CHINA: Beijing’s plans for economy and energy sector expected to be key topic at AsiaPowerWeek

(EnergyAsia, July 23 2016, Saturday) — The outlook for China’s US$11 trillion economy and its energy sector will be a major talking point at the upcoming AsiaPowerWeek event in Seoul in South Korea on September 20 to 22. Around 8,300 international delegates and energy professionals are expected to attend the Pennwell-organised energy conference and exhibition, (more…)

ANGOLA: IMF may return in October to resume talks over troubled economy

(EnergyAsia, July 20 2016, Wednesday) — The International Monetary Fund (IMF) said it may return to Angola in October to resume discussions after the financially-strapped government of President Jose Eduardo dos Santos rejected an offer of a loan bailout package. dos Santos told the fund his government did not want the proposed loan and was (more…)

IRAQ: IMF lends US$5.4 billion to help economy cope with oil and war shocks

(EnergyAsia, July 17 2016, Sunday) — The International Monetary Fund (IMF) said it is lending Iraq US$5.4-billion to help the war-torn country stave off economic collapse from the “double shocks” of the oil price collapse and on-going military conflicts. Iraq’s economy contracted by 2.4% last year despite a 13% rise in oil production as the (more…)

CHINA: Hanergy and Germany’s Africa GreenTec advance production and use of off-grid power, says Harrop

(EnergyAsia, July 11 2016, Monday) — This is an edited version of an article written by Peter Harrop, chairman of IDTechEx, a Cambridge, UK firm which provides independent research and business intelligence and advice. Innovations undertaken separately by China’s Hanergy and Germany’s Africa GreenTec have helped advance the production and consumption of off-grid clean renewable (more…)

NIGERIA: Oil sector looks to China for US$80 billion worth of energy investments

(EnergyAsia, July 10 2016, Sunday) — Nigeria is hoping to revive the fortunes of its battered oil industry following last week’s memorandum of understating (MOU) to secure US$80 billion worth of energy investments from China. The proposed deals are far from certain amid the escalating threats from militia groups to Nigeria’s main oil-producing Niger Delta (more…)

UPSTREAM: Rystad Energy and BP clash over which country has world’s largest crude oil reserves

(EnergyAsia, July 5 2016, Tuesday) — Thanks to its shale revolution, the US now has the world’s largest recoverable crude oil reserves of 264 billion barrels, said Norwegian consulting firm Rystad Energy. The Oslo-based firm made the headline-grabbing conclusion in a statement that ranked Russia second with 256 billion barrels and Saudi Arabia a distant (more…)

SAUDI ARABIA: Aramco and Sabic to jointly study building US$30 billion oil-to-chemicals complex

(EnergyAsia, July 5 2016, Tuesday) — Two of Saudi Arabia’s largest state-owned companies said they have agreed to conduct a joint feasibility study to develop a fully integrated complex in the kingdom to convert crude oil into chemicals and high-end products. Petroleum giant Saudi Aramco and chemicals conglomerate Saudi Arabian Basic Industries Corp (Sabic) said (more…)

ASIA: UN agency and energy group to cooperate on boosting region’s electricity trade, cross-border grid connections

(EnergyAsia, July 3 2016, Sunday) — The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said it and the Global Energy Interconnection Development and Cooperation Organization (GEIDCO) have signed a memorandum of understanding (MoU) to cooperate on boosting the region’s cross-border electricity connections and trade. Shamshad Akhtar, ESCAP’s Executive Secretary and the (more…)