VIETNAM: Cavico signs new $3 million contract for hydropower plant

(EnergyAsia, April 30, Thursday) — Cavico Corp, a leading infrastructure development company in Vietnam, said it has signed an additional contract valued at $3 million with the Projectx Management of Industrial and Urban Development Corporation (IDICO) for the Dak Mi 4 hydropower plant. Cavico said it will be responsible for construction of a surge tank, (more…)

IRAN: China invited to invest in oil and gas projects

(EnergyAsia, April 30, Thursday) — Iran has laid out the red carpet for oil and gas investments from China. Iranian vice president Parviz Davoudi extended the invitation during a recent visit to China, which has long coveted the vast oil and gas reserves of the Islamic regime. As a regional power house opposed to Western (more…)

CHINA: Plans to build huge LNG carriers

(EnergyAsia, April 30, Thursday) — Shipbuilders and engineers in China are planning to build huge tankers to transport liquefied natural gas (LNG). The tankers being designed by the Marine Design and Research Institute of China would have a minimum capacity of 200,000 cubic metres. Most LNG vessels today have a capacity of about 145,000 cubic (more…)

INDIA: IOC to defer Panipat refinery expansion plan

(EnergyAsia, April 30, Thursday) — Indian Oil Corporation (IOC), the country’s largest oil refiner, said it will delay the proposed expansion of its refinery in Panipat by four months to April 2010. The 12-million-tonne-per-year plant in Haryana state was to have been largely shut down later this year to facilitate work on expanding it to (more…)

SINGAPORE: Ecospec builds showcase plant for removing carbon dioxide emissions from fuel

(EnergyAsia, April 30, Thursday) — Ecospec Global Technology Pte Ltd, a Singapore research and technology company specialising in advanced water and oil treatment technologies, said it has built a demonstration plant to show how its CSNOx technology removes greenhouse gases from shipping fuel. Located at a local shipyard in Pandan Crescent in Singapore, the plant (more…)

INDONESIA: Pertamina, Mitsui refinery project hits roadblock

(EnergyAsia, April 30, Thursday) — Pertamina’s proposed US$1.5 billion refinery joint venture with Japan’s Mitsui & Co has run into difficulty after the Indonesian government demanded that the state oil company be given a higher stake from the original 20%. Earlier, it was agreed that Pertamina would have a 20% stake in the 60,000 b/d (more…)

SINGAPORE: Oxford Princeton’s ‘Fundamentals of Technical Analysis’ on June 17 and 18

(EnergyAsia, April 30, Thursday) — The Oxford Princeton Programme’s ‘Fundamentals of Technical Analysis’ workshop will be held in Singapore on June 17 and 18. The workshop aims to provide an understanding of technical analysis and how to use it. A trading simulation will allow delegates to make trading decisions based on the indicators. ‘Fundamentals of (more…)

ASIA: AEG Power Solutions boosts regional operations

(EnergyAsia, April 30, Thursday) — AEG Power Solutions, a global leader in end-to-end power supply systems and solutions, said it is building up its Asia-Pacific operations following the global company name change from Saft Power Systems last November. AEG Power Solutions has consolidated its former Saft Power Systems and AEG Power Supply Systems activities under (more…)

CHINA: Sinopec may build oil products storage capacity

(EnergyAsia, April 29, Wednesday) — Chinese oil giant Sinopec is looking at plans to add eight million tonnes of new capacity to store refined oil products. To be built in four separate locations in China, the tanks would stockpile the equivalent of 10 days of China’s domestic  demand for gasoline, kerosene and diesel. China recently (more…)

RUSSIA: Agreement with China to replace US dollar as trading currency

(EnergyAsia, April 29, Wednesday) — Russia and China said they are working on plans to eventually replace the US dollar as a reserve and trading currency. The move would help avoid a recurrence of the global economic crisis which Russia and China said was caused by problems in the US housing and financial markets. Moscow (more…)

WORLD: Economy to begin slow recovery next year after 1.3% contraction in 2009, says IMF

(EnergyAsia, April 29, Wednesday) — Facing its most severe recession since World War II, the world economy will likely begin a slow recovery next year after contracting by a projected 1.3% this year, said the International Monetary Fund (IMF). The report was issued just days before this week’s warnings by health authorities around the world (more…)

CHINA: Vopak to build giant JV oil tank farm on Hainan Island

(EnergyAsia, April 29, Wednesday) — Dutch storage giant Royal Vopak and its Chinese partner, State Development & Investment Communication Corp, are planning to build and manage a large tank farm with the capacity to store 32 million barrels of crude and product. State Development & Investment Communication Corp is an infrastructure builder. Work on the (more…)

INDIA: Essar Oil poised to acquire stake in Kenyan refinery, says minister

(EnergyAsia, April 29, Wednesday) — India’s Essar Oil is poised to acquire a 50% stake in Kenya Petroleum Refinery, which operates the African country’s only refinery. Kenyan Energy Minister Kiraitu Murungi said Essar would buy the stake in the four million-tonne-per-year plant at Mombasa from Shell, Chevron and BP. The refinery supplies liquefied petroleum gas (more…)

MARKETS: Consultant expects world economy and oil demand to bottom out in the coming months

(EnergyAsia, April 29, Wednesday) — Energy consultant Douglas-Westwood said it expects world oil consumption will bottom out in the next two months and that pricing power will return to OPEC by early autumn. The forecast was made before this week’s warnings by health authorities around the world of a possible global pandemic of swine flu (more…)

COMPANY: Storage giant Vopak reports 8% rise in Q1 operating profit

(EnergyAsia, April 29, Wednesday) — Dutch oil and chemicals storage company Royal Vopak NV said its first quarter profit rose 8% to 85.6 million euro on continued demand for its storage tanks and services around the world. The world’s largest independent storage operator affirmed its 2009 earnings before interest, tax, depreciation and amortisation (EBITDA) of (more…)

CHINA: Oiltanking starts up Nanjing oil terminal

(EnergyAsia, April 29, Wednesday) — Oiltanking Nanjing Co Ltd, a subsidiary of the Oiltanking group, said it has received and discharged the first vessel to call at its newly-built terminal located in Nanjing city in China’s Jiangsu province. MT Borneo Pioneer’s discharge of a methanol cargo at the jetty officially marks the start-up of the (more…)

SINGAPORE: SPRING steps up effort to help SME develop new markets

(EnergyAsia, April 28, Tuesday) — SPRING Singapore said it would be stepping up efforts to help SMEs access and develop new markets amidst the current challenging economic development. SPRING said it will work with two other important state agencies, International Enterprise (IE) Singapore and Economic Development Board (EDB), to organise more overseas mission trips to (more…)

US: Crude oil stockpile at highest level since 1990 on continued demand slump

(EnergyAsia, April 28, Tuesday) — US crude oil stockpiles now stand at their highest level since September 1990 as demand continues to falter under the weight of the global economic downturn. The official Energy Information Administration (EIA) has reported that crude stockpiles rose by 5.6 million barrels to 366.7 million barrels for the week ended (more…)

RUSSIA: Gazprom estimated oil and gas reserves rose last year

(EnergyAsia, April 28, Tuesday) — Russia’s state gas major Gazprom may have boosted its natural reserves by 11% to 33.1 trillion cubic metres last year, according to private estimates. The reserves estimate came in at 217 billion barrels of oil equivalent (BOE), up from 196 billion BOE per end 2007. Analysts said the firm held (more…)

JAPAN: China’s CNPC said keen to buy refinery in Osaka

(EnergyAsia, April 28, Tuesday) — China National Petroleum Corporation (CNPC) plans to buy an oil refinery in Japan, Chinese industry reports said. The seller is said to be Nippon Oil which has been supplying CNPC with refined products for the past five years. It is not known if CNPC plans to buy a stake or (more…)

VIETNAM: Kuwait, Japan keen on US$6 billion refinery project

(EnergyAsia, April 28, Tuesday) — Kuwait and Japan are committed to jointly investing in an integrated oil refining-petrochemical project in Vietnam, said Kuwaiti oil minister Sheikh Ahmad Al-Abdullah Al-Sabah. In an interview with Kuwait News Agency (KUNA), he said that the joint venture partners have started basic equipment design and engineering plan work on the (more…)

RUSSIA: Unemployment at eight-year high as economic crisis worsens

(EnergyAsia, April 28, Tuesday) — Russia’s unemployed ranks now exceed seven million people pushing the jobless rate to 9.5% after the loss of another 1.8 million jobs in the first quarter. Amid the worsening global economic crisis, these numbers could climb from an already eight-year low. However, officials said the worst may be over as (more…)

CHINA: Planners target increased storage capacities for natural resources

(EnergyAsia, April 28, Tuesday) — China needs to expand its storage capacities to stockpile key natural resources including oil, the country’s top planning agency has urged. The stockpiles would help China hedge against volatility in commodity prices and also enable it to use up its large US dollar holdings, said the National Development and Reform (more…)

CHINA: Ministry of Finance introduced solar PV subsidy programme

(EnergyAsia, April 27, Monday) — China’s Ministry of Finance has begun offering subsidies for solar photovoltaic building applications in the country. A fixed subsidy will be granted for both urban BIPV applications and for photovoltaic building systems in rural and remote areas. Technical standards will apply to their installation. The installed capacity for individual projects (more…)