INDONESIA: Minister aims to raise LNG export price to China by five times to US$12 per million BTU

(EnergyAsia, September 30 2011, Friday) — The Indonesian government is seeking to raise the liquefied natural gas (LNG) export price from its Tangguh plant in West Papua to China by five times to US$12 per million BTU. Indonesian state agency BPMigas and China National Offshore Oil Corporation had agreed to the original price of US$2.40...

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SINGAPORE: Shell shuts down part of 500,000 b/d refinery after fire

(EnergyAsia, September 30 2011, Friday) — Royal Dutch Shell has partially shut down its 500,000 b/d oil refinery in Singapore, including a diesel hydrocracking unit, and evacuated most of its staff as it fought to contain a fire on the Pulau Bukom plant which broke out on Wednesday. No one was seriously hurt and the...

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CONFERENCES: OxfordPrinceton’s oil trading, refining and risk management events

(EnergyAsia, September 30 2011, Friday) — The Oxford Princeton Programme is offering the following workshops in Singapore for the last quarter of this year. For details, please contact Sean Chiu of The Oxford Princeton Programme at +65-6837 8032 or schiu@oxfordprinceton.com. Fundamentals of Petroleum Refining – A Non-Technical Introduction (FPR), October 3 to 4. This two-day (more…)

SINGAPORE: Malaysia’s Petronas to acquire 30% stake in GMR’s Jurong Island power plant

(EnergyAsia, September 30 2011, Friday) — India’s GMR said it has agreed to sell a 30% stake in subsidiary GMR Energy Singapore Pte Ltd (GMRE) to Petronas International Corporation Ltd (PICL), a wholly-owned subsidiary of Malaysia’s state energy company Petronas. GMRE is investing S$1.2 billion to develop an 800 MW combined cycle gas turbine (CCGT) (more…)

JAPAN: Fuel storage infrastructure and levels to be upgraded and expanded

(EnergyAsia, September 29 2011, Thursday) — The Japanese government plans to upgrade its fuel stockpiling programme by expanding the storage infrastructure of refined oil products around the country to ensure stable and speedy supplies in the event of natural disasters and emergencies. While details are still being worked out, the government said it hopes to...

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CHINA: Signs of a slowing economy as August oil demand touches 10-month low, said Platts

(EnergyAsia, September 29 2011, Thursday) — At 38.02 million metric tons (mt), or 8.98 million b/d, China’s apparent oil demand in August was their lowest in 10 months, said energy media Platts. While this represented a seven percent year-over-year increase, it was the first time in 10 months that apparent oil demand had dipped below...

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THAILAND: Cummins Power Generation powers up Laemthong poultry farm

(EnergyAsia, September 29 2011, Thursday) — Nestled in Ayuddhaya-Nakorn Rachasrima in Thailand, Laemthong Farm forms part of the Laemthong Sahakarn Corporation that specialises in agricultural services looking after farms and livestock. The company owns and operates 20 farms across the country with the help of 3,000 employees, and reliable uninterrupted power supply from Cummins Power (more…)

SHIPPING: Confidence at all-time low on economic uncertainty, rising fuel costs and fears of supply glut

(EnergyAsia, September 29 2011, Thursday) — The shipping industry’s confidence levels fell to their lowest level for three and a half years in the three months ended August 2011, according to the latest shipping confidence survey by leading accountant and shipping adviser Moore Stephens. Fears of a supply glut, continuing uncertainty over the global economy (more…)

AUSTRALIA: Chevron approves investment in US$29 billion Wheatstone LNG project

(EnergyAsia, September 29 2011, Thursday) — Chevron Corporation said it has given the approval for its Australian subsidiary to develop the US$29 billion foundation phase of its proposed giant Wheatstone liquefied natural gas (LNG) export complex in Western Australia state. As the project’s operator, the US major announced its decision after the Australian government granted (more…)

SINGAPORE: Rotary Engineering secures S$110 million worth of contracts for 3Q

(EnergyAsia, September 28 2011, Wednesday) — Singapore’s Rotary Engineering said it has secured S$110 million worth of contracts in the third quarter, including one to build a chemical plant on Jurong Island. The project, contracted with CCD (Singapore) Pte Ltd, will form part of Taiwan-based Chang Chun Group’s first-phase S$500 million investment on Jurong Island....

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PHILIPPINES: Seaoil to expand retail network and fuel storage capacity

(EnergyAsia, September 28 2011, Wednesday) — Seaoil Philippines Inc, one of the country’s leading fuel retailers, has announced a three-year programme to expand its retail network and storage capacity at a total cost of three billion peso. (US$1=43 peso). The company president and CEO Glenn Yu said it plans to double its chain of retail...

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MALAYSIA: Esso refinery operations unaffected by fire

(EnergyAsia, September 28 2011, Wednesday) — Esso Malaysia Berhad (EMB), a unit of ExxonMobil, briefly halted operations at its Port Dickson oil refinery last week after a three-hour fire damaged its marine pump area. No one was injured when a naphtha tank ignited, causing an explosion and sending out a large cloud of black smoke...

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INDIA: IOC aims for 125-million-ton refining capacity by 2022

(EnergyAsia, September 28 2011, Wednesday) — Indian Oil Corp (IOC) has set a target to almost double its current 65-million-ton/year refining capacity to 125 million tons by 2022 to meet the country’s rising fuel demand. Together with its 51.89%-held subsidiary, Chennai Petroleum Corp, IOC controls half the country’s 20 refineries....

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INDIA: Oil India may help expand HPCL’s two refineries

(EnergyAsia, September 28 2011, Wednesday) — State upstream company Oil India Limited (OIL) is looking to venture into the downstream sector by helping Hindustan Petroleum (HPCL) expand its two refineries. HPCL owns and operates a 6.5-million-tonne/year refinery in Mumbai and a 7.5-million-tonne/year refinery in Vishakapatnam. Oil India Chairman N. M. Borah said the two companies...

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CHINA: Sinopec Group to start storing crude oil in Shandong terminal

(EnergyAsia, September 27 2011, Tuesday) — China Petrochemical Corp (Sinopec) said it will soon start storing crude oil at a new 1.2-million cubic metre terminal in the eastern province of Shandong. Asia’s largest refiner said an engineering subsidiary has begun trial operations of the facility, two months ahead of its original schedule in November. Together...

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SHIPPING: Wood Mackenzie warns companies against further “speculative orders” of LNG vessels

(EnergyAsia, September 27 2011, Tuesday) — Companies have been warned against making “further speculative orders” in building new liquefied natural gas (LNG) vessels as they could be hit by a declining freight market. In a recent report, ‘Shifting trade moves LNG shipping out of the doldrums’, energy research consultancy Wood Mackenzie said ships ordered in...

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AUSTRALIA: Reserve Bank forecasts LNG exports to increase three fold through 2016

(EnergyAsia, September 27 2011, Tuesday) — The Reserve Bank of Australia has forecast that the country’s liquefied natural gas (LNG) sales could rise by threefold over the next five years, placing it as the world’s second largest supplier after Qatar. With A$120 billion worth of confirmed investments, the central bank said in its report, “The...

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INDIA: IOC looking to raise Koyali refinery capacity by over 30%

(EnergyAsia, September 27 2011, Tuesday) — In response to rising domestic oil demand, state Indian Oil Corp (IOC) is looking to expand the capacity of its Koyali refinery in Gujarat by more than 30% to 18 million tonnes. The company’s board is discussing the idea and could appoint a consultant by December to prepare a...

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AUSTRALIA: Resources and energy export earnings forecast to reach record A$215 billion in FY2011

(EnergyAsia, September 27 2011, Tuesday) — Australia’s resources and energy commodity export earnings are forecast to rise by 21% to reach a record A$215 billion for financial year 2011, according to the Bureau of Resources and Energy Economics (BREE). (US$1=A$0.97). It issued this bullish forecast in the September edition of its Resources and Energy Quarterly (more…)

CHINA: PetroChina, Zhejiang Haiyue to cooperate on storing oil

(EnergyAsia, September 26 2011, Monday) — Zhejiang Haiyue, a private Chinese oil company, said it has signed an agreement to cooperate with PetroChina’s Zhejiang Sales Company on retailing and storing oil products in Zhejiang province. Haiyuan said it will lease out its five retail fuel stations for a minimum five-year period, with provision for a...

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ASIA: LNG prices more than doubled to US$16 per mBtu since Japan quake, headed higher

(EnergyAsia, September 26 2011, Monday) — Spot liquefied natural gas (LNG) prices in Asia have more than doubled over the last six months to a three-year high of over US$16 per million Btu since the March 11 earthquake and tsunami in Japan. And they are headed higher as Asia’s major economies of China, Japan, India...

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SINGAPORE: PEC awarded five-year contract by ExxonMobil to provide tank maintenance and repair services

(EnergyAsia, September 26 2011, Monday) — PEC Ltd, a Singapore company which provides engineering, procurement and construction (EPC) and plant maintenance services to the energy and pharmaceutical industries, said it has secured a five-year contract to provide tank maintenance and repair services for ExxonMobil Asia Pacific Pte Ltd. Starting this month, PEC will maintain the (more…)

COMPANY: Vopak targets LNG as new growth sector after opening first Dutch terminal

(EnergyAsia, September 26 2011, Monday) — Dutch oil and chemicals logistics giant Royal Vopak is targeting to grow its liquefied natural gas (LNG) portfolio with the opening of its first newly constructed terminal in the Netherlands and the acquisition of an established terminal in Mexico. At a ceremony last Friday, Queen Beatrix of the Netherlands (more…)

AUSTRLIA: Canberra approves US$25 billion Chevron’s Wheatstone LNG project

(EnergyAsia, September 26 2011, Monday) — Chevron Corp is one step closer towards launching its US$25-billion Wheatstone project to develop an export-oriented liquefied natural gas (LNG) business out of vast gas reserves off the coast of Western Australia. Last week, the Australian government’s Federal Environment Minister Tony Burke announced its approval of the proposed complex (more…)