CHINA: Oxford Princeton Programme CEO to join US women leadership delegation on business visit

(EnergyAsia, February 1, Friday) — Energy and global warming will be among the key issues discussed when a delegation of US political and business women leaders meet their counterparts in several Chinese cities on March 13 to 22.

Clara Lippert Glenn, President and CEO of The Oxford Princeton Programme, the world’s leading provider of education and training solutions to the energy, commodity and derivatives markets, will be a member of the US Stellar Women’s Leadership Delegation visiting Hong Kong, Lijiang, Beijing and Shanghai.

They will exchange ideas on vital issues including:

• Economy: Empowering women in China — managing the largest migration in history
• Energy and Global Warming: Can China and the US lead the way?
• Investment: What are the best opportunities to invest in the world’s fastest growing economy?

“I am honoured to be on the forefront of forging ties with Chinese business counterparts,” said Ms Lippert Glenn.

“The Oxford Princeton Programme has made inroads into the Chinese market and we intend to build our ties and presence in this critical global market.”

As the world’s most populous nation with a rapidly growing economy, China’s demand for energy is surging. That demand is projected to increase by 150% by 2020.

China’s oil consumption is growing by 7.5% per year, seven times faster than the US.

The Oxford Princeton Programme is committed to offering Chinese businesses and nationals with a wide array of training avenues including web-based courses to support their own advancements within the energy sector.

The programme’s first course offering in China was recently held in Beijing on January 23-25. International Oil Trading – Advanced Techniques and Strategic Price Risk Management was attended by both Chinese professionals as well as representatives of businesses based in China. Plans for additional workshops are underway.

The Oxford Princeton Programme Inc, with regional offices in Princeton, NJ, Oxford, UK and Singapore, is the world’s leading provider of education and training solutions to the energy, commodity and derivatives markets.

Courses are designed by renowned faculty for all levels of expertise and include views on oil, power, natural gas, renewables and a variety of other topics. Choose from live instructor-led seminars, customised on-sites and web-based modules.

Stellar International Networks acts as a catalyst in bringing together women leaders from around the globe in order to create community, enhance understanding, and expand economic opportunities which can lead to a more humane and compassionate world for women, their families, and the communities in which they live.

PEOPLE: Wartsila’s Vitzthum is chairman of World Alliance for Decentralized Energy (WADE)

(EnergyAsia, February 1, Friday) — Christoph Vitzthum, a senior executive at Finland’s Wartsila, has been appointed chairman of the board of directors of the World Alliance for Decentralized Energy (WADE) from January 1, 2008.

WADE is an international non-profit research and promotion organization representing global companies as well as industry and environmental groups. WADE’s direct and indirect membership includes well over 200 organisations.

In an effort to raise the profile of cogeneration as a climate change mitigation strategy in the 1997 UNFCCC climate change negotiations, the International Cogeneration Alliance was founded. In 2002, the group changed its name to WADE and broadened its scope to include all manner of decentralised energy (DE) technologies.

Mr Vitzthum, a group vice president and head of Wärtsilä Power Plants, said: “Decentralised power production is becoming increasingly important in the global power mix, and it is a vital complement to centralised power generation. Through increasing the market share of decentralised energy production we can, among others, improve total electrical efficiency and provide more secure power supply for local consumers. DE technologies enable us to create a more cost-effective and a more sustainable electricity system that delivers substantial economic and environmental benefits, such as reduced energy costs and decreased emissions.

“WADE is a well-recognised global organization that works to accelerate the worldwide deployment of decentralised energy systems. Decentralised energy systems are often constrained by outdated energy policies and regulations. One of WADE’s goals is to advocate the reform of these policies.”

Research by WADE estimates that in 2005 DE accounted for about 10% of installed power production capacity compared to 7% in 2001. Almost 25% of electricity generated by new capacity added in 2005 was generated by DE installations.

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MALAYSIA: Palm oil prices soar as biofuels squeeze supplies

(EnergyAsia, February 1, Friday) — Increasing demand for biofuels has squeezed palm oil supplies in Malaysia and sent prices skyrocketing to new record high, causing a mini cooking oil supply crisis.Palm oil prices in Malaysia hit a new high of more than RM3,400 per tonne in mid January. (US$1 = RM3.24).The price surge has led…

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MARKETS: Suncor Energy’s board approves C$20.6 billion oil sands expansion

(EnergyAsia, February 1, Friday) — A day after reaching a new royalty deal with the Alberta government in Canada, Suncor Energy said its board of directors has given final approval to a C$20.6 billion investment that is expected to boost crude oil production at the company’s oil sands operation north of Fort McMurray by 200,000 barrels…

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CHINA: Qatar Investment Authority, Singapore’s Keppel to help build Tianjin eco-city project

(EnergyAsia, February 1, Friday) — Singapore’s Keppel Corp said it has signed a Memorandum of Understanding (MOU) with the Qatar Investment Authority (QIA) to participate as an equity investor in a consortium to build an ecological city in China’s Tianjin city. QIA’s definitive participation is subject to further discussion.The 30 sq km eco-city site straddles…

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ASIA: ADB and partners provide seed funding for renewable energy and energy efficiency projects

(EnergyAsia, February 1, Friday) — The Asian Development Bank (ADB) and its development partners are setting up a facility that will provide seed capital for renewable energy and energy efficiency projects in the Asia-Pacific region amid growing energy demands and high oil prices.ADB and the UN Environment Programme (UNEP) are developing the Seed Capital Assistance…

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MARKETS: US Department of Energy consultant criticises CERA study

(EnergyAsia, February 1, Friday) — CERA, the leading critic of the ‘peak oil’ theory, has come under fire for not being transparent with its analysis and data concluding that the world will not face an imminent oil production drop as the world’s main 811 producing fields are declining by ‘only’ 4.5% per year.CERA, led by…

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CHINA: Suntech supplies solar modules for Belgian town hall roof top project

(EnergyAsia, February 1, Friday) — China’s Suntech Power said it is participating in a solar-energy system constructed for the roof of the town hall in Genk in Belgium.The project was engineered by Netherlands-based Oskomera Solar Power Solutions (OSPS) in collaboration with Belgium-based ENECO Energie. The system consists of approximately 1,260 Suntech solar modules with a…

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ENERGY: Suncor Energy’s board approves $20.6 billion oil sands expansion

(EnergyAsia, February 1, Friday) — A day after reaching a new royalty deal with the Alberta government, Suncor Energy said its board of directors has given final approval to a $20.6 billion investment that is expected to boost crude oil production at the company’s oil sands operation north of Fort McMurray by 200,000 barrels per day…

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TAIWAN: Mosel Vitelic signs five-year contract with LDK Solar worth $150 million

(EnergyAsia, February 1, Friday) — Taiwan’s Mosel Vitelic Inc said it has signed a five-year contract to buy multi-crystalline solar wafers from China’s LDK Solar Co Ltd. The deal is worth $150 million, with delivery starting this year.Mosel, which entered the solar cell production in 2006, said the pricing is fixed for the first three…

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WORLD: IMF expects economic growth to slow, with US particularly hard hit

(EnergyAsia, January 31, Thursday) — Weighed down by recent financial market turbulence and a weakening US economy, the world economy is projected to grow at a slower rate of 4.1% this year, down from an estimated 4.9% last year, said the IMF in its quarterly update.

Financial market strains originating from the US subprime mess have intensified, while the recent steep sell-off in global equity markets was symptomatic of rising uncertainty, the IMF stated.

The agency said there was a risk that the ongoing turmoil in financial markets would further reduce domestic demand in the advanced economies with more significant spillovers into emerging market and developing countries.

“Growth in emerging market countries that are heavily dependent on capital inflows could be particularly affected, while the strong momentum of domestic demand in some emerging market countries provides upside potential,” it said.

“Monetary policy faces the difficult challenge of blancing the risks of higher inflation and slower economic activity, although a possible softening of oil prices could moderate inflation pressures.”

It added that US economic growth may have slowed notably in the fourth quarter of 2007, with recent indicators showing weakening of manufacturing and housing sector activity, employment, and consumption.

The IMF projects that US growth will slow to 1.5% this year, down from 2.2% last year, but the update points out that this number for 2008 reflects the carryover from 2007. Projections on a quarterly basis (Q4-Q4) give a better sense of the slowing growth momentum. On this basis, growth is projected at 0.8% in the fourth quarter of 2008, compared with 2.6% during the same period of 2007.

The IMF has described the recent move by the U.S. Federal Reserve to cut the Federal funds rate by 75 basis points as “appropriate and helpful.”

Despite some slowing of export growth, the IMF said emerging market and developing countries have continued to expand strongly, led by China and India. These countries have benefited from the strong momentum of domestic demand, more disciplined macroeconomic policy frameworks, and in the case of commodity exporters, from high food and energy prices.

Growth in emerging market and developing countries is also expected to ease, moderating from 7.8% in 2007 to 6.9% in 2008. In China, growth is projected to decelerate from 11.4% to 10%, which should help alleviate overheating concerns. Growth in Africa is projected to pick up to 7% from 6% last year.

CHINA: Gushan Environmental Energy Limited opens Beijing biodiesel plant

biodiesel, said its 50,000-ton-per-year Beijing plant has started production. The plant will be raised to 100,000 tons by the fourth quarter. “We are pleased to announce the commencement of production at our Beijing plant. Construction of this plant was completed ahead of our original schedule and within our prior estimated budget. We believe this milestone…

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CHINA: Fujian LNG terminal to add two more storage tanks

tanks at its liquefied natural gas (LNG) import terminal in Fujian province. The company said it began construction of tanks number 3 and 4 on January 14 in response to the country’s growing demand for clean burning fuel. The two tanks will be ready by 2011. CNOOC said it expects to complete the main part of…

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CHINA: Political stability threatened as freak snow storm inflicts nationwide fuel and food crisis

severe freak snow storm that has caused widespread disruptions to fuel, power and food supplies across a large part of the central and southern regions. Fearing this is turning into a political crisis, Beijing has appointed Premier Wen Jiabao to take charge of relief efforts following two weeks of harsh wintry conditions that have claimed…

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CHINA: A-Power licensed to produce and sell Fuhrlander’s 2.5 MW wind turbine

Chinese subsidiary, Liaoning GaoKe Energy Group, has obtained a licensing agreement to produce and sell Fuhrlander AG’s 2.5 MW series wind turbine in China. Fuhrlander will also assist GaoKe in developing a plant in Shenyang city modeled after Fuhrlander’s plant in Germany, with completion expected in mid-2008. Fuhrlander will help ensure the wind turbines are…

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INDIA: Downstream company MRPL said latest quarterly profit surged 194% to Rs3.47 billion

Ltd (MRPL), a subsidiary of upstream giant ONGC, said its latest quarterly net profit surged 194% to Rs3.47 billion. (US$1=Rs40). MRPL said revenue for the October-December quarter rose 11% to Rs93.2 billion. Refining throughput fell 10% to 3.02 million tonnes due to a shutdown for maintenance of its secondary refining units in the last two…

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NEPAL: Diesel, kerosene shortages worsen

trucks queue up outside fuel outlets in key cities awaiting fresh supplies. Shortages of diesel and kerosene have spread throughout the country, hitting the impoverished economy further. This week, oil traders told owners of cars, buses and trucks that fuel supplies were no longer available in most fuel outlets, forcing the nation’s major highways to…

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MARKETS: Europe could ban import of certain types of biofuels

certain types of biofuels that it claims are actually harming the environment. Green groups have successfully lobbied the EU to consider banning the use of biofuels produced from crops grown on scarce rainforests, wetlands and grasslands. The 27-member powerful EU bloc has been confronted with growing evidence that plantation owners are engaged in unsustainable environmental…

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SINGAPORE: SPC’s 2007 net profit up 78.6% to S$508.3 million

by 78.6% to S$508.3 million on strong demand and high margins for its refined products. (US$1=S$1.42). Revenues rose 2.2% to while basic earnings per share shot up by 78.5% to 98.78 Singapore cents. Chairman Choo Chiau Beng said: “SPC chalked up a historic Profit After Tax and Minority Interests (PATMI) of S$508.3 million in 2007. This…

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CHINA: Flowserve awarded contract to supply pumps to two nuclear power plants

(EnergyAsia, January 31, Thursday) — Flowserve Corporation, a leading global provider of fluid motion and control products and services, said it has been selected to provide the China Nuclear Power Engineer Co Ltd with concrete volute pumps for the first phases of its Hongyanhe and Ningde nuclear power plant projects. The order is worth a total of between $25 and $30 million.

Hongyanhe, in Dalian city in Liaoning province, is the first nuclear power project to be built in northeast China. A total of six generating units are planned for the site, which will be constructed in several phases. The first phase, which will include two generating units, is scheduled to be completed in 2011.

The Ningde nuclear power project is located in Qinyu town in Fujian province’s Ningde city. This plant will have six units that will be constructed in three phases. The first phase of the project is due for completion in 2012.

“This contract is a result of Flowserve’s focus on the nuclear power market in China,” said Flowserve Pump Division President Tom Ferguson. “Our Flowserve Changsha joint venture worked closely with our partner Changsha Pump Works on the plan for local manufacturing, which positions us well in this growth market as China adds nuclear power generating capacity over the next two decades.”

China plans to significantly increase the country’s installed nuclear power to approximately four percent of the country’s total installed capacity by 2020.

To reach this goal, China must build 32 nuclear power units, of the size of the planned Hogyanhe and Ningde projects in the next 15 years, according to the Chinese National Development and Reform Commission.

The Hongyanhe plant is a joint venture among China Guangdong Nuclear Power Holding Co Ltd (CGNPC), China Power Investment Corporation (CPIC) and Liaoning Construction Investment Group. The Ningde project is a joint venture of Guangdong Nuclear Power Investment Co Ltd and Datang International Power Generation Co Ltd. CGNPC will be responsible for the project construction and the operation of the first five years after commercial operation with participation from CPIC.

Flowserve Corp operates in more than 55 countries, producing engineered and industrial pumps, seals and valves as well as a range of related flow management services.

China Nuclear Power Holding Co Ltd was established in September 1994 with a registered capital of RMB10.2 billion. (US$1=RMB7.25). China Guangdong Nuclear Power Group (CGNPG) is the parent company of CGNPC, with total assets of RMB60.2 billion and net assets valued at RMB26.3 billion, as of last February 28.

INDONESIA: Talisman Energy acquired 3.06% Tangguh LNG stake from CNOOC

(EnergyAsia, January 30, Wednesday) — Canada’s Talisman Energy Inc said a subsidiary has acquired all the shares of CNOOC Wiriagar Overseas Limited from a subsidiary of China’s CNOOC Ltd for US$212.5 million.

Talisman effectively acquired CNOOC Wiriagar Overseas Limited’s 3.06% stake in the Tangguh LNG Project on January 1 2008.

The project in Indonesia’s West Papua province consists of a number of offshore gas wells, production facilities, pipelines and LNG plant facilities with a nameplate capacity of 7.6 million tons per year. Delivery of the first cargo is expected in late 2008.

“I am pleased with this settlement,” said John Manzoni, Talisman’s President and CEO. “The purchase marks the end of a longstanding contractual disagreement inherited by both parties. I look forward to further developing our business in the region and building on our relationship with CNOOC Ltd.”

Talisman Energy Inc is an independent upstream oil and gas company headquartered in Calgary in Alberta province. The company and its subsidiaries have operations in North America, the North Sea, Southeast Asia and North Africa.

SINGAPORE: AsiaClear cleared more than US$4.7 billion of trades in 2007, services over 160 accounts

(EnergyAsia, January 30, Wednesday) — Singapore Exchange Limited (SGX) said its SGX AsiaClear unit has cleared more than US$4.7 billion worth of oil and commodity trades last year while securing over 160 trading accounts.

This represents a more than 12-fold increase in value of trades cleared and more than doubling of counterparty network over 2006.

At a ceremony yesterday, SGX AsiaClear presented awards to its top over-the-counter (OTC) inter-dealer brokers and clearing members. The awards were presented by guest-of-honour, Mrs Lim Hwee Hua, Minister of State for Finance and Transport.

Benjamin Foo, SGX’s Head of Clearing, Commodities and AsiaClear, said:

“SGX AsiaClear registered strong growth in our first full year of operation in 2007, with a sharp increase in clearing activity and growth in counterparties. We will work more closely with market participants to introduce further initiatives to grow the OTC business in Asia.”

For 2008, SGX is looking to offer clearing services for petrochemical derivative trades and dry bulk commodities contracts.
SGX AsiaClear’s rapid development was recognised by the industry in the form of two awards last year.

SGX received the Exchange of the Year – Asia Award from Energy Risk magazine, in recognition of SGX AsiaClear’s contribution to the OTC energy derivatives market. SGX AsiaClear also received the Energy Business Award for Excellence in Energy Trading and Risk Management.

SGX AsiaClear is Asia’s first and only OTC clearing service for oil swaps and forward freight agreements (FFAs). With its growing pool of Asia-based trading counterparties, SGX AsiaClear is also beginning to see more interest from European players who are keen to trade with Asian partners.

It offers clearing services for OTC trades in fuel oil, gasoil and kerosene.

SINGAPORE: Keppel FELS completes second jackup rig for Qatar

(EnergyAsia, January 30, Wednesday) — Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Singapore’s Keppel Offshore & Marine Limited (Keppel O&M), said it has completed the construction of its second jackup drilling rig for Gulf Drilling International Ltd (GDI), a joint venture between Qatar Petroleum (QP) and Japan Drilling Co Ltd (JDC).At a ceremony…

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PAKISTAN: Oil firms lack cash for diesel imports

(EnergyAsia, January 30, Wednesday) — Pakistan’s energy supply shortages will likely worsen this year as oil companies do not have enough funds to pay for imports, in particular diesel.The oil companies said they are unable to participate in buying tenders for March and April, raising the spectre of a fuel crisis by the end of…

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