(EnergyAsia, August 27, Thursday) — Asian imports of West African crude oil this month are on track to reach their highest monthly volume in recent years. China is expected to import 889,000 b/d while India could purchase 582,000 b/d for a combined 90% of the 1.62 million b/d in total headed for the region for...

(EnergyAsia, August 27, Thursday)— China recently purchased a spot cargo of liquefied natural gas (LNG) from Russia at a record low price.   The 64,000-metric ton cargo was purchased for US$4.3 per million British thermal units (Btu), far lower than the US$6.3 million that it had paid Malaysia for a 22,000-tonne spot cargo in June....

(EnergyAsia, August 27, Thursday) — European demand for fuel oil could collapse in 2015 when shipping firms in the region are forced to switch to cleaner fuel.   Industry sources said the region’s bunker demand could fall by a quarter over the next five years. Shipping firms in Europe are expected to switch to lighter...

(EnergyAsia, August 27, Thursday) — Singapore’s commodities trade is diversifying away from oil with the number of non-oil players rising to 163 last year from 129 in 2006.   Non-oil players made up 65% of the total number of commodity trading firms in the city-state, with coal becoming an increasingly prominent. International Enterprise (IE) Singapore,...

(EnergyAsia, August 27, Thursday) — Electricity demand in Vietnam’s power-hungry economy is expected to grow by at least 15% per year over the next decade, said the Ministry of Industry and Trade.   To keep up with this rate of demand growth, the country would have to attract at least  US$10 billion worth of investment...

(EnergyAsia, August 27, Thursday) — State-owned China National Petroleum Corp (CNPC) has signed a deal to help develop Iran’s South Pars gas field. Under the US$5 billion deal, National Iranian Oil Company (NIOC) is targeting to produce some two billion cubic metres per day of natural gas and 70,000 b/d of condensates from South Pars’...

(EnergyAsia, August 27, Thursday) — Australia had less than 10 years of oil reserves at current production levels, said the country’s leading oil and gas association. The Australian Petroleum Production and Exploration Association (APPEA) warned that the nation faces a crude oil and condensate deficit worth A$28 billion in under 10 years unless it makes...

(EnergyAsia, August 17, Monday) — Scotland’s OPITO-The Oil & Gas Academy said it has graduated its first batch of oil and gas students in Kazakhstan. A total of 98 trainee technicians completed the programmes including the Petroleum Open Learning (POL) Petroleum Technology series, an internationally recognised certificate used in more than 15 countries to enhance...

(EnergyAsia, August 26, Wednesday) — South Korea’s oil product exports are expected to drop by 12.9% to 1.62 million barrels in the second half of the year from the same period last year on lower global demand. The country’s Ministry of Knowledge and Economy has also forecast that oil export earnings will fall by 43.6%...

(EnergyAsia, August 26, Wednesday) — Sales of bunker in China are expected to reach 12 million tonnes by around 2013 or about double the amount in 2008 as government policies to encourage competition and higher production take effect. To encourage an increase in domestic fuel oil production, China’s government last month waived a US$118 per...

(EnergyAsia, August 26, Wednesday) — Noble Americas Corp, a wholly owned subsidiary of Hong Kong-based Noble Group, said it has successfully tendered to purchased a portfolio of US energy assets belonging to SemFuel LP, which were placed on the auction block earlier this month. The sale was formally approved at a recent hearing at the...

(EnergyAsia, August 26, Wednesday) — Chevron Australia Pty Ltd, a subsidiary of the US major, said it has made two natural gas discoveries in the Carnarvon Basin off the coast of Western Australia. The company said the discoveries are located in Australia’s premier hydrocarbon basin, where it is the leading lease holder. Located 150 km...

(EnergyAsia, August 26, Wednesday) — China’s massive foreign exchange reserves will be used to support Chinese firms’ expansion and acquisitions overseas, said Premier Wen Jiabao. The statement will encourage large industrial state-owned groups to continue to acquire international companies in the energy and commodities sectors. Recently, the chairman of national policy lender China Development Bank...

(EnergyAsia, August 26, Wednesday) — UK oil major BP is in exploratory talks with partners Sinopec Corp and PetroChina to build refineries in China, industry sources said. The London-based firm is looking to build a joint-venture refinery with Sinopec in either Beihai city in Guangxi province or Zhanjiang in Guangdong province. It is also exploring...

(EnergyAsia, August 26, Wednesday) — Australia’s AGL Energy Limited (AGL) said its after-tax net-profit for the year to June 30 2009 rose 11.1% to A$378.8 million. (US$1=A$1.2). The result came near the top end of AGL’s upgraded full year earnings guidance of A$352 million to A$382 million. Revenue rose 6.1% to A$5.996 billion, with earnings...

(EnergyAsia, August 25, Tuesday) — The Malaysian government has thumbed down a proposal to increase prices of electricity and natural gas, possibly fearing a repeat of anti-government protests and further declines in its popularity. The proposal of the Economic Planning Unit for a 24.6% hike in the price of natural gas and a 4.9% hike...

(EnergyAsia, August 25, Tuesday) — Vinashin, Vietnam’s largest shipbuilder, has been asked by the government to draw up a new timetable for the construction of a floating oil storage depot and three oil tankers. Vinashin cited financial difficulties as a reason for delaying the completion of the project. It is already behind schedule by several...

(EnergyAsia, August 25, Tuesday) — Indian Oil Corp Ltd said it made net profit of Rs6.83 billion for the quarter ended June 2009, up sharply from Rs4.15 billion for the same quarter last year. It attributed the improved performance to inventory gains, foreign exchange gains and lower interest payment. Indian Oil’s revenue fell by more...

(EnergyAsia, August 25, Tuesday) — Ras Laffan Liquefied Natural Gas Company Limited 3 said it has completed and started up production at Train 6 at Qatar’s Ras Laffan Industrial City. The project, a joint venture of Qatar Petroleum (70%) and ExxonMobil Ras Laffan III Limited (30%), represents an expansion of the existing LNG production facilities...

(EnergyAsia, August 25, Tuesday) — US-based Fluor Corporation said it has been awarded a $16-million contract to provide front-end engineering and design (FEED) services for Santos Limited’s Gladstone Liquefied Natural Gas (GLNG) upstream project in Australia’s Queensland state. Fluor said its scope of work includes the preparation of an execution plan and cost estimate for...

(EnergyAsia, August 25, Tuesday) — Myanmar, ostracised by the West for its poor human rights record, attracted nearly US$1 billion in new investments last year, with the bulk coming from China. Working closely with the country’s military regime, Chinese firms have been rewarded for their patience and support and given access to Myanmar’s energy and...

(EnergyAsia, August 25, Tuesday) — Taiwan has officially opened its second liquefied natural gas (LNG) import terminal. State energy firm CPC launched the US$955 million terminal in the northern port of Taichung last month. The company said the project had been delayed by nearly a year due to problems with the construction of a major...

(EnergyAsia, August 25, Tuesday) — Malaysia sold less but earned more from its liquefied natural gas exports in the first five months of the year. The Department of Statistics said LNG shipments 5.3% year-on-year to 9.4 million metric tons on lower demand from Japan and South Korea, the world’s biggest consumers of the commodity. Malaysian...

(EnergyAsia, August 24, Monday) — CNPC said it expects to start up China’s largest integrated oil refinery and petrochemical projects in the Xinjiang Uighur Autonomous Region near the Kazakhstan border. The 30-billion-yuan expansion of the Dushanzi complex, which includes two 10-million-ton oil refineries and a 1.2-million-ton ethylene unit, will help meet the demand for fuel...

(EnergyAsia, August 24, Monday) —Sinopec International Petroleum Exploration and Production Corp, a subsidiary of state Sinopec, said it has agreed to pay $7.5 billion to acquire Canada-listed Addax Petroleum, making this the largest foreign takeover by a Chinese company. Sinopec easily beat out competing bids from South Korea which was also eyeing Addax Petroleum’s sizeable...