MARKETS: Frost & Sullivan on opportunities for coal-fired power in emerging economies

(EnergyAsia, July 31 2012, Tuesday) — Over the next 25 years, the world will become significantly more dependent on electricity produced from various sources including coal to meet its energy needs. In a new report, consultant Frost & Sullivan has forecast global electricity generation to grow from 21,224 terawatt hours (TWh) in 2010 to 33,370 (more…)

MARKETS: Oil prices headed higher on ‘stimulus’ talk, renewed MidEast tensions

(EnergyAsia, July 31 2012, Tuesday) — US WTI crude prices could again exceed US$100 a barrel while Brent looks to reclaim US$110 in the coming weeks as pressure grows on the US and Eurozone governments to inject another round of stimulus into their flagging economies, and military tensions resume in the Middle East. After slumping (more…)

RUSSIA: Focus on developing Arctic reserves to arrest decline in nation’s oil and gas reserves

(EnergyAsia, July 31 2012, Tuesday) — Russia will undertake an expensive and challenging venture into its Arctic region to counter the declining production from several of its major oil and gas fields, according to a report by UK-based business intelligence providers GlobalData. The Russian government has deemed it necessary to tap the Arctic as part (more…)

MARKETS: EIA slashed forecast for 2012 world oil demand growth to 675,000 b/d

(EnergyAsia, July 31 2012, Tuesday) — Citing the weaker outlook for the world economy, the US Energy Information Administration (EIA) has slashed its forecast for global oil demand growth over the next two years. The agency expects 2012’s growth to come in at 675,000 b/d, down from more than 800,000 b/d in its previous forecast,...

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CHINA: June oil demand down 1.9% for first fall in three years, says Platts

(EnergyAsia, July 30 2012, Monday) — China’s apparent oil demand fell for the first time in three years in June, dropping 1.9% year-on-year to 36.84 million metric tons (mt), or an average 9 million b/d, said US energy media Platts. In an analysis of latest Chinese government data, Platts said the 178,400-b/d fall from June...

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CHINA: Oil companies looking abroad for downstream opportunities

(EnergyAsia, July 30 2012, Monday) — PetroChina’s pursuit of a stake in a proposed refinery in Ecuador shows that Chinese oil companies are looking to expand their downstream as well as upstream presence abroad, said UK consulting firm GlobalData. While discussions with the Ecuadoran government, PetroEcuador and Petroleos de Venezuela have just started, PetroChina is (more…)

CHINA: Soft-landing achieved, IMF expects economy to grow by 8% in 2012, 8.5% in 2013

(EnergyAsia, July 30 2012, Monday) — China has successfully engineered a “soft landing” for its red-hot economy to expand by 8% this year and 8.5% next year, said the International Monetary Fund (IMF). In proclaiming its confidence that the Chinese economy will be able to sustain annual growth of seven to eight percent, the fund (more…)

CHINA: Sinopec to acquire North Sea assets for US$1.5 billion, while CNOOC, CNPC sign deals with Shell

(EnergyAsia, July 30 2012, Monday) — A Sinopec subsidiary has agreed to partner Talisman Energy to develop the Canadian firm’s North Sea assets while two other Chinese state-owned companies, CNOOC and CNPC, have signed upstream agreements with Royal Dutch Shell. Sinopec International Petroleum Exploration and Production Corp will pay US$1.5 billion to acquire a 49% (more…)

SHIPS: Wartsila to supply engines for China’s first LNG-powered tugs and Kuwait oil tankers

(EnergyAsia, July 27 2012, Friday) — Wartsila, the Finland-based marine industry’s leading solutions and services provider, said it will be supplying engines for vessels built for the subsidiaries of state-owned China National Offshore Oil Corp (CNOOC) and Kuwait Petroleum Corp (KPC). Wartsila will supply the main engines for the first liquefied natural gas-fuelled (LNG) two (more…)

IRAQ: Alstom Grid wins contracts to reinforce Kurdistan’s electricity network

(EnergyAsia, July 27 2012, Friday) — Alstom Grid said it has secured contracts worth €34 million to supply and instal four 132/33/11 kV air-insulated switchgear (AIS) substations and one 132/33/11 kV gas-insulated switchgear (GIS) substation by September 2013 for the Kurdistan Regional Government Ministry of Electricity in Iraq. The scope of work includes engineering, equipment (more…)

CHINA: Zhenrong Energy offers to take control of liquidation-threatened oil storage and shipping firm Titan

(EnergyAsia, July 27 2012, Friday) — Chinese state oil firm Guangdong Zhenrong Energy Co has emerged as a white knight for financially-stricken shipping and oil storage firm Titan Petrochemicals Group Ltd which is facing a liquidation suit filed by partner and US private equity firm Warburg Pincus. The subsidiary of Zhuhai Zhenrong Co, one of...

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ASIA: Canada must act quickly to secure energy future with region’s fast-growing economies, says study

(EnergyAsia, July 27 2012, Friday) — Through its guarantee of demand, Asia offers the best opportunity for Canada to overcome its biggest challenge as an energy exporting country, according to a joint report by the Asia Pacific Foundation of Canada and the Canada West Foundation. But Canada must act quickly to develop the political will...

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SINGAPORE: Afton Chemical to build new manufacturing plant on Jurong Island

(EnergyAsia, July 26 2012, Thursday) — US petroleum additives manufacturer Afton Chemical Corporation said it will invest “in excess of US$100 million” to build a new chemical additive plant on Singapore’s Jurong Island. Afton Chemical, a member of NYSE-listed NewMarket Corp, said it expects to begin construction in the third quarter of 2013 with the (more…)

UAE: New oil terminal exports first cargo amid fears of Strait of Hormuz closure

(EnergyAsia, July 26 2012, Thursday) — The UAE has exported its first crude oil cargo from a new offshore terminal in Fujairah on the Gulf of Oman amid growing fears that Iran might shut down the crucial Strait of Hormuz through which about a third of the world’s oil flows. The cargo was exported to...

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MARKETS: OPEC forecasts world oil demand to reach 88.7 million b/d in 2012 and 89.5 million b/d in 2013

(EnergyAsia, July 26 2012, Thursday) — The Organization of Petroleum Exporting Countries (OPEC) has forecast global oil demand to rise by 900,000 b/d to reach 88.7 million b/d in 2012, and by 800,000 b/d to 89.5 million b/d next year. In its July report, the oil-exporting cartel kept its 2012 world oil demand forecast unchanged...

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IRAN: NIOC to boost Kharg Island oil storage capacity

(EnergyAsia, July 26 2012, Thursday) — The National Iranian Oil Company (NIOC) will boost its oil storage capacity on Kharg Island by four million barrels over the next few months, according to Fars News. The Iranian news service reported NIOC managing director Ahmad Qalebani urging the project’s contractor to speed up construction of the additional...

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IRAQ: Chevron acquired Kurdistan oil and gas blocks from India’s Reliance

(EnergyAsia, July 25 2012, Wednesday) — US major Chevron Corp said its subsidiaries have acquired interests in two highly prospective blocks in Iraq’s Kurdistan region from Reliance Exploration & Production DMCC, the upstream subsidiary of India’s Reliance Industries Ltd. The San Ramon, California company said its subsidiaries acquired 80% interest and operatorship of the production (more…)

AZERBAIJAN: Wartsila secures largest order to date to supply 384 MW gas power plant

(EnergyAsia, July 25 2012, Wednesday) — Wartsila, the Finland-based supplier of flexible and efficient power plant solutions, said it has secured its largest order to date with the award of a contract for a 384 MW gas-fired power plant from Azerbaijan. Azerenerji JSC, the state-owned utility, will own and operate the Boyuk Shor power plant (more…)

ASIA: LNG pricing competition heats up as ICIS claims first cleared swaps trade, Platts launched new service

(EnergyAsia, July 25 2012, Wednesday) — Asia is making progress in developing a liquefied natural gas (LNG) market with competing energy media ICIS of the UK and McGraw-Hill’s Platts of the US recently achieving pricing landmarks. According to ICIS, the world’s first cleared LNG swap traded on July 16, with the September contract price at (more…)

IRAQ: PetroChina-led consortium starts producing oil at Halfaya field

(EnergyAsia, July 25 2012, Wednesday) — An international consortium led by PetroChina has begun producing 100,000 b/d of crude oil at the 16-billion-barrel Halfaya oil field in southern Iraq, said Deputy Prime Minister Hussein al-Shahristani. The subsidiary of China National Petroleum Corp, the country’s largest energy producer, holds a 37.5% stake in the consortium while...

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MARKETS: IEA expects 2013 world demand to rise by one million b/d to reach 90.9 million b/d

(EnergyAsia, July 24 2012, Tuesday) — The International Energy Agency (IEA) has turned bullish on global oil demand in its latest monthly report, forecasting it to rise by one million b/d to 90.9 million b/d in 2013. Significantly, the Paris-based agency expects oil demand from emerging economies to exceed demand in the world’s most industrialised...

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SINGAPORE: SKF, Holcim launched sustainable initiatives to help Asian companies reduce environmental footprint and energy savings

(EnergyAsia, July 24 2012, Tuesday) — Two European companies recently launched initiatives in Singapore to help Asian companies reduce their environmental footprints. Sweden’s SKF, a leading global manufacturer of engineering solutions in bearings, seals, mechatronics, lubrication systems and services, introduced its BeyondZero portfolio while Switzerland’s Holcim unveiled its centre of excellence (CoE) to promote and (more…)

MALAYSIA: Italy’s Versalis SpA signs up to invest in chemical plants in Johor state

(EnergyAsia, July 24 2012, Tuesday) — Malaysian state oil and gas firm Petronas said it has signed a heads of agreement (HOA) with Italy’s Versalis SpA to jointly own, develop, construct and operate elastomer plants in Johor state. The plants will be part of the world-scale facilities to be developed within Petronas’s planned RM60-billion Refinery (more…)

CHINA: CNOOC Ltd to acquire Nexen Inc for US$15.1-billion

(EnergyAsia, July 24 2012, Tuesday) — China’s largest offshore oil company has agreed to purchase Canada’s Nexen Inc for US$15.1-billion in the biggest takeover of a Canadian firm by an Asian company. (US$1=C$1.02). In an all-cash deal, CNOOC Ltd will pay US$27.50 per share for a 66% premium to Nexen’s 20-day volume-weighted average on the (more…)