CHINA: Oil demand growth to further lag behind rate of GDP increase, predicts OPEC

(EnergyAsia, February 18, 2017, Saturday) — Is China’s US$10.5-trillion economy becoming less dependent on oil and smokestack industries? Taken at face value and if China’s official statistics are to be believed, the Organisation of Petroleum Exporting Countries (OPEC) suggests the country’s oil demand and economic growth will further decouple since the trend started at the (more…)

SINGAPORE: Record volume of bunker fuel sold in 2016

(EnergyAsia, February 13, 2017, Monday) — Helped by increased shipping traffic, Singapore said its sale of bunker fuel surged by nearly 7.7% to a record 48.61 million tonnes last year from 45.16 million tonnes in 2015. Marine fuel oil of 380 centistoke (CST) viscosity accounted for nearly three quarters of the fuel sold while the (more…)

INDIA: Proposal to create new state-owned giants to compete on world oil markets

(EnergyAsia, February 9, 2017, Thursday) — The Indian government plans to merge some or all of its 13 largest state-owned oil and gas companies with the objective of boosting the country’s long-term energy security. After previous failed attempts at creating a giant state-owned firm, Finance Minister Arun Jaitley announced in early February that the government (more…)

INDIA: Abu Dhabi to start shipping crude oil to storage terminal this year

(EnergyAsia, February 8, 2017, Wednesday) — Abu Dhabi, a member of the United Arab Emirates (UAE), will soon begin shipping some of its crude oil for stockpiling in India’s Mangalore strategic petroleum terminal on the western coastal state of Karnataka. The two countries sealed the stockpiling agreement for 5.86 million barrels as part of a (more…)

INDIA: Two new terminals to boost national oil storage capacity to 15.33 million tonnes

(EnergyAsia, February 7 2017, Tuesday) — The Indian government has announced plans to build two oil storage terminals with a combined 10-million-tonne capacity that will boost the national total to 15.33 million tonnes. Finance Minister Arun Jaitley told Parliament last week that the government will build a 4.4-million-tonne terminal in Chandikhole in the northeastern state (more…)