PHILIPPINES: Manila oil depot temporarily halts operations after fire

(EnergyAsia, October 1, Thursday) — Officials in the Philippines’ capital of Manila city briefly halted operations at a major oil depot after fire broke out in a nearby location last month. Citing safety, environmental and health concerns, officials shut down the Pandacan oil depot, which controls more than half the country’s fuel distribution, for more (more…)

MARKET: IHS CERA predicts world oil demand to resume growth in 2010

(EnergyAsia, October 1, Thursday) – World oil demand is set to grow next year for the first time since 2007 and return to pre-recession levels by 2012, according to IHS Cambridge Energy Research Associates (IHS CERA).  In its quarterly World Oil Watch report, the US consultant said the rebound would mark a turnaround from the (more…)

MARKET: Macquarrie predicts world oil spare capacity to go to zero by 2012 after peaking this year

(EnergyAsia, October 1, Thursday) — The world is unlikely to produce more than 90 million b/d of crude oil, and will run out of spare production capacity by 2012 after reaching a peak of 5.2 million b/d this year, said Australian investment bank Macquarie. The surplus will shrink to 2.9 million b/d next year and (more…)

JAPAN: Mitsubishi Electric develops high-output solar panels for overseas markets

(EnergyAsia, October 1, Thursday) —Japan’s Mitsubishi Electric Corp said it has launched 10 new models of photovoltaic (PV) modules targeted for export to Europe, North America and Asia. The modules with outputs of 210, 220, 225, 230 and 235 watts will be available from January 15. The company said the new high-output modules use lead-free (more…)

SINGAPORE: Hin Leong to boost storage capacity by 30% to three million cubic metres

(EnergyAsia, October 1, Thursday) — Singapore’s oil trader Hin Leong plans to expand the storage capacity at its 65%-owned Universal oil terminal by 30%. The S$650 million terminal started up last year with a capacity of 2.3 million cubic metres, and will be expanded to three million cubic metres. Financial terms and timelines for the (more…)

SINGAPORE: Siemens opens centre to help building owners reduce energy cost, CO2 emissions

(EnergyAsia, October 1, Thursday) — German engineering giant Siemens has opened its new Asia Pacific Center of Competence (CoC) for building life cycle management in Singapore last month. Siemens established its first Global CoC for city management in Singapore last year. The new centre is tasked to monitor and navigate through the entire life cycle (more…)

CHINA: Economy to grow 8.2% this year and 8.9% in 2010 on rising investments, lending, says ADB

(EnergyAsia, October 1, Thursday) — China’s economy rebounded in the second quarter and is expected to record more than 8% in 2009 and 2010 after falling to its lowest rate in 20 years in the first quarter of this year as a result of the global downturn, said the Asian Development Bank’s (ADB) latest report. (more…)

PAKISTAN: Attack on largest oil terminal thwarted, says police

(EnergyAsia, October 1, Thursday) — Police in Karachi city said they fought off several armed militants who were planning an attack on Pakistan’s largest and most important oil terminal. The attackers shot dead a guard but were unable to advance beyond the gate and inflict any serious damage after they were stopped by security officers. (more…)

MARKET: Study shows rising cost of new oil find and declining reserves despite increased spending

(EnergyAsia, September 30, Wednesday) — Fears of an oil supply crunch next decade are being fanned anew by a new study showing the rising cost of finding and developing new oil just as upstream companies are reporting a drop in their crude reserves despite an increase in exploration spending. The study by US research firm (more…)

SINGAPORE: India’s GMR negotiating gas supply deal for long-stalled power project

(EnergyAsia, September 30, Wednesday) — There’s a glimmer of hope that India’s GMR group may be able to proceed with a much delayed proposal to build a 800-MW power plant on Singapore’s Jurong Island. The breakthrough came recently when the Energy Market Authority (EMA) said it will support the power project once GMR concludes talks (more…)

PAKISTAN: China to delay proposed Gwadar oil refinery

(EnergyAsia, September 30, Wednesday) — Pakistan’s ambitious plan to develop its politically unstable southwest Balochistan province could be derailed if China and the UAE decide to delay or cancel their respective proposals for oil refinery projects. The Chinese government has joined the UAE in reconsidering its plans for a multi-billion-dollar refinery amid continuing violence in (more…)

INDONESIA: State may sell five million barrels from crude oil stockpile

(EnergyAsia, September 30, Wednesday) — The Indonesian government may sell as much as five million barrels of its 11 million barrels in crude oil stockpile before the end of the year to meet its sales target. The government is unlikely to meet its own target of selling 650,000 b/d of crude oil this year, said (more…)

INDIA: Essar oil bids for Shell refineries in UK and Germany

(EnergyAsia, September 30, Wednesday) — Three refineries run by Royal Dutch Shell have attracted bids from India’s Essar Oil Ltd and interest from Valero Energy Corp of the US, Libya’s National Oil Corp and a Saudi group. Essar has offered a total of US$1.8 billion for the three refineries: the UK’s second largest refinery with (more…)

CHINA: CNPC, Adnoc sign MOU for crude oil cooperation

(EnergyAsia, September 30, Wednesady) — China National Petroleum Corp (CNPC) said it will work with the UAE’s Abu Dhabi National Oil Co (Adnoc) to trade, ship and store crude oil. The two state-owned oil and gas firms recently signed a memorandum of understanding to that effect, but no details were provided. Last December, CNPC signed (more…)

ASIA: Demand for LNG weakened by economic slowdown

(EnergyAsia, September 30, Wednesday) — While Asian countries continue to sign up long-term contracts to import liquefied natural gas (LNG), spot demand has dried up, said a leading supplier to the region. Peter Cleary, the president of the marketing unit of Western Australia’s North West Shelf Venture, which produces about 40% of the country’s oil (more…)

SINGAPORE: Trade and Industry Minister on the completion of Jurong Island

(EnergyAsia, September 30, Wednesday) — The following is an edited version of the speech delivered by Trade and Industry Minister Lim Hng Kiang at a ceremony last week marking the completion of Jurong Island’s reclamation. “Jurong Island … did not exist just 15 years ago. To fully appreciate the significance of Jurong Island, we need (more…)

CHINA: CNPC granted US$30 billion five-year loan for overseas investments

(EnergyAsia, September 29, Tuesday) — China National Petroleum Corp (CNPC) has been granted a US$30 billion five-year loan to further its expansion abroad. China Development Bank will provide the loan to the state-owned Chinese oil and gas firm at a discounted rate under an agreement signed recently. “The credit agreement is of great importance for (more…)

CHINA: PetroChina to build RMB40 billion refinery in central Henan province

(EnergyAsia, September 29, Tuesday) — Asia’s largest oil and gas producer, PetroChina, plans to build a RMB40 billion oil refinery in Shangqui in central Henan province in China. (US$1=RMB6.83). The company will commission an environmental evaluation for the project for the approval of the National Development and Reform Commission, the state planning agency. The 10-millionnes-per-year (more…)

MARKETS: Asian rig and drillship builders face weak demand

(EnergyAsia, September 29, Tuesday) — Asian builders of rigs and drillships may have to deal with weak demand for their products and services in the near term.   Singapore rig builders Keppel Corp and Sembcorp Marine did not have an order for a new rig in the first two quarters this year, and are unlikely (more…)

REFINING: Solomon Associates’ new study to help control turnaround costs at refineries and olefin pl

(EnergyAsia, September 29, Tuesday) – With industry data showing that turnaround costs have nearly tripled for refineries and olefin plants worldwide this decade, Solomon Associates, the US-based leading performance improvement company for the global energy industry, said it has launched a new study to help refining and petrochemical companies better manage turnaround-related expenditures. The company (more…)

SINGAPORE: JTC Corp marks end of Jurong Island reclamation completion ceremony

(EnergyAsia, September 29, Tuesday) — The following is an edited version of a speech by JTC Corp chairman Cedric Foo delivered on September 25 at a ceremony marking the completion of Jurong Island reclamation. “Less than two decades ago, we had seven southern offshore islands with a total land mass of 991 hectares.  In a (more…)

CHINA: PetroChina starts up 200,000-b/d refinery in far western region of Xinjiang

(EnergyAsia, September 29, Tuesday) — PetroChina Co has brought onstream an integrated oil refinery-petrochemical complex in Dushanzi district, Karamay City in the country’s northwestern Xinjiang Uighur Autonomous Region.   The RMB30 billion complex includes a sophisticated 200,000-b/d refinery which will produce Euro IV-emission grade products from processing high-sulphur crude oil imported from neighbouring Kazakhstan.   (more…)

CHINA: Second phase plan to build 170-million-barrel oil storage capacity approved

(EnergyAsia, September 29, Tuesday) — The Chinese government has approved a plan to build the country’s second phase 170-million-barrel strategic petroleum stockpile, said state-owned China National Petroleum Corp (CNPC). Construction of the new terminals will start later this year. China is racing to build up its emergency oil reserves to meet at least 90 days (more…)

CHINA: Brightoil Petroleum starts on several oil storage terminal projects

(EnergyAsia, September 29, Tuesday) — Privately held Chinese marine bunkering firm Brightoil Petroleum said it started work on several oil storage projects this year. The company entered into a joint venture with Zhoushan Port Group for the development of wharfs and provision of related logistic services at Zhoushan Port in Zhejiang province. It also acquired (more…)

INDONESIA: IBT and Shell to build US$40 million fuel storage facility

(EnergyAsia, September 28, Monday) — PT Indonesia Bulk Terminal (IBT), a subsidiary of the country’s second-largest coal producer Adaro Energy, and Shell Indonesia have signed an agreement to build a US$40 million fuel storage facility on an island off Borneo.     Shell will build the 60,000-tonne facility beside an existing fuel tank owned by IBT (more…)