Archive | April, 2012

MALAYSIA: Dialog, Vopak aim to start up 1.3-million cbm storage terminal by early 2014

(EnergyAsia, April 30 2012, Monday) — A Malaysian-Dutch consortium expects to complete the RM1.9-billion first phase of its oil storage terminal in Johor state by early 2014 that will include Southeast Asia’s first independent facility to handle crude oil. (US$1=RM3.05). Owned by Malaysian engineering company Dialog Group, Royal Vopak of the Netherlands and the Johor […]

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MARKETS: IEA expects oil prices to remain high despite rising global production, stockbuild

(EnergyAsia, April 30 2012, Monday) — World oil markets are starting to ease on rising OPEC production and the implied build-up of global stockpile to 1.2 million b/d for the first quarter, said the International Energy Agency (IEA). Gains in Saudi Arabia-led OPEC production to 31.4 million b/d in March and lower consumption in the […]

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CHINA: CNPC, PDVSA starts work on joint oil refinery in southern Guangdong province

(EnergyAsia, April 30 2012, Monday) — China National Petroleum Corp (CNPC) and Venezuela’s state PDVSA have started work on building a 400,000 b/d oil refinery in Jieyang in China’s southern Guangdong province. The US$8.3-billion refinery, the first of three proposed between the two countries, will process heavy Venezuelan crude oil when it starts operating in […]

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INDIA: Denied diesel price hike, oil refiners seek additional compensation of 400 billion rupees

(EnergyAsia, April 27 2012, Friday) — India’s long-suffering oil refiners are seeking an additional cash compensation of 400 billion rupees from the government to continue producing and selling fuel to domestic customers at a loss. (US$1=51 rupees). The government has repeatedly rejected the refiners’ request to raise fuel prices to reduce their operating losses from […]

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SINGAPORE: China Aviation Oil secures US$125 million syndicated loan from five banks

(EnergyAsia, April 27 2012, Friday) — China Aviation Oil (Singapore) Corporation Ltd (CAO), Asia’s largest physical jet fuel trader, said it has secured a revolving debt facility for US$125 million from a syndicate of the Singapore branch of five major banks. Known as book-running mandated lead arrangers (BMLAs), ABN AMRO Bank NV, ANZ Bank, Bank […]

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OMAN: Government pushes ahead with nearly US$8 billion of refinery projects

(EnergyAsia, April 26 2012, Thursday) — Ignoring the drumbeat of geopolitical tensions and military conflict in the region, the Omani government is pressing ahead with plans to invest nearly US$8 billion to build a new refinery at Duqm and expand an existing plant at Sohar. State-owned Oman Oil Company (OOC) and the Abu Dhabi-based International […]

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