CHINA: CNPC, Saudi Aramco to expand cooperation in downstream oil projects

(EnergyAsia, December 27 2010, Monday) — China National Petroleum Corp (CNPC), parent of Asia’s largest oil and gas producer PetroChina, has agreed with Saudi Aramco to expand cooperation in developing downstream oil projects, and trading and increasing supplies to Asia. CNPC chief Jiang Jiemin signed a memorandum of understanding (MOU) with Aramco CEO Khalid A….

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MALAYSIA: Tanjung Langsat Port terminal may resume full operation in Q1

(EnergyAsia, December 24 2010, Friday) — Tanjung Langsat Port is targeting to resume operations at its fire-damaged oil and petrochemicals terminal in the southern Malaysian state of Johor by the end of the first quarter. The 100,000-cubic metre terminal has been undergoing repairs and reconstruction after two of its eight tanks were hit by a…

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MARKETS: Global LNG oversupply declining, says BG Group executive

(EnergyAsia, December 24 2010, Friday) — The world’s liquefied natural gas (LNG) market has been recovering from a supply glut of the last two years, said a senior executive at BG Group. Betsy Spomer, the group’s vice president for global LNG, said there were fears of a global oversupply as the world economy plunged into…

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VIETNAM: Dung Quat oil refinery operating at capacity but problems remain

(EnergyAsia, December 24 2010, Friday) — Seven months after start-up, Vietnam’s only oil refinery at Dung Quat is still plagued with operating problems despite having recently reached its 140,000 b/d capacity.  According to a progress report on the plant by the National Assembly’s Committee for Science, Technology and Environment, Dung Quat in central Vietnam is…

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CHINA: Shell starts building company’s largest grease manufacturing plant

(EnergyAsia, December 24 2010, Friday) — Royal Dutch Shell Plc has started construction of the company’s largest grease manufacturing plant in Zhuhai in Guangdong province to meet China’s fast growing demand for automotive and industrial greases. Designed to produce lithium, lithium calcium and lithium complex greases which are used in passenger cars and industrial bearing…

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SINGAPORE: Sembcorp, Keppel Fels end the year with new rig orders

(EnergyAsia, December 24 2010, Friday) — Singapore’s main rigbuilders, Sembcorp Marine and Keppel Fels, are ending 2010 on a high note with announcements this week that pushed the value of their respective orderbooks past S$3 billion for the year. (US$1=S$1.30).   Sembcorp Marine’s Jurong Shipyard landed a US$400 million deal to build two jackup rigs…

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AUSTRALIA: Competition watchdog blocks ExxonMobil’s asset sale to Caltex

(EnergyAsia, December 24 2010, Friday) — ExxonMobil is selling its shares in a jointly-owned fuel terminal at the port of Gladstone in Queensland state to partner Caltex Australia but the proposed deal faces opposition from the Australian Competition & Consumer Commission (ACCC). The ACCC said the proposed buyout will hamper the entry of independent fuel…

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AUSTRALIA: LNG projects face threat of skilled labour shortage, rising costs

(EnergyAsia, December 24 2010, Friday) — A shortage of skilled labour and rising operating costs could derail some of Australia’s A$150 worth of liquefied natural gas (LNG) projects, according to various analysts. In separate reports, Moody’s Investors Service and Fitch warned that significant project developments in Western Australia state are driving up the costs of…

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RUSSIA: Economy to grow by 4.3% in 2011, but IMF said the government needs to do more

(EnergyAsia, December 23 2010, Thursday) — Russia needs to implement a more “ambitious, growth-friendly and credible” government budget deficit reduction programme than currently planned, said the International Monetary Fund (IMF). Despite growing by around 3.7% in 2010 and 4.3% next year, the Russian economy and its management by the government did not seem to impress…

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QATAR: World’s largest LNG producer confirms production capacity of 77 million t/y capacity

(EnergyAsia, December 23 2010, Thursday) — Qatar last week claimed the title of the world’s largest producer of liquefied natural gas (LNG) when it officially unveiled its newly completed 77-million-tonne-per-year capacity. US major ExxonMobil Corporation and Royal Dutch Shell, which helped Qatar develop its LNG companies and infrastructure, participated in the celebration at Ras Laffan…

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CHINA: Germany’s BASF and Sinopec to invest another US$1 billion in Nanjing joint venture

(EnergyAsia, December 23 2010, Thursday) — Germany’s BASF said it and China’s Sinopec have signed a memorandum of understanding to jointly explore a US$1 billion expansion of their integrated petrochemical joint venture, BASF-YPC Co Ltd, in northeastern China. The new projects under consideration will extend the C3 and C4 value chains including the construction of…

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RUSSIA: ESPO pipelines to sharply boost crude exports to Japan

(EnergyAsia, December 23 2010, Thursday) — With the full operation of the East Siberia Pacific Ocean (ESPO) pipelines in the second half of the decade, Japan could be importing as much as 500,000 b/d of crude oil from Russia by 2015. ESPO’s first 600,000 b/d pipeline started delivering the new crude strream from December 2009,…

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MARKETS: IEA sees 2010 world oil demand rising by 2.5 million b/d

(EnergyAsia, December 23 2010, Thursday) — Global oil consumption is expected to rise by 2.5 million b/d to 87.4 million b/d this year, and by another 1.3 million b/d to 88.8 million b/d in 2011, said the International Energy Agency (IEA). Demand will be driven by North America and developing Asia, with buoyant gasoil demand…

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COMPANY: Vopak concludes 20-billion-yen term loan issuance in Asia

(EnergyAsia, December 23 2010, Thursday) — Dutch oil and chemical logistics firm Royal Vopak said it has raised 20-billion yen through a senior unsecured term loan issuance with an unnamed Asian investor to fund its global growth strategy. The company said the loan has a bullet maturity of 30 years and a fixed coupon which…

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CHINA: Puda Coal receives approval to double production capacity of Dajinhe coal mine

(EnergyAsia, December 23 2010, Thursday) — Puda Coal Inc, a supplier of high grade metallurgical coking coal for producing coke for steel manufacturing in China, said it has received approval from the Shanxi Yuncheng Municipal Coal Mine Industry Bureau to expand Dajinhe coal mine in Shanxi province from January 1. Puda said it will double…

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UPSTREAM: Germanischer Lloyd’s tech centre to help meet rising global demand for offshore service ve

(EnergyAsia, December 22 2010, Thursday) — Offshore service vessels (OSV) are becoming larger, more specialised and technically sophisticated as a result of the rising demand for more complex deepwater field developments, said Germanischer Lloyd (GL), the Hamburg, Germany-based society providing certification, inspection and consulting services for the energy and maritime sectors. GL made this observation…

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SINGAPORE: Costs of implementing smart meters questioned

(EnergyAsia, December 22 2010, Wednesday) — Singapore’s Energy Market Authority (EMA) said it is making a full cost-benefit evaluation of implementing smart meters by testing out pilot projects in selected areas of the island state. In response to a letter in a local newspaper, the agency gave the assurance that it will make a rigorous…

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CHINA: US urges release of geologist arrested for espionage

(EnergyAsia, December 22 2010, Wednesday) — The US is urging the Chinese government to release geologist Xue Feng detained three years ago on charges of stealing state secrets, citing lack of transparency in the handling of his case. Xue, a naturalised US citizen, is serving an eight-year sentence after being convicted in late 2007 of…

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RUSSIA: Chevron says consortium agrees to double export capacity of Caspian oil pipeline

(EnergyAsia, December 22 2010, Wednesday) — US major Chevron Corporation said the shareholders and governing bodies of the Caspian Pipeline Consortium (CPC) have unanimously agreed to invest US$5.4 billion to double the export capacity of the Caspian pipeline to 1.4 million b/d by 2015. The 1,500-km pipeline now delivers up to 730,000 b/d of crude…

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CHINA: Standard Chartered completes RMB800-million corporate bond for China Power International

(EnergyAsia, December 22 2010, Wednesday) — Standard Chartered Bank Hong Kong Ltd, a wholly-owned subsidiary of London-based Standard Chartered Plc, said it recently raised 800 million renminbi for China Power International Development Ltd from the sale of a five-year corporate bond. (US$1=RMB6.66). The bank said it was the bookrunner and manager for the bond targeted…

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RUSSIA: Energy ministry submits oil industry programme for state approval

(EnergyAsia, December 22 2010, Wednesday) — Russia’s energy ministry said it has proposed a 10-year programme to develop the country’s oil and gas industry aimed at stabilising the production of liquid hydrocarbons and maintaining refining throughput at 85% of capacity. The programme seeks to maintain Russia’s crude oil production at between 501 million and 505…

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AUSTRALIA: Challenge to become world’s top LNG producer

(EnergyAsia, December 22 2010, Wednesday) — Australia may become the world’s biggest producer of liquefied natural gas (LNG) in 10 years, overtaking top producer Qatar, according to Sanford C. Bernstein & Co. In 2009, Qatar, Malaysia and Indonesia were the world’s leading LNG producers, followed by Australia. Australia’s annual LNG output may surge to 80…

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IRAQ: Exxon revises oil target for West Qurna field

(EnergyAsia, December 21 2010, Tuesday) — ExxonMobil has raised its estimate for production at Iraq’s West Qurna oilfield to plateau at 2.825 million b/d, up from 2.325 million b/d previously. A consortium led by the US major met recently and agreed to develop four additional reservoirs, thus raising production by 500,000 b/d by 2016 from…

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MARKET: Rise in oil reserves doesn’t mean higher supply, says IEA

(EnergyAsia, December 21 2010, Tuesday) —– Increases in oil reserves may not necessarily result in higher supply in the future, according to the International Energy Agency (IEA). Without independent verification, Iraq, Iran, Kuwait and Venezeula sharply increased their estimate of their proven oil reserves in October. These countries may not be able to attract the…

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RUSSIA: Oil export growth to China capped by lower railway shipment

(EnergyAsia, December 21 2010, Tuesday) — Due to the high cost and inefficiency of railway transportation, Russian crude oil exports to China may not grow as rapidly as anticipated despite the start-up of a new pipeline on January 1. The Chinese branch of the East Siberia-Pacific Ocean (ESPO) pipeline is expected to supply 300,000 b/d,…

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