CHINA: Strong Petrochemical to pay $24 million for oil storage tanker in Malaysia

(EnergyAsia, April 27, Monday) — Hong Kong-listed Strong Petrochemical said it has agreed to pay US$24 million for an oil tanker that is now used as a floating terminal for storing oil products off the waters of Tanjung Pelepas in Malaysia’s Johor state. With a gross tonnage of about 142,639 metric tons and a deadweight...

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INDIA: IOC plans to expand Haldia refinery capacity by 25%

(EnergyAsia, April 27, Monday) — Indian Oil Corp said it plans to expand its 120,000 b/d refinery in Haldia in West Bengal state by 25% in the fourth quarter. The company will shut a 50,000 b/d crude unit at the plant for about two months to undertake the project. Haldia Refinery, one of IOC’s seven...

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RUSSIA: Economy to rebound next year after shrinking 6% in 2009, says IMF

(EnergyAsia, April 27, Monday) — The Russian economy will grow by 0.5% next year after contracting by as much as 6%, said the International Monetary Fund (IMF). The IMF holds a much more bearish view of the Russian economy than the World Bank which expects a 4.5% drop, and the Organisation for Economic Cooperation and...

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SINGAPORE: Hyundai awarded S$890 million underground oil storage cavern

(EnergyAsia, April 27, Monday) — South Korea’s Hyundai Engineering & Construction has been awarded the main S$890 million ‘design and build’ contract for Singapore’s underground oil storage cavern by state agency JTC Corporation. (US$1=S$1.5). JTC said it has nearly completed the S$50 million construction of two access shafts and the start-up galleries, and will soon...

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AUSTRALIA: Caltex reports 11.5% rise in Q1 operating profit to A$97 million

(EnergyAsia, April 27, Monday) — Australia’s largest downstream company said its first quarter operating profit rose nearly 11.5% to A$97 million from the same period last year. (US$1=A$1.45). Caltex Australia Limited said it boosted sales volumes and refinery output while declines in the local currency against the US dollar and oil prices helped boost its...

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CHINA: Puda Coal approved by local government to restructure six coal mines in Shanxi province

(EnergyAsia, April 27, Monday) — Puda Coal Inc, a US-listed supplier of China’s high grade metallurgical coking coal, said it has received approval from the Yuncheng municipal government to restructure six coal mines in Shanxi province. The coal is used to produce coke for steel manufacturing. Puda said it will acquire and merge the six...

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CHINA: PetroChina to expand Xinjiang oilfield crude storage capacity

(EnergyAsia, April 27, Monday) — PetroChina Xinjiang Oilfield Company, a subsidiary of the state oil company, said it is expanding its crude oil storage capacity to 1.2 million cubic metres. Work on the new tanks in the northwestern city of Urumqi in Xinjiang province will start in August. The company will develop the new capacity...

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SRI LANKA: ADB extends $160 million in loans for power programme

(EnergyAsia, April 24, Friday) — The Sri Lankan government’s push to expand and improve its electricity services, especially to the poor and those living in conflict-affected areas, will receive support from the Asian Development Bank (ADB). The bank said its board has approved loans of US$135 million from its Ordinary Capital Resources (OCR) and a...

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SINGAPORE: CAO and Chinese state oil marketing company to jointly export oil products

(EnergyAsia, April 24, Friday) — Singapore-listed China Aviation Oil (Singapore) Corporation Ltd (CAO) said it has agreed with China National Offshore Oil Corporation Marketing Company to jointly jet fuel to the world markets, expanding beyond its China focus. The Chinese firm is a subsidiary of CNOOC, one of the largest state-owned oil companies and the...

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IRAQ: Russia works to renew oil contracts

(EnergyAsia, April 24, Friday) — Russia and Iraq are working to revive oil exploration and production contracts signed when the Middle Eastern country was ruled by former dictator Saddam Hussein. One of the most important deals involves Lukoil which signed a US$3.7 billion deal in 1996 to develop Iraq’s West Qurna oilfield. West Qurna could...

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MARKETS: ESAI says IEA’s oil demand forecast “too gloomy” amid signs of economic recovery by end2009

(EnergyAsia, April 24, Friday) — The IEA’s oil demand forecast for this year is too “gloomy”, said a US consultant, citing “numerous signs” of a possible economic recovery around the end of 2009 to early 2010. In its latest Global Crude Oil Outlook, Energy Security Analysis Inc (ESAI) disagreed with the IEA’s prediction that global...

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SINGAPORE: SPC’s Q1 profit down 43.5% to S$55.6 million

(EnergyAsia, April 24, Friday) — Singapore Petroleum Company (SPC) said lower oil prices and impairment charges for its Indonesian oil field caused its first-quarter net profit to fall by 43.5% to S$55.6 million from a year earlier, while revenue plunged 46.8% to S$1.4 billion. (US$1=S$1.5). Its earnings per share were down to S10.8 cents from...

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RUSSIA: Turkmen gas supplies disrupted after pipeline explosion

(EnergyAsia, April 24, Friday) — Turkmenistan’s gas supplies to Russia have been halted following an explosion on its main export pipeline to Russia. Turkmenistan blamed Russian state gas major Gazprom for the incident, stating that the incident was deliberately caused by Gazprom which sharply cut its gas imports from the Central Asian state. The sudden...

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CHINA: Cross-border oil pipeline link to Russia could start up next month

(EnergyAsia, April 24, Friday) — A new cross-border oil pipeline linking Russia to China could soon start up as it is due for completion next month. The 67-km link is set to supply 15 million tonnes of crude per year from Russia to China from 2010. This volume could meet up to 7% of China’s...

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CHINA: Wartsila, CSIC and Mitsubishi inaugurate new jointly owned marine engine factory in Qingdao

(EnergyAsia, April 24, Friday) — Finland’s Wartsila, China Shipbuilding Industry Corporation (CSIC) and Japan’s Mitsubishi Heavy Industries (MHI) have inaugurated their new, jointly owned, low-speed marine engine factory QMD in Qingdao in Shandong province. The joint venture company Qingdao Qiyao Wartsila MHI Linshan Marine Diesel Co Ltd (QMD) is owned jointly by China Shipbuilding Industry...

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SINGAPORE: Oxford Princeton’s ‘Fundamentals of Energy Options’ to be held on May 19

(EnergyAsia, April 23, Thursday) — The Oxford Princeton Programme will organise its ‘Fundamentals of Energy Options’ workshop in Singapore on May 19. The workshop, which includes a trading simulation, will cover premium valuation to advanced trading strategies on exchange traded options and energy commodities such as oil, gas and electricity. Topics covered include characteristics and (more…)

CHINA: Russia on course to become largest oil supplier by 2025

(EnergyAsia, April 23, Thursday) — Russia could become China’s single biggest oil supplier within 15 years or so as the two countries build on existing ties and step up infrastructure investments. Russia’s Deputy Prime Minister Alexander Zhukov made this prediction at a recent top-level visit to Beijing. At the same time, Russia is looking for...

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MYANMAR: China seals pipeline deals

(EnergyAsia, April 23, Thursday) — China has agreed with Myanmar to build two cross-border pipelines, one for oil and the other for gas. Construction of the US$1 billion gas pipeline and the US$1.5 billion oil pipeline could start as early as this quarter. When completed, they will deliver oil and gas to China’s Yunnan and...

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INDIA: IOC calls in police to fight jet fuel smuggling gangs

(EnergyAsia, April 23, Thursday) — Indian Oil Corporation (IOC) has called in the police to help combat a surge in smuggling at its aviation fuel depots in Kolkata city. Police have restricted some areas around IOC’s depots to prevent gangs from siphoning off fuel. While such crimes are not rare, the company said the size...

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INDIA: Import dependence expected to drop with new oil from Cairn’s Rajasthan field

(EnergyAsia, April 23, Thursday) — Oil from Cairn India’s field in Rajasthan state could help reduce the country’s overall fuel import bill by an estimated 7%. The company said the field could start producing 30,000 b/d this quarter, with output expected to peak at around 175,000 b/d in 2011. The new field will boost India’s...

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ASIA: Region’s LNG demand drops sharply

(EnergyAsia, April 23, Thursday) — Asia’s demand for liquefied natural gas (LNG) is expected to continue to slump amid the global economic crisis, causing spot prices to slip to less than $4.50 per million British therml units (mmBtu). Two of Japan’s largest LNG importers, Tokyo Gas and Osaka Gas, recently said they would scale back...

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AFGHANISTAN: Army opens new fuel depot at Kabul

(EnergyAsia, April 23, Thursday) — The Afghan army has opened up a new state-of-the-art Class III fuels depot in Kabul. The 28-acre depot at Khuja Rawash is about five times larger than an older facility that was built in 1977. It will store and distribute aviation fuel, diesel, motor gasoline, propane and wood. The new...

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JAPAN: Itochu Corp to acquire US distributor, integrator SolarNet LLC

(EnergyAsia, April 23, Thursday) — Japan’s Itochu Corp said it has agreed to acquire the business of SolarNet LLC, a solar energy solutions provider that includes DC Power Systems, the largest privately-held wholesale distributor of solar energy systems in the US, and Stellar Energy Solutions. Itochu said it has been actively implementing a global solar...

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SINGAPORE: Oxford Princeton to hold ‘Fundamentals of Energy Futures’ on May 18

(EnergyAsia, April 22, Wednsday) — The Oxford Princeton Programme will be holding its ‘Fundamentals of Energy Futures’ workshop in Singapore on May 18. This introductory course on energy futures, contracts and markets is a highly interactive workshop which includes a trading simulation and a comprehensive review of the course at the end of the day. (more…)

SINGAPORE: Keppel Offshore & Marine awarded three projects worth S$300 million

(EnergyAsia, April 22, Wednesday) — Singapore’s Keppel Corp said that two subsidiaries, Keppel Shipyard Limited and Keppel FELS Brasil SA, haveecured three contracts worth a total of about S$300 million. (US$1=S$1.5). Two of the projects, secured by Keppel Shipyard from repeat customers, are for the construction of a derrick lay barge and the modification of...

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