CHINA: Wison Engineering completes six projects for PetroChina’s integrated refinery and petrochemical complex in Sichuan

(EnergyAsia, March 28 2013, Thursday) — China’s Wison Engineering Services Co Ltd said subsidiary Wison Engineering Ltd has safely and successfully completed scheduled work on six projects at PetroChina’s integrated refinery and petrochemical complex in Sichuan province.

China’s largest privately owned chemical engineering procurement and construction (EPC) contractor said it built the project’s integrated paraxylene-aromatic unit, the integrated sulphur recovery unit, the waxoil hydrocracking plant, the linear low-density polyethylene plant and the ethylene cracking furnace and pipe-racks, in addition to auxiliary units.

This was Wison’s first major project on a large integrated refinery and petrochemical complex. In completing the work successfully within the three-year schedule, the Hong Kong-listed company said it has proved its capability and technical strengths as a general contractor for complicated facilities that will enable it to undertake other petrochemical and refinery projects.

Zhou Hongliang, Wison Engineering’s senior vice president, said:

“Wison Engineering is honoured to participate in PetroChina Sichuan Integrated Petrochemical and Refinery Complex, China’s largest one-off investment project of its kind. The project marked an important milestone in our business development as we enhanced our capabilities and project management skills throughout the project while also cultivating practical experience in project execution in the petrochemical and oil refinery industry.”



CHINA: Sinopec, PetroSA agree to build Africa’s largest oil refinery by 2020

(EnergyAsia, March 28 2013, Thursday) — China Petroleum & Chemical Corp. (Sinopec) and South Africa’s state-owned PetroSA have signed a framework agreement to build Africa’s largest oil refinery with a 400,000 b/d processing capacity. The agreement for the US$10 billion project to be developed in Port Elizabeth’s Coega industrial zone was signed in Pretoria in…

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MARKETS: Global crude oil flows to shift from west to east by over four million b/d by 2020, says ESAI

(EnergyAsia, March 28 2013, Thursday) — North America’s rising oil production and Asia’s growing energy demand will lead to a drastic shift in the direction of the world’s oil flows through 2020, said US consultant ESAI Energy.

The Boston-based consultant predicts that by the end of the decade, crude oil flows west of Suez will drop by 4.2 million b/d while supplies to the east will rise by 4.7 million b/d.

In its ‘Global Oil Balance to 2035’ report, ESAI said the Asia Pacific countries will become more dependent on Middle East suppliers while rising production of US shale liquids and Canadian oil sands will lead to North America becoming more energy self-sufficient.

As a result, Asian nations, especially China, will be forced to take a more active role in responding to conflicts and political instability in the Middle East, which will see changes to its relationship with the US, the current guarantor of the world’s main sea lanes. MARKETS Global crude oil flows to shift from west to east by over four million b:d by 2020

ESAI said North American oil imports from Latin America, Africa and the Middle East will drop by three million b/d between 2012 and 2020, while European imports from the same regions will be down by two million b/d, causing the oil producers to increasingly focus on selling to Asia.

The former Soviet states, Africa and Latin America are expected to raise exports to Asia by 1.7 million b/d, leaving the remaining three million b/d of demand to be met by Middle Eastern producers. This implies an annual increment of as much as 375,000 b/d through 2020.

Analysing the implications of the shifts in global oil trade, ESAI Energy’s Sarah Emerson said:

“US and European interest in committing resources and personnel to the security of the Persian Gulf may face renewed political resistance. Competition for the Asia-Pacific market is bound to weaken crude prices, and China’s disproportionate dependence on imported oil will hasten efforts to improve energy security, including the inevitable development of shale.”



CHINA: Oil demand rose 1.9% to 10.19 million b/d in February, says Platts

(EnergyAsia, March 28 2013, Thursday) — China’s February oil demand rose 1.9% over the same month last year to an average 10.19 million b/d, said US energy media Platts. In an analysis of Chinese government data, Platts said the latest data represented a slow-down in the 6.7% growth reported in January. It attributed the slower…

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US: Gains in hydrocracker refining capacity will flood diesel market, says ESAI

(EnergyAsia, March 27 2013, Wednesday) — A significant expansion in US Gulf Coast hydrocracking capacity will increase diesel output to easily meet Latin America’s diesel import requirement in 2013, predicts US-based consulting firm ESAI.

In its recently published Global Refining Outlook, ESAI is forecasting a more than 100,000 b/d rise in US Gulf Coast diesel production in 2013, enabling USGC refiners to maintain strong diesel exports despite lower stock levels compared to a year ago.

The middle distillate-focused downstream units will allow refiners to shift production to middle distillates and away from gasoline, when demand trends warrant. This will limit the bearish impact on gasoline prices when diesel demand strengthens.

ESAI said is expects the US Gulf Coast to add nearly 200,000 b/d of hydrocracking capacity between 2012 and the first half of 2013.

Data from the US EIA on crude flows into hydrocracking units for the second half of 2012 provides a glimpse of the impact that these diesel oriented projects will have in 2013. Hydrocracker inputs were up roughly 120,000 b/d during the final quarter of 2012, contributing to a 60,000 b/d year-on-year increase in middle distillate production.

With a second 60,000 hydrocracking project at Valero’s St. Charles refinery in Louisiana expected online in the second quarter, ESAI expects middle distillate production capacity to rise even further prior to the peak summer demand period for transport fuels.

“The new hydrocracking units will increase the region’s flexibility to produce additional diesel barrels,” said Chris Barber at ESAI Energy.

“This additional capacity will allow some U.S. refiners to boost diesel production, even when US gasoline demand softens, making it easier to supply Latin America’s diesel requirement without relying as heavily on stocks.”

IRAQ: Amid the gloom, IMF says economy to grow 9%, and oil production to rise 10% this year

(EnergyAsia, March 27 2013, Wednesday) — Ten years after the US-led military invasion to oust former dictator Saddam Hussein, war-battered Iraq is expected to enjoy rapid oil production and economic growth, and slower inflation in 2013.

In a statement last week, the International Monetary Fund (IMF) predicted Iraq’s oil production would surge 10% to 3.3 million b/d to enable th economy to grow by 9% in 2013.

“Despite a difficult security and political environment, Iraq managed to maintain macroeconomic stability over the past two years. On the back of rising oil production and robust non-oil activity, economic growth has remained strong at about 8% in 2012,” said the IMF at the end of a study visit of the Middle Eastern country.

“We expect activity to accelerate further to 9% in 2013, as oil production increases from just under 3 million b/d in 2012 to 3.3 mbpd in 2013. In 2012, inflation was contained at 6%, and we project it to decline slightly next year. On account of strong oil proceeds, Central Bank of Iraq reserves reached US$70 billion at the end of 2012, while the Development Fund for Iraq (DFI) rose to US$18 billion.”

An IMF mission led by Carlo Sdralevich met with an Iraqi delegation headed by acting finance minister Ali Al Shukri in Amman, Jordan from March 2 to 12 as part of the agency’s study of Iraq. The Iraqi delegation included officials from the Central Bank of Iraq (CBI), Board of Supreme Audit, the ministries of finance, planning and oil, and representatives from the Iraqi banking and business communities.

Mr Sdralevich praised the Iraqi government for maintaining macroeconomic stability over the past two years despite the country’s difficult security and political environment.

“While we welcome the achievement of a budget surplus of about 4% of GDP in 2012, largely due higher-than expected oil revenues, the execution of the 2013 budget should be aligned with available financing and provide for the accumulation of adequate fiscal buffers in the DFI, which suggests to target a budget surplus in 2013,” he said.

“Public financial management should be strengthened, notably by phasing out off-budgetary spending practices and reliance on state-owned bank financing to support public enterprises. Approval of additional spending commitments during the fiscal year should also be avoided.

“Financial sector policies are improving, but more remains to be done. The CBI’s ongoing efforts to refine monetary policy instruments, strengthen banking supervision, and accelerate the restructuring of the banking system are crucial.

“While oil-growth is projected to remain high over the coming years, boosting non-oil private sector growth will need a long-term government strategy centered on improving the business environment and opening up opportunities for the private sector.”

In 2003, the US led a coalition of mostly Western countries to unilaterally launch what it called a pre-emptive war in self-defence on suspicion that Saddam’s Iraq was building up weapons of mass destruction (WMDs). There were no WMDs.

While the war inflicted huge financial and human costs on Iraq, the US too has suffered and looks likely to struggle to recover for decades.

According to the latest study by the Watson Institute for International Studies at Brown University, the war could cost the US as much as US$6 trillion with legacy expenses and interest added to the US$2 trillion already spent. Drawing from data on past and planned expenditures from the US Treasury related to the invasion, the study said the US government has spent US$1.7 trillion on the war, and another US$490 billion in benefits on war veterans. It will need to raise an extra US$4 trillion to cover interest payments through 2053.

CHINA: Wison Offshore & Marine to provide services for two European firms developing LNG projects in North America

(EnergyAsia, March 27 2013, Wednesday) — A subsidiary of China’s Wison Group has agreed to provide support services to two European firms developing export-oriented liquefied natural gas (LNG) projects in North America.

EDF Trading and Exmar NV are looking to export LNG by using offshore barge-mounted natural gas liquefaction facilities that have been jointly developed by Exmar, Wison and US engineering firm Black & Veatch.

Shanghai-based Wison Offshore & Marine Ltd said it will be responsible for providing turnkey engineering, procurement, construction, installation and commissioning (EPCIC) services for the mobile, self-contained units to be connected to existing pipeline, tank and jetty infrastructure to export LNG. These plants will utilise topside liquefaction equipment and packages designed by Black & Veatch using its proven PRICO® single mixed refrigerant technology.

The agreement marks the second such collaboration between Wison, Exmar and Black & Veatch following the award for a similar facility announced in June 2012 and presently under construction at Wison’s fabrication facility in Nantong, China.

“The ability to be involved with EDFT, a leading player in the global gas market, in developing LNG export scenarios for the North American market and expand our existing relationship with Exmar is a tremendous opportunity for Wison,” said L. Dwayne Breaux, executive vice president for Wison Offshore & Marine, Ltd.

“Wison, Exmar and Black & Veatch are in the process of proving that we can supply a reliable, cost-efficient solution to the industry and this opportunity will only further establish this group as the leading suppliers of offshore liquefaction facilities.”


CHINA: Sinopec Corp to pay US$1.5 billion for parent’s upstream assets

(EnergyAsia, March 27 2013, Wednesday) — China’s largest oil refiner, China Petroleum & Chemical Corp, or Sinopec Corp, has agreed to form an equal joint venture with its parent firm, Sinopec Group, to take over some of the latter’s upstream assets for a total of US$3 billion. The move is aimed at beefing up Sinopec…

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ASIA: EIA provides update on South China Sea’s hydrocarbon reserves and development

(EnergyAsia, March 26 2013, Tuesday) — The following is an edited version of an analysis by the US Energy Information Administration (EIA) on the hydrocarbon reserves and development in the South China Sea. Note: Reserve totals do not include Gulf of Thailand or onshore reserves. Reserve estimates are based on field ownership status. Sources: EIA,…

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MARKETS: IEA sticks to forecast for global oil demand to exceed 90 million b/d in 2013

(EnergyAsia, March 26 2013, Tuesday) — Don’t tell the oil industry about the gloom and doom afflicting the global economic condition. Global oil consumption will still reach a new record high of 90.6 million b/d this year, notwithstanding the continuing economic turmoil in Europe and Japan, and calls for slower growth in China and the…

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MARKETS: EIA said world drew down oil stockpile in first two months of 2013 as demand exceeded supply

(EnergyAsia, March 26 2013, Tuesday) — The US Energy Information Administration (EIA) said global liquid fuels consumption exceeded production in the first two months of 2013, resulting in a 1.1‐million b/d average draw in global oil stocks

Despite the gloom surrounding the European and Japanese economies, the agency has kept its forecasts for record world oil demand to hold well above 90 million b/d this year and above 91 million b/d in 2014.

In its March short-term energy outlook report, the agency said it expects world oil consumption to rise to 90.13 million b/d in 2013, and to 91.53 million b/d in 2014, slightly lower than the previous month’s forecasts for 90.21 million b/d and 91.62 million b/d, respectively.

Significantly, the EIA lowered its forecasts for crude oil prices this year, with US WTI crude down by 1% to average US$92.91 a barrel and North Sea Brent trading a dollar lower at US$108.33 a barrel.

For 2014, it held WTI unchanged at US$92.17 while Brent will fall to average US$100.75 a barrel.

But the agency kept open the possibility of upside surprises in the coming months.

“Oil market balances have not changed dramatically since last month’s short-term energy outlook (STEO), although somewhat lower expectations for production in Libya and Iraq, along with an increase in unplanned outages in countries outside the Organisation of the Petroleum Exporting Countries (OPEC), implies slightly tighter conditions in 2013 than previously projected,” said the EIA.

“Positive economic indicators including upward revisions in estimates of Chinese GDP growth and continuing employment growth in the US could lend support to higher prices, but over the past week they have been counterbalanced by renewed uncertainty regarding economic growth in Europe.”

EIA predicts China’s liquid fuels consumption could rise by 450,000 b/d in 2013 and by 510,000 b/d in 2014, up significantly compared with 380,000 b/d in 2012.

China’s growing oil appetite will more than offset the projected combined 300,000 b/d decline in OECD consumption in 2013 to follow on last year’s 500,000 b/d drop. OECD oil demand will stabilise next year as a result of recovery in European economic growth.


RUSSIA: Rosneft invites China to participate in Arctic oil and gas development

(EnergyAsia, March 26 2013, Tuesday) — Russia has opened the door for Chinese firms to participate in the development of its coveted Arctic oil and gas reserves, further raising bilateral ties in the wake of last week’s successful meeting between the Presidents of the two countries. China, the world’s largest energy consumer, has the cash…

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SINGAPORE: Halliburton opens new completion technology and manufacturing centre

(EnergyAsia, March 25 2013, Monday) — Upstream equipment and services company Halliburton said it has opened a newly constructed completion technology and manufacturing centre in Singapore.

Completion Tools, a product service line in the company’s Completion and Production division, enables customers to economically and efficiently complete their wells by providing the design, selection and provision of equipment and services to optimise well production.

Located on a 43-acre site in Jurong, the new facility will enable Halliburton to continue to deliver high-quality products to a broad and growing customer base in the Eastern Hemisphere. It contains laboratories and test facilities, which house complex processes such as high-alloy material precision machining, electrode discharge machines, small deep-hole gun drilling and fully automated high-pressure testing.

Halliburton said it has begun a second phase of development which includes the construction of a technology administration building, workshops, deep-well simulators, high-pressure/high-temperature testing facilities and the completion of a deep horizontal well enabling all aspects of engineering testing and simulated systems integration testing.

The Completion Tools leadership team and global headquarters relocated from Houston, Texas, to Singapore in 2011. Employees of the original completion tools manufacturing facility in Jurong Industrial Park began transiting to the new site in January 2013.

Dave Lesar, Halliburton’s chairman, President and CEO, said:

“Investment in this technology and manufacturing facility is a demonstration of Halliburton’s commitment to strengthen our position in international markets where we are seeing expanding opportunities in deep water, mature assets and unconventional resources development.”

“Halliburton is the leading supplier of completion products and services globally, and the Singapore facility is a flagship for our Completion Tools manufacturing in the Eastern Hemisphere.

Jerry Wauters, vice president of Halliburton Completion Tools, said:

“Investment in this technology and manufacturing facility is a demonstration of Halliburton’s commitment to strengthen our position in international markets where we are seeing expanding opportunities in deep water, mature assets and unconventional resources development.

“This new facility will allow us to deliver a broad portfolio of completion products and will also allow us to react more quickly to our customers’ needs.

“The expansion in Singapore is part of our global strategy to increase our overall capacity to meet our customers’ growing demands.”

Halliburton has been active in the Eastern Hemisphere energy services market since 1926. It established operations in Singapore in 1973 and opened its first regional manufacturing centre in Singapore in 1990.

With more than 72,000 employees, representing 140 nationalities in approximately 80 countries, the company offers a full range of technology and services across its Completion and Production, and Drilling and Evaluation divisions.

Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry.


RUSSIA: China to import 1 million b/d of crude, overtake Europeans as largest oil customer

(EnergyAsia, March 25 2013, Monday) — China and Russia have wrapped up a number of energy agreements, worth more than US$600 billion, to mark a successful first overseas trip for newly-installed President Xi Jinping to Moscow to meet his counterpart Vladimir Putin. In one of the world’s biggest long-term oil-supply contracts in memory, Russia’s state-owned…

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SHIPPING: Drewry Maritime expects LNG freight to stay weak through 2015, recover in the second half of decade

(EnergyAsia, March 25 2013, Monday) — After the “dream run” of 2011 and 2012, shipping demand for liquefied natural gas (LNG) could be headed for the doldrums through 2015, predicts Drewry Maritime Research.

In its latest LNG Insight report, the UK-based firm said its LNG Freight Index fell four percent in February as a result of weaker heating demand in major importing regions as well as reduced supply brought on by some unplanned shutdowns at producing plants.

The previous two years, the LNG shipping market grew strongly due largely to increasing tonne-mile demand and an almost stagnant fleet.

The Drewry Freight Index measures rates based on actual deals and market reports for a conventional LNG carrier of between 160,000 cubic metres (cbm) and 173,000 cbm of less than five years of age. The hire period for long-term freight rate assessments are for charter durations of 15 years or more, while short-term freight rate assessments are based on charter duration of one to three years. The base year for the index is January 2005.

“Freight market prospects would be even brighter if fleet supply were to remain at current levels, but this will not be possible as 81 more vessels could join the fleet during 2013-15, while only 10 vessels could be considered as demolition candidates,” said Drewry.

The fleet could grow to 430 vessels, after accounting for projected demolitions, by the end of 2015, representing a rise of 20% from current levels.

The orderbook-to-fleet ratio was 30% at the end of February, while it was just over 8% at the end of 2010. In 26 months, fresh orders for 89 vessels aggregating 14.5 million cbm were placed, said Drewry.

While fleet building and delivery are taking place, ship owners will be greatly concerned that there will be little expansion of global liquefaction capacity between now and 2015.

Adding to their fears is that Japan may attempt to re-start some of their nuclear power plants, thus reducing demand for LNG.

“Japan was the single largest factor driving the market in 2012, and the trend is expected to continue in 2013, as re-starting all of the nuclear facilities cannot be a hurried process,” said Drewry.

Nevertheless, shipowners are worried as they would need about 40 million tonnes per annum of new LNG capacity to start up to employ their idle vessels.

“Unfortunately, this is not on the cards, so the short-term and spot freight markets are likely to start falling soon,” said Drewry.

However, prospects are expected to brighten up in the second half of the decade as liquefaction capacity expansion plans in Australia, the US and Africa will lead to increased demand for more LNG vessels.


ASIA: Sabah crisis sharpens focus on Spratly Islands and regional territorial disputes over oil and gas reserves

(EnergyAsia, March 25 2013, Monday) — With the February 12 invasion of Malaysia’s Sabah state by a Filipino militia group, another quiet corner of the world risks being sucked into renewed age-old territorial and ethnic disputes fuelled by a growing regional race for oil and gas reserves. The Malaysian government responded by ordering its troops…

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INDIA: BG Group secures long-term contract to supply LNG to Gujarat State Petroleum Corp

(EnergyAsia, March 22 2013, Friday) — UK’s BG Group Plc said it has secured a 20-year agreement to supply liquefied natural gas (LNG) to India’s Gujarat State Petroleum Corp (GSPC) from 2015.

The Reading-based company said it will initially supply 1.25 million tons a year in 2015, potentially doubling the volume after two years. The companies had been negotiating a supply contract since September 2011.

BG Chief Executive Officer Chris Finlayson said:

“We have been active in India for more than 15 years and it is a large and important market that we understand well. We expect the country to lie third among LNG importing countries by 2025, behind Japan and China.”

GSPC, a company owned by the government of Gujarat state, is one of India’s leading oil and gas exploration, development and production companies. GSPC, which has one of India’s largest gas trading businesses and a significant presence in gas transmission, gas distribution and power generation, is developing an LNG-import terminal at Mundra port.



AUSTRALIA: BREE sees LNG exports rising more than five times to A$61 billion by 2017

(EnergyAsia, March 22 2013, Friday) — Liquefied natural gas (LNG) will become Australia’s second-largest export earner after iron ore, rising more than five times from A$12 billion in 2011 to over A$61 billion by 2017, said the Bureau for Resources and Energy Economics (BREE). (US$1=A$0.96).

The start-up of several LNG projects in coming years will enable Australia to lift exports from 19 million tons to 88 million tons over the same period. Boosted by last year’s start-up of Woodside Petroleum’s Pluto project, the country’s largest, LNG exports have now risen to about 24 million tonnes.

Woodside is working to start-up its next LNG project at Browse, also located in Western Australia state.

Gladstone in Queensland state is home to three separate consortia building the Australia Pacific LNG (APLNG) plant, the Santos Limited-led project and the BG-owned Curtis Island LNG complex. The latter two will develop and process coal seam gas (CSG) into LNG for export to Asia.

Japan’s Inpex expects to start up its giant US$34-billion Ichthys LNG project near Darwin in the Northern Territory in 2017. Shell is developing a floating LNG terminal while Chevron is targeting to begin LNG production at its Gorgon and Wheatstone projects in 2015 and 2016 respectively.

For the current year ending June 30 2013, LNG’s rise will not be enough to arrest the near-term 3% decline in the value of Australia’s commodity export earnings to around A$186-billion.

BREE’s executive director and chief economist Quentin Grafton attributed this expected decline to a fall in commodity prices and the strong Australian dollar, which has been holding well above the US dollar for more than two years.

“The nominal value of mineral exports is projected to increase by about 15 per cent from 2011-12 to 2017-18, but the real value of mineral exports in Australian dollars is expected to peak in 2014-15 at around $123 billion” said Mr Grafton.

“The assumed continuation of a high-valued Australian dollar and a fall in the US dollar price of iron ore over the outlook period are the principal causes of this dip in the real export values of minerals from 2014-15.”



US: Domestic crude oil production to surpass imports for first time since 1995, says EIA

(EnergyAsia, March 22 2013, Friday) — Thanks to the shale-inspired rise in domestic crude production, US is on course to become a net oil producer from as early as the end of this year for the first time since 1995, said the Energy Information Administration (EIA). In its March 2013 short-term energy report, the agency…

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SAUDI ARABIA: World’s largest petroleum producer and net exporter in 2012

(EnergyAsia, March 21 2013, Thursday) — Saudi Arabia was the world’s largest producer and exporter of crude and petroleum liquids last year, said the US Energy Information Administration (EIA). The kingdom produced an average of 11.6 million b/d and exporting an estimated 8.6 million b/d. The total figure covers crude oil, natural gas liquids, condensates,…

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RUSSIA: Agreement in sight for China to provide credit for additional oil, gas supplies

(EnergyAsia, March 21 2013, Thursday) — Russia is looking to conclude agreements this year to provide China with additional oil and gas supplies in exchange for credit and loans, said Russian Deputy Prime Minister Arkady Dvorkovich. Briefing reporters in Moscow, he said he expected Russia to add to the 15 million tonnes/year of oil it…

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SINGAPORE: CAO secures 18-month to supply 120,000 metric tons of aviation fuel to Air China in London, Madrid and Los Angeles

(EnergyAsia, March 21 2013, Thursday) — China Aviation Oil (Singapore) Corporation Ltd (CAO), Asia’s largest physical jet fuel trader, said it has secured 18-month contracts to supply a total of 120,000 metric tons of aviation fuel to Air China planes at international airports in London, Madrid and Los Angeles starting April 1.

CAO said it will be the supplier at Spain’s Madrid International Airport, while subsidiaries, North American Fuel Corporation (NAFCO) and China Aviation Oil (Hong Kong) Company Limited (CAOHK), will supply at Los Angeles International Airport in the US and London Heathrow Airport in UK, respectively.

“The award of these contracts marks another significant progress in the group’s proactive approach towards expanding its aviation fuel marketing business,” Singapore-listed CAO said.

Madrid is a new supply location for the company while it will be the first time it will fuel Air China planes at Los Angeles. The London contract is an extension of an existing agreement.

CAO currently supplies aviation fuel to Air China, China Southern and China Eastern, the country’s three major airlines.

The company has marked aviation fuel marketing and trading as part of its 2020 corporate strategy.

Last year, its parent company, China National Aviation Fuel Group Corporation (CNAF), established strategic alliances with major Chinese airlines that made CAO their preferred supplier of aviation fuel in airports outside China.

CAO said its aviation fuel marketing volume surged 36 times to 750,000 tonnes last year since its launch in 2011.

CEO Meng Fanqiu said: “The award of aviation fuel contracts by Air China at three key international aviation hubs is a milestone in the group’s efforts and commitment towards growing and expanding our aviation fuel marketing business.

“As the overseas aviation supply arm of CNAF, we are able to leverage on CNAF’s strategic alliances with major Chinese airlines as well as its business network and connections to further grow our businesses beyond China.”



INDIA: State oil companies expected to jointly bid for 20% stake in Mozambique field

(EnergyAsia, March 21 2013, Thursday) — Two Indian state-owned upstream companies are expected to jointly bid for a 20% stake in Mozambique’a Offshore Area 1 oil and gas field. According to Indian news reports, ONGC Videsh Limited (OVL) and Oil India Limited (OIL) are believed to be preparing to acquire the combined stake from operator…

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RUSSIA: Tax breaks for shale, offshore oil to help boost long-term production by two million b/d

(EnergyAsia, March 20 2013, Wednesday) — The world’s second largest oil producing country is joining the unconventional oil and gas revolution by offering companies tax breaks to develop shale and offshore reserves from next January 1. Anxious about sustaining its own production above 10 million b/d for the rest of the decade amid potential supply…

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JAPAN: JAPEX to take 10% stake in Petronas-led LNG project in Canada

(EnergyAsia, March 20 2013, Wednesday) — Japan’s second largest upstream company has joined the bandwagon to acquire a piece of a proposed liquefied natural gas (LNG) project in Canada. Japan Petroleum Exploration Co (JAPEX) said it has agreed to buy a 10% stake in a C$11-billion project led by Malaysia’s state energy firm Petronas to…

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