CHINA: Shell subsidiary buys 55% stake in coalbed methane project

(EnergyAsia, December 31, Monday) — Royal Dutch Shell said subsidiary Shell China Exploration and Production Company Limited has acquired a 55% equity interest in a coalbed methane (CBM) venture in Shanxi Province and will take over as operator.China’s Ministry of Commerce recently approved an agreement for Shell to acquire Verona Development Corporation’s majority equity position…

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CHINA: ICP Solar signs supply agreement with Shanghai Electric Solar Energy Corp

(EnergyAsia, December 31, Monday) — ICP Solar Technologies Inc, a developer, manufacturer and marketer of solar cells and products, said it has signed a two-year supply agreement with Shanghai Electric Solar Energy Co.Shanghai Electric is the largest Chinese enterprise engaged in the design, manufacture and sale of mechanical and electrical equipment. The group’s products cover…

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BANGLADESH: Wartsila delivers three gas-fuelled power plants

(EnergyAsia, December 31, Monday) — Finland’s Wartsila said it has been awarded contracts by the Summit Group of Bangladesh to deliver three new gas-fuelled power plants.Each site has an output of 35 MWe. Wartsila will deliver generating sets, together with related ancillary equipment and provide supervision of the installation work. The plants will be fully…

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SINGAPORE: Oxford Princeton to hold biofuels seminar in Singapore from May 12 to 14

(EnergyAsia, December 31, Monday) — The Oxford Princeton Programme will be holding a biofuels seminar in Singapore from May 12 to 14.“Biofuels – A Key Renewable Energy Option” aims to provide participants with a comprehensive overview on the biofuels industry with focus on ethanol and biodiesel. A detailed introduction on the economics, environmental and resource…

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NEW ZEALAND: Origin Energy and Contact Energy acquire Swift’s oil and gas assets

(EnergyAsia, December 31, Monday) — Origin Energy and Contact Energy said they will jointly purchase some of Swift Energy’s New Zealand oil and gas assets for approximately US$87.8 million. The acquisition is backdated to December 1 2007.The assets being acquired include two main producing areas in the onshore Taranaki Basin, some additional permits and inventory….

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CHINA: Sinopec Corp to acquire stake in oil refineries, retail outlets from parent company

(EnergyAsia, December 31, Monday) — China Petroleum and Chemical Corporation (Sinopec Corp) said it is acquiring equity stakes in three oil refineries and 63 retail outlets from its parent company, Sinopec Group Company. Sinopec Corp’s wholly owned subsidiary, Sinopec Yangzi Petrochemical, will acquire equity interests in another two oil refineries from Sinopec Group.The acquisition costs…

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CHINA: New policy to encourage foreign investment in oil storage and pipelines

(EnergyAsia, December 31, Monday) — Continuing the liberalisation of its oil sector, China will next offer its oil storage terminals, pipelines and port facilities to foreign investment, according to the powerful State Council.In a white paper titled, “China’s Energy Conditions and Policies”, released last week, the council said it will also seek foreign participation in…

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AUSTRALIA: Origin Energy’s geothermal joint venture approved by Geodynamics shareholders

(EnergyAsia, December 31, Monday) — Australia’s Geodynamics Ltd shareholders have approved a proposal to form an unincorporated joint venture with Origin Energy.Origin will take a 30% stake in the venture covering the South Australian geothermal tenements and associated assets of Geodynamics Ltd. Geodynamics has been using its proprietary technology to tap geothermal energy at its…

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PAKISTAN: Bhutto’s assassination accelerates oil stocks drawdown, power shutdown

(EnergyAsia, December 31, Monday) — Benazir Bhutto’s assassination has plunged Pakistan into a full blown energy crisis as oil stockpiles plunge to the equivalent of just a few days of consumption while a widespread electricity blackout is spreading across the country as fuel oil deliveries to power plants are suspended and workers are unable to…

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UZBEKISTAN: Malaysia’s Petronas signs upstream agreements

(EnergyAsia, December 31, Monday) — Malaysia’s state oil and gas company Petronas said it has signed three key agreements in Uzbekistan which would boost its presence and strengthen its business portfolio in the Central Asian country.Through wholly-owned subsidiary Petronas Carigali Overseas Sdn Bhd (PCOSB), the Malaysian company signed the Baisun Block production sharing agreement (PSA)…

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MARKETS: $100 oil in sight again on Pakistan turmoil, Turk-Kurd clash, US stockpile drop

(EnergyAsia, December 28, Friday) — US oil futures surged to a five-week high of $97.79 a barrel in late New York trade Thursday as supply and geopolitical concerns re-emerged to panic the oil markets.Pakistan was pushed towards greater political instability yesterday following the assassination of former Prime Minister Benazir Bhutto. Ms Bhutto, a powerful Western…

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CHINA: Pricing of oil products, electricity and resources to be revamped next year

(EnergyAsia, December 28, Friday) — The Chinese government is looking to reform the way it sets prices for oil products, electricity and other resources next year.Local media reported plans for the reforms, citing Ma Kai, director of the National Development and Reform Commission (NDRC), which is China’s top economic planning agency.The government currently sets the…

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MARKETS: IEA predicts world oil stockpile to decline while demand continues to climb

(EnergyAsia, December 28, Friday) — World oil stockpiles are expected to slip below their five-year average just as demand continues to hit another record high next year, said the International Energy Agency (IEA).In its recently monthly report, the Paris-based agency said world oil demand is expected to climb by 2.3% in 2008 after rising 2.5%…

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CHINA: SunPower and Jiawei SolarChina sign silicon ingot pulling and wafer agreement

(EnergyAsia, December 28, Friday) — SunPower Corporation said it has signed a five-year agreement with Jiawei SolarChina Co Ltd to secure a supply of monocrystalline silicon ingots and silicon wafers.Jiawei is affiliated with SunEnergy, SunPower’s solar panel assembly partner, and plans to scale its operations to 200 ingot pullers in Beijing, China.Starting next month, SunPower…

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RUSSIA: Defence, Agriculture Ministries to buy fuel in St Petersburg Exchange

(EnergyAsia, December 28, Friday) — Two government ministries have pledged to support Russia’s new oil exchange in St Petersburg which is expected to start up on February 1.The Ministries of Defence and Agriculture will buy their fuel requirements in the exchange, said deputy minister of economic development and trade Kirill Androsov.“Things are moving as scheduled,…

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CHINA: GT Solar, Yingli Green Energy sign $56million silicon furnace contract

(EnergyAsia, December 28, Friday) — Equipment manufacturer GT Solar said it has signed a $56 million contract with Yingli Green Energy, a vertically integrated photovoltaic (PV) product manufacturer in China, for the next generation of silicon ingot furnaces – the DSS450 by GT Solar.This is Yingli’s fourth and largest order of GT Solar’s DSS furnaces…

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ASIA: Refining sector to remain strong until 2009, says Cazenove analyst

(EnergyAsia, December 28, Friday) — Asia’s oil refining industry is expected to remain strong for the next two years, according to research house Cazenove.Speaking to the media recently, Hsi Han Pin, co-head of Cazenove’s Asia oil and gas research, said the region’s long-term refining margins will average US$3 per barrel.He added that a net margin…

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PAKISTAN: Province near Afghan border gripped by oil supply shortage

(EnergyAsia, December 28, Friday) — Pakistan’s North-West Frontier Province (NWFP), near the Afghan border, is experiencing a severe oil supply shortage at a time when Al Qaeda forces appear to be making inroads among its largely impoverished 21-million people including three million Afghan refugees.The provincial government said the fuel crisis is hurting the economy and…

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IRAQ: Ergil Group awarded turnkey oil terminal construction contract

(EnergyAsia, December 28, Friday) — Ergil, a Turkish engineering firm for the oil, gas, water, chemical, and petrochemical industries, said it has been awarded a turnkey contract to build a 60,000-cubic metre oil storage terminal at Suleymania in northern Iraq.The company said it started engineering and design studies last week, and expects the project to…

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CHINA: CLP targets to reduce carbon intensity by 75% by 2050

(EnergyAsia, December 28, Friday) — Hong Kong-based CLP Group has announced its commitment to a comprehensive climate change strategy, including an ambitious target to reduce the carbon intensity of its power generation portfolio by 75% by 2050.Separately, CLP said it is close to meeting its 2010 renewable energy target of 5%, which was set in…

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SINGAPORE: Asia Pacific Maritime 2008 to be held next March

(EnergyAsia, December 27, Thursday) — The 10th edition of the Asia Pacific Maritime conference and exhibition will be held at the Singapore Expo from March 26 to 28.The biennial event is viewed as Singapore’s foremost international maritime event combining exhibition, conferences and seminars, and a host of networking sessions that connects quality Asia Pacific buyers…

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ASIA: Sweden, ADB to help set up power market in Mekong region

(EnergyAsia, December 27, Thursday) — Sweden and the Asian Development Bank (ADB) are helping to set up a regional power market to support competitive and long-term stable electricity supply to the six Asian member nations of the Greater Mekong Subregion (GMS) economic cooperation program.Power demand in the member states of Cambodia, China, Laos, Myanmar, Thailand…

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SINGAPORE: Brazil’s Petrobras to expand fuel oil storage

(EnergyAsia, December 27, Thursday) — Brazil’s state oil company Petrobras expects to sharply increase its fuel oil storage capacity in Singapore next year from around 50,000 cubic metres now.The company is in talks with the owner of the new Helios Terminal on Jurong Island for up to 180,000 cubic metres of additional storage capacity. The…

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MIDDLE EAST: Oil demand growth to rival China’s

(EnergyAsia, December 27, Thursday) — Oil consumption growth in the Middle East is set to rival China’s in the coming years, said analysts.Oil consumption by OPEC members is set to grow by 4.4% or by 370,000 b/d next year, with more than 50% of this growth being accounted for by the Middle East where high…

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TAIWAN: Oil storage level reduced to promote competition

(EnergyAsia, December 27, Thursday) — Oil companies will need only to maintain 10 million litres of oil products instead of 50 million litres in storage in Taiwan as part of the government’s latest move to encourage competition in the domestic market.Parliament last week amended the Petroleum Management Law to encourage more companies to compete against…

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