CHINA: More direct crude oil purchases from US strategic petroleum reserves expected

(EnergyAsia, May 31 2017, Wednesday) — China could be in line to buy up more crude oil released from the US strategic petroleum reserves (SPR) following its first purchase in February. The prospect of the US selling off more stockpiled crude to China reflects the radically different outlook on supply adopted by the world’s two...

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SRI LANKA: India in renewed attempt to help redevelop, operate Trincomalee oil farm

(EnergyAsia, May 30 2017, Tuesday) — With a wary eye on China’s expanding presence in their neighbourhood, Sri Lanka and India have agreed to jointly develop a largely underused oil tank farm in the strategic port of Trincomalee located on the island state’s northeastern region. The two governments are working out the project’s details following...

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CHINA: Official data on oil storage remains unreliable, say analysts

            (EnergyAsia, May 29 2017, Monday) — Nearly three years after promising to improve the flow and quality of data on petroleum stockpiles, China is still struggling to meet the expectations of traders and analysts. US investment bank Jefferies LLC is the latest to question the competence of China’s National Bureau of Statistics (NBS) which...

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MALAYSIA: China’s CREC awarded contract to build revived oil terminal project

(EnergyAsia, May 28 2017, Sunday) — China Railway Engineering Corporation (CREC) has won a U$400 million engineering, procurement and construction (EPC) contract to build a recently revived oil storage project in Malaysia’s southern Johor state. Its owner, Malaysian firm Smart Crest Sdn Bhd, announced the contract’s award for the Asia Petroleum Hub project on Tanjung...

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MYANMAR: Puma Energy, Asia Sun start up joint US$92 million oil storage terminal

(EnergyAsia, May 27 2017, Saturday) — Myanmar has started up its largest and Asia’s newest oil terminal to import fuels to meet the country’s growing energy demand. Singapore-based Puma Energy and Myanmar’s Asia Sun are the joint owners of the US$92 million terminal in the southern port of Thilawa located near the country’s main commercial...

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CHINA: HNA Group expands into global oil storage business

(EnergyAsia, May 1 2017, Monday) — China’s HNA Innovation Finance Group Ltd is preparing to expand into the global oil storage industry when it completes the establishment of a new joint-venture firm with Swiss-based commodities trader Glencore. The companies announced in March that HNA has agreed to pay US$775 million in cash for a 51%...

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