CHINA: PetroChina walks away from proposed C$5.4 billion shale gas venture in Canada

(EnergyAsia, June 24 2011, Friday) — PetroChina may have just learnt to say “no” to overpaying for oil and gas assets abroad. This week, a subsidiary, PetroChina International Investment Company, decided to pack up after failing to complete a proposed C$5.4 billion joint venture with Canada’s Encana Corporation on large shale and natural gas resources (more…)

CHINA: Sinopec to invest 3.5 billion yen in developing strategic crude oil stockpile in Tianjin

(EnergyAsia, June 24 2011, Friday) — State-owned China Petrochemical Corp or Sinopec has committed to investing 3.5 billion yuan to build a new strategic crude oil stockpile in Tianjin city in northeastern China. The terminal will have an initial storage capacity of 32 billion cubic meters. (US$1=6.5 yuan). Sinopec will build and operate the stockpile (more…)

INDIA: Bharat Petroleum, Essar seek to expand refineries

(EnergyAsia, June 24 2011, Friday) — Two major Indian oil players, Bharat Petroleum Corp Limited (BPCL) and Essar Oil, are expanding their refining capacities to help meet the country’s growing energy demand. BPCL is looking to invest a total of 180-billion rupees to double the capacity of its 60,000 b/d Bina refinery and to build (more…)

MARKETS: IEA to release 60 million barrels of oil to help offset loss of Libyan supply

(EnergyAsia, June 24 2011, Friday) — Following on its recent warnings that high oil prices had entered a “danger” zone, the International Energy Agency (IEA) said its 28 member countries have agreed to release a total of 60 million barrels of oil in the coming month in response to the ongoing disruption of oil supplies (more…)

SAUDI ARABIA: Economy to grow by 6.5% this year on increased oil output, says IMF

 (EnergyAsia, June 24 2011, Friday) — Increased oil production will help the Saudi economy to grow by 6.5% this year, compared with last year’s expansion by 4%, according to the International Monetary Fund (IMF). “The Saudi economy has continued to strengthen in 2010 and early 2011, driven by a strong increase in non-oil GDP (more…)

MARKETS: IEA predicts greater role for gas with rising oil prices and geopolitical unrest

(EnergyAsia, June 24 2011, Friday) — The International Energy Agency (IEA) expects natural gas to overtake coal as the world’s leading fuel source by 2030 on its way to contributing 25% of the global energy mix by 2035. Speaking to a Singapore audience this week, Fatih Birol, the IEA’s chief economist, said natural gas will (more…)

MARKETS: Speech by the chief executive of Singapore’s Energy Market Authority (EMA)

(EnergyAsia, June 24 2011, Friday) — The following is an edited version of the speech by Singapore’s EMA chief Chee Hong Tat in introducing Fatih Birol, chief economist of the International Energy Agency (IEA) who spoke on “A Glimpse into the Energy Future”. Dr Fatih spoke to an audience of around 350 energy professionals in (more…)

INDIA: Honeywell drives efficiency at Hindustan Petroleum’s new refining unit

(EnergyAsia, June 23 2011, Thursday) — US engineering giant Honeywell said India’s Hindustan Petroleum Corporation Limited (HPCL) has implemented Honeywell Process Solutions’ mobile stations at their newly completed US$200 million fluid catalytic cracking unit (FCCU) refinery unit in Mumbai. The mobile stations increase productivity and reduce operating costs of standard communication infrastructure by expediting the (more…)

RUSSIA: Mechel and South Korea’s Posco sign agreements on joint projects and coal workers’ housing

(EnergyAsia, June 23 2011, Thursday) — Russian mining and metals company Mechel OAO said it has signed two agreements with South Korea’s Posco group to expand cooperation on developing projects, and  the construction of a residential complex for 3,000 workers at the Elga coal complex. The agreements were signed June 21 during a meeting between (more…)

RUSSIA: Wood Mackenzie says China gas pipeline talks will determine opportunities for LNG supply

(EnergyAsia, June 23 2011, Thursday) —Companies hoping to supply liquefied natural gas (LNG) to China will have to closely watch the outcome of Russia’s attempt to supply natural gas from both west and east Siberia to its Asian neighbour, said UK energy consultancy Wood Mackenzie. If there is progress in Sino-Russian, leading to a supply (more…)

THAILAND: PTT to import more LNG to fuel power plants

(EnergyAsia, June 23 2011, Thursday) — As Thailand loses its fervour for nuclear energy, state PTT Plc is looking to import between five and 10 million tonnes a year of liquefied natural gas (LNG) to fuel its power plants. To achieve this target, it will have to raise LNG imports from the Middle East and (more…)

SRI LANKA: Global Energy & Industrial to build country’s first private refinery

(EnergyAsia, June 23 2011, Thursday) — Sri Lanka could have its first privately-owned oil refinery if local firm Global Energy & Industrial Operations Inc succeeds in raising capital for the proposed project expected to cost between US$1 and US$1.5 billion. The plan calls for the construction of a 100,000 b/d plant in Trincomalee, twice the (more…)

INDONESIA: State Pertamina, CNOOC dispute jeopardises joint bid in Angolan project

(EnergyAsia, June 23 2011, Thursday) — Chinese state-run company CNOOC is withdrawing from its joint bid with Indonesia’s national oil company Pertamina for ExxonMobil’s US$3.5 billion stake in an Angolan oil project. CNOOC’s withdrawal stemmed from a dispute with Pertamina over the terms of the renewal of oil concessions at West Madura in Indonesia. The (more…)

CHINA: Work to begin soon on Sino-Russian oil refinery

(EnergyAsia, June 23 2011, Thursday) — PetroChina Company Limited and Russia’s Rosneft are expected to soon start construction of their joint oil refinery in Tianjin city in northern China. Located at the Nangang industrial zone, the 30-billion-yuan Oriental Refinery has the capacity to process 13 million tonnes of crude annually when it starts up in (more…)

IRAN: State oil firm says strategic fuel stockpile now at 13 billion litres

(EnergyAsia, June 22 2011, Wednesday) — An Iranian oil official said the country has raised its strategic fuel stockpile level to 13 billion litres from 11.5 billion litres at the end of last year. Jalil Salari, CEO of the National Iranian Oil Refining & Distribution Company (NIORDC), said state agencies have expanded the national infrastructure to (more…)

MARKETS: Qatar helped world LNG trade grow 22.6% to 218.8 million tonnes in 2010, says QNB Capital

(EnergyAsia, June 22 2011, Wednesday) — Thanks to Qatar’s expanded capacity and rising global demand, the world’s liquefied natural gas (LNG) trade surged 22.6% to reach 218.8 million tonnes last year, said Doha-based QNB Capital. Qatar accounted for 25.5% of last year’s global LNG exports after raising its sales 53% to 55.7 million tonnes, compared with (more…)

COMPANY: Honeywell announced success of first biofuel-powered trans-Atlantic flight to Paris, France

(EnergyAsia, June 22 2011, Wednesday) — US engineering giant Honeywell said its bio-jet fuel successfully powered a tran-Atlantic flight of a plane which landed at Paris-Le Bourget Airport as part of the international airshow in Paris, France this week. Honeywell said its operated Gulfstream G450 plane became the first aircraft to fly from North America to (more…)

IRAQ: Shell and partners to install another 15 production wells and additional pipelines in Majnoon oilfield

(EnergyAsia, June 22 2011, Wednesday) — Shell said the consortium that it is leading will install the first of 15 production wells next month and undertake other infrastructure investments to develop the Majnoon oilfield in Iraq. The consortium’s other members include Petronas, Missan Oil Company and Southern Oil Company (SOC). In an interview with EnergyExchange, Hans (more…)

ASIA: UN agency says green growth key to region’s food and energy security

(EnergyAsia, June 21 2011, Tuesday) — Asia-Pacific countries can cushion themselves against food and fuel price shocks and natural disasters by using natural resources and energy more efficiently, said the UN Economic and Social Commission for Asia and the Pacific (ESCAP). Speaking yesterday at the Global Green Growth Summit in Seoul, South Korea, Under-Secretary-General and Executive (more…)

CHINA: Shell and CNPC to establish well manufacturing JV aimed at exploiting unconventional gases

(EnergyAsia, June 21 2011, Tuesday) — Royal Dutch Shell has taken a step further in plans to become a global player in developing and producing tight gas, shale gas and coal bed methane reserves. The Anglo-Dutch major said it and China National Petroleum Company (CNPC) have signed a shareholders’ agreement to establish an equal well manufacturing (more…)

RUSSIA: President Medvedev awards Global Energy Prize 2011 to joint winners Rosenfield and Rutberg

(EnergyAsia, June 21 2011, Tuesday) — Arthur H. Rosenfeld of the US and Philipp Rutberg of Russia have been jointly presented with the 2011 Global Energy Prize, which rewards innovation and solutions in global energy research and its concurrent environmental challenges. Russian President Dmitry Medvedev presented the prize at an official ceremony at the St Petersburg (more…)

SINGAPORE: Global thermal spray coating leader aims to expand in Asia, by SURESH NAIR

(EnergyAsia, June 20 2011, Monday) — “Singapore is a prominent market for us in the metalising industry. It is a top-tier country in the Asia-Pacific region for the offshore and shipping industry where the bulk of our clients come from. We hope to apply more of our services to serve our clients in this part (more…)

PHILIPPINES: Petron to upgrade Bataan refinery

(EnergyAsia, June 17 2011, Friday) — Philippines’ largest oil company Petron Corp said it plans to invest nearly 75 billion peso to modernise and expand its refinery in Bataan province north of Manila. (US$1=44 peso). The project seeks to double Petron’s refining capacity, supply clean fuels and improve plant efficiency. It aims to reduce the (more…)

RUSSIA: Growing disputes with China over pricing for oil and gas supplies

(EnergyAsia, June 17 2011, Friday) — Price differences prevented Russia and China from concluding an important agreement to supply natural gas from Siberia to the energy-hungry coastal regions of the Asian country. Meeting in Moscow this week, President Dmitry Medvedev and his Chinese counterpart Hu Jintao were unable to put the icing on the cake (more…)

MARKETS: OPEC challenged to raise output above 30m b/d after pumping 29.04m b/d in May

(EnergyAsia, June 17 2011, Friday) — Saudi Arabia will have to deliver the extra oil the world needs in the second half after the Organisation of the Exporting Countries (OPEC) ended their “worst ever” June 8 ministerial meeting without agreeing to a production quota. According to energy media Platts, the cartel boosted May output to 29.04 (more…)