SINGAPORE: ‘Daiwa FTSE Shariah Japan 100’ seminar attracts more than 80 financial industry players

(EnergyAsia, May 30, Friday) — A seminar on Japan’s first Islamic Shariah law-compliant fund, which includes several listed oil, gas, chemical and utility companies, held in Singapore on May 26 attracted more than 80 people from the financial industry.

Listed on the Singapore stock exchange on May 27, the ‘Daiwa FTSE Shariah Japan 100’, exchange-traded fund is the joint product of global equity and bond index provider FTSE and Daiwa Asset Management.

Included in this first Islamic fund to be listed in Singapore are three oil and gas companies, eight chemical companies, and two companies serving the gas, water and utility sectors, said Paul Hoff, managing director of FTSE Asia Pacific.

Launched in collaboration with leading Shariah authority Yasaar Ltd, the fund aims to track the performance of the FTSE Shariah Japan 100 Index that measures the investment return of the largest and most liquid companies that comply to Islamic rules. 

Designed to meet the investment requirements of both Islamic and conventional investors internationally, the fund allows investors instant access to the top 100 Shariah-compliant Japanese listed companies as measured by market capitalisation.

Japan’s second biggest asset management company, Daiwa Asset Management, said it aims to expand its equity product portfolio to suit the needs of global Islamic investors with this index.

The seminar also covered topics on the ‘FTSE Japan 100’ index, Daiwa Asset Management’s role in the index and an outlook of the Japanese economy and stock market.

Speakers included Paul Hoff (FTSE), Michihito Higuchi and Masaru Arai (Daiwa Asset Management).
Daiwa and FTSE plan to hold the same seminar in Kuala Lumpur, Malaysia and Hong Kong at the end of the month.

For more information, please contact Admin@EnergyAsia.com.

 

AUSTRALIA: Trucks should convert to natural gas, says analyst

(EnergyAsia, May 30, Friday) — Big truck fleets should take the lead and convert from diesel to natural gas, says Perth-based independent petroleum industry analyst Peter Strachan.

“With natural gas (methane) less than a quarter of the price of diesel, there are massive savings to be made,” he said, in a statement released by Australia-based conference organiser IIR Conferences.

“For the one-off cost of establishing their own refueling stations, companies operating long-haul truck fleets could thumb their nose at diesel and gasrol prices that are set to go in only one direction – upwards.”

Mr Strachan said Australia is sitting on abundant reserves of natural gas – estimated to be more than 140 trillion tcubic feet – which are earning big export dollars in the form of liquid natural gas (LNG).

Western Australia relies heavily on gas for power generation and there are significant plants in Queensland, South Australia and Victoria. However, with escalating crude oil prices, there is a clear case for extending the use of gas in motor vehicles,” he said.

“Besides being cheap, natural gas burns more cleanly than petrol and diesel and gives off much lower emissions.

“Many motorists are already reaping savings from the use of LPG (a mixture of propane and butane). However methane-based natural gas is cheaper and burns even more cleanly. 

“Providing natural gas as an alternative fuel choice for cars would require an enormous investment in fuelling infrastructure. However it’s not such a big problem for trucks and buses equipped with long-range tanks and access to fuelling depots, where they can use either compressed natural gas or LNG.

“The conversion technology is available and some buses and trucks are using LNG in Western Australia.

“Wesfarmers has recently commissioned a 175 tonnes per day (t/d)) LNG plant in Perth, designed to supply remote power plants with fuel as well as fuel for the transport industry.

“All that’s required to extend the use is the entrepreneurial and political will.”

Mr Strachan is a speaker at the 2008 South East Asia Australia Offshore Conference (SEAAOC) in Darwin in July, where gas will be a central focus of energy discussion.

SINGAPORE: Marine fuels company Chemoil reports 87% drop in Q1 net profit

(EnergyAsia, May 30, Friday) — Singapore-listed marine fuels company Chemoil said its first quarter net profit fell by around 87% to US$2.32 million despite a strong surge in revenue and sales volume compared with the same period last year. The company attributed the profit decline to a worldwide drop in marine fuel prices in January…

This article is for Subscriber members only.
Log In Register

CHINA: CNPC leverages on Nippon Oil’s spare refining capacity

(EnergyAsia, May 30, Friday) — China National Petroleum Corp’s (CNPC) has agreed with Nippon Oil to use spare capacity at the Japanese refiner to make oil products for the growing Chinese market. The deal includes giving CNPC access to Nippon Oil’s 115,000 b/d refinery in Osaka.  If everything goes to plan, CNPC will, from April…

This article is for Subscriber members only.
Log In Register

IRAN: Tehran books additional VLCC as floating storage in anticipation of higher oil prices

(EnergyAsia, May 30, Friday) — Iran’s national tanker company, NITC, has booked another 270,000-ton Very Large Crude Carrier (VLCC) supertanker to store its crude oil. The country already has 13 VLCC with a floating storage capacity of over 28 million barrels of oil. However, Iran is reportedly seeking additional tankers to add to its floating…

This article is for Subscriber members only.
Log In Register

INDIA: Diesel shortages hit northern states

(EnergyAsia, May 30, Friday) — India’s northern states are beginning to experience diesel shortages, with downstream oil firm Bharat Petroleum reporting growing delays in supplying its retail outlets. The shortages have coincided with the arrival of more diesel-powered vehicles on the roads and growing demand from industry which is using diesel as a cheaper alternative…

This article is for Subscriber members only.
Log In Register

MARKETS: IATA said world air traffic growth continues to slow

(EnergyAsia, May 30, Friday) — The International Air Transport Association (IATA) said world air traffic growth continues to slow under the weight of rising fuel prices and weak economic conditions. Air passenger demand in March increased 5.8% with load factors at 77.7% while freight traffic grew 3.2% compared to the same month in the previous…

This article is for Subscriber members only.
Log In Register

INDIA: Oil retailers could run out of cash by September

(EnergyAsia, May 30, Friday) — Forced to sell fuel at below market prices, India’s state-owned oil retailers warn they will run out of money to pay for crude imports as early as July unless the government allows them to sharply raise prices. The government has long ignored the industry’s warnings for years that they cannot…

This article is for Subscriber members only.
Log In Register

INDIA: IndiaOilCorp’s CPCL refining unit reports sharp rise in FY2007 net profit

(EnergyAsia, May 30, Friday) — IndianOil Corp (IOC) said a refining subsidiary, CPCL, has reported an “impressive” financial performance for the financial year ending March 31 2008. CPCL said its FY2007 net after-tax profit rose by nearly 99% to Rs.11.23 billion compared with Rs5.65 billion the previous year. (US$1=Rs42). Revenue rose by more than 12%…

This article is for Subscriber members only.
Log In Register

CHINA: Trina Solar signs polysilicon supply agreement with Jupiter Corporation

(EnergyAsia, May 30, Friday) — China’s Trina Solar said it has signed a long-term polysilicon supply agreement with Jupiter Corporation Ltd, an affiliate of DTK Industries (Qingdao) Co Ltd. Qingdao DTK will supply Trina Solar with virgin polysilicon sufficient to produce approximately 650 MW of solar modules in aggregate over six years. Delivery of polysilicon…

This article is for Subscriber members only.
Log In Register

SINGAPORE: IBC Asia’s ‘Shipping Capital 2008: Sale and Purchase’ at Sheraton Towers July 29 to 31

(EnergyAsia, May 29, Thursday) — ‘Shipping Capital 2008: Sale and Purchase (SNP)’ will be held at the Sheraton Towers in Singapore from July 29 to 31.

Over the years, there has been an unprecedented fleet growth due to the boom in world trade. Vessel prices have surged, making the market an increasingly risky business. 

Organised by IBC Asia, the event will address key issues surrounding the shipping SNP market with focus on brokerage, insurance, financial and legal requirements of ship owners and managers. It will examine the obligations and rights to SNP contracts, and review recent transactions as well as special legal proceedings.

The event aims to equip ship owners and management with an understanding of ship financing tools, insurance packages and legal aid available for acquiring vessels.

Topics addressed include market volatility, global downturn, financing and investing in SNP, in-house SNP versus brokered deals, the financing landscape, trading strategy, effects on claims exposures and risk management, funding shipping investments, alternative fund raising, market cycles, asset play, vessel register, legal issues, and the role and purpose of insurance.

Speakers at the event include Khalid Hashim (Precious Shipping Public Company), Tim Huxley (Wah Kwong Maritime Transport Holdings), Alvin Cheng (PST Management), Quah Ban Huat (Rickmers Trust Management), Subhungshu Dutt (PIL), Tan Hua Joo (Seacastle Inc), Anshukanth Taneja (South East Asia Standard & Poor’s Ratings Centre), Matthias Umlauf (HSH Nord Bank), Tan Hui Tsing (Joseph Tan Jude Benny), Kate Roberts and Kate Sherrard (Watson Farley & Williams), Derek Tan (Rajah & Tann), Winston Kwek (Rajah & Tann), Martin Lanting (Raets P&I), Annie Ng (International Registries Pte Ltd), Stephen (Lloyd’s Shipping Economist) and Paul Chang (HSH Nordbank).

A pre-conference workshop on the ‘Practical Approach to Sale and Purchase’ will be held on July 29. It will examine recent SNP legal issues and the risks involved in today’s activities. Workshop directors include Winston Kwek (Rajah & Tann), Kate Sherrard (Watson Farley & Williams) and Tan Hui Tsing (Joseph Tan Jude Benny).

For more information on ‘Shipping Capital 2008: Sale and Purchase’, please contact Admin@EnergyAsia.com.

SINGAPORE: Oxford Princeton’s ‘Aviation Fuels: Supply, Trading and Risk Management’ June 16 – 18

(EnergyAsia, May 29, Thursday) — ‘Aviation Fuels: Supply, Trading and Risk Management’, a course offered by the Oxford Princeton Programme, will be held in Singapore from June 16 to 18. 

The workshop will provide an overview of the supply, trading and risk management of the aviation fuels market. It will cover the key building blocks required to understand the jet fuel and aviation gasoline markets. 

Topics discussed include the basics of aviation fuel production and refining processes, aviation fuels quality and specifications, supply and logistics, market fundamentals of supply and demand, jet fuel trading, pricing mechanisms and the management of price risk. 

Delegates will be able to participate in industry case studies and trading and hedging simulations. 

The course will be directed by Mary Jackson who has over 15 years of experience in the energy industry.

For more information on ‘Aviation Fuels: Supply, Trading and Risk Management’ , please contact Admin@EnergyAsia.com.

VIETNAM: Government approves US$6.2 billion refinery project

(EnergyAsia, May 29, Thursday) — The Vietnamese government has issued a licence to a Kuwaiti-Japanese joint venture that is planning to build a US$6.2 billion refinery in the country. The 200,000 b/d plant, due to start up in 2013, will be located in the Nghi Son Economic Zone in the northern province of Thanh Hoa,…

This article is for Subscriber members only.
Log In Register

THAILAND: Thai Oil’s first-quarter profit plummets 35%

(EnergyAsia, May 29, Thursday) — Thai Oil, Thailand’s largest refiner, suffered a 35% drop in first-quarter profit, pulled down by its petrochemicals business and lower refining margins at its 275,000 b/d plant. First-quarter profit was 3.87 billion baht, down from 5.9 billion baht in the 2007 first quarter (US$1 = Baht31.14). A shutdown at its…

This article is for Subscriber members only.
Log In Register

SRI LANKA: Government to maintain retail fuel price caps

(EnergyAsia, May 29, Thursday) — The Sri Lankan government has confirmed it will not let retail fuel prices rise to reflect the increasing cost of crude oil on the world markets. Oil companies led by state-owned downstream player Ceylon Petroleum Corporation (CPC) will be forced to write off large losses. So far this year, CPC…

This article is for Subscriber members only.
Log In Register

MALAYSIA: Oil reserves could run out by 2018

(EnergyAsia, May 29, Thursday) — Malaysia’s estimated oil reserves of three billion barrels could run out in about 10 years on current production and consumption trends, putting pressure on the government to make much better use of oil revenues while they last. Seeking to raise domestic oil prices as they are now heavily subsidised, Domestic…

This article is for Subscriber members only.
Log In Register

KUWAIT: KNPC to invest US$19 billion to upgrade refineries

(EnergyAsia, May 29, Thursday) — Kuwait National Petroleum Company (KNPC) plans to invest up to 5 billion dinars to upgrade and expand two of its refineries. (US$1=0.26 dinar). The company is due to launch tenders calling for upgrading the Mina Abdullah and Mina Al-Ahmadi refineries this August. KNPC aims to add 200,000 b/d of capacities…

This article is for Subscriber members only.
Log In Register

INDIA: Consumers face supply squeeze as oil companies suffer mounting losses on rising crude price

(EnergyAsia, May 29, Thursday) — India could soon face a nationwide fuel supply squeeze as cash-strapped oil retailers are planning to reduce sales to limit losses in the country’s price-controlled market. Under orders from the government not to raise retail prices, the country’s main downstream companies IOC, HPCL and BPCL are threatening to reduce supplies…

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Technip Chiyoda Fluor JV awarded two contracts by Woodside

(EnergyAsia, May 29, Thursday) — Technip, Chiyoda and Fluor said their Australian joint venture, known as TCF, has been awarded by Woodside Energy Ltd (WEL) services contracts to build two proposed liquefied natural gas (LNG) developments in Australia. The two separate contracts cover an onshore plant development study, as part of the selection process of…

This article is for Subscriber members only.
Log In Register

AUSTRALIA: ExxonMobil looking to sell Altona refinery, retail outlets

(EnergyAsia, May 29, Thursday) — ExxonMobil could be looking to sell off an oil refinery, a chain of about 800 retail outlets, two fuel terminals and part of its marketing business in Australia. According to local media reports, the US major had been in talks with Anglo Dutch Shell in recent months to take over…

This article is for Subscriber members only.
Log In Register

SINGAPORE: “LPG Trading and Pricing – Shipping, Contracts and Price Risk Management” on June 18-20

(EnergyAsia, May 28, Wednsday) — ‘LPG Trading and Pricing – Shipping, Contracts and Price Risk Management’, a course offered by the Oxford Princeton Programme, will be held in Singapore from June 18 to 20.

Presented in association with international energy consulting company Richardson Lawrie Associates, the course aims to provide an understanding of the international LPG business including the risks and factors at work.

Delegates will engage in real time trading cases and learn about shipping contracts, negotiations, calculations and tactics. A certificate will be presented upon successful completion of this course.

The course is recommended for commercial, operations and marketing staff, planners, economists and government officials as well as executives involved in LPG supply, shipping and international trading. 

For more information, please contact Admin@EnergyAsia.com.

MALAYSIA: ‘Clean Energy and Power Generation 2008’ to discuss key energy issues

(EnergyAsia, May 28, Wednesday) — ‘Clean Energy and Power Generation 2008’, organised by Avail Corporation, will be held in Kuala Lumpur, Malaysia on August 14 to 15.

While struggling to meet its fast growing energy demand, Asia must deal with the twin threats of natural resources depletion and global warming.

To reduce dependence on fossil fuels, the region is exploring the production and use of alternative energy sources to ensure it has sustainable energy supplies.

The conference will also address various energy problems such as rising prices that the region is facing in the near future.
Speakers at the event include executives from the China National Coal Association, the Philippines’ Department of Energy (DOE), Office of Atoms for Peace (OAEP), US Department of Energy and Vietnam Atomic Energy Commission.

Topics addressed include investment in clean power generation technologies, advanced technology for clean and efficient coal-firing plants, the role of nuclear energy in mitigating global warming, impact of climate change on the energy sector and the future of energy supplies.

For more information on ‘Clean Energy and Power Generation 2008’, please contact Admin@EnergyAsia.com.

VIETNAM: Hanoi to add 220,000 tonnes of fuel storage capacity by end-2008

(EnergyAsia, May 28, Wednesday) — The Vietnamese government is planning to double the country’s gasoline and diesel storage capacity to 220,000 tonnes by the end of the year. The additional capacity will boost the country’s oil products stockpile to about 10 days of consumption. Vietnam relies entirely on imports for its fuel as it does…

This article is for Subscriber members only.
Log In Register

CHINA: Venezuela’s PDVSA, CNPC agree on refinery project, oil development

(EnergyAsia, May 28, Wednesday) — Venezuela’s state oil major Petroleos de Venezuela SA (PDVSA) and China National Petroleum Corp (CNPC) have agreed to build a refinery in China and to jointly develop oil production in Venezuela’s Orinoco region. CNPC said it will have a 40% stake while PDVSA has a 60% share in the venture…

This article is for Subscriber members only.
Log In Register

CHINA: CNPC starts up crude storage terminal in Liaoning province

(EnergyAsia, May 28, Wednesday) —State-owned China National Petroleum Corporation (CNPC) has started up a 600,000 cubic metre crude oil storage terminal in Jinzhou port in Liaoning province. The RMB680 million terminal in northeastern China consists of six tanks each of 100,000 cubic metres capacity. (US$1=RMB6.9). Jinzhou is an important hub for the shipment of oil…

This article is for Subscriber members only.
Log In Register