Archive | January, 2012

MALAYSIA: Philippines Petron approved to acquire Exxon’s Port Dickson refinery

(EnergyAsia, January 31 2012, Tuesday) — Philippines oil company Petron said its board has approved its acquisition of a 65% stake in a Malaysian refinery owned by the local Exxon Mobil subsidiary. Petron, a San Miguel subsidiary which owns and operates the Philippines largest refinery, will pay US$610 million for Esso Malaysia’s downstream assets which […]

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CHINA: Four strategic stockpile bases fully operational

(EnergyAsia, January 31 2012, Tuesday) — China’s four national bases for stockpiling its strategic oil reserve are now full operational, storing a combined 24.4 million metric tons of crude oil or nearly 180 million barrels, according to Chinese media reports. In the first phase of its strategic stockpiling programme, China stockpiled more than 14 million […]

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SINGAPORE: Swire Oilfield Services opens Asia Pacific regional hub as part of long-term expansion

(EnergyAsia, January 31 2012, Tuesday) — UK’s Swire Oilfield Services has opened its regional headquarters in Singapore to meet rising demand for oil and gas support services in the Asia Pacific region. Located in the Loyang supply base, the new headquarters will act as a hub for all operations while providing existing and prospective customers […]

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IRAN: IMF says oil prices could rise as much as 30% on export stoppage, higher with threat to Strait of Hormuz

(EnergyAsia, January 30 2012, Monday) — World crude prices could rise by as much as 30% from current levels of US$100-$110 a barrel if Iran halted its oil exports and by a “much larger” rate if the cornered Islamic regime blocked the strategic Strait of Hormuz in response to further tightening of US and EU […]

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IRAN: Sanctions weakened as Indonesia considers oil imports, China and India to continue buying as EU struggles

(EnergyAsia, January 30 2012, Monday) — Iran may have little difficulty disposing of the 600,000 b/d of crude oil that the European Union (EU) is proposing to stop buying from July 1 as part of a tightening trade sanctions by the West against the Islamic regime. Indonesia’s Finance Minister Agus Martowardojo hinted his government may […]

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KUWAIT: Plans for third oil refinery investment in Asia

(EnergyAsia, January 30 2012, Monday) — Kuwait National Petroleum Co (KNPC) is interested to build a third oil refinery in a yet-to-be-identified location in Asia to add to its plans for projects in China and Vietnam. The company will partner Sinopec and possibly France’s Total to build a US$9-billion integrated refinery-petrochemical complex in China’s Guangdong […]

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JAPAN: ExxonMobil to restructure holdings, sell business to partner for US$3.9 billion

(EnergyAsia, January 30 2012, Monday) — US major ExxonMobil said it is restructuring its business in Japan that includes selling off its downstream business to partner TonenGeneral Sekiyu KK for US$3.9 billion. As part of the takeover due for completion by mid-year, TonenGeneral will combined its manufacturing and refining operations with ExxonMobil Yugen Kaisha’s marketing […]

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