AUSTRALIA: Coal association chief addresses challenges from green groups, rising costs and upcoming carbon tax

(EnergyAsia, June 21 2012, Thursday) — The Australian coal industry has identified “extremist” environmental groups, the rising cost of operations, the shortage of skilled labour and the imposition of a new national carbon tax on July 1 as its biggest foreseeable challenges. Nikki Williams, chief executive of the Australian Coal Association, presented this list at the (more…)

JAPAN: IMF pronounces economy showing “solid recovery” despite Europe’s pall

(EnergyAsia, June 21 2012, Thursday) — The Japanese economy is experiencing a solid recovery from the effects of the March 2011 earthquake-tsunami tragedy, but the European debt crisis is likely to dampen demand for the country’s exports, and weigh on business sentiment, said the International Monetary Fund (IMF). The fund’s First Deputy Managing Director, David (more…)

CLIMATE: Degrading marine habitats threatening fish supplies and ocean life, says, UNDP report

(EnergyAsia, June 21 2012, Thursday) — The world’s marine life and ocean fish supplies are being threatened by climate change, said a new report by the UN Development Programme (UNDP). According to “Frontline Observations on Climate Change and the Sustainability of Large Marine Ecosystems”, climate change is already impacting the livelihoods of billions of people (more…)

MARKETS: OPEC keeps forecast for 2012 world demand to grow by 900,000 b/d to 88.7 million b/d

(EnergyAsia, June 20 2012, Wednesday) — The world’s main petroleum cartel has kept its forecast for this year’s global demand to grow by 900,000 b/d to reach 88.7 million b/d. The Organisation of Petroleum Exporting Countries (OPEC) said despite the negative headlines concerning Europe and the US, the global economic outlook is stabilising and oil (more…)

PEOPLE: World Coal Association elected Shenhua Group’s Zhang Xiwu as chairman

(EnergyAsia, June 20 2012, Wednesday) — The World Coal Association, the leading global coal industry body recently appointed Zhang Xiwu, chairman of China’s coal mining giant Shenhua Group, as its new chairman from November 2012. Dr Zhang, who will replace Fredrick D. Palmer of US coal producer and trade Peabody Energy, will be the first (more…)

CHINA: PetroChina plans for storage, refining assets in Americas to expand trading network

(EnergyAsia, June 20 2012, Wednesday) — PetroChina Co Ltd, the country’s largest refiner and crude oil producer, is aiming to make this a “breakthrough” year in the Americas with new fuel storage and refining assets to advance its plan for a global trading network, said chairman Jiang Jiemin. The company is already active in Asia (more…)

AUSTRALIA: Minister warns against restricting energy exports to keep domestic prices low

(EnergyAsia, June 20 2012, Wednesday) —Australia’s Resources and Energy Minister Martin Ferguson has flatly rejected calls to restrict energy exports to shield domestic consumers from high oil, gas and coal prices. At a Committee for the Economic Development of Australia (Ceda) forum, he said government intervention would not only fail to ultimately protect domestic consumers (more…)

MARKETS: Eurasia on how global LNG supplies will grow after 2015 and regional prices will converge

(EnergyAsia, June 19 2012, Tuesday) — The world will likely obtain additional liquefied natural gas (LNG) supplies from four regional sources after 2015 as well as experience a convergence of regional prices in 2020, predicts consulting group Eurasia. The sources of incremental LNG growth will include new projects in Australia, the US and Canada, East Africa (more…)

MARKETS: BP notes 2011 as “year of disruption and growth” with world demand up 0.7% despite Brent at record average US$111 a barrel

(EnergyAsia, June 19 2012, Tuesday) — For the energy sector, 2011 was a year of many firsts with supply disruptions, record-high world consumption and oil prices as the main themes, according to the latest edition of the BP Statistical Review of World Energy for 2012. For the first time in memory, Saudi Arabia with 265.4 (more…)

JAPAN: TEPCO increases LNG purchase, stake in Chevron’s Australia LNG project

(EnergyAsia, June 19 2012, Tuesday) — Japan’s largest electric utility has agreed to increase its purchase of liquefied natural gas (LNG) and equity stake from the Chevron-led Wheatstone gas project in Western Australia state for an undisclosed amount. According to the US major, Tokyo Electric Power Company (TEPCO) has signed to purchase an additional 400,000 (more…)

MARKETS: Platts report OPEC crude oil output rose to 31.75 million b/d in May, highest since Oct 2008

(EnergyAsia, June 19 2012, Tuesday) — Crude oil production from the Organisation of the Petroleum Exporting Countries (OPEC) rose 40,000 b/d to 31.75 million b/d in May, according to a Platts survey of OPEC and oil industry officials and analysts. The May production marks a rise from April’s output level of 31.71 million b/d and (more…)

RUSSIA: Rosneft and ExxonMobil to develop tight oil reserves in Western Siberia

(EnergyAsia, June 18 2012, Monday) — Russia’s Rosneft and US major ExxonMobil last week announced they had signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments. The agreements, which support implementation of the companies’ August 2011 long-term strategic cooperation agreement, were signed by (more…)

QATAR: QatarGas 1 signs long-term agreement to supply LNG to Tokyo Electric Power Company (TEPCO)

(EnergyAsia, June 18 2012, Monday) — Qatargas Operating Company Limited (Qatargas) said subsidiary Qatar Liquefied Gas Company Limited (Qatargas 1) has secured a new long-term liquefied natural gas (LNG) sales agreement (SPA) with Japan’s largest LNG buyer, Tokyo Electric Power Company Incorporated (TEPCO). Under the first long-term bilateral agreement between the two companies, Qatargas 1 (more…)

MALAYSIA: Petronas signs long-term agreement to purchase LNG from Norway’s Statoil

(EnergyAsia, June 18 2012, Monday) — Norway’s oil and gas company Statoil said it has secured an agreement to deliver liquefied natural gas (LNG) to Malaysia, making this its first to the Asian market. Statoil said it will deliver about one billion cubic meters gas under the flexible supply agreement that runs for three-and-half years. (more…)

AUSTRALIA: Shell confirms closure of 79,000 b/d Clyde refinery on Sept 30

(EnergyAsia, June 18 2012, Monday) — Shell Australia has confirmed that it will cease operations at its 79,000 b/d Clyde oil refinery in New South Wales on September 30. This follows an earlier announcement last July that the refinery would be converted into a dedicated fuel terminal. Shell Australia Downstream Vice President Andrew Smith said: (more…)

SINGAPORE: Chevron Oronite breaks ground on Jurong Island plant expansion

(EnergyAsia, June 15 2012, Friday) — Chevron Oronite has begun expansion work on its Jurong Island manufacturing plant in Singapore to meet Asia’s fast-growing demand for lubricant additives. At a groundbreaking ceremony last week, the US company said the new investment will increase the plant’s manufacturing, blending and shipping capacities when completed during the first half (more…)

CHINA: Government to invest 2.5 trillion yuan to upgrade coal industry over current five-year plan

(EnergyAsia, June 15 2012, Friday) — The Chinese government has committed to invest a total of 2.5 trillion yuan to reform and upgrade the coal industry over the course of the current 12th Five-Year Plan from 2011 to 2015. (US$1=6.35 yuan). According to the National Energy Administration, the investment is needed to provide China with (more…)

CHINA: Coal output and import continue to surge as Shenhua expands port capacity

(EnergyAsia, June 15 2012, Friday) —  Despite announcing policies and targets to limit the growth of  the coal sector, China can’t seem to shake off its addiction for the world’s most polluting fuel. According to the China Federation of Logistics & Purchasing, the country boosted its coal production by 5.6% to 860 million tons in (more…)

INDONESIA: Trade minister criticised energy minister for mooting coal export tax

(EnergyAsia, June 15 2012, Friday) — Indonesia’s trade minister, Gita Wirjawan, has criticised the energy ministry for considering imposing a tax on coal exports. Describing it as an “irrational” idea, he said the tax would deter foreign investments, damage trust in the country’s business environment and would be difficult to implement. Many companies had invested billions (more…)

INDONESIA: Confusion reigns over plans to restrict coal export

(EnergyAsia, June 14 2012, Thursday) —  Indonesia has written a Balinese wayang kulit plot for its coal industry, leaving both investors and domestic consumers in deep confusion over export plans and supply availability. After months of well-founded rumours that the government was planning to impose a punitive tax on coal exports, Energy and Mineral Resources (more…)

MARKETS: Fitch said low coal prices could persist into 2013 and impact supply dynamics

(EnergyAsia, June 14 2012, Thursday) — Fitch Ratings said the recent weakness in thermal coal prices could persist into 2013, noting that the 5,500 kcal FOB Newcastle Australia benchmark grade fell to a two-year low of US$87 per metric ton last week, down from US$142 at the start of the year. It attributed the decline (more…)

SINGAPORE: China Aviation Oil reports an increase in its syndicated loan facility to US$145 million

(EnergyAsia, June 14 2012, Thursday) —
China Aviation Oil Singapore Corporation Ltd (CAO) said it has increased its syndicated loan facility to US$145 million with the addition of China Construction Bank Corporation as a mandated lead arranger earlier this week. Asia’s largest trader and supplier of jet fuel had concluded a US$125 million revolving credit facility (more…)

ASIA: WWF says “big investments” needed to preserve region’s dwindling natural capital

(EnergyAsia, June 14 2012, Thursday) — The Asia Pacific region must invest heavily to preserve and defend its natural-resource base and the environment as it becomes more affluent and consume more resources, said the WWF. In its “Ecological Footprint and Investment in Natural Capital in Asia and the Pacific” report, the non-governmental organisation said the (more…)

US: EIA expects coal prices to recover in 2013 on improved demand for power generation

(EnergyAsia, June 13 2012, Wednesday) — US coal prices and demand for power generation are expected to recover next year after declining sharply in 2012 on account of its growing substitution by natural gas, said the US Energy Information Administration (EIA). In its latest monthly forecast, the agency expects US coal demand for power generation (more…)

CONFERENCE: Global Pacific & Partners to hold 17th Asia Oil Week in Singapore on June 25-27

(EnergyAsia, June 13 2012, Wednesday) — Global Pacific & Partners will hold its landmark 17th Asia Oil Week at the Goodwood Park Hotel in Singapore on June 25 to 27. This year’s event will focus on new bid rounds in Sri Lanka and Indonesia, opportunities in several countries, shale gas exploration in China and Australia (more…)