VIETNAM: Foster Wheeler unit awarded services contract for US$9 billion refinery and petrochemicals complex

(EnergyAsia, July 31 2013, Wednesday) — Switzerland-based engineering giant Foster Wheeler AG said a subsidiary has been awarded a contract to provide project management and consultancy for the construction of a new US$9 billion oil refinery and petrochemicals complex in Vietnam. The Nasdaq-listed company said its Global Engineering and Construction Group was awarded the contract (more…)

INDIA: Japan’s MHI receives order for components of two coal-fired boiler, turbine sets for power plants

(EnergyAsia, July 31 2013, Wednesday) — Japan’s Mitsubishi Heavy Industries, Ltd (MHI) said it has received an order for core components of two sets of a 660MW supercritical-pressure coal-fired boiler and steam turbine to be installed in two high-efficiency coal-fired power generation units in northern India. Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) is building (more…)

IRAN: State firm building three large terminals, including floating unit in the Persian Gulf, to store crude oil

(EnergyAsia, July 31 2013, Wednesday) — An Iranian state firm said it is building three large crude oil storage terminals, including one that it claims will be the largest floating unit in the Persian Gulf. The National Iranian Offshore Oil Company (NIOOC) will launch a 2.2-million barrel storage terminal in the Southern Bushehr province near...

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MYANMAR: Pipeline launched to start exporting natural gas to China, oil to follow soon

(EnergyAsia, July 30 2013, Tuesday) — The dream of an overland passage way to serve Southeast Asia’s energy needs since the late 18th century just came true over the weekend. With the July 28 launch of a new regional pipeline infrastructure, Myanmar has begun exporting natural gas to China that could reduce East Asia’s dependence...

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ASIA: Tajikistan and Kyrgyzstan adding refining capacity

(EnergyAsia, July 30 2013, Tuesday) — Central Asia’s fuel-short economies will have two new oil refineries by next month after Kyrgyzstan starts up an 800,000-ton/year plant to follow on Tajikistan’s recent launch of a 100,000-ton/year plant. The refineries will help the region’s fast-growing economies reduce dependence on imports of gasoline, diesel and fuel oil. In (more…)

INDONESIA: CNOOC holding onto US$3.50 term price for Tangguh LNG imports

(EnergyAsia, July 30 2013, Tuesday) — At least three Asian buyers will be in no hurry to shift the link of their liquefied natural gas (LNG) import prices to the US’s Henry Hub, currently the focus of a major campaign by Japanese and Indian utilities. China’s CNOOC Ltd is paying just US$3.5 per million BTU...

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SINGAPORE: Oil explorer Rex International Oil aim to raise more than S$85 million in Catalist listing

(EnergyAsia, July 29 2013, Monday) — Singapore-based oil explorer Rex International Holding is looking to raise up to S$85.25 million through a listing on the local Catalist exchange. (US$1=S$1.26). Rex, which claims the use of superior exploration technology to greatly enhance its success for finding oil and gas, is offering a total of 142.5 million (more…)

MARKETS: OPEC sees next year’s global oil demand growing at fastest rate since 2010

(EnergyAsia, July 29 2013, Monday) — After four years of slow growth, the world is about to regain its oil appetite to match the rapid consumption growth rates of the past decade, said the Organisation of Petroleum Exporting Countries (OPEC). Led by Asia, the world is expected to consume 90.68 million b/d of oil in...

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MARKETS: EIA issues bullish forecasts for world oil demand for 2013 and 2014, citing Asia

(EnergyAsia, July 29 2013, Monday) — Citing a recovery in Asian consumption led by China, the US Energy Information Administration (EIA) has issued its most bullish global oil demand forecast in recent months for the next two years. In its latest July energy outlook, the EIA said world oil consumption will grow by 880,000 b/d...

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MARKETS: OPEC export revenues seen falling after reaching record high in 2012, says EIA

(EnergyAsia, July 26 2013, Friday) — The export revenues of the Organisation of the Petroleum Exporting Countries (OPEC), excluding Iran, will decline this and next year after reaching a high of US$982 billion in 2012, said the US Energy Information Administration (EIA). The 12-member cartel less Iran earned about US$982 billion in net oil export (more…)

CHINA: Lloyd’s Register to provide classification services for first dual fuel LNG carriers

(EnergyAsia, July 26 2013, Friday) — Lloyd’s Register (LR) said it has secured a contract to provide classification services for six liquefied natural gas (LNG) tankers to be built in China by Hudong Zhonghua Shipbuilding (Group) Co Ltd. The project is a key milestone in Chinese shipbuilding and a key indicator in the development of (more…)

CHINA: Oil demand up 11.7% in June, 3.9% for first half of 2013, says Platts

(EnergyAsia, July 26 2013, Friday) — China’s apparent oil demand in June rose by 11.7% to 9.99 million b/d or 40.89 million metric tons (mt), raising first half demand by 3.9% over the same period last year, said energy media Platts in an analysis of latest government data. For the first half, Chinese oil demand...

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CHINA: Founder Group and Norway’s Odfjell Terminals to jointly build US$137 million petrochemical storage project

(EnergyAsia, July 25 2013, Thursday) — Norway’s Odfjell Terminals recently said it and China’s Founder Group have agreed to set up an equal joint venture to develop a US$137 million petrochemical tank terminal in Fujian province by early 2016. The Norwegian firm will pay the Beijing University-owned Founder Group US$21 million for a 50% equity (more…)

KAZAKHSTAN: China’s Central Asia role grows with Kashagan oilfield stake, expanded gas pipeline

(EnergyAsia, July 25 2013, Thursday) — China is strengthening its grip on Central Asia through an increased role in the oil and gas industry of Kazakhstan, the region’s largest economy. Early this month, the Kazakh government said it would sell an 8.4% stake in the country’s giant Kashagan oilfield to China National Petroleum Corp (CNPC)...

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INDIA: US LNG to land at around US$10 per million Btu, cheaper than Australia, Qatar supplies, says GAIL

(EnergyAsia, July 25 2013, Thursday) — India will want current liquefied natural gas (LNG) suppliers from Qatar and Australia to lower prices to match the US$10 per million BTU it believes it will pay for imports from the US. GAIL, the country’s state gas utility, could begin importing LNG from the US as early as...

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VIETNAM: Green groups praise US Ex-Im Bank for not funding coal-fired power plant

(EnergyAsia, July 24 2013, Wednesday) — Environmentalists have hailed the US Export-Import Bank’s decision to reject financing the construction of a proposed coal-fired power plant in Vietnam. The bank’s board voted last week to reject financing for the 1,200MW Thai Binh II coal plant in the Red River Delta in northern Vietnam. “The Thai Binh (more…)

QATAR: Qatargas makes first LNG cargo sale to Malaysia, latest among several Asian countries

(EnergyAsia, July 24 2013, Wednesday) — Qatar has sold its first liquefied natural gas (LNG) cargo to Malaysia, said state-owned Qatargas Operating Company Limited, also known as Qatargas. Purchased by Malaysian state firm Petronas LNG Ltd, the cargo was loaded on board the “Seri Begawan” vessel at Ras Laffan Port for delivery to the country’s (more…)

MIDDLE EAST: Iran, Iraq to step up oil and gas co-operation with signing of landmark agreement

(EnergyAsia, July 24 2013, Wednesday) — Iran and Iraq are looking to build on a landmark gas supply agreement that, geopolitics permitting, could contribute significantly to the economic development of the former war enemies and their neighbours. In a four-year deal signed in Baghdad on July 21, Iran stands to earn a total of US$15...

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AUSTRALIA: LNG industry disadvantaged by government’s carbon pricing, says petroleum association

(EnergyAsia, July 23 2013, Tuesday) — The Australia government’s decision to continue with a carbon price on the energy and mining sector puts its liquefied natural gas (LNG) industry at a big disadvantage against suppliers in other countries, said the Australian Petroleum Production Exploration Association (APPEA). The controversial carbon tax was introduced at a fixed (more…)

ASIA: August spot LNG prices up 6.8% to US$15.46 million BTU on strong demand, supply disruptions, says Platts

(EnergyAsia, July 23 2013, Tuesday) — Strong summer demand and supply disruptions in Nigeria lifted the average August liquefied natural gas (LNG) price for delivery to Asia by 6.8% from July to US$15.46 per million British thermal units (/MMBtu), said energy media Platts. Assessed over the period of June 17 to July 15, Platts said...

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NIGERIA: LNG export blockade inflicted US$475 million loss, caused Asian spot prices to rise

(EnergyAsia, July 23 2013, Tuesday) — Nigeria lost more than US$475 million in revenue while Asia ended up paying more for its spot liquefied natural gas cargoes (LNG) cargoes when an internal dispute caused a three-week disruption in exports from the West African country from June 21. The dispute appears to have ended after Nigeria...

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IRAQ: Economy to grow 9%, oil production at 30-year-high for 2013 amid despite political and security risks

(EnergyAsia, July 22 2013, Monday) — More than a decade after the violent overthrow of dictator Saddam Hussein from power, Iraq is a case study in extremes, with its economy and oil industry in their best shape in over 30 years while its political and security conditions reflect an on-going civil war. The most contrasting...

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IRAQ: Asia to play increasing role in rise of oil sector, economy

(EnergyAsia, July 22 2013, Monday) — Asia will play a growing role in the development of Iraq’s oil industry and economy, said the International Monetary Fund (IMF). In a special 28-page report on the country’s oil industry, the IMF said Asians are buying up more than half of Iraq’s oil exports today and paying a...

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PAPUA NEW GUINEA: InterOil secures new US$350 million loan for refinery’s working capital

(EnergyAsia, July 22 2013, Monday) — NYSE-listed InterOil Corp said it and subsidiaries, EP InterOil and InterOil Limited, have secured a US$350 million working capital structured facility arranged by BNP Paribas (BNP), also acting as lead manager, to replace an existing $240.0 million bilateral working capital facility with the French bank. A five-bank syndicate comprising (more…)

CHINA: CNOOC, BP in production sharing deal to develop deepwater block

(EnergyAsia, July 19 2013, Friday) — China National Offshore Oil Corp (CNOOC Group) and UK major BP said they have signed a production sharing contract (PSC) to jointly develop the 54/11 deepwater block in the South China Sea. Located in the western part of the Pearl River Mouth Basin, the 4,586-sq km block sits in (more…)