SRI LANKA: Investors invited to participate in US$1.5 billion Hambantota Port project

(EnergyAsia, August 27 2010, Friday) — The Sri Lankan government is inviting foreign investors to participate in its US$1.5 billion flagship port project in Hambantota. Investors will have the opportunity to develop the port’s bunkering facilities, cold storage and bulk cargo handling, oil storage tanks, warehousing complex, and container-transhipment system. The US$361 million first phase...

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MARKETS: CME Group to launch coal contracts priced against Argus and IHS McCloskey indices

(EnergyAsia, August 27 2010, Friday) — CME Group, the US-based world leading and most diverse derivatives marketplace, said it will be launching trading and clearing services for four new coal swap futures and options on swap futures contracts. These new contracts are settled against the API 2 and API 4 indexes published in the Argus/McCloskey’s...

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SOUTH KOREA: Singapore’s Chemoil eyes fuel storage project

(EnergyAsia, August 27 2010, Friday) — Singapore’s Chemoil Energy Ltd said it has tied up with South Korea’s Hanjin Group to construct a fuel storage terminal at the port of Busan. The terminal will have to the capacity to store up to 250,000 cubic metres of fuel to serve ships calling in at the port,...

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JAPAN: Mitsubishi Corp to invest in Canada’s Penn West Energy’s shale gas project

(EnergyAsia, August 27 2010, Friday) — Japan’s Mitsubishi Corp said it has agreed with Canada’s Penn West Energy Trust to invest C$450 million in a natural gas development project centred on shale gas in the Cordova embayment in northeastern British Columbia province. (US$1=C$1.05). The project is owned by Calgary-headquartered Penn West Energy Trust (PWE). The...

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NIGERIA: Reforms needed to unlock hydrocarbon wealth

(EnergyAsia, August 27 2010, Friday) — Nigeria must implement oil reforms and pursue pro-business policies if it is to attract investments to realise the full potential of its hydrocarbon resources, according to the Nigerian Council of the Society of Petroleum Engineers. Attracting the right investors will require updating some of the existing legal provisions for...

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UAE: Foster Wheeler awarded contract to help develop Bida Al Qemzan oilfield

(EnergyAsia, August 26 2010, Thursday) — Engineering giant Foster Wheeler AG said it has won a contract to provide project management consulting services to Abu Dhabi Company (ADCO) to develop the UAE’s Bida Al Qemzan oilfield. ADCO is targeting to start producing 20,000 b/d of crude at the end of the third quarter of 2012....

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IRAQ: Oil ministry awards contracts for Maissan refinery units

(EnergyAsia, August 26 2010, Thursday) — US engineering firm KBR said it has been awarded two contracts by Iraq’s oil ministry to provide licensing and basic engineering services for the fluid catalytic cracking (FCC) and solvent de-asphalting (SDA) units at the planned grassroots oil refinery in Maissan. The contract was awarded through state-owned South Refineries...

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NIGERIA: Crude oil production rose in 2009, said state firm NNPC

(EnergyAsia, August 26 2010, Thursday) — Nigeria, Africa’s largest oil producer, said its crude oil output rose 1.5% to 780 million barrels last year following a marked decline in armed attacks on industry infrastructure and personnel by the country’s various disaffected groups. Between 2006 and 2009, Nigeria lost more than a quarter of its oil...

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MALAYSIA: State firm promoting country as Asia’s deepwater oil and gas centre

(EnergyAsia, August 26 2010, Thursday) — Malaysia is well-positioned to become Asia’s leading offshore oil and gas centre, with output from deepwater fields expected to account for up to 40% of the country’s total oil production in 10 years. Malaysia has awarded 23 production-sharing contracts to develop its deepwater resources which are located mostly off...

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INDONESIA: Moratorium on forest clearing to affect major mining projects

(EnergyAsia, August 26 2010, Thursday) — Investors have warned that Indonesia’s two-year ban on forest clearing permits could delay as much as US$14 billion worth of coal and mining projects in the country. Among the companies expected to be affected are Newmont, which plans to develop the Elang copper reserve in Sumbawa island; BHP Billiton,...

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CHINA: PetroChina filling up new oil storage tanks in Qinzhou

(EnergyAsia, August 26 2010, Thursday) — PetroChina has poured in its first cargo of 60,000 tonnes of crude oil into a newly complete oil storage terminal in Qinzhou city in Guangxi province in southern China. PetroChina said it will be investing RMB20 billion to fully develop the proposed 20- million cubic metre terminal. The project’s...

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CHINA: Refiner Sinopec reports unexpected 6.7% rise in first half net profit

(EnergyAsia, August 26 2010, Thursday) — China Petroleum & Chemical Corp, or Sinopec, reported an unexpected 6.7% rise in first half net profit to RMB35.46 billion on the back of the country’s continued economic expansion. (US$1=6.79 yuan). In a statement, Asia’s biggest refiner said its revenue for the six months ending June 30 surged 75.4%...

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AUSTRALIA: Refiner Caltex reports 50% drop in first half operating profit

(EnergyAsia, August 26 2010, Thursday) — Caltex Australia Ltd has blamed the country’s strong currency and weaker refining margins for slashing its first-half operating profit by half to A$149 million. (US$1=A$1.15). Australia’s largest refiner said that it might cut jobs in light of continued uncertainty and possible weakness in the refining business for the remainder...

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SINGAPORE: POWER-GEN Asia to gather industry professionals at the Marina Bay Sands in November

(EnergyAsia, August 25 2010, Wednesday) — POWER-GEN Asia, the conference and exhibition for the power generation and transmission and distribution industries, will be held at the recently opened Marina Bay Sands resort in Singapore from November 2 to 4. Organised by Pennwell Corporation, the event, will be a headline event for the Singapore International Energy (more…)

THAILAND: Banpu reports 4.5% drop in second quarter net profit

(EnergyAsia, August 25 2010, Wednesday) — Thailand’s leading coal miner, Banpu, has reported a more than 4.5% drop in second quarter earnings to 3.795 billion baht from year ago levels, as a result of lower contribution from a 50%-owned power plant. (US$1=32 baht). Increased income from coal operations in Indonesia and China helped offset the...

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SOUTH KOREA: UAE’s IPIC to sell off 70% stake in oil refiner Hyundai Oilbank

(EnergyAsia, August 25 2010, Wednesday) — Abu Dhabi’s International Petroleum Investment Company (IPIC) is selling off its 70% stake in a South Korean refinery to Hyundai Heavy Industries for US$2.2 billion. IPIC has thrown in the towel after losing a protracted two-year legal battle with Hyundai for control of refiner Hyundai Oilbank. Hyundai Heavy will...

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MARKETS: OPEC raised forecast for world oil demand outlook for 2010

(EnergyAsia, August 25 2010, Wednesday) — The Organisation of Petroleum Exporting Countries (OPEC) has raised its forecast for the world’s oil demand for 2010 while retaining its earlier expectations for next year’s demand. The cartel said it expects world demand for its crude to average 28.7 million b/d this year or around 52,000 b/d higher...

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INDONESIA: Coal projects hampered by uncertain government rules

(EnergyAsia, August 25 2010, Wednesday) — Lack of clarity of government rules and bureaucracy are hampering Indonesia’s ability to fully exploit its mineral resources and raise capital to develop vital infrastructure such as a railway network to better access the coal reserves in Kalimantan on Borneo Island. Companies complain that they often encounter difficulties in...

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INDIA: Reliance, Essar plans to buy BP’s African assets

(EnergyAsia, August 25 2010, Wednesday) — Reliance Industries Ltd and Essar Oil, India’s two main privately owned oil companies, are positioning to acquire BP Plc’s assets in Africa as the UK major seeks to fund its expenses related to the catastrophic oil spill in the Gulf of Mexico. BP is looking to sell US$30 billion...

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AUSTRALIA: Chinese managers at Coal Services Pty Ltd to learn about coal mine safety measures

(EnergyAsia, August 25 2010, Wednesday) — A delegation of 20 Chinese coal mine managers is visiting the New South Wales facilities of Australia’s Coal Services Pty Ltd (CS) as part of a major bilateral coal mine safety initiative between the two countries. A group of 20 coal mine managers from China, including representatives of Jizhong...

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CHINA: Attacks on Chinese nationals mar relationship with leading crude supplier Angola

(EnergyAsia, August 22 2010, Monday) – Attacks on Chinese nationals and their property in Angola by armed groups opposed to the government could chill the budding economic partnership between the two countries. Recent incidents of violence have been reported amid rising resentment that China is hiring its own citizens instead of employing Angolans to rebuild...

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GHANA: Russia, Belarus plan to make US$1 billion in investments

(EnergyAsia, August 24 2010, Tuesday) — Investors from Russia and Belarus are planning to invest as much as US$1 billion in Ghana, which is expected to experience a major economic take-off with the start-up of oil production later this year. A delegation of business leaders from the two countries recently called on Ghana’s Vice President...

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CHINA: Sinopec starts building crude oil storage tanks in Zhejiang province

(EnergyAsia, August 24 2010, Tuesday) — China’s largest refining company, Sinopec, said it has started building 14 commercial tanks to store crude oil in Cezidao in Zhejiang province in eastern China. Completion of the terminal, comprising 13 tanks each with the capacity to store 100,000 cubic metres and one of 500,000 cubic metres, is scheduled...

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GHANA: Economic growth could top 20% next year on start-up of oil production, strong commodity pric

(EnergyAsia, August 24 2010, Tuesday) — Ghana’s economic growth could top 20% next year, up nearly four times the projected 5.8% rate this year, thanks to the start-up of oil production in the offshore Jubilee field. The International Monetary Fund (IMF) and some private economists issued this forecast after taking into account Ghana’s position as...

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AUSTRALIA: Beijing approves China Coal for joint venture project with Metro Coal

(EnergyAsia, August 24 2010, Tuesday) — China’s Commerce Ministry has approved an application by China Coal Import & Export Company (CCIEC), a wholly owned subsidiary of China National Coal Group Corp (China Coal), to enter into a A$30 million joint venture with Australia’s MetroCoal Limited. (US$1=A$1.15). The Australian firm said the application must now clear...

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