CHINA: State oil companies and Venezuela to jointly invest in oil refineries

(EnergyAsia, February 27, Wednesday) — China and Venezuela have agreed to jointly build three oil refineries in China to process heavy crude oil imported from the Latin American country, said the Chinese Ministry of Commerce.Venezeula is ready to export 350,000 b/d of crude to China this year, said the ministry.The agreement has yet to be…

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AUSTRALIA: Navy’s Darwin fuel storage tanks to get A$6 million upgrade

(EnergyAsia, February 27, Wednesday) — The Australian government said it has allocated A$6.4 million to upgrade the navy’s fuel storage terminal in Darwin in Northern Territory state. (US$1=A$1.10).Calling the tanks a strategic asset, Prime Minister Kevin Rudd announced the investment during a recent visit to the country’s northernmost city, located south of Indonesia and Timor…

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PHILIPPINES: Supreme Court orders oil firms to relocate storage tanks from Manila

(EnergyAsia, February 27, Wednesday) — The Philippines’ Department of Energy (DOE) wants the country’s three largest oil firms to obey the Supreme Court’s order to move out of the Pandacan oil depot in Manila by 2013.Petron Corp, Pilipinas Shell Petroleum Corp and Chevron Philippines Inc have been fighting to keep their oil storage and re-distribution…

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BAHRAIN: Gulf Finance House to form ‘energy bank’

(EnergyAsia, February 27, Wednesday) — Bahrain is launching the first Sharia-compliant bank focused on the investment, financing and service needs of the energy sector, with the formation of the First Energy Bank with a planned paid-up capital of US$750 million.Gulf Finance House said it has obtained the ‘in principle’ approval of the Central Bank of…

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AUSTRALIA: APPEA calls for action to stem oil trade deficit, seen growing to A$28 billion in 2017

(EnergyAsia, February 27, Wednesday) — Australia’s upstream oil sector has released a special study calling for government action and increased research to stem the country’s growing deficit in its oil products trade.The study written by leading geoscientist Trevor Powell said the government must increase financial investment in geoscientific research to stop Australia’s growing oil products…

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THAILAND: Refiner Thai Oil reports 9% rise in profit for 2007

(EnergyAsia, February 26, Tuesday) — Thai Oil, the country’s largest oil refiner, said strong refining margins boosted its 2007 net profit by almost 9% to 19.2 billion baht. (US$1=32 baht). Its revenue fell 6.5% to 261 billion baht while expenses were also down, by 8.8%, to 237 billion baht.Margins rose along with crude oil costs,…

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INDIA: Reliance, Essar set for big role in lucrative aviation fuels sector

(EnergyAsia, February 26, Tuesday) — Reliance Industries and Essar Oil are expected to play a bigger role in supplying aviation fuel in India as new rules are allowing private-sector players access to that lucrative high-growth market segment.India’s new “Open Access” model for fuel supplies at airports allows all eligible players – public and private -…

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KUWAIT: India’s L&T awarded $421 million contract to upgrade KNPC’s refineries

(EnergyAsia, February 26, Tuesday) — Indian engineering firm Larsen and Toubro (L and T) said it has won a $421 million contract to supply 22 hydrocrackers and desulphurisation reactors for the upgrade two of Kuwait’s three oil refineries.Mumbai-based L and T senior executive vice president M.V. Kotwal said it will deliver the reactors for upgrade…

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INDONESIA: Libyan crude oil for new 300,000 b/d refinery

(EnergyAsia, February 26, Tuesday) — Indonesia’s state oil firm Pertamina said it plans to import 150,000 b/d of crude oil from Libya to feed its proposed 300,000 b/d Banten refinery project after start-up in 2013. Iran will supply the rest.Pertamina and Libya’s National Oil Corp (NOC) have sealed a 20-year deal to supply the refinery…

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INDIA: IOC plans Rs90 billion investment to upgrade refineries

(EnergyAsia, February 26, Tuesday) — Indian Oil Corporation (IOC) said it has set aside a budget of Rs90 billion to upgrade its refineries to produce higher quality gasoline and diesel fuels. (US$1 = Rs40).The upgrades are scheduled to be completed in 2009. Some of its biggest investments will be made at its Haldia refinery in…

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INDIA: New Hyderabad airport to impose Rs1,500 per kilolitre fuel storage and handling fee

(EnergyAsia, February 26, Tuesday) — Jet fuel suppliers to India’s new GMR Hyderabad International Airport which starts up on March will have to pay a special fuel infrastructure fee of Rs1,500 per kilolitre. (US$1=Rs40).The suppliers complain that they are already paying the Airports Authority of India Rs670 per kilolitre as throughput fees at a time…

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JAPAN: Kyocera to supply solar power systems to 500 households in Tunisia

(EnergyAsia, February 26, Tuesday) — Japan’s Kyocera Corporation said it will supply and install its solar power generating systems in Tunisia under a yen-loan project by the Japanese government through Itochu Corporation.

Starting April, Kyocera will install its solar power generating systems in 500 households in villages that do not currently have electricity in the three regions of Kef, Siliana and Beja.

These systems will charge storage batteries using power generated during daylight hours and make the power available for residential lighting and other needs at night. Anticipated benefits include new freedom to engage in nighttime studies and side jobs, improved quality of life, and enhanced growth and development for the villages.

This will be the first case in which yen loans will be applied to the delivery and installation of photovoltaic power systems.

Yen loans are a form of official development assistance (ODA) provided by the Japanese government. They are a mechanism for lending development funds to developing countries at low interest on a long-term basis.

Yen loans are designed to help developing countries stand on their own economically as they strive to become self-reliant.

Through the project, Japan’s solar power generating technologies are expected to contribute to the economic development of developing countries.

Kyocera embarked on its solar energy business in 1975, and in 1982 became the first company to successfully mass-produce multicrystalline silicon solar cells ‘3; the most widely deployed photovoltaic technology to date.

The company has continued to introduce high-quality products to the rapidly expanding markets of Europe, North America and Japan for more than 30 years.

Kyocera said it has been supplying solar power generating systems to villages without electricity in Asia and Africa. Such systems have been used in residential homes, schools, medical institutions, water pumping facilities and a wide range of other essential applications.

INDIA: Public angry but resigned to fuel price hike

 (EnergyAsia, February 26, Tuesday) — The Indian government appears to have made the correct political gamble when it raised fuel prices nearly two weeks ago as there had been warnings of widespread protests and anger. The public seems to have accepted that the price hikes were justifiable in the face of record world crude prices.After…

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MALAYSIA: ConocoPhillips to expand 128,000 b/d refinery

 (EnergyAsia, February 26, Tuesday) — US oil firm ConocoPhillips said its joint venture company in Malaysia has approved plans to expand its 128,000-b/d oil refinery in the western state of Malacca by 2010.ConocoPhillips, which owns a 47% stake, and partner, Malaysian state oil firm Petronas, which owns the remaining majority stake, has approved the expansion…

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DUBAI: Global Cryo says mini-LNG plant delivers cost-effective energy solution

 (EnergyAsia, February 26, Tuesday) — Global Cryo Systems, a member of the Dubai-based Global Process Systems Group, is launching its concept for mini-LNG plants at Gastech 2008, the industry’s largest gas expo to be held in Bangkok, Thailand from March 10 to 13.The company said it is developing skid-mounted small to medium-scale plants with capacities…

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SINGAPORE: BGC to acquire oil broker Radix Energy

(EnergyAsia, February 25, Monday) — BGC, an international financial brokerage firm, said it has agreed to acquire the assets of Singapore-based Radix Energy through a new BGC subsidiary to be named BGC Radix Energy. The transaction is expected to close in early March 2008.

BGC, which provides integrated voice and electronic services to wholesale fixed income, interest rate, foreign exchange and derivatives markets worldwide, said BGC Radix Energy will offer its clients voice and electronic brokerage services in the world’s energy markets for the first time, with products including crude oil, naptha, middle distillates, fuel oil and freight swap derivatives.

Richard Tan, Radix Energy’s managing director, established the company in 2000 and has expanded the business to more than 30 staff, who will continue to be based in Singapore serving its base of clients in the region and beyond. Mr Tan will remain as a managing director responsible for BGC’s energy division, reporting locally to Craig Bannister, managing director at BGC in Singapore and regionally to Mark Webster, executive managing director and general manager for Asia, and to Mark Spring, executive managing director for Asia.

Shaun Lynn, President of BGC, said: “World energy markets have experienced the same tremendous volatility as elsewhere in recent months and acquiring Radix Energy gives BGC the opportunity to offer existing clients access to these markets and clients of Radix access to BGC’s global price discovery, execution and transaction processing services.”

Mr Tan said: “It is an important development for Radix Energy, because the business will be able to take advantage of BGC’s technology platform and investment in order to further expand its brokerage of energy products. It will enable BGC Radix Energy to become a major energy brokerage house, providing services to existing clients in Singapore and further afield to new clients in Europe and the US.”

The acquisition will mark the latest development in the growth and expansion of BGC which now has more than 1,700 staff in 14 offices around the world. The company recently acquired Euro Brokers, ETC Pollak, Aurel Leven Securities, the equity derivatives business of Marex Financial. BGC is also merging with eSpeed Inc, subject to the relevant regulatory and other approvals.

Named after fixed income trading innovator B. Gerald Cantor, BGC has offices in London, New York, Copenhagen, Istanbul, Nyon, Paris, Mexico City, Toronto, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Beijing (representative office).

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SINGAPORE: Solar research institute launched at the National University of Singapore

(EnergyAsia, February 25, Monday) — Singapore has launched a solar energy research institute to develop solar photovoltaic devices and innovative materials for solar and energy-efficient buildings.Located at the National University of Singapore, the Solar Energy Research Institute of Singapore (SERIS) will help the country tap into the US$30 billion world solar market that is expected…

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MALAYSIA: Green Power Land to build jatropha mill set in Sabah state

(EnergyAsia, February 25, Monday) — Malaysia’s Green Power Land Berhad said it is building a RM30 million jatropha mill in Nabawan in the country’s eastern state of Sabah. (US$1=RM3.22).Feedstock for the facility – the first such plant in Sabah – will come from a nearby a 200-acre jatropha plantation.Green Power believes its investment will enable…

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BIOFUELS: Neste Oil welcomes strict sustainability criteria for biofuels

(EnergyAsia, February 25, Monday) — Finland’s Neste Oil, which is building a large biodiesel plant in Singapore, said it welcomes the new sustainability criteria on biofuels imposed by the European Commission. The company agreed with the EU’s proposal that feedstock obtained from tropical wetlands and highly diverse rainforests should not be permitted.Neste said its proprietary…

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INDONESIA: Singapore’s Wilmar reaches resolution with sustainable palm oil group

(EnergyAsia, February 25, Monday) — Singapore-listed agricultural group Wilmar International Limited said the Roundtable on Sustainable Palm Oil (RSPO) has accepted its response to complaints by environmental and civil organisations related to the destruction of rainforests in Indonesia for the cultivation of the oil palm crop.Wilmar said it was informed by the Roundtable on Sustainable…

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THAILAND: PTT signs agreement to import LNG from Qatar

(EnergyAsia, February 25, Monday) — Thailand’s PTT Public Company Limited has signed a long term agreement to import one million tonnes of liquefied natural gas (LNG) a year from Qatargas Operating Company Limited.Qatargas will supply the LNG into PTT’s LNG receiving terminal when it becomes operational in 2011. The terminal will be capable of handling…

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SINGAPORE: GE Energy sets ups Asian commercial operations centre

(EnergyAsia, February 25, Monday) — GE Energy said it has established its Asia commercial operations centre in Singapore to make decisions for the company’s projects in the region, taking over some responsibilities that until now had been solely held in the US.Two GE veterans have relocated to Singapore to lead this unit. Alan Sides, commercial…

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SAUDI ARABIA: Sabic and Sinopec Corp to build ethylene derivatives complex in Tianjin

(EnergyAsia, February 25, Monday) — China Petroleum and Chemical Corporation or Sinopec Corp and Saudi Basic Industries Corporation (SABIC) recently signed a Heads of Agreement (HOA) to form an equal venture company to build a one-million-ton-per-year complex to produce ethylene derivatives in the Chinese city of Tianjin. The complex has the capacity to produce 600,000…

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MARKETS: US economic downturn, oil shock and food shortages seen as biggest threats for 2008

(EnergyAsia, February 25, Monday) — The US economic downturn, high oil prices and the looming global food shortages are the biggest threats to the world this year, said the World Economic Forum (WEF).They replaced terrorism, conflicts and diseases as the main concerns for world business leaders in the findings contained ‘Global Risks 2008’ report.The report…

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AUSTRALIA: Caltex maintains full-year 2007 dividend at A$0.80 per share, warns of rising cost

(EnergyAsia, February 25, Monday) — Caltex Australia Limited, the country’s only listed downstream oil company, said it will pay shareholders a full-year 2007 dividend of A$0.80 per share, unchanged from the previous year. (US$1=A$1.1). It was unable to raise dividends despite reporting a 3.2% rise in after-tax profit, warning instead that it is preparing to…

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