CHINA: PetroChina enters into fuel storage deals with NuStar Energy in the US

(EnergyAsia, January 27, Wednesday) — PetroChina Co, which is listed in the stock exchanges of Hong Kong and Shanghai, recently struck two deals to lease oil storage terminals from Texas, US-based NuStar Energy LP in an effort to develop a global petroleum trading network. PetroChina has agreed to lease 400,000 barrels of storage capacity in...

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INDIA: IOC, Essar Oil planning to raise refining capacities

(EnergyAsia, January 26 2010, Tuesday) — Indian Oil Corporation (IOC) and Essar Oil are planning to expand their refining capacities over the next two years. State-owned IOC will increase the capacity of its Haldia refinery by 25% to 7.5 million tonnes by February and that of its Panipat refinery also by 25% to 15 million...

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OMAN: Daweoo Engineering awarded $17 contract to build oil storage tank

(EnergyAsia, January 26 2010, Tuesday) — South Korea’s Daewoo Engineering and Construction Co Ltd has been awarded a $17 million contract to build a fuel storage tank for an oil refinery in Oman. The contract is for an additional fuel tank to serve the 85,000 b/d Mina Al Fahal refinery in the capital of Muscat....

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CHINA: Oil access is part of $12 billion fund set up with Venezuela

(EnergyAsia, January 26 2010, Tuesday) — China and Venezuela are deepening economic ties with the signing of a set of agreements that include a joint $12 billion development fund in which the Chinese government will deposit $8 billion in exchange for guarantees to the South American nation’s oil supply. Venezuela is seeking to diversify its...

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KAZAKHSTAN: ABB awarded $17 million power order

(EnergyAsia, January 26 2010, Tuesday) — ABB, a leading power and automation technology group, said it has won an order worth $17 million for the electrification of a gas-based thermal power plant to be built near the Akshabulak oilfield in southern Kazakhstan.The order was booked in the fourth quarter of 2009. Owned by Crystal Management...

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CHINA: CNOOC Group starts crude reserve, LNG and pipe projects in Fujian

(EnergyAsia, January 26 2010, Tuesday) — China’s CNOOC Group and the Fujian provincial government have jointly begun building energy infrastructure to serve the country’s southern coastal area. The projects include a 10-million tonne crude stockpile, a 2.6-million-tonne liquefied natural gas (LNG) terminal, some pipe network projects and a 23-billion-yuan industrial park on a 228-sq km...

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INDIA: Visakhapatnam’s oil storage capacity to be raised by a third

(EnergyAsia, January 26 2010, Tuesday) — The Indian government will consider raising the strategic oil storage capacity at its Visakhapatnam site in the eastern state of Andhra Pradesh by a third to 1.33 million tonnes. Indian Strategic Petroleum Reserves Ltd (ISPRL), a subsidiary of state-owned Oil Industry Development Board (OIDB), said it would submit an...

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ABU DHABI: 500 international delegates met on IRENA’s programme and budget

(EnergyAsia, January 26 2010, Tuesday) – Five hundred delegates from 120 member states of the International Renewable Energy Agency (IRENA) met in Abu Dhabi, UAE last week to decide on the agency’s work programme, projects and programme for 2010. IRENA said it will aim to establish itself as the global base for renewable energy knowledge....

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PAKISTAN: Suspected terrorist planned to bomb Karachi oil storage terminal

(EnergyAsia, January 25 2010, Monday) — Pakistani authorities have uncovered further details about a plot to blow up one of the country’s largest oil storage terminals last September 15.   Detained suspect, Maulvi Saeed Anwer, who was arrested with other men, said he was a member of an armed group selected to destroy the Karachi...

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IRAN: Energy officials claim foreign companies ready to make large investments

(EnergyAsia, January 25 2010, Monday) — Threatened with further trade sanctions by the West over its nuclear energy programme, a defiant Iran said foreign companies are ready to invest as much as $20 billion in its oil and gas sector and that it has contracted a German firm to help it build 100 gas compressors...

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MARKET: Oil market summary for week ended January 22

(EnergyAsia, January 25 2010, Monday) — Summary by Darrell Delamaide for OilPrice.com.   New measures by Chinese authorities to curb bank lending reversed a rally in energy prices early last week, bringing West Texas Intermediate (WTI) crude futures down more than 4% in the second half of the week to below $75 a barrel by...

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SHIPPING: Tanker association presses for action on West Africa piracy

(EnergyAsia, January 25 2010, Monday) — Intertanko, the association representing international tanker owners, is demanding action from governments, international agencies and its members to act against the growing menace of piracy off the West African coast. Intertanko expressed “deep concern” with the continuing violent piracy activity in the Gulf of Guinea, particularly off Nigeria and...

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MARKET: Platts offers world’s first daily LNG prices for Australia, India, Middle East

(EnergyAsia, January 25 2010, Monday) — Platts, a world leading energy information provider, said it has begun publishing the first daily price points for liquefied natural gas (LNG) imported to India and exported from Australia and the Middle East, the world’ largest LNG producing region. Platts said these new price points follow on the success...

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SINGAPORE: SGX-listed Chemoil starts up New Orleans bunker supply service

(EnergyAsia, January 25 2010, Monday) — Chemoil, a Singapore Exchange-listed independent physical supplier of marine fuel, said it will start up deliveries in the US Gulf Coast port of New Orleans from February 1. Chemoil, a global fuel supplier, said it will offer both industrial fuel oil 380 and marine gasoil from New Orleans port....

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ABU DHABI: IPIC increased shareholding in Austria’s OMV to 20%

(EnergyAsia, January 25 2010, Monday) — Abu Dhabi-based IPIC said it has increased its shareholding in Austria’s oil major OMV to 20% from 19.6%. IPIC now owns 60,050,273 OMV shares. With group sales of 25.54 billion rueo and a workforce of 41,282 employees in 2008, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies....

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MARKETS: More tankers being used as floating oil terminals as trade continues to look viable

(EnergyAsia, January 22 2010, Friday) — Traders are still piling into one of the most lucrative oil plays in memory, leasing oversupplied tankers for use as floating storage terminals around the world. Last November, ship broker Gibson estimated that the amount of crude and oil products stored in tankers had risen to a 10-year high...

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MALAYSIA: Singapore’s PEC Group awarded contract to build US$174.5 million oil terminal

(EnergyAsia, January 22 2010, Friday) — PEC Ltd, a Singapore plant and terminal engineering specialist, said its subsidiary, Audex Pte Ltd, has secured a US$174.5 million contract to build an 841,000-cubic metre terminal in Malaysia’s Johor state to store fuel oil, gasoil, kerosene and gasoline. PEC, which also provides project works and maintenance services to...

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MARKETS: JPMorgan claims most oil price swings due to inventory shocks

(EnergyAsia, January 22 2010, Friday) — Wall Street bank JPMorgan said that 96% of swings in weekly oil prices between 2006 and 2009 were due to sharp inventory movements caused by sudden relaxation or tightening of crude stockpiles. The remaining 4% could be attributed to speculation or pure position changes by investors, the bank said...

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INDONESIA: Crude oil output targets likely to be missed for 2009 and 2010

(EnergyAsia, January 22 2010) — Indonesia is likely to miss its crude oil and condensate production target this year due to underinvestment and ageing fields, said the country’s energy watchdog, BP Migas. The government had targeted to produce 960,000 b/d in 2009 and 965,000 b/d this year, but the country is struggling to even reach...

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CHINA: Six firms granted licences to operate fuel storage and wholesale businesses

(EnergyAsia, January 22 2010, Friday) — The Chinese government has licensed six local companies to operate fuel storage and wholesale business in line with its pledge to continue liberalising the country’s fuel distribution market. The six companies include two units of the country’s largest coal producer, China Shenhua Group, a regional marketing unit of Sinopec...

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CHINA: PetroChina takes over fuel storage terminal in the Caribbean

(EnergyAsia, January 22 2010, Friday) — As part of its plan to expand trading activities in the Americas, PetroChina has taken over the lease for a five-million-barrel fuel oil storage terminal in the Caribbean vacated by Saudi Aramco at the end of last year. Owned and operated by Nustar, the Statia terminal in the Netherlands...

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ASIA: US Apache Corp takes 51% stake in Canada’s S$3 billion Kitimat LNG project

(EnergAsia, January 22 2010, Friday) — Canada’s hopes of opening up new markets for its abundant oil and gas resources in Asia received a boost early this month when US upstream company Apache Corp agreed to take a 51% stake in a planned $3 billion liquefied natural gas (LNG) export terminal. Subsidiary Apache Canada Ltd...

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MIDDLE EAST: China expected to expand military presence to protect growing strategic interest

(EnergyAsia, January 21 2010, Thursday) — China is expected to establish and grow its military presence in the Middle East as it becomes increasingly dependent on the region for oil and gas supplies. China broadcast that prospect for the first time early this month when Rear Admiral Yin Zhou said its navy should establish bases...

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QATAR: Stronger LNG exports to boost balance of payment surplus

(EnergyAsia, January 21 2010, Thursday) — Qatar is expected to enjoy strong balance of payments (BOP) surpluses in the next few years on the back of higher exports of liquefied natural gas (LNG), according to QNB Capital. Qatar posted a BOP surplus of 49.5 billion rials in 2008, helped by LNG exports which accounted for...

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SINGAPORE: Port remains global leader for 2009

(EnergyAsia, January 21 2010, Thursday) — Singapore retained its global leadership position in vessel arrival tonnage, bunker sales and containers handled despite last year’s global economic and trade slump, according to early estimates from the Maritime and Port Authority of Singapore (MPA). Announcing this strong performance, Raymond Lim, minister for transport and second minister for...

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