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 (more…)

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 (more…)

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...

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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...

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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...

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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...

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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...

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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...

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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%...

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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...

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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 (more…)

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 (more…)

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,...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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 (more…)

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 (more…)

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...

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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...

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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...

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