MIDDLE EAST: Focus on reducing energy use and carbon emissions as experts expect region to dominate global petrochemicals industry by 2020

(EnergyAsia, May 31 2013, Friday) — With its easy access to low-cost feedstock and proximity to the fast-growing markets of Asia and Africa, the Middle East is set to dominate the global petrochemicals industry by 2020, say experts at a recent industry event in Dubai. Middle Eastern companies are also raising their performance by adopting...

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SINGAPORE: ExxonMobil producing ethylene and other chemicals from expanded petrochemicals plant

(EnergyAsia, May 31 2013, Friday) — ExxonMobil said it has boosted production of ethylene and other downstream chemicals on Singapore’s Jurong Island with the start-up of its long-delayed second world-scale steam cracker. Integrated with the existing petrochemical complex and powered by a 375-megawatt cogeneration plant, the new plant will enable the US major to increase (more…)

CHINA: Another two coal price indices launched

(EnergyAsia, May 31 2013, Friday) — Coal companies have helped launch another two indices to track the price of the commodity produced and traded in China, adding to two already in use since 2006. Producers in coal mining Shanxi province have helped create the China Taiyuan Coal Transaction Price Index, which they claim is the...

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PAPUA NEW GUINEA: Economy to grow by 6% next year on LNG plant start-up, says ADB

(EnergyAsia, May 30 2013, Thursday) — Papua New Guinea’s economy will have a powerful new engine next year when an Exxon Mobil-led consortium starts up a US$19-billion plant near Port Moresby to export liquefied natural gas (LNG) to Asia. Starting with two trains with a combined 6.6-million-ton/year capacity, the PNG LNG project will help the...

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AUSTRALIA: Wood Mackenzie expects resource sector investments to reach record A$85 billion for 2013

(EnergyAsia, May 30 2013, Thursday) — Companies will maintain a high level of investment in Australia’s resource sector through 2015, building on this year’s projected record A$85 billion on natural gas, coal, iron ore and other resource projects, said UK-based consultant Wood Mackenzie. (US$1=A$1.03). Chris Graham, the company’s Head of Australasia Upstream Research, expects natural (more…)

MIDDLE EAST: Oil-exporting economies to grow 3.2% in 2013, down from 5.7% last year, says IMF

(EnergyAsia, May 30 2013, Thursday) — With oil prices and production under pressure from slowing global demand, the economies of oil producing countries in the Middle East and North Africa (MENA) region will grow at a combined rate of 3.2% this year, down from 5.7% in 2013, said the International Monetary Fund (IMF). But with...

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PHILIPPINES: Petron starts building oil storage depots in anticipation of Pandacan closure

(EnergyAsia, May 29 2013, Wednesday) — The Philippines’ main oil refining and retailing company said it has started building storage facilities in three provinces to support growing local fuel demand as it prepares for the eventual closure of the country’s traditional storage and distribution hub in Pandacan in Manila city. Petron Corp expects to complete...

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COMPANY: Intertek opens regional energy exploration and production centre in Malaysia

(EnergyAsia, May 29 2013, Wednesday) — Intertek, a leading global quality solutions provider, said it has invested £900,000 to develop a new centre in Malaysia to provide enhanced services to the oil exploration and production (E&P) sector in Southeast Asia. (US$1=£0.66). Based in Kuala Lumpur, the facility includes two specialised laboratories to support Intertek’s plan to (more…)

CHINA: Platts says April oil demand at eight-month low of 9.77 million b/d

(EnergyAsia, May 29 2013, Wednesday) — China’s April oil demand rose by 2.1% to 9.66 million b/d, or 39.54 million metric tonnes, its lowest level last August, said US energy media Platts. In an analysis of just-released official government data, Platts said Chinese oil consumption fell compared with March’s average of 9.77 million b/d. For the...

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SAUDI ARABIA: Lower oil output, rising inflation to weigh on economy, says IMF

(EnergyAsia, May 28 2013, Tuesday) — Saudi Arabia’s economy will face headwinds over the next two years on account of lower oil production, rising inflation and reduced fiscal and current account surpluses, said the International Monetary Fund (IMF). The kingdom’s GDP growth is expected to slide to 4.4% this year and 4.2% in 2014 after...

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MYANMAR: Natural gas output, reforms to boost GDP by 6.75%, says IMF

(EnergyAsia, May 28 2013, Tuesday) — A combination of reforms and rising natural gas production is attracting investors and blowing life into Myanmar’s previously stagnant economy, said the International Monetary Fund (IMF). For the current financial year to March 2014, the agency expects Southeast Asia’s latest emerging economy to grow by 6.75% to follow on (more…)

CANADA: Federal Court upholds miner’s use of temporary workers from China

(EnergyAsia, May 28 2013, Tuesday) — Canada’s Federal Court has ruled on several points in favour of a government decision to allow a coal mining company to hire 201 temporary foreign workers from China deemed to have special skills not available among Canadians. The decision brought to a close a high-profile bitter battle brought on...

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INDIA: RIL, BP and Niko make “significant” gas condensate discovery in offshore Deepwater KG D6 block

(EnergyAsia, May 27 2013, Monday) — Reliance Industries Limited (RIL) and its partners BP and Niko Resources Ltd said they have made a “significant” gas and condensate discovery in the KG D6 block off the eastern coast of India. The KGD6-MJ1 well was drilled in a water depth of 1,024 metres – and to a (more…)

OMAN: Takamul Investment Co, Singapore’s Sembcorp to jointly develop utilities facilities for Duqm Special Economic Zone

(EnergyAsia, May 27 2013, Monday) — Oman’s Takamul Investment Co and Singapore’s Sembcorp have announced they will jointly develop centralised utilities facilities for the Duqm Special Economic Zone (SEZ) in the Middle Eastern country. Takamul, an Oman Oil Company subsidiary, will be the majority owner with a 65% stake in building the country’s first centralised (more…)

SINGAPORE: Sincro Energy Systems starts up office and distribution centre for Asia

(EnergyAsia, May 27 2013, Monday) — Sincro Energy Systems has opened an office and a centre in Singapore for distributing a range of rotating electrical machines for Italy’s Soga SpA to Asia. At last week’s launch ceremony attended by Enrico Soga, Soga’s CEO, and 50 business partners, the company announced that Sincro Energy Systems would (more…)

PAPUA NEW GUINEA: LNG prospects boosted by Osaka Gas entry, Exxon Mobil’s interest to expand

(EnergyAsia, May 27 2013, Monday) — Papua New Guinea’s vision for an export-oriented liquefied natural gas (LNG) industry has been further enhanced by Exxon Mobil’s interest to expand its presence following on Osaka Gas’s decision to pay US$204 million for a 40% stake in natural gas assets. Exxon Mobil, which expects to start exporting LNG...

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CANADA: Petronas subsidiary awards engineering and design contracts for Prince Rupert LNG plant

(EnergyAsia, May 23 2013, Thursday) — Malaysian state energy firm Petronas has taken another step forward in developing its proposed C$5 billion liquefied natural gas (LNG) terminal in western Canada with the award of front-end engineering and design (FEED) contracts this week. Pacific NorthWest LNG Ltd, a Petronas subsidiary, announced it has awarded the contracts (more…)

EGYPT: Mashreq Petroleum to build and operate oil storage hub in Suez Canal

(EnergyAsia, May 23 2013, Thursday) — Citadel Capital, an Egypt-based leading investment company in Africa and the Middle East, said its subsidiary, Mashreq Petroleum, has secured a 25-year concession agreement to build and operate an independent oil storage terminal in the Suez Canal, making it the first in the country. Mashreq Petroleum’s agreement with the...

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CONFERENCE: POWER‐GEN Asia in Bangkok on October 2 to 4

(EnergyAsia, May 23 2013, Thursday) — POWER‐GEN Asia and Renewable Energy World Asia, the region’s premier conference and exhibition for the power generation industry, will return to Bangkok, Thailand from October 2 to 4 2013 at the IMPACT Exhibition & Convention Centre. POWER‐GEN Asia, together with Renewable Energy World Asia, are a leading platform for (more…)

MARKETS: EIA reduced forecasts for world oil demand and production in 2013 and 2014

(EnergyAsia, May 23 2013, Thursday) — The US Energy Information Administration (EIA) has slashed its forecasts for global oil demand growth over the next two years amid signs of slower economic growth in China, India and emerging Asia and possible further weakening in the Euro-zone. In its latest May forecast, the EIA expects world oil...

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RUSSIA: Rosneft building on ExxonMobil and Marubeni deals to play global LNG role

(EnergyAsia, May 22 2013, Wednesday) — Russian upstream company Rosneft will build on two major agreements with ExxonMobil and Japanese trader Marubeni last month to become a global liquefied natural gas (LNG) company. With the open support of Russian President Vladimir Putin, Rosneft and ExxonMobil unveiled plans for a US$15 billion plan to develop and...

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MARKETS: IEA sees global oil demand to grow by annual average 1.22 million b/d from 2013 to 2017

(EnergyAsia, May 22 2013, Wednesday) — The world’s oil demand will grow by a total of 6.1 million b/d between 2013 and 2017 for an annual average gain of 1.22 million b/d, predicts the International Energy Agency (IEA). The size of increase over the five-year period represents a significant mark-up over the agency’s recent forecasts...

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MALAYSIA: Petronas to pay US$850 million for 40% stake in Brazilian oil blocks

(EnergyAsia, May 22 2013, Wednesday) — Continuing its international expansion, Malaysia’s state energy firm Petronas said it will pay US$850 million for a 40% share in two blocks of Brazil’s offshore Tubarao Martelo oil field. Petronas, which only recently acquired Canada’s Progress Energy for C$5.9 billion, will acquire the blocks from Brazilian producer OGX Petroleo (more…)

MARKETS: OPEC expects non-OPEC production to rise by 980,000 b/d in 2013, global oil demand to grow 790,000 b/d

(EnergyAsia, May 22 2013, Wednesday) — Boosted largely by North America’s surge, oil production outside of the Organisation of Petroleum Exporting Countries (OPEC) is expected to rise by 980,000 b/d to 53.96 million b/d in 2013, the cartel said. In its latest monthly report for May, OPEC said North America’s oil production would account for...

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CHINA: IEA predicts addition of 245 million barrels of oil storage capacity

(EnergyAsia, May 21 2013, Tuesday) — China is expected to add 245 million barrels of new capacity to its strategic oil stockpile building programme by 2015, lending support to the global markets, said the International Energy Agency (IEA). In an earlier forecast last year, the Paris-based agency had expected the world’s second largest oil consumer...

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