TAIWAN: Government to promote energy savings measures

(EnergyAsia, July 23, Thursday) — Taiwan plans to expand and promote its energy savings measures to reduce its dependence on imported energy and greenhouse gas emissions. The government will offer incentives to household that achieve sustainable energy savings. Families that manage to cut power consumption for two consecutive years and achieve average saving of 20%...

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SAUDI ARABIA: Aramco-Total refinery to cost less than US10 billion

(EnergyAsia, July 23, Thursday) — Saudi Aramco said it proposed joint venture refinery with French major Total is likely to cost less than US$10 billion. The two companies are developing a 400,000 b/d export-oriented refinery project in Yanbu  on the Red Sea coast of Saudi Arabia. They postponed a tender last November citing high cost...

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CHINA: Oil bought at low prices for first phase of stockpiling

(EnergyAsia, July 23, Thursday) — Chinese oil officials have successfully built up the country’s first strategic petroleum reserves by buying up much of their crude oil stockpile at low prices of between US$30-$40 barrel between last December and early this year. The fill-up over 30 months was well-timed and implemented to take advantage of lower...

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CHINA: CNPC eyes alliance with Canada’s Alberta province

(EnergyAsia, July 23, Thursday) — China National Petroleum Corp (CNPC), the state-owned oil major, said it is keen to develop an energy alliance with Canada’s oil rich Alberta province. So far, CNPC is only a minor investor in Alberta’s oil sands and bitumen-based petroleum industry. China sees the potential for a tangible, long-term mutually beneficial...

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CHINA: Titan in HK$312.6 million deal to finance storage expansion

(EnergyAsia, July 23, Thursday) — Hong Kong-listed Titan Petrochemicals said its subsidiary, Titan Oil Storage Investment Limited (TOSIL), and US venture capitalist Warburg Pincus will provide up to HK$312.6 million to China StorageCo to expand its onshore storage terminal capacity in China to 2.6 million cubic meters from 1.1 million cubic meters as at December...

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ASIA: Governments agree to develop 114,000-km railway network linking continent and Europe

(EnergyAsia, July 23, Thursday) — Asian governments have started work to coordinate the development and operation of international rail routes linking 28 countries following last month’s decision to proceed with the Trans-Asian railway network. The proposed 114,000 km of rail routes will offer efficient rail transport services for the movement of goods and passengers within...

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SINGAPORE: EOC reports third-quarter net profit of US$5.9 million

(EnergyAsia, July 22, Wednesday) — Singapore-based EOC Limited said it made a “healthy” net profit of US$5.9 million for the third quarter ended May 31, 2009, bringing the net attributable profit for the nine-month period to US$16.1 million. The Oslo, Norway-listed company said its gross margin surged to 53% for the nine-month period, up by...

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SINGAPORE: State Orchard Energy invests in oil and gas concession in Indonesia

(EnergyAsia, July 22, Wednesday) — A subsidiary of Singapore’s state investment fund Temasek Holdings has signed a production sharing contract for an oil and gas concession at an onshore field in Indonesia’s Sumatra island. For Orchard Energy, Temasek’s upstream oil and gas company, the deal represents its first venture into the oil and gas industry....

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RUSSIA: OPK claims building world’s first floating nuclear power plant

(EnergyAsia, July 22, Wednesday) — Russia’s United Industrial Corporation (OPK) said it has started work at its St. Petersburg shipyards to build the world’s first nuclear power plant. OPK, one of Russia’s largest diversified corporations managing more than 300 billion roubles worth of assets, said it signed a contract with state-owned nuclear power company Concern (more…)

MALAYSIA: Dialog Group, Netherlands’ Vopak to jointly develop oil products storage terminal in Johor

(EnergyAsia, July 22, Wednesday) — Dutch oil storage firm Royal Vopak said it has signed a memorandum of understanding (MoU) with Malaysian engineering firm Dialog Group Berhad to jointly study the feasibility of developing an independent storage terminal for oil products in Pengerang in the southern Malaysian state of Johor. The MoU enables Vopak to...

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MALAYSIA: Eastern Soldar wins storage contract from Chevron

(EnergyAsia, July 22, Wednesday) — Malaysia’s Eastern Soldar Engineering & Construction Sdn Bhd (ESEC) said it has won a RM21.2 million deal to build two storage tanks for Chevron Malaysia. (US$1=RM3.6). The tanks, to be completed next year, are located in Pasir Gudang Terminal in Johor state, and Prai Terminal, Penang. Eastern Soldar is a...

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CHINA: ICBC may fund Uganda oil refinery project

(EnergyAsia, July 22, Wednesday) — Industrial and Commercial Bank of China (ICBC) is mulling plans to fund a refinery project in Uganda. The proposed refinery will supply fuel to the Ugandan domestic market and neighbouring countries in East Africa. The project’s developer will have to contend with Uganda’s high-sulphur crude, making it relatively expensive to...

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MARKETS: World oil demand to grow by 1.7% next year, says IEA

(EnergyAsia, July 22, Wednesday) — Driven largely by the emerging economies, the world will consume 85.2 million b/d of oil next year, up 1.4 million b/d or 1.7% from this year, reversing two years of losses, said the International energy Agency (IEA). The agency expects this year’s world oil demand to slump by 2.9% or...

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JAPAN: Crude oil stockpiling for Abu Dhabi to begin in the fourth quarter

(EnergyAsia, July 22, Wednesday) — Japan will store crude oil for Abu Dhabi under a memorandum of cooperation signed by the two governments last month. Abu Dhabi was represented by the Supreme Petroleum Council (SPC) while the Agency for Natural Resources and Energy acted on behalf of Japan. The agreement, to begin in the fourth...

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CHINA: Oil crude stockpile estimated at 300 million barrels, near IEA level

(EnergyAsia, July 21, Tuesday) — The International Energy Agency (IEA) believes China has built up a crude oil stockpile of about 300 million barrels, just four days shy of the recommended level for its members. Expressing surprise at the speed of the build-up, Nobuo Tanaka, IEA’s chief, said he based his calculation on the agency’s...

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INDIA: Thermal power industry draws investment from Japan’s Toshiba Corp

(EnergyAsia, July 21, Tuesday) — Japan’s Toshiba Corp said its joint venture with JSW, Toshiba JSW Turbine and Generator Pvt Ltd, will manufacture and market steam turbines and generators in India. The joint-venture firm has signed a Memorandum of Understanding (MOU) with the state government of Tamil Nadu allowing it to lease land for the...

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NIGERIA: Rebels cause more trouble for oil majors

(EnergyAsia, July 21, Tuesday) — Rebels in Nigeria’s oil rich Niger Delta region are stepping up their attacks against oil facilities and infrastructure. In a recent attack, they hit the Afremo offshore oilfield and two other facilities in southeast Rivers State. Later, they destroyed a major crude oil pipeline in southeast in Bayelsa state belonging...

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PAPUA NEW GUINEA: Chinese majors vie for stake in gas project

(EnergyAsia, July 21, Tuesday) — Chinese oil majors PetroChina and China National Offshore Oil Corporation are interested to take a stake in a natural gas project in Papua New Guinea. The project is currently owned by Canadian company InterOil Corp. (IOC). It remains unclear if Beijing will allow the two state-controlled oil firms to bid...

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RUSSIA: Shell invited back to help develop new fields at Sakhalin

(EnergyAsia, July 21, Tuesday) — Reeling from the double shock of economic recession and deteriorating relations with the West, Russia has unexpectedly thrown the welcome carpet to Shell to help develop two new oil and gas fields on Sakhalin Island. It was only in 2007 that an ascendant Russia under President Vladimir Putin forced Shell...

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THAILAND: PTTEP and Golar LNG to jointly develop Australian floating LNG facility

(EnergyAsia, July 21, Tuesday) — Golar said it has signed an agreement with Thai upstream company PTTEP to jointly launch front end engineering and design (FEED) studies for their proposed floating liquefied natural gas (FLNG) project located in North West Australia. They have agreed in principle to undertake the project on an equal basis. Golar...

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CHINA: World’s first circular ultra-deep-water drilling rig to be delivered to DNV class

(EnergyAsia, July 21, Tuesday) — The first circular drilling rig prepared for drilling at a water depth of almost 4,200 metres was named at COSCO Shipyard Group’s Qidong Shipyard in China last month. The Sevan Driller, owned by Sevan Marine, is the world’s first of its kind, with the most advanced deep-water drilling capabilities that...

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CHINA: Nation’s demand helping oil and base metal recovery

(EnergyAsia, July 21, Tuesday) — China is spearheading an Asian-led super-cycle world recovery in oil and base metal demand, said Canada’s Scotiabank. By next year, the bank predicts oil prices will approach ‘mid-cycle’ levels of US$90 per barrel, thanks to record Chinese imports. Scotiabank’s Commodity Price Index, which measures price trends in 32 of Canada’s...

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SOUTH KOREA: California firm receives $61-million in US support for solar-energy exports to Gochang

(EnergyAsia, July 20, Monday) — The US Export-Import Bank (Ex-Im Bank) said it has approved a total of $61 million in long-term financing to support exports of photovoltaic (PV) solar modules by SolarWorld Industries America to Gochang Solar Park Co Ltd of Seoul, South Korea. The exports were used in five solar power-generation projects and...

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CHINA: PetroChina planning large oil terminal in Xiaohu Island

(EnergyAsia, July 20, Monday) — PetroChina International is planning to build a 765,000-cubic metre oil terminal on Xiaohu Island in Guangzhou Nansha district in Guangdong province. It would be the largest storage terminal in southern China with a wharf capable of handling 80,000-ton vessels. The project will be overseen by PetroChina International Co Ltd, a...

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SAUDI ARABIA: Singapore’s Rotary Engineering awarded U$$745 million tank farm deal, more in the bag

(EnergyAsia, July 20, Monday) — Singapore’s Rotary Engineering Limited said it and its 51%-owned Saudi Arabian subsidiary, Petrol Steel Co Ltd, have secured a US$745 million (S$1.1 billion) engineering, procurement and construction (EPC) contract to build an oil tank farm in Saudi Arabia. The contract was awarded by Saudi Aramco Total Refining and Petrochemical Company...

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