SOUTH KOREA: POSOC and SK Energy to convert coal to fuel

(EnergyAsia, August 24, Monday) — Two of South Korea’s major oil and gas consumers will invest a combined 3.35 trillion won in new plants to convert coal into synthetic natural gas, chemicals and liquids, with the aim of reducing the country’s reliance on fossil fuels. (US$1=1,700 won). Steelmaker POSOC will spend one trillion won through...

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MALAYSIA: MISC, Vitol aim to start up new storage terminal in April 2012

(EnergyAsia, August 24, Monday) — Malaysia’s energy transportation group MISC Berhad and Switzerland-based oil trader Vitol said their subsidiaries have incorporated a joint venture company, Asia Tank Terminal Limited (ATTL), to construct, commission and operate an oil terminal with a base capacity of approximately 741,200 cubic metres at Tanjung Bin in the southern Malaysian state...

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JAPAN: Marubeni charters tankers to store LNG

(EnergyAsia, August 24, Monday) — Japanese trading house Marubeni has chartered two tankers for the rest of the year to store liquefied natural gas (LNG). Echoing the strategy of oil companies, Marubeni is planning to hold on to the cargoes in anticipation of higher LNG prices and demand in the winter season, industry sources said....

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NIGERIA: Activists warn of genocide in oil producing region

(EnergyAsia, August 24, Monday) — People in Nigeria’s troubled oil-rich Niger Delta are at risk of genocide, said analysts and local activists.   They warn of renewed military activities in the Niger Delta from both government and rebel forces. As a result of a recent major offensive, some 30,000 people were displaced, triggering a humanitarian...

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AUSTRALIA: New pipeline research centre a ‘vital’ first step towards low-carbon energy future

(EnergyAsia, August 24, Monday) — An industry association has hailed the Australian government’s plan to launch a new energy pipeline research centre as laying “vital” foundations for the country’s low-carbon energy future. The Australian Pipeline Industry Association (APIA) said the A$17.5 million research centre will underpin the country’s energy safety and security. (US$1=A$1.2). The establishment...

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AUSTRALIA: Collapse of IPO market hits explorers and miners hardest

(EnergyAsia, August 24, Monday) — New figures announced at a recent resource conference have highlighted the struggle facing Australian explorers to raise working capital for both new and on-going exploration and mining projects over the past two years At the Paydirt 2009 Resources Victoria Conference in Melbourne, Patersons Securities Limited said there were 252 initial (more…)

SINGAPORE: State agency preparing for project expansions on Jurong Island

(EnergyAsia, August 21, Friday) — Singapore’s main industrial landlord, JTC Corporation, has launched new soil test works on the country’s refining and petrochemical hub, Jurong Island, to prepare for further capacity expansions. It is planning to reclaim additional land from the sea, a process that could take some two years. Singapore Refining Company (SRC) is...

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INDONESIA: Sulawesi LNG project in doubt

(EnergyAsia, August 21, Friday) — Indonesia’s plan for a new liquefied natural gas (LNG) project in Sulawesi may have to be shelved if local politicians decide it better to use the reserves for domestic consumption. A joint venture comprising Indonesian state energy firm Pertamina, Indonesia’s PT Medco Energi International and Japan’s Mitsubishi Corp have proposed...

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SINGAPORE: Chemoil reports 44.6% decrease in profit for second quarter of 2009

(EnergyAsia, August 21, Friday) —- Singapore-listed marine fuels supplier Chemoil said its second quarter 2009 profit plunged 44.6% to US$12.2 million from the US$22 million reported in the same period last year. Its first half profit was down 13.2% to US$21.1 million, thanks to the better performance in first quarter profits. Its retail volumes grew...

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MARKETS: World oil demand to grow by 1.6% next year, says IEA

(EnergyAsia, August 21, Friday) — Due largely to growth in Asia, the International Energy Agency (IEA) said it has revised upwards its forecasts for world oil demand for this and next year. It now expects world oil demand to rise by 1.6% or 1.3 million b/d to 85.25 million b/d in 2010, as compared to...

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SINGAPORE: Two new players join wholesale electricity market

(EnergyAsia, August 21, Friday) — Banyan Utilities, an associated company of Singapore-listed Federal International, and Japanese chemical company Ishihara Sangyo Kaisha (ISK) are the newest players in the city-state’s local electricity market. The Energy Market Company (EMC), which operates Singapore’s wholesale electricity market, said Banyan joined the National Electricity Market of Singapore in March and...

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SINGAPORE: Keppel Group, Sembcorp investing in offshore and marine engineering capability

(EnergyAsia, August 21, Friday) — As part of Singapore’s efforts to develop into an international maritime centre, the Keppel Group and SembMarine Group supported by government agencies are raising investments in their offshore and marine engineering capability. Keppel subsidiary Keppel O&M is beefing up its R&D centre, KOMtech, and expanding its team of researchers to...

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NEW ZEALAND: US refining giant considers acquiring NZ refiner

(EnergyAsia, August 21, Friday) — Valero Energy Corp, the US’s largest oil refiner, may seek to acquire New Zealand Refining Co to expand outside its home market. Worried that costly new environmental regulations might crimp profitability, Valero could make a bid for Exxon Mobil Corp.’s 19% and Royal Dutch Shell’s 17% stake in the New...

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NIGERIA: Oil revenues fall 50% in first quarter

(EnergyAsia, August 21, Friday) — Nigeria, the world’s eighth largest oil exporter, said its oil revenue fell by half in the first quarter of 2009 to 735.4 billion naira from year-ago levels. The government blamed the sharp drop on lower oil prices on the world markets and the recent wave of militant attacks on production...

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PAKISTAN: IMF to lend an extra $3.2 billion for social projects, building reserves

(EnergyAsia, August 20, Thursday) — The International Monetary Fund (IMF) said its executive board has agreed to lend Pakistan an extra $3.2 billion to fund priority spending and help the government provide assistance to nearly three million people displaced by military operations and a difficult security situation. The additional sum was approved after the board...

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CHINA: CNG developer Sinoenergy Corp reports nine-month loss of $3.6 million

(EnergyAsia, August 20, Thursday) — Sinoenergy Corp, a Nasdaq-listed company in China’s compressed natural gas (CNG) industry, has reported a loss of $2.5 million for the three months, and $3.6 million for the nine months ended June 30 2009. The company said sales for the quarter ended June 30 declined 24% to $7.7 million from...

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CHINA: Race against US for natural resources in Africa

(EnergyAsia, August 20, Thursday) — The US and China are competing to secure Africa’s vast reserves of natural resources. The stakes are high, with oil probably the most sought after prize. West Africa supplies as much oil to the US as Saudi Arabia. By 2015, the region could supply some 25% of US oil imports....

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CHINA: Former Sinopec chairman has two years to fight bribery conviction

(EnergyAsia, August 20, Thursday) — Convicted of corruption, former Sinopec chairman Chen Tonghai will not be executed yet as he has been given a “suspended death sentence”. Mr Chen, 60, was arrested in May 2007 while still with Sinopec and trying to flee Beijing. Last month, he was found guilty of receiving nearly 200 million...

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INDONESIA: New rules may force foreign firms to reduce mine ownership

 (EnergyAsia, August 20, Thursday) — Indonesian officials are considering new regulations under a new law that may force foreign firms to sell up to 20% of their stakes in wholly-owned mines to local investors. The regulations, which could be effected from October, state that foreign investors would have to gradually sell 20% of their stakes...

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AFRICA: Chevron sells off downstream business in four countries, finds oil off Congo

(EnergyAsia, August 20, Thursday) — US major Chevron Corp said it has sold off its marketing business units in four African countries as part of an ongoing effort to re-align its global market strategy. Subsidiary Chevron Africa Holdings Ltd sold off assets in Cameroon, Kenya, Uganda and Nigeria following through on agreements with various buyers...

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AUSTRALIA: Santos discovers gas in Browse Basin

(EnergyAsia, August 20, Thursday) — Australian upstream company Santos said it has found natural gas in the Browse Basin off the coast of Western Australia state. The gas reserves were found in a 65-metre gross gas column in the Burnside-1ST1 exploration well in permit WA-281-P of the Brewster Sandstone. Santos said it will undertake more...

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JAPAN: Consortium targets LNG import agreement with Indonesia by October

(EnergyAsia, August 20, Thursday) — Indonesia said it is close to completing negotiations to supply 25 million metric tons of LNG to a Japanese consortium, extending contracts signed in the 1970s. The signing of the sales and purchase agreement is expected to be completed by October, after being delayed from the original target of June,...

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ABU DHABI: Crown Prince’s visit to China strengthened energy, economic, political and military ties

(EnergyAsia, August 19, Wednesday) — A high-powered delegation from Abu Dhabi led by Crown Prince General Sheikh Mohamed bin Zayed Al Nahyan, was in China recently to strengthen energy, economic, political and military ties between the two countries. General Sheikh Mohamed, who is also Deputy Supreme Commander of the UAE Armed Forces and chairman of (more…)

SINGAPORE: Afton Chemical to invest in new plant on Jurong Island

(EnergyAsia, August 19, Wednesday) — US-based Afton Chemical Corp said it is investing in a new manufacturing plant on Jurong Island in Singapore that will be operated by Chemical Specialties Singapore (Pte) Ltd. The Richmond, Virginia company said the new plant will serve its customers in the region by improving security of supply and shorter...

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SINGAPORE: Sembcorp reports 5% rise in first half net profit to S$275.5 million

(EnergyAsia, August 19, Wednesday) — Singapore’s Sembcorp Industries has reported a 5% rise to S$275.5 million in its net profit after tax and minority interest (PATMI) for the first six months of 2009. (US$1=S$1.45). Compared with the same period last year, profit before tax grew 7% from S$434.7 million to S$464.7 million, while turnover fell...

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