INDIA: Coal importers suffering losses from failing to hedge freight exposures

(EnergyAsia, November 25, Wednesday) — Indian and Chinese coal importers are suffering large losses from failing to hedge freight costs. Some estimates put the losses incurred by the importers for not hedging coal linked to the benchmark API4 physical price index at US$10 a tonne. One Indian trader has lost in a month what it…

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ASIA: Economic recovery requires policies to support energy development, says ExxonMobil

(EnergyAsia, November 25, Wednesday) — Affordable and reliable energy supplies necessary to rebuild the global economy require policies that encourage investment, expand international trade and promote technological innovation, said ExxonMobil’s chairman and CEO, Rex W. Tillerson. Speaking at the Asia-Pacific Economic Cooperation (APEC) CEO’s Summit, he said energy is critical to economic development, and despite…

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CHINA: CNPC to step up oil and gas investment in restive Xinjiang

(EnergyAsia, November 24, Tuesday) — State-owned China National Petroleum Corp (CNPC) has unveiled plans to invest 200 billion yuan in the resource-rich Xinjiang Uyguar autonomous region between 2010 and 2015. (US$1=6.83 yuan). Zhou Jiping, CNPC vice president, said the investments in the restive region would focus on oil, gas and chemicals projects, ranging from production…

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MARKETS: Capex on offshore oil projects to reach US$190 billion in five years

(EnergyAsia, November 24, Tuesday) — Capital spending on offshore oil development projects will reach $190 billion over the next five years, according to Lloyd’s Register. The maritime classification society and risk management company expects floating offshore installations (FOI) to account for up 35% of the spending over the period as more oil explorers venture into…

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INDIA: Upstream company Cairn India to supply crude to Reliance’s refinery in Jamnagar

(EnergyAsia, November  24, Tuesday) — Cairn India said it has concluded an initial agreement to supply crude oil from its newly producing Mangala field in Barmer, Rajasthan state to a refinery owned and operated by Reliance Industries Limited (RIL) in Jamnagar in Gujarat state.  The crude oil will be shipped by tankers. The agreement had…

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SINGAPORE: EMA to develop an intelligent energy system for a future smart grid

(EnergyAsia, November 24, Tuesday) — Singapore’s Energy Market Authority (EMA) has launched a pilot project to develop a national “Intelligent Energy System” (IES) that will test a range of smart grid technologies to enhance the capabilities of the power grid infrastructure. The IES pilot project seeks to develop and test the following components of a…

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ASIA: Region must invest up to $9.7 trillion by 2030 to meet energy needs, says ADB

(EnergyAsia, November 24, Tuesday) — The Asia Pacific region must invest between $7 trillion and $9.7 trillion in the energy sector from 2005 to 2030 to meet its rapidly growing demand for energy, according to a new report released by the Asian Development Bank (ADB). The “Energy Outlook for Asia and the Pacific” projects the…

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CHINA: Sovereign wealth fund CIC to focus overseas investments on commodities

(EnergyAsia, November 24, Tuesday) — China Investment Corp (CIC) has set aside US$110 billion to invest abroad, focusing on commodity and property firms both as a hedge against impending inflation and as an outlet to dispose of the country’s large holding of foreign exchange reserves. The Chinese sovereign wealth fund’s chairman said he expects inflation…

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SINGAPORE: The coming electricfication of the land transport system

(EnergyAsia, November 23, Monday) — The following is an edited version of the speech, “Electrification of Singapore’s land transport”, by David Tan, deputy chief executive of the Energy Market Authority at the ‘Plug-in Singapore 2009’ conference last Friday. The conference was part of the Singapore International Energy Week hosted by the EMA. “Electric vehicles (EVs)…

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SRI LANKA: Work starts on new oil storage complex at Hambantota Port

(EnergyAsia, November 23, Monday) — The Sri Lankan government has started work oon a new $360-million oil storage complex at the strategically located Hambantota Port on the southeastern tip of the country. The complex will comprise 14 tanks to store bunker fuel, aviation fuel and liquefied petroleum gas, while a 15-storey administrative building will provide…

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SINGAPORE: Aim for role as centre for carbon trade, said minister at last month’s Carbon Asia Forum

(EnergyAsia, November 23, Monday) — Singapore is in a strong position to play a key role in developing and serving the carbon trade as well as help companies expand their clean development mechanism activities in Asia, said its Senior Minister of State for Trade and Industry, S. Iswaran. At last month’s Carbon Forum Asia, he…

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AZERBAIJAN: SOCAR and KazMunaiGas to cooperate on several oil and gas projects

(EnergyAsia, November 23, Monday) — Kazakhstan’s state oil company KazMunaiGas and the State Oil Company of Azerbaijan (SOCAR) have agreed to cooperate on developing oil and gas projects. The state oil companies recently signed an agreement to conduct a joint feasibility study on a Trans-Caspian oil infrastructure project, and would consider establishing a company to…

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PHILIPPINES: Refiner wants government to eliminate crude import tariff

(EnergyAsia, November 23, Monday) — The Philippines’ largest oil refiner Petron Corp has demanded that the government remove the import tariff on crude as its 180,000-b/d plant could no longer compete against larger and more efficient producers in the region. Reeling from the a recent government decision to freeze pump prices, the refiner warned it…

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CHINA: State bank to begin $10-billion loan to Brazil’s Petrobras

(EnergyAsia, November 23, Monday) — Brazil’s state oil and gas company Petrobras said it has concluded agreements for a $10-billion loan over 10 years from the China Development Bank Corporation (CBD). Petrobras said that talks had been underway since May 2009 for the use of the money to fund its 2009-2013 business plan. CFO Almir…

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MARKETS: IHS CERA affirms ‘plentiful scenario’, sees no oil supply crunch before 2030

(EnergyAsia, November 23, Monday) — IHS Cambridge Energy Research Associates (CERA) has released another study affirming its position that the world will not face an imminent oil supply crunch, but could be challenged beyond 2030 on account of geopolitical barriers and credit availability to upstream investments. Against a rising tide of authoritative voices expressing concerns…

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CHINA: GE, Shenhua to proceed with clean coal joint venture

(EnergyAsia, November 23, Monday) — GE and China’s Shenhua Group Corporation said they have agreed jointly develop an industrial coal gasification project that would combine GE’s expertise in gasification and cleaner power generation technologies with Shenhua’s expertise in building and operating coal gasification and coal-fired power generation facilities, to advance “cleaner coal” technology solutions in…

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MALAYSIA: Shell Refining reports lower 3Q loss, Maybank maintains “sell” rating

(EnergyAsia, November 20, Friday) — Malaysia’s Shell Refining Company has reported a lower gross and net loss of RM9.7 million and RM35.4 million respectively for the third quarter. (US$1=RM3.4). Its loss in the third quarter of last year was RM287 million. The company suffered a steep drop in gross refining margins, lower refinery production and…

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INDONESIA: GE lends $50 million for country’s biggest geothermal power plant

(EnergyAsia, November 20, Friday) — Tapping into growth in Asia and in renewable energy, US-based GE Energy Financial Services said it has loaned $50 million to Indonesia’s biggest geothermal power producer, a 220-megawatt emissions-free plant set in a volcanic region of tea and quinine plantations. The loan for the Wayang Windu plant, near the town…

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SINGAPORE: Stolt-Nielsen keeping storage project on hold

(EnergyAsia, November 20, Friday) — Norwegian shipping group Stolt-Nielsen is delaying construction of a chemical storage tank terminal in Jurong Island in Singapore until it receives firm commitments from clients to use the facility. The company had announced plans to build the terminal early last year, with completion due for for end-2009. Ten oil and…

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MIDDLE EAST: Gulf countries to increase share of world refining capacity

(EnergyAsia, November 20, Friday) — The oil refining industry of the six-member Gulf Cooperation Council region is expected to increase its world market share on expectations of continued active government support. The GCC members include UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. In a report, Moody’s said it had a ‘stable’ outlook on the…

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COMPANY: Trader Trafigura secured US$700 million credit facility

(EnergyAsia, November 20, Friday) — Trafigura Beheer BV, the international commodities trading company, said it recently secured US$700 worth of syndicated revolving credit facility, exceeding its target of US$505 million. “Following strong support from institutions in the Asian markets, the facility was considerably oversubscribed and signed at an increased amount of US$700 million. The facility…

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AUSTRALIA: Origin Energy Limited to increase its stake in the Otway gas project

(EnergyAsia, November 19, Thursday) — Origin Energy Limited, Australia’s leading integrated energy company, said it has agreed to acquire Woodside Energy Ltd’s 51.55% interest in the Otway gas project for A$712.5 million. (US$1=A$1.18). Managing director Grant King said: “The transaction includes production licenses which contain the Thylacine and Geographe fields and adjacent exploration permits, together…

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OMAN: Oman Oil, IPIC to look into building refinery-petrochemical complex at Duqm

(EnergyAsia, November 19, Thursday) — Oman Oil Company (OOC) and Abu Dhabi’s International Petroleum Investment Company (IPIC) will launch a detailed study into the feasibility of building an integrated oil refinery and petrochemical complex at Oman’s Duqm port. Last month, Ahmed Al Wahaibi, OOC’s CEO, and Khadem Al Qubaisi, IPIC’s managing director, signed a memorandum…

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SINGAPORE: SembMarine plans shipyard expansion on 206-hectare reclaimed site

(EnergyAsia, November 19 Thursday) — Singapore’s SembMarine has announced plans to build a fully-integrated shipyard on a 206-hectare reclaimed site off Tuas View on the far-western end of the island state. The new yard, to be developed in phases, will offer a centralised “one-stop solutions” hub for ship repair and conversion, shipbuilding, rig building and…

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SINGAPORE: Rotary Engineering reports 11% drop in net profit for first nine months of 2009

(EnergyAsia, November 19, Thursday) — Singapore-listed Rotary Engineering Ltd said its net profit after tax and minority interest (PATMI) dropped 11% from S$31.6 million to S$28.1 million for the first nine months of the year. Its revenue were up 9% to S$404.9 million over the same period last year. (US$1=S$1.38). For the third quarter, its…

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