INDIA: Sitapura industrial estate firms call for relocation of oil depots

(EnergyAsia, December 1, Tuesday) — Firms at the Sitapura industrial estate in Jaipur city in India are demanding that three oil depots in the 360-acre park relocate after a massive fire at one of the depots claimed lives and caused millions of dollars worth of property damage. At least 12 people died in the fire…

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INDIA: Oil depots’ risks to populated areas cited after large blaze

(EnergyAsia, December 1, Tuesday) — The risks posed by India’s oil refineries in populated areas have been underscored by the destruction caused by a massive blaze at the Indian Oil Corporation’s (IOC’s) fuel depot in Jaipur in October. Acknowledging that areas around oil depots are vulnerable to accidents, the Mumbai fire brigade has cited the…

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INDIA: Government decides oil depots should be moved away from populated areas

(EnergyAsia, December 1, Tuesday) — The Indian government has decided that all oil depots should be moved to at least 35 kilometres away from populated areas after a massive fire at an oil depot in Jaipur claimed lives and damaged nearby facilities. Petroleum Minister Murli Deora said that oil companies have been asked to give…

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DUBAI: DME reports new record volume of Oman crude oil futures traded in October

(EnergyAsia, December 1, Tuesday) — The Dubai Mercantile Exchange (DME) said it handled a record average daily volume of 2,624 contracts of its Oman crude oil futures last month. This represented a 58% increase over last year’s daily volumes of 2,012 contracts, and exceeded the previous record of 2,421 contracts achieved in June 2009. That…

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SINGAPORE: Solar energy research institute unveils state-of-the-art facilities to support industry a

(EnergyAsia, December 1, Tuesday) — The Solar Energy Research Institute of Singapore (SERIS) has unveiled state-of-the-art laboratories and facilities dedicated to advancing innovation and discoveries in the industry. Supported by a S$130 million budget over the next five years, SERIS will conduct use-inspired research and development (R&D), collaborate with the international solar industry, and act…

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CHINA: China Solar Power completes purchase of California-based ThinSilicon

(EnergyAsia, December 1, Tuesday) — China Solar Power (Holdings) Ltd (CSP), a manufacturer of thin film amorphous silicon photovoltaic modules, said it has acquired ThinSilicon Inc, a leading developer of thin film manufacturing process technology based in Mountain View, California, US. Founded three years ago, ThinSilicon has developed a proprietary device and process technology that…

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SINGAPORE: Sembcorp Marine awards Tuas shipyard construction contract to subsidiary of Chinese engin

(EnergyAsia, November 30, Monday) — Singapore’s Sembcorp Marine said it has awarded the turnkey construction contract for Phase I of its new Tuas shipyard project to Zhen Hua (S) Engineering Pte Ltd for a total value of S$443.25 million. (US$1=S$1.38). The contract is part of the estimated S$750 million cost to develop the 73.3-hectare first…

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MARKETS: Platts’ comment on Saudi Aramco’s decision to use Argus index to price WTI crude

(EnergyAsia, November 30, Monday) — Energy media group Platts said it has long acknowledged traders’ growing concern with US benchmark WTI’s volatility and apparent disconnect from the market, but declined comment on Saudi Aramco’s decision to start using the sour crude index published by publishing rival Argus Media from next January. “It’s not Platts’ practice…

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SINGAPORE: CERA’s Yergin talks up innovation and technology as Asia struggles to meet energy demand

(EnergyAsia, November 30, Monday) — “If the 20th century was the ‘Century of Oil’, the 21st century will be the ‘Century of Energy Innovation’,” proclaimed Daniel Yergin, energy guru and the Pulitzer-Prize winning author of “The Prize”, an 800-page history of the global oil industry from the 1850s through 1990. In delivering his message of…

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MARKETS: Plunge in freight rates spurs oil storage at sea

(EnergyAsia, November 30, Monday) — The decline in freight rates is encouraging companies to charter tankers to store more oil products at sea, said Simpson Spence and Young, the world’s second-largest shipbroker. In a research report, the broker reported that in October, traders had chartered 112 tankers with a combined 13.1 million deadweight tonnes to…

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MARKETS: IEA denies overstating world oil reserve estimates

(EnergyAsia, November 30, Monday) — The International Energy Agency (IEA) has denied allegations that it has overstated its estimates of world oil reserves to avoid creating panic in the global oil and financial markets. In its latest annual outlook, the IEA has affirmed its prediction that oil production would rise to 105 million b/d by…

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MARKETS: ICE to challenge’s NYMEX CME with Argus-priced crude oil contract

(EnergyAsia, November 30, Monday) — In a direct challenge to better established rival CME, InternationalExchange Inc (ICE) has launched two swap contracts based on a new oil pricing index developed by Argus Media. The two exchanges are in a race, worth billions of dollars, to capture the market for pricing oil. The race intensified last…

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MARKETS: Major oil exporters considering Aramco’s lead to switch to Argus pricing

(EnergyAsia, November 30, Monday) — Major oil exporters around the world particularly Latin America and the Middle East are showing keen interest to follow Saudi Aramco’s move to adopt Argus Media’s crude indices as the basis of pricing crude oil, traders said. Venezuela, Iran and Russia are among those leading the discussion to consider a…

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MALAYSIA: Pristine Oil to build RM900-million storage tank off Melaka state

(EnergyAsia, November 30, Monday) — Malaysia’s Pristine Oil Capital Sdn Bhd said it will start building the country’s first independent oil storage tank in Pulau Besar, off the west coast state of Melaka, in the second half of next year. South Korea’s Samjung TCN and MSK Corporation Sdn Bhd, the main contractors, are expected to…

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SINGAPORE: Senoko Power secures S$2.35 billion in debt facility

(EnergyAsia, November 26, Thursday) –– Senoko Power, a leading Singapore power company acquired by an international consortium, said it has secured a S$2.35 billion debt facility to refinance a bridging loan that was used by shareholders to acquire the power company from Temasek Holdings (Private) Ltd in September 2008. (US$1=S$1.38). The facility comprises a S$2.2…

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SINGAPORE: Qatar Petroleum acquires first downstream overseas assets in deal with Shell

(EnergyAsia, November 26, Thursday) — Shell Eastern Petroleum (Pte) Ltd and Qatar Petroleum International (QPI) have signed a series of agreements in which QPI will acquire a stake in two Shell Chemicals joint ventures in Singapore. Under the agreement, which will be completed at the end of the year, Shell said it will sell part…

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SINGAPORE: Wartsila inks 12-ship design contract with India’s Pipavav Shipyard

(EnergyAsia, November 26, Thursday) — Finland-based ship power system integrator Wartsila said it has signed a contract with India’s Pipavav Shipyard to develop 12 offshore supply vessels (OSVs). The contract stipulates that Wartsila is to design the vessels to be built by Pipavav for delivery to Oil and Natural Gas Corporation Ltd (ONGC), India’s largest…

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RUSSIA: Battle With The West Battle Over Energy Transit Routes

(EnergyAsia, November 26, Thursday) — The following is an edited version of an article by Philip H. de Leon of www.OilPrice.com. Nabucco is a proposed 3,300-km natural gas pipeline spanning Central Asia and eastern Europe with a capacity to carry 31 billion cubic meters (bcm) per year that would reduce Europe’s dependency on gas supplied…

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INDIA: Oman Oil to raise stake in Bharat refinery to 26%

(EnergyAsia, November 26, Thursday) — India’s Bharat Petroleum Corp (BPCL) said Oman Oil Co will raise its current 2% stake in a 120,000-b/d oil refinery in central India to 26%. The jointly owned BPCL-Bharat Oman Refineries Limited (BORL) is building the refinery in Bina in the Indian state of Madhya Pradesh. The company is investing…

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CHINA: Saudi Aramco interested to acquire stake in Qingdao refinery from Sinopec

(EnergyAsia, November 26, Thursday) — Saudi Aramco is looking to increase its interest in China’s downstream oil sector with talks underway to acquire a stake in Qingdao Refining & Chemical Co Ltd which owns and operates a 200,000 b/d oil refinery in east China. The company is a joint venture between three Chinese companies, Sinopec…

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CHINA: PetroChina to boost oil storage capacity in the north

(EnergyAsia, November 25, Wednesday) — PetroChina aims to boost the oil storage capacity of its northern China branch by 6.55 million barrels or more than one million cubic metres over the next three years. The state-owned refiner did not disclose the cost of the investment which will expand the company’s national oil logistics and network….

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INDIA: CIL’s IPO outlook up on coal price rise

(EnergyAsia, November 25, Wednesday) — The outlook for state-owned Coal India Ltd’s (CIL) impending initial public offering (IPO) has brightened considerably since it was permitted by the government to raise coal prices by an average of 11% on October 16. The price hikes will add an estimated 460 billion rupees to the mining company’s net…

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CHINA: Government studying LNG stockpiling

(EnergyAsia, November 25, Wednesday) — On the back of a successful progamme stockpiling crude oil, China is now looking into storing liquefied natural gas (LNG) along the country’s long coastal line. Since early this year, CNOOC Gas and Power Trading and Marketing Limited, a subsidiary of state-owned CNOOC, has begun a feasibility study on developing…

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INDIA: Essar Terminals to build and operate coal berth for Paradip Port

(EnergyAsia, November 25, Wednesday) — India’s Paradip Port Trust has signed an agreement tapping Essar Paradip Terminals to construct and operate a deep-draught coal berth that will allow the port to handle an additional 10 million tonnes of coal per year. The 40.88-billion rupee coal berth will be developed in 36 months. Paradip is located…

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BAHRAIN: NOGA, Occidental Petroleum and Mubadala form joint operating company to develop oil field

(EnergyAsia, November 25, Wednesday) — NYSE-listed Occidental Petroleum Corporation said it, Mubadala Development Company and the National Oil and Gas Authority of Bahrain (NOGA) have jointly established the Tatweer Petroleum-Bahrain Field Development Company to will develop hydrocarbon reserves in the Bahrain Field. The company will operate under the Development and Production Sharing Agreement signed in…

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