ASIA: Region’s economic outlook remains resilient despite tough environment, says ADB

(EnergyAsia, September 30 2016, Friday) — Asia’s developing economies remain on course for another two years of strong growth despite the headwinds of tough global conditions, predicts the Asian Development Bank (ADB). In its latest survey of the region, the bank said it expects the 45 developing economies to grow by a collective 5.7% in (more…)

ASIA: Oil and gas import dependence to rise as refiners missed chance to add capacity, says Bain

(EnergyAsia, September 22 2016, Thursday) – Asia’s import dependence on oil and gas products is set to rise further as the region’s refiners have largely failed to add or upgrade production capacity to take advantage of low feedstock cost over the last two years, said Bain & Company. As a result, the consulting firm predicts (more…)

MIDDLE EAST: Region’s market for protecting oil and gas industry worth US$13 billion by 2018

(EnergyAsia, September 19 2016, Monday) — The market for protecting oil and gas infrastructure in the Middle East is worth US$18 billion by 2018, with cybersecurity spending in the global industry expected to reach US$1.87 billion, according to an Abu Dhabi event organiser citing separate studies. The Middle East study was undertaken by MarketsandMarkets while (more…)

INDIA: Planned giant refinery to boost nation’s total capacity by more than 25%

(EnergyAsia, August 28 2016, Sunday) — Confident that crude prices will remain low for some time, India is pushing ahead to build another giant oil refinery that will boost the nation’s total annual capacity by more than a quarter to 290 million tonnes. The proposed 60-million-tonne complex in the central western state of Maharashtra is...

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INDIA: Natural gas demand outlook uncertain and weak despite lure of low prices

(EnergyAsia, August 21 2016, Sunday) — Having never really dawned on India, the “Golden Age” of natural gas as coined by the International Energy Agency (IEA), could yet bypass the world’s third largest energy consumer altogether. Home to some of the world’s most polluted cities, India recognises the urgency to increase the consumption of cleaner-burning...

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INDIA: Energy sector faces array of infrastructure, policy, climate and economic challenges

(EnergyAsia, August 18 2016, Thursday) — India faces a long and arduous battle to drastically reform its under-performing, heavily-shackled energy sector needed to support the long-term growth of its economy, said analysts. Without a reliable system to ensure the supply of affordable oil, gas, coal and electricity, India’s economy will not be able to attract...

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INDIA: Oil and gas sector now fully opened to foreign investment

(EnergyAsia, August 17 2016, Wednesday) — India has completely opened up its long-protected oil and gas sector to foreign investment, marking a major breakthrough in Prime Minister Narendra Modi’s campaign to reform the country’s under-performing economy. Announcing the policy shift in Parliament last week, Minister of State for Petroleum and Natural Gas Dharmendra Pradhan removed...

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INDIA: State firms keenly interested to buy into Russia’s Rosneft

(EnergyAsia, August 15 2016, Monday) — Indian state oil and gas firms are waiting for an opportunity to buy into Rosneft even as they are completing the purchase of a combined 38.9% stake in an East Siberian oil field from the Russian energy giant. India’s largest oil company ONGC is buying a 15% stake in...

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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...

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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...

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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...

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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...

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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...

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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…)

NIGERIA: Inflation set to accelerate with naira’s 43% plunge a week after currency float

(EnergyAsia, June 29 2016, Wednesday) — Nigeria is bracing for more domestic political turmoil from a projected surge in inflation with the 43% collapse of the naira following the government’s June 20 decision to float the currency. President Muhammadu Buhari buckled to months of pressure from the business community and the International Monetary Fund (IMF)...

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Companies ready to help Asia grow economy, fight climate change and improve energy security

Asia Power Week, June 20 2016 Asia’s governments today face an increasingly difficult set of challenges to grow their nations’ economies, mitigate climate change and improve energy security all at the same time, said the World Bank. To succeed, they will need political resolve, financial resources as well as help from infrastructure and engineering firms (more…)

MIDDLE EAST: Region accounted for 75% of OPEC export revenue in 2015

(EnergyAsia, June 20 2016, Monday) — The export revenues of the Organisation of Petroleum Exporting Countries (OPEC) will plunge to a 12-year low of nearly US$341 billion in 2016, predicts the US Energy Information Administration (EIA). Coincidentally, the price of Brent benchmark crude is forecast to fall to a 12-year average low of US$43.03 per...

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SAUDI ARABIA: Government hurries economic diversification plan as oil’s share of GDP falls to 30%

(EnergyAsia, June 16 2016, Thursday) — Two years into the global energy market collapse with no certainty of a recovery, Saudi Arabia has hurriedly approved a radical economic diversification plan after firing its long-serving oil minister. Last week, the Saudi government approved the first phase of Vision 2030 to transform the economy and reduce dependence...

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MIDDLE EAST: Political instability from low oil prices and conflicts threatens other regions, says IMF

(EnergyAsia, June 13 2016, Monday) — Two years into the global energy price collapse, the political and socio-economic turmoil gripping the Middle East and Central Asia could become a lot worse amid the “exceptionally challenging policy environment”, said the International Monetary Fund (IMF). In a 52-page survey released early June, the fund said the mounting...

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MARKETS: Unplanned global oil supply disruptions at highest level since January 2011, says EIA

(EnergyAsia, June 11 2016, Saturday) — Unplanned global oil supply disruptions averaged more than 3.6 million b/d in May 2016, the highest monthly level recorded since the US government’s energy unit began keeping such records in January 2011. According to the Energy Information Administration (EIA), a huge surge in production losses in Canada, Nigeria, Iraq (more…)

INDONESIA: Oiltanking-Gunvor joint venture starts up oil storage terminal on Karimun Island

(EnergyAsia, June 6 2016, Monday) — With the June 6 start-up of a 730,000-cubic metre terminal, Indonesia’s Karimun Island has realised a century-old vision to provide oil storage services to support the booming trade in Southeast Asia. In a statement, PT Oiltanking Karimun, a joint venture between Oiltanking GmbH and Gunvor Group, said its state-of-the-art...

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SINGAPORE: No serious security threat yet to booming offshore oil storage, analysts say

(EnergyAsia, June 3 2016, Friday) — There are no immediate or serious security threats yet to the growing volume of oil stored in floating tankers in and around the increasingly congested waters off Singapore, but vulnerability exists, said analysts. Faced with a permanent land shortage, Singapore, one of the world’s leading oil trading and storage...

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COMPANY: Puma Energy considering a public listing

(EnergyAsia, June 1 2016, Tuesday) — On the back of its successful expansion across the world, Singapore-based mid-and-downstream firm Puma Energy is looking to list its shares on a major stock exchange, according to UK’s Sky News. In a story last week, Sky News reported that the firm which specialises in operating fuel storage and...

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