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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MARKETS: OPEC maintains forecast for 2012 world oil demand growth at 1.1 million b/d

(EnergyAsia, January 31 2012, Tuesday) — The Organisation of Petroleum Exporting Countries (OPEC) has kept its forecast for world oil demand to grow by 1.1 million b/d in 2012, unchanged from its previous forecast issued last month. OPEC expects world oil demand to reach 88.9 million b/d in 2012 after rising by 900,000 b/d in 2011...

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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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AUSTRALIA: Another gas find boosts Chevron’s LNG plan

(EnergyAsia, January 31 2012, Tuesday) — Chevron Corp has made another natural gas discovery in Western Australia, boosting its plans to become a leading global liquefied natural gas (LNG) producer. The US major said its Australian subsidiary found natural gas in the Exmouth Plateau area of the Carnarvon Basin, its 13th offshore discovery in the (more…)

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 (more…)

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 (more…)

CHINA: Qatar, Shell, CNPC advance plans for 80-billion-yuan refinery-petrochemical project

(EnergyAsia, January 27 2012, Friday) — China National Petroleum Corp (CNPC) said it, Qatar Petroleum and Royal Dutch Shell have agreed to advance their plans to jointly develop a 80-billion-yuan integrated oil refinery-petrochemical complex in eastern China. (US$1=6.3 yuan). The complex which includes a 400,000-b/d refinery and a 1.2-million-tonne/year ethylene plant will be built in...

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CHINA: Import of piped gas from Central Asian exceeded 20 bcm in January, set to breach 30 bcm this year

(Energy Asia, January 27 2012, Friday) — China’s import of piped natural gas from Central Asia reached 20 billion cubic meters (bcm) in early January and is on course to exceed 30 bcm by the end of the year, said China National Petroleum Corp (CNPC). As operator of the Central Asia-China pipeline, CNPC announced that...

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CHINA: Oil demand grew by 6.1% in 2011, down from 11.3% in 2010, says Platts

(EnergyAsia, January 27 2012, Wednesday) — China’s oil demand growth slowed to 6.1% last year compared with 11.3% in 2010, said McGraw Hill’s energy media unit Platts. Despite signs of an economic slowdown in the second half of the year, Platts said China’s apparent oil demand for 2011 reached a record 460.65 million metric tons, (more…)

COMPANY: APICORP reports record profit of US$57.5 million in 4Q 2011

(EnergyAsia, January 27 2012, Friday) — The Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the 10 member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC), has announced record profits for the fourth quarter of 2011. The bank, in which the Qatar government has a 10% stake, said profits surged 86% (more…)

SINGAPORE: Abu Dhabi’s Masdar to hold Asia Future Energy Forum on October 22 to 25

(EnergyAsia, January 27 2012, Friday) — Masdar, Abu Dhabi’s renewable energy company, and Reed Exhibitions said they will jointly hold the ‘Asia Future Energy Forum & Exhibition’ (AFEF) in Singapore from October 22 to 25 2012. AFEF 2012, “Powering Sustainable Innovation in Asia”, will discuss the region’s energy issues, challenges and opportunities. It will be (more…)

IRAN: EU statement on targeting sources of finance to halt nuclear programme

(EnergyAsia, January 26 2012, Thursday) — Following the meeting of the foreign ministers of its members in Brussels on Monday, the European Union has decided to launch new sanctions against Iran for continuing with its nuclear energy programme. In a statement, the 27-member EU said it has decided to broaden measures by targeting the sources of...

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IRAN: Wood Mackenzie on implications for oil and gas supply to Western sanctions, Strait of Hormuz traffic

(EnergyAsia, January 26 2012, Thursday) — UK consultant Wood Mackenzie has made an initial assessment of potential implications for 2012 of the growing Iran-related tensions on the oil and gas markets following on further US and EU sanctions against Iran and its threat to close the Strait of Hormuz to shipping traffic. With further US...

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AUSTRALIA: LNG Ltd awards US$760 million EPC contract to China Huanqiu for Gladstone terminal

(EnergyAsia, January 26 2012, Thursday) — Australia’s Liquefied Natural Gas (LNG) Ltd has awarded an engineering, procurement and construction (EPC) services contract to China Huanqiu Contracting & Engineering Corporation for its Fisherman’s Landing liquefied natural gas project in Queensland state. The companies signed the US$760 million contract for the first train, including the tank and support (more…)

PHILIPPINES: Foster Wheeler awarded contract for Petron refinery upgrade

(EnergyAsia, January 26 2012, Thursday) — Engineering giant Foster Wheeler said a subsidiary of its Global Engineering and Construction Group has been awarded a contract by Petron Corporation to upgrade its oil refinery in Bataan in the Philippines. Foster Wheeler said it will execute detailed engineering and procurement services for the delayed coker unit (DCU), including (more…)

MARKETS: Economic and social turmoil reversing the gains of globalisation, says World Economic Forum

(EnergyAsia, January 25 2012, Wednesday) — The world’s vulnerability to further economic shocks and social upheavals is undermining the past gains of globalisation, said the World Economic Forum (WEF) in its Global Risks 2012 report, the seventh edition. It marked chronic fiscal imbalances and severe income disparity as the most prevalent risks over the next (more…)

CHINA: China Aviation Oil acquires jet fuel companies in Hong Kong and US

(EnergyAsia, January 25 2012, Wednesday) — China Aviation Oil Singapore Corporation Ltd (CAO), the largest physical jet fuel trader in Asia, said it will pay a total of US$16 million to acquire two jet fuel companies from its parent company, China National Aviation Fuel Group Corporation (CNAF). CAO will pay HK$91 million or US$12 million (more…)

INDONESIA: Pertamina may need to import more than 15 million kilolitres of gasoline and diesel a year

(EnergyAsia, January 25 2012, Wednesday) — Indonesia’s state oil and gas company Pertamina said it expects to raise its annual import of gasoline to more than 12 million kilolitres and diesel to over three million kilolitres from this year. With the nation’s fuel demand forecast to rise by more than four percent a year from...

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INDONESIA: Pertamina to build new fuel storage terminal in Riau

(EnergyAsia, January 25 2012, Wednesday) — Indonesia’s state oil and gas firm Pertamina said its Pertamina Energy Services (PES) has started building a US$50 million fuel terminal on Sambu island in Riau with the capacity to store 300,000 kilolitres of fuel. Due for completion next year, the terminal will include three docks to each handle...

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BANGLADESH: Government ends state’s monopoly on fuel oil import for power generation

(EnergyAsia, January 25 2012, Wednesday) — Bangladesh has partially ended the state’s monopoly over fuel oil import by allowing independent power producers to procure supplies for their power plants. Faced with worsening power shortages, the government took this drastic decision after state-owned Bangladesh Petroleum Corp admitted that it would be unable to guarantee fuel supply...

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