Archive | March, 2011

CHINA: Longwei Petroleum said it expects to benefit from 4.5% fuel price increase

(EnergyAsia, March 31 2011, Thursday) — Chinese fuel storage and distribution firm Longwei Petroleum Investment Holding Ltd said it expects to benefit from the 4.5% increase in gasoline and diesel prices enacted last February 21 by the powerful National Development and Reform Commission (NDRC). New York Stock Exchange-listed Longwei said the increase, which translates to […]

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JAPAN: Saudi deal to store oil could be affected by radiation fears from damaged nuclear facility

(EnergyAsia, March 31 2011, Thursday) — Barely two months after signing off on two long-term deals to store crude oil in Japan, Saudi Aramco is watching with concern at the worsening nuclear power plant disaster in Fukushima. In February, Saudi Aramco announced that it had agreed to lease tanks from Japan Oil, Gas and Metals […]

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JAPAN: LNG producers offer to increase supplies

(EnergyAsia, March 31 2011, Thursday) — Russia, Qatar, Malaysia and Indonesia have offered to sell additional liquefied natural gas (LNG) cargoes to Japan to help it overcome the loss of energy supply from several nuclear power plants and refineries damaged by the March 11 earthquake and tsunami. Russian Prime Minister Vladimir Putin has proposed to […]

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ASIA: Increased imports from Japan, China and India set to boost global LNG demand and prices

(EnergyAsia, March 31 2011, Thursday) — World demand and prices for liquefied natural gas (LNG) are set to spike this year on account of higher imports from Japan, China and India. The massive earthquake and tsunami that struck Japan on March 11 caused the shutdown of several refineries and nuclear power plants, forcing the world’s […]

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JAPAN: ExxonMobil resumes operations at Shiogama terminal to facilitate disaster relief

(EnergyAsia, March 30 2011, Wednesday) — ExxonMobil Japan Group said it has resumed operations at its Shiogama terminal allowing for an increase in the delivery of fuel supplies into northeastern Japan, which was struck by the March 11 earthquake and tsunami. More than 26,000 people died or are missing after a 9-richter scale quake struck […]

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INDIA: Shell Global Solutions awarded contract to work with three local refineries

(EnergyAsia, March 30 2011, Wednesday) — Shell Global Solutions said it has signed an agreement with the Centre for High Technology, India (CHT) to improve operational efficiency and business performance of three Indian refineries with a combined capacity of 32 million metric tons a year. The Refinery Performance Improvement Program (RPIP) contract will be implemented […]

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COMPANY: VTTI CEO sticking to plan for 10 million cubic metres of storage capacity in five years

(EnergyAsia, March 30 2011, Wednesday) — Despite the political upheavals in the Middle East and North Africa (MENA) and the global financial headwinds, Dutch storage terminal owner and operator VTTI remains confident of nearly doubling its global oil storage capacity over the next five years. While the troubled MENA region remains a key target, CEO […]

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SAUDI ARABIA: Saudi Aramco and Sinopec signed MOU for 400,000 b/d refinery in Yanbu

(EnergyAsia, March 30 2011, Wednesday) — Saudi Aramco and China Petrochemical Corporation (Sinopec) have signed a Memorandum of Understanding (MOU) to develop a 400,000 b/d full-conversion refinery in Yanbu city on the west coast of Saudi Arabia by 2014. Saudi Aramco will have a 62.5% stake in the Red Sea Refining Company (RSRC) while Sinopec […]

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