CHINA: Vopak completes acquisition of 30% equity interest in an industrial terminal in Fujian province

(EnergyAsia, September 30 2014, Tuesday) — Dutch oil and chemical logistics giant Royal Vopak said it has completed the acquisition of a 30% stake in a 890,000 cubic metre (cbm) petrochemicals storage terminal in Gulei in China’s Fujian province. Commissioned last year, the renamed Vopak Terminal Haiteng was launched after the Dutch firm said it […]

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SINGAPORE: Pavilion Energy to help develop Asian LNG trading hub, signs long-term purchase deals

(EnergyAsia, September 25 2014, Thursday) — Pavilion Energy said it has signed another two long-term agreements to purchase liquefied natural gas (LNG) from the US as it plans to work with other companies to help develop Singapore into Asia’s trading and pricing hub for the fuel. The subsidiary of Singapore’s sovereign wealth fund Temasek Holdings […]

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MARKETS: Major upstream projects threatened if crude oil prices fall below US$85 a barrel, says consultant

(EnergyAsia, September 24 2014, Wednesday) — Investment decisions on many major upstream projects will be delayed if crude oil prices fall below US$85 a barrel at the same time that companies are struggling to contain rising business costs, said consulting firm Douglas Westwood (DW). Oil prices have been falling in recent months on account of […]

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UPSTREAM: Grim outlook for large oil and gas projects as cost overruns now exceed 40% of US$1.2 trillion budget

(EnergyAsia, September 16 2014, Tuesday) — Nearly two-thirds of the world’s 365 large oil and gas projects being implemented have exceeded their original combined budget of US$1.2 trillion by more than 40%, according to a new report by EY. Adding to this grim news, Axel Preiss, EY’s Global Oil & Gas Advisory Leader, said rising […]

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AUSTRALIA: Domestic consumers may force LNG industry to limit export capacity, says Oxford Institute for Energy Studies study

(EnergyAsia, September 11 2014, Thursday) — Fearing rising energy prices, Australian consumers could force the country’s booming liquefied natural gas (LNG) industry to limit its export plans, according to a new study by the UK-based Oxford Institute for Energy Studies. This will add to the growing list of challenges including rising business cost, labour shortages […]

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AUSTRALIA: PetroDiamond to invite contractors to bid for construction of A$110 million diesel tank farm

(EnergyAsia, September 9 2014, Tuesday) — The developer of a diesel fuel tank farm in South Australia’s Port Bonython said it will soon invite companies to bid for contracts for its construction. Petro Diamond Australia, a remote subsidiary of Japanese trading house Mitsubishi Corp, made the announcement after providing an update on the schedule for […]

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US: At 3.7 million b/d, oil product exports still rising on record refinery throughput, says EIA

(EnergyAsia, September 8 2014, Monday) — With its refineries operating at record levels, the US has become a major exporter of oil products with first-half sales hitting a new high of 3.7 million b/d, said the US Energy Information Administration (EIA). Boosted by cheap domestic crude feedstock, the expansion of refining capacity together with pipeline […]

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MARKETS: ESAI predicts launch of new refineries to lead to more plant shutdowns in Europe in 2015

(EnergyAsia, September 5 2014, Friday) — The refining industry will launch a total of two million b/d of new distillation capacity in 2015 that will lead to the “inevitable” shutdown of uncompetitive plants in Europe, said US consultant ESAI Energy. “Global refiners will add nearly two million b/d of distillation capacity in the coming 12 […]

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