CHINA: Fujian terminal receives first shipment of Saudi crude oil

(EnergyAsia, February 27, Friday) — The QingLanShan crude oil terminal serving the joint venture Fujian oil refinery in China was inaugurated last week at a ceremony marking the arrival of the first cargo of Saudi crude oil. The 900,000-barrel cargo of Arabian Extra Light was delivered by the tanker Cosbright Lake from Ras Tanura to...

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SINGAPORE: KTL report 37.4% net profit growth to S$3 million for 1H FY09

(EnergyAsia, February 27, Friday) — KTL Global Limited, a Singapore-based supplier of rigging equipment to the offshore oil and gas sector, has reported a 37.4% year-on-year increase in net profit to S$3 million for the half-year ended December 31 2008. (US$1=S$1.5). Group revenue increased 37.7% to S$37.4 million, boosted by strong demand for its products...

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CHINA: CNOOC plans to acquire refiner Zhoushan Hebang

(EnergyAsia, February 27, Friday) — China National Offshore Oil Corp (CNOOC) is planning to buy oil refiner and aromatics producer Zhejiang Zhoushan Hebang Chemical. CNOOC is pursuing the takeover of Zhejiang Zhoushan Hebang, which has a production capacity of 250,000 tonnes per year, through its affiliate, CNOOC Ningbo Daxie Petrochemical Ltd, a fuel oil producer....

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CHINA: Extent of oil consumption slowdown not clear

(EnergyAsia, February 27, Friday) — China’s oil consumption growth is set to slow this year but experts do not fully agree on the extent of the slowdown. The International Energy Agency (IEA) expects 2009 demand to grow by 1.1%, the lowest growth rate since 2001, and down sharply from last year’s 4.4%. The Paris-based agency...

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TAIWAN: Lithium rechargeable battery supplier Boston-Power to set up R&D centre

(EnergyAsia, February 27, Friday) — In light of Taiwan’s dominance in the global market for notebook PCs, US-based Boston-Power Inc, a globally well-known supplier of lithium rechargeable batteries, said it is going to set up an R&D centre on the island. It also plans to ally with local notebook PC manufacturers to compete against Japanese...

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CHINA: CNOOC completes building storage tank, starts constructing another in Guangdong

(EnergyAsia, February 27, Friday) — State-owned CNOOC has started work on a new 40,000-cubic metre oil products storage tank in the coastal city of Shaoguan in southern China shortly after it completed the construction of a much larger terminal in another part of Guangdong province. The 80-million-yuan terminal will help store and distribute oil products...

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INDONESIA: Japan’s MHI receives order for gas-fired power plant from PT PLN

(EnergyAsia, February 27, Friday) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it has received a full-turnkey order for a 750 MW natural gas-fired gas turbine combined-cycle (GTCC) power plant from PT PLN, Indonesia’s state-owned electricity company. PLN is planning to build a new GTCC power plant on the premises of the existing Tanjung Priok...

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CHINA: Puda Coal to restructure six mines, build coal power plant in Shanxi province

(EnergyAsia, February 27, Friday) — Puda Coal Inc, a US-listed supplier of high grade metallurgical coking coal used in steel manufacturing, said it has signed a letter of intent with a local county government in China’s Shanxi province to consolidate the county’s six coal mines and build a coal power plant. The county will apply...

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CHINA: Oil prices recover as stockpile building programme accelerates

(EnergyAsia, February 27, Friday) — China will soon begin building eight new strategic oil stockpile sites around the country as it races to complete filling up 16 million cubic metres or 100 million barrels of capacity at all four of its first phase sites. China’s rush to expand its oil stockpiles has helped world oil...

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AUSTRALIA: Noble expressed ‘serious concerns’ over merger between Gloucester and Whitehaven Coal

(EnergyAsia, February 27, Friday) — Singapore-listed commodities trader Noble Group has expressed “serious concerns” over Gloucester Coal’s planned A$900-million merger with fellow Australian coal miner Whitehaven Coal. (US$1=A$1.55). Despite being Gloucester’s largest shareholder with a 21.7% stake, Hong Kong-based Noble said it was not informed or consulted by Gloucester’s board of Directors prior to the...

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RUSSIA: Duties on oil export to Asia may be scrapped

(EnergyAsia, February 26, Thursday) — Russia’s cash-strapped government is considering abolishing export duties for crude oil sales to Asia. Energy minister Sergei Shmat has submitted a proposal calling for the scrapping of the duties as Russia prepares to step up trade ties with Asia’s top three energy consumers, China, Japan and South Korea. In recent weeks, Russia...

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INDONESIA: Pertamina to boost refining capacity by 400,000 b/d

(EnergyAsia, February 26, Thursday) — The Indonesian government has announced plans to expand the country’s oil refining capacity by 400,000 b/d to reduce its growing dependence on oil product imports.President Bambang Susilo Yudhoyono said state oil and gas firm Pertamina will be given support to build two new plants and expand the capacity of an...

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INDIA: Allgreen Energy plans to build 10 biomass plants

(EnergyAsia, February 26, Thursday) — Singapore-based Allgreen Energy has announced plans to invest about Rs5 billion to build 10 biomass power plants in India. (US$1=Rs50).It said it will begin building three of the plants in Karnataka, Tamil Nadu and Madhya Pradesh state next month. Each plant will have the capacity to produce 6.5 megawatt (MW).The...

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CHINA: US-based hydroelectric company plans IPO to raise up to US$200 million

(EnergyAsia, February 26, Thursday) — US-based China Hydroelectric is planning to launch an initial public offering (IPO) in Hong Kong to raise up to US$200 million, according to Chinese media reports. The reports said the company has hired Deutsche Bank and Merrill Lynch to oversee the fundraising effort in the face of difficult conditions in the...

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PHILIPPINES: State bank exploring joint venture renewable energy investments

 (EnergyAsia, February 26, Thursday) — State-owned Development Bank of the Philippines (DBP) said it has signed a memorandum of understanding (MOU) with Constellation Energy Corporation, Foundation Markets and Enerasia Renewable Corporation to explore possible joint undertakings in the development of viable new and renewable energy (NRE) projects in the country.DBP president and CEO Reynaldo G....

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MIDDLE EAST: Region’s spending to cushion impact of global financial crisis

(EnergyAsia, February 26, Thursday) — Continued investment spending by Middle Eastern oil exporters is cushioning the impact of the global financial crisis on the entire region, said the International Monetary Fund (IMF).Speaking in Dubai recently, IMF Middle East and Central Asia Department Director Masood Ahmed said the economies of the Middle East, North Africa, Afghanistan...

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SOUTH KOREA: Foster Wheeler awarded gasification FEED contract

(EnergyAsia, February 26, Thursday) —- Engineering giant Foster Wheeler AG said that its Milan-based subsidiary, Foster Wheeler Italiana SpA, has been awarded a contract for the front-end engineering design (FEED) and technical services for a new gasification island, based on Shell technology, in South Korea. The contract was awarded by Doosan Heavy Industries & Construction...

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AUSTRALIA: CSIRO launched solar energy trials

(EnergyAsia, February 26, Thursday) — Australia’s science and technology agency CSIRO has launched a trial as a member of the Victorian Organic Solar Cell Consortium (VICOSC) to develop flexible, large area and cost-effective printable plastic solar cells.The three year A$12 million VICOSC solar cell project is 50% funded by the Victoria state government through an...

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AUSTRALIA: Chevron confirms successful appraisal programme for Wheatstone and Iago fields

(EnergyAsia, February 26, Thursday) — US major Chevron Corp said its seven-well exploration and appraisal programme for the Wheatstone and Iago fields in northwest Australia has proved that they hold enough natural gas reserves to support a two-train Wheatstone liquefied natural gas (LNG) and domestic gas project.In late 2008, Chevron had announced plans to locate...

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AUSTRALIA: Caltex reports 95% drop in net profit on lower oil price, output

(EnergyAsia, February 26, Thursday) — Downstream company Caltex Australia Ltd said plunging oil prices and production sank its 2008 net profit fell by 95% to A$34 million from A$646 million in 2007. (US$1=A$1.55). The unplanned shutdown of its two refineries knocked 10% off its production of gasoline, diesel and jet fuel. World oil prices plunged...

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RUSSIA: Sakhalin Energy to produce six million tonnes of LNG this year

(EnergyAsia, February 25, Wednesday) — Russia’s Sakhalin Energy aims to produce six million tonnes of liquefied natural gas (LNG) from its new export terminal on the Russian Far East island in this year. According to the Russian energy ministry, the terminal, which starts up next month with a first export cargo, would operate at around...

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GUAM: Shell sells off oil storage terminal

(EnergyAsia, February 25, Wednesday) — Shell Guam, a unit of the Anglo Dutch major, said it is selling its four-million-barrel oil storage terminal in Agat to Tristar Terminals Guam Inc. The sale is expected to be completed in a few months, subject to administrative and permit requirements. While citing Guam’s “good long-term prospects”, Shell said...

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MARKETS: Merrill Lynch expect sharp drop in oil production by 2015

(EnergyAsia, February 25, Wednesday) — World oil output could fall by as much as 30 million b/d by 2015, analysts at Merrill Lynch said. In a special report, the world will have to deal with sharply lower oil supplies as a result of declining production rates, the rapid depletion of older fields, low investment levels...

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MARKETS: OPEC nations to delay implementation of 35 oil projects

(EnergyAsia, February 25, Wednesday) — OPEC member countries have delayed developing at least 35 projects to raise oil production in response to current weak market conditions. The cartel’s secretary general Abdullah al-Badri said the recent sharp plunge in oil prices, weakening demand and the global credit crisis have dampened members’ interest in expanding capacity. Oil...

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