspapers, SP Chemicals said it intends to proceed with the project as spelt out in three press statements made on April 3 and 10, and...
(EnergyAsia, September 21, Friday) — China’s Suntech Power said it has supplied 230 MSK photovol glass panels to Socovoltaic Systems, a Socotherm and TSNergy Inc. joint venture company that designs, manufactures and installs integrated PV systems. The 10kW building integrated photovoltaic (BIPV) solution will form an integral component of a 750kW solar system for a...
(EnergyAsia, September 21, Friday) — Kazuo Tsukuda, President of Japan’s Mitsubishi Heavy Industries Ltd (MHI), and Anne Lauvergeon, CEO of France’s AREVA, have announced the name of their companies’ newly formed joint venture: ATMEA. ATMEA will develop, market, license and sell ATMEA 1, a new 1,100 MWe reactor combining innovative and proven nuclear technologies of...
(EnergyAsia, September 21, Friday) — Oil supply problems and constraints will more than counter any weakness arising from softer demand in the US, said commodities broker Fimat. Also, weaker US demand has yet to prove to be a drag on world oil prices. Latest data showed that US oil inventories eroded further in the week...
(EnergyAsia, September 21, Friday) — Pakistan’s government has allocated Rs3.87 billion to acquire 12,500 acres of land in the country’s southwest to build what it hopes will be the largest oil storage base in the region. (US$1=Rs60). Gwadar, in the province of Balochistan, is being positioned to be a major oil city with a port...
(EnergyAsia, September 21, Friday) — China will rely heavily on large hydro-electricity projects as it aims to lift the share of renewable energy to 15% by 2020, from 7.5% in 2005. By 2020, China’s hydropower capacity could be 300,000 megawatts (MW), up from around 129,000 MW now, according to the country’s National Development and Reform...
(EnergyAsia, September 21, Friday) — India’s government is considering a new nation-wide policy for hydroelectricity to encourage more private investment in that sector. Officials have yet to disclose details but indicated that the policy would lay out broad rules for hydroelectric power investments and power generation. India has the potential to develop 150,000MW of hydropower...
(EnergyAsia, September 21, Friday) — Khon Kaen Sugar Industry, Thailand’s fourth largest sugar miller, has cut operating rates at its ethanol plant to 25 million litres per year from 45 million. The company fears oversupply in the Thai domestic market after the government decided not to phase out premium gasoline supply in favour of ethanol-blended...
(EnergyAsia, September 21, Friday) — Analysts at CIMB-GK Research are ‘neutral’ on the outlook for Singapore-listed oil trading and storage company Chemoil Energy after its management warned that third quarter results would be disappointing. The company could even incur a loss following two quarters of below expectation results. CIMB-GK said earlier it had forecast a...
(EnergyAsia, September 21, Friday) — Yantai Raffles Shipyard Limited (YRS), an Oslo OTC-traded marine and offshore construction company, said it has signed a fourth option agreement with Awilco Offshore ASA for the construction of a fifth semi-submersible rig. The agreement will expire in December 2008. The rig is expected to be delivered approximately 33 months...
(EnergyAsia, September 20, Thursday) — Tuas Power Supply Pte Ltd (TPS), a wholly-owned subsidiary of Singapore’s Tuas Power Ltd, has become the first electricity retailer to initiate a value-added scheme for its customers. ((adsense)) The Tuas Power Supply Green Programme is aimed at encouraging companies to conduct regular assessments to improve energy efficiency and minimise...
(EnergyAsia, September 20, Thursday) — PetroChina has reached a “preliminary” agreement to import US$37 billion worth of liquefied natural gas (LNG) from Australia’s Woodside Petroleum over a period of 15-20 years. PetroChina will import an average three million tonnes of LNG each year from the Woodside-led Browse project. Browse, one of Woodside’s biggest undeveloped gas...
(EnergyAsia, September 20, Thursday) — NYSE-listed Shaw Group Inc said its energy and chemicals group has been awarded a contract to provide technology, engineering, procurement and construction (EPC) services for a one-million tons-per-year olefins recovery facility and a 220 megawatt power cogeneration unit at ExxonMobil Chemical’s Jurong Island plant in Singapore. The project is part...
(EnergyAsia, September 20, Thursday) — Oil Search shares remain in strong demand as rumours the Australian upstream company is a takeover target of China’s CNPC remained strong throughout the week. Earlier, the Hong Kong-based South China Morning Post had reported that CNPC was ready to pay a hefty premium over the last traded price of...
(EnergyAsia, September 20, Thursday) — French engineering giant Technip said it has been awarded a contract for the offshore Enfield oilfield project in Australia. Enfield is located off the coast of in water depth of 550 metres The contract, awarded by Australian upstream company Woodside Energy Limited, includes the recovery of an existing spool, and...