CHINA: International tanker shipping summit to be held in Shanghai from June 24 to 25

(EnergyAsia, May 31 2010, Monday) — The ‘2010 International Tanker Shipping Summit (TISS)’, organised by CBI China, will be held in Shanghai, China on June 24 and 25. The event is expected to attract over 100 decision makers from major oil importing and exporting nations around the world. It will provide delegates with a platform (more…)

PEOPLE: Koen Veniers is Oiltanking’s new Asia Pacific & Singapore chief, succeeds Rutgers van Thiel

(EnergyAsia, May 31 2010, Monday) — Koen Verniers, 39, has been named President of Oiltanking Asia Pacific, managing director of Oiltanking Singapore and CEO of Oiltanking Odfjell Terminal Singapore from August 1. He succeeds Rutger van Thiel who has been promoted to become managing director of one of the world’s largest oil storage firm, Oiltanking (more…)

MARKETS: IEA projects world oil demand to grow 1.6 million b/d this year

(EnergyAsia, May 31 2010, Monday) — World oil demand is expected to rise by 1.6 million b/d to 86.4 million b/d this year, said the International Energy Agency in its latest monthly forecast. The predicted increase is down from the 1.8 million b/d increase issued in the April forecast, reflecting the Paris-based agency’s concern with (more…)

MALAYSIA: MISC buys 50% stake in Vitol’s storage subsidiary for US$735 million

(EnergyAsia, May 31 2010, Monday) — MISC Bhd, Malaysia’s leading international maritime corporation, said its subsidiary, MTTI Sdn Bhd, has agreed to acquire a 50% stake in fuel storage firm VTTI BV from global trading firm Vitol for US$735 million. The two companies will be entering into a shareholders’ agreement upon the deal’s completion. One (more…)

CHINA: Crude oil demand jumps 12.7% in April 2010, says Platts

(EnergyAsia, May 31 2010, Monday) — China’s oil demand surged 12.7% to 35.42 million metric tons (MT) or 8.43 million b/d in April 2010 from year-ago level, said energy and metals information provider Platts. This consumption level was just short of the country’s record of 8.5 million b/d for February 2010. China’s total crude throughput (more…)

INDONESIA: Australia’s Kangaroo Resources to acquire five coal projects

(EnergyAsia, May 31 2010, Monday) — Australian Stock Exchange-listed Kangaroo Resources said it is completing the acquisition of five Indonesian coal projects, including the high quality Kubah Indah Coking Coal Project, after successfully concluding due diligence. The acquisitions will be paid for with 300 million Kangaroo shares to be issued to the project vendors upon (more…)

MARKETS: Worldwide organisations unite with anti-piracy e-petition

(EnergyAsia, May 27 2010, Thursday) — “Enough is enough!”, says a petition launched on cyberspace last week demanding governments around the world take concrete action to end the increasing problem of Somali-based piracy threatening lives and global trade. The e-petition is backed by an unprecedented coalition of organisations including BIMCO, ICS, IFSMA, IMEC, IPTA, (more…)

SINGAPORE: 72 traders win Global Trader Awards under IES Global Trader Programm

(EnergyAsia, May 27 2010, Thursday) — Singapore has enhanced its nine-year-old Global Trader Programme (GTP) to increase its attractiveness to international commodities traders. The programme’s administrator, the International Enterprise Singapore (IES) has admitted qualify structured commodity financing (SCF) activities for tax concessions, said Lim Hng Kiang, Minister for Trade and Industry. To ensure that Singapore (more…)

SINGAPORE: 2,500 tonnes of crude oil spilled following tanker collision

(EnergyAsia, May 27 2010, Thursday) — Response teams are fighting to contain an environmental disaster after 2,500 tonnes of crude oil spilled into the sea off Singapore’s Changi coast following a collision between Malaysian tanker MT Bunga Kelana and MV Waily, a bulk carrier registered in St Vincent and the Grenadines on Tuesday morning. There (more…)

SINGAPORE: Germany’s LANXESS begins construction of 400-million-euro butyl rubber plant

(EnergyAsia, May 27 2010, Thursday) — Frankfurt-listed LANXESS AG, Germany’s largest specialty chemicals company, has broken ground on 400-million-euro state-of-the-art butyl rubber plant on Jurong Island in Singapore. (US$1=0.75 euro). The 100,000-metric-ton-per-year plant is expected to start up in the first quarter of 2013. Axel Heitmann, LANXESS CEO, said: “In terms of volume, this investment (more…)

AUSTRALIA: APPEA’s report highlights growing importance of natural gas in nation’s economy

(EnergyAsia, May 27 2010, Thursday) — Natural gas is playing an increasingly important role in boosting Australia’s economy while meeting the energy needs of the Asia Pacific region, according to a report just released by the Australian Petroleum Production & Exploration Association (APPEA). The report found that Australia, which exports 44% of domestic natural gas (more…)

MARKETS: Oil spill seen to provide support for higher oil prices in long-term

(EnergyAsia, May 26 2010, Thursday) — Oil prices are likely to be supported in the coming years as the scale and devastation of the oil spill from the ruptured BP well in the Gulf of Mexico become clear, said analysts. Political pressure against offshore drilling is fast building up following the April 20 explosion on (more…)

MARKETS: Oil prices drop on fears of Europe’s debts and sovereign risks

(EnergyAsia, May 26 2010, Thursday) — Europe’s wobbly economies are having a bigger negative impact on the oil markets than the massive loss of crude oil from a ruptured BP well in the Gulf of Mexico. The International Energy Agency has cut its projection for oil demand this year by 220,000 barrels a day to (more…)

INDIA: Government may relocate 45 oil depots away from populated areas

(EnergyAsia, May 27 2010, Thursday) — The Indian government is looking to relocate 45 oil depots out of densely populated regions after completing its review of the devastating fire that destroyed the Indian Oil Corporation fuel terminal in Jaipur city. More than a dozen people were killed in the October 29 fire which has forced (more…)

LNG: EOG Canada offers to acquire Galveston LNG

(EnergyAsia, May 26 2010, Wednesday) — US-based EOG Resources Inc (EOG) said its Canadian subsidiary EOG Resources Canada Inc has offered to purchase the shares of Calgary, Canada-based energy development company Galveston LNG Inc. Through its own subsidiary Kitimat LNG Inc, Galveston owns 49% of the Kitimat LNG terminal, a planned liquefied natural gas (LNG) (more…)

RUSSIA: Gazprom worries over rising shale gas output in the US

(EnergyAsia, May 26 2010, Wednesday) — Russia’s natural resources minister Yuri Trutnev is worried that rising production of shale gas and other unconventional gas around the world could pose a “problem” to Gazprom and exert further downward pressure on already weak natural gas markets. Last year, the US displaced Russia as the largest gas producer (more…)

SINGAPORE: Oil and gas sector draws more Middle Eastern, Russian investors

(EnergyAsia, May 26 2010) — Singapore’s oil and gas industry has been attracting new investors from the Middle Russia and Russia keen on gaining a foothold in Asia’s fast-growing markets. These include Tasweeq of Qatar, which has opened a representative office in the city-state, and Gazprom of Russia, which plans to ramp up trading of (more…)

CHINA: State engineering firm to build three oil refineries, fuel complex in Nigeria

(EnergyAsia, May 26 2010, Wednesday) — Shanghai-listed China State Construction Engineering Corp Ltd has struck a US$23-billion deal with state-run Nigerian National Petroleum Corp (NNPC) to build three oil refineries and a fuel complex in the African nation. In a statement, NNPC said the agreement would add 750,000 b/d of capacity to the West African (more…)

SINGAPORE: Panalpina opens new logistics complex to support upstream oil and gas activities

(EnergyAsia, May 26 2010, Wednesday) — Logistics firm Panalpina has opened a new facility in Singapore dedicated to serving the oil and gas industry, effectively raising its global warehousing capacity by 10%. The 20,000 sq m facility in Loyang Offshore Supply Base in eastern Singapore is connected to the company’s upstream support operations in the (more…)

MARKETS: BP’s oil leak in Gulf of Mexico fails to impact prices for now

(EnergyAsia, May 26 2010, Wednesday) — The huge loss of oil from a ruptured well by BP in the Gulf of Mexico has not affected crude oil prices yet because of the surplus inventory in the US and Europe, and concerns over Europe’s slumping economy. Weak oil demand in the West is weighing heavily on (more…)

MARKETS: BP’s survival called into question as it fails to stem leaking well in Gulf of Mexico

(EnergyAsia, May 26 2010, Wednesday) — Stakeholders, in particular the US government, are running out of patience with BP’s inability to stop a well in the Gulf of Mexico from gushing oil into the sea, raising doubts about the British oil giant’s survival. More than a month after a rig collapsed and ruptured a deepwater (more…)

INDONESIA: Bontang LNG terminal owes Japan US$2 billion worth of cargoes

(EnergyAsia, May 26 2010, Wednesday) — Indonesia’s Bontang terminal in East Kalimantan owes 80 cargoes of liquefied natural gas (LNG) worth US$2 billion to Japan based on an export contract. State agency BP Migas which oversees upstream oil and gas regulations said that if the export contract is not fulfilled, Bontang would have to pay (more…)

MARKETS: Rosier outlook for gasoline and diesel but refiners face risk, says ESAI

(EnergyAsia, May 25 2010, Tuesday) — As driving season gets underway, the US has become the locomotive for oil demand recovery in the Atlantic Basin, but the pace of recovery will be limited, said US energy consultant ESAI. In its latest Atlantic Basin Stockwatch Marketview report, ESAI said that although gasoline and diesel fundamentals indicate (more…)

INDIA: Five firms under US scrutiny for involvement in Iran oil trade

(EnergyAsia, May 25 2010, Tuesday)—Five Indian firms could face US action after the General Accountability Office included them in its list of 41 foreign companies helping Iran develop its oil and gas sector. New Delhi, however, is not expected to keep silent if Washington attempts to impose sanctions on Indian companies for investing in Iran (more…)

INDIA: Government plans to raise domestic gas prices to help pay for imported LNG

(EnergyAsia, May 25 2010, Tuesday)—The Indian government is planning to raise the price for locally produced natural gas to help pay for costly imported liquefied natural gas (LNG). Gas produced by state-owned ONGC now sells for US$1.82 per million British thermal units (mmBtu) while imported LNG costs US$5.7 per mmBtu. The government has tasked state-owned (more…)