Archive | August, 2011

MALAYSIA: Petronas and partners to invest RM15 billion in upstream project to boost natural gas supply

(EnergyAsia, August 31 2011, Wednesday) — Malaysian state oil and gas company Petronas said it and its partners will jointly invest RM15 billion to boost the country’s natural gas supply by developing a cluster of nine fields located some 300km off the coast of north-eastern Terengganu state. (US$1=RM3). Petronas said it and its partners which […]

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MARKETS: IEA forecasts world oil demand to grow by 1.2 million b/d in 2011, 1.6 million b/d in 2012

(EnergyAsia, August 31 2011, Wednesday) — The International Energy Agency (IEA) has trimmed its latest forecast for world oil demand growth for 2011 by 100,000 b/d to 1.2 million b/d on account of high prices and slowing economic growth. The Paris-based agency still expects the world to consume a record 89.5 million b/d this year, […]

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VIETNAM: Petrolimex to start up Van Phong oil products terminal in 2012

(EnergyAsia, August 31 2011, Wednesday) — State-owned downstream company Vietnam National Petroleum Corp or Petrolimex said it plans to start up its 505,000-cubic-metre bonded oil terminal at Van Phong port next year. According to subsidiary Petrolimex Singapore Ltd, the 29-tank terminal in southern Khanh Hoa province will have the capacity to store 230,000 cubic metres […]

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ASIA: Developing world to drive oil refinery expansions through 2016

(EnergyAsia, August 31 2011, Wednesday) — Asia, the Middle East and Africa will account for more than 80% of the world’s planned oil refining capacity addition by 2016, said UK-based consulting group GlobalData. In its study, “Planned Oil Refineries – Global Market Analysis, Competitive Landscape and Capacity Forecasts to 2016”, the company forecasts that the […]

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MARKETS: E&Y expects oil prices to rise in Q3 as OPEC spare capacity sinks to 20-year low

(EnergyAsia, August 31 2011, Wednesday) — Oil prices and world demand should continue to rise in the third quarter of 2011 but the supply outlook remains unclear, according to Ernst & Young’s latest oil and gas survey. Despite an uncertain economic recovery, deficit-reduction initiatives in the US and the debt crisis in Europe, the company […]

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NIGERIA: Terrorism, conflict and environmental disaster threaten Africa’s largest oil exporter

(EnergyAsia, August 29 2011, Monday) — Last Friday’s deadly bomb attack in its capital city of Abuja and the on-going sabotage of its oilfields and infrastructure are a powerful reminder of the obstacles blocking Nigeria’s attempts to raise oil production beyond the West African state’s recent peak of over 2.5 million b/d. Islamic radicals linked […]

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MARKETS: FLNG terminals emerging as low-cost solution to monetise offshore gas reserves

(EnergyAsia, August 29 2011, Monday) — Companies have found that not all of their recent offshore natural gas discoveries can be commercially developed as they require high capital expenditure (capex) for the required infrastructure to produce and transport the gas to shore. In most cases, natural gas from such areas is either flared off or […]

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SINGAPORE: Speech by CEO Mehdi Adib at groundbreaking of Jurong Aromatics plant

(EnergyAsia, August 29 2011, Monday) — The following is an edited version of the speech by Jurong Aromatics Corp’s CEO Mehdi Adib at the plant’s groundbreaking ceremony on Jurong Island last Friday. The event was attended by Lim Hng Kiang, Singapore’s Minister for Trade and Industry, Oh Joon, the South Korean Ambassador to Singapore, and […]

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SINGAPORE: Speech by ChemOne’s M.Y. Ling at groundbreaking of Jurong Aromatics plant on Jurong Island

(EnergyAsia, August 29 2011, Monday) — The following is an edited version of the speech by ChemOne Holdings’ vice chairman M.Y. Ling at the groundbreaking ceremony of the Jurong Aromatics plant on Jurong Island last Friday. The event was attended by Lim Hng Kiang, Singapore’s Minister for Trade and Industry, Oh Joon, the South Korean […]

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