CENTRAL ASIA: Economic outlook remains weak despite doubling of crude price in 2016

(EnergyAsia, March 29, 2017, Wednesday) — Despite a near doubling in crude oil prices over the past year, the resources-dependent economies of Central Asia are nowhere near a full recovery and will continue to struggle in the near term, said the World Bank and Asian Development Bank (ADB). In separate reports, the two agencies said...

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CENTRAL ASIA: Kazakhstan more resilient than Azerbaijan in adjusting to lower oil prices, says Moody’s

(EnergyAsia, March 28 2017, Tuesday) – US ratings agency Moody’s said Kazakhstan has been more resilient than Azerbaijan in adjusting to the collapse of oil prices since mid-2014. While both countries are heavily dependent on oil and gas for revenues, Kazakhstan has shown greater economic diversification, stronger institutions and lower debt levels than its Central...

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AZERBAIJAN: State oil firm’s finances under pressure, could be downgraded, says Fitch

(EnergyAsia, March 21 2017, Tuesday) — US ratings agency Fitch said Azerbaijan’s state oil company, SOCAR, faces the risk of a credit downgrade due to its continuing financial struggles. Abbreviated from State Oil Company of the Azerbaijan Republic, the firm is often taken to measure the economic health of the Central Asian country. The fully...

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KAZAKHSTAN: Economic growth to pick up after sluggish 2016, says IMF

(EnergyAsia, March 17 2017, Friday) — Kazakhstan’s economy will continue to recover with growth projected at 2.5% in 2017 to follow through last year’s 1% expansion and 2015’s 3.7% contraction, predicts the International Monetary Fund (IMF). Higher oil production and prices in recent months have lifted the country’s conditions from its worst economic recession in...

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AUSTRALIA: Oil refining capacity at lowest level in over 50 years

(EnergyAsia, March 8, 2017, Wednesday) — Australia has been importing petroleum products at a rate faster than its oil companies have been shutting down refining capacity this decade, an analysis of official data has shown. Australia’s downstream oil performance Table 1. Refinery Input   2016* 2015 % change 2014 2010 Million litres 25,541.7 26,609.5 -4.01...

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MALAYSIA: Petronas secures Saudi Aramco’s investment in important refinery-petrochemical project

(EnergyAsia, March 3 2017, Friday) — Saudi Arabia has handed Malaysia a major diplomatic and economic prize by agreeing to pump in a total of US$7 billion in a US$27 billion oil refinery-petrochemical complex that had been struggling to attract investors. Saudi Aramco will become the largest foreign investor in the Refinery and Petrochemical Integrated...

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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...

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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...

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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...

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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...

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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...

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AUSTRALIA: Curtis Island’s three LNG plants in full flow

(EnergyAsia, November 24 2016, Thursday) — Curtis Island on Australia’s Queensland state has become the country’s main liquefied natural gas (LNG) hub with the full operation of six trains on its three export-oriented projects from last month. Costing a total of US$57 billion, the three have a combined nameplate capacity of 25.3 million tonnes, or...

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CANADA: LNG export plant to start up in 2020, says subsidiary of Singapore firm

(EnergyAsia, November 22 2016, Tuesday) — Canada will begin shipping liquefied natural gas (LNG) to Asia from its first dedicated export plant in 2020, according to Vancouver-based owner and operator Woodfibre LNG Limited. The Canadian firm announced its investment decision after receiving approval from parent Pacific Oil & Gas Limited, which is owned by the...

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AUSTRALIA: LNG export earnings to surge 41% in current fiscal year, forecasts Department of Industry and Science

(EnergyAsia, November 19 2016, Saturday) — Australia expects its earnings from liquefied natural gas (LNG) exports to surge by 41.1% to A$23.4 billion in the current fiscal year to June 30 2017, thanks to a combination of expanded plant capacity and higher prices. According to the Department of Industry and Science, Australia’s domestic LNG production...

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ASIA: LNG imports to remain strong through 2030

(EnergyAsia, November 13 2016, Sunday) — Asia’s ‘Big Four’ economies of China, Japan, India and South Korea will continue to dominate the region’s liquefied natural markets (LNG) over the next 15 years, according to a recent study by the Oxford Institute for Energy Studies (OIES). Asia’s Low and High LNG Import Scenarios, billion cubic metres...

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ASIA: Growth in crude oil demand to slow down through 2018, said ESAI

(EnergyAsia, October 26 2016, Wednesday) — Asia’s crude oil demand and refinery throughput will grow at a slower rate through 2018 from 2015 and 2016, predicts US consultant ESAI Energy. The Boston, Massachusetts firm expects the region’s crude demand and refinery throughput to rise by 400,000 b/d over the next two years, compared with 700,000...

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ASIA: Rising oil prices add to fears of further economic slowdown

            (EnergyAsia, October 26 2016, Wednesday) — Asia’s mostly energy-deficit economies are watching nervously as crude oil prices continue to defy bearish forecasts in recently reaching their highest levels in nearly a year. Brent crude traded above US$53 a barrel in early October, with the possibility of holding or rising further the rest of the...

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AUSTRALIA: Exploration and production headed for further decline, says Department of Industry

(EnergyAsia, October 23 2016, Sunday) — Oil and gas explorers are losing their appetite for Australia with investment expenditure now at their lowest in over a decade, said the Department of Industry, Innovation and Science. In its latest quarterly update, the department reported that petroleum exploration expenditure in Australia had declined for a sixth consecutive...

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AUSTRALIA: Crude and condensate exports to fall, product imports to rise in FY2016, says Department of Industry

(EnergyAsia, October 21 2016, Friday) — Australia’s petroleum trade will remain a tale of two opposing trends for the rest of the current fiscal year ending June 30 2017: falling crude and condensate exports, and rising product imports. Crude and condensate exports will fall by 2.6% from 241,000 b/d in fiscal 2015 to 235,000 b/d...

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INDIA: Russia makes statement with Rosneft’s joint purchase of Essar Oil, sale of upstream stake to ONGC

(EnergyAsia, October 20 2016, Thursday) — The geopolitics of the international oil trade are about to be redrawn with a consortium led by Russia’s Rosneft PJSC making a proposed US$12.9 billion purchase of India’s privately-owned Essar Oil Ltd in the biggest corporate deal between the two countries. In acquiring Essar’s 20-million-tonne oil refinery and port...

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INDIA: UAE and Saudi Arabia courted as Iran supplies first cargo to Mangalore oil storage

(EnergyAsia, October 18 2016, Tuesday) — India expects Saudi Arabia and the UAE to join Iran in storing crude oil at its newly launched strategic stockpile terminal in Mangalore in Karnataka state. Petroleum minister Dharmendra Pradhan expressed his hope for an imminent deal with the two Arab oil producers at a media conference last week...

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KAZAKHSTAN: Giant oilfield starts up, exports first cargo

 (EnergyAsia, October 17 2016, Monday) — With a huge sigh of relief, the Kazakhstan government announced last week that the country’s much-delayed giant Kashagan oilfield has exported its first cargo after resuming production on October 12. Operator North Caspian Operating Co (NCOC) delivered the first cargo of 26,500 metric tons of Kashagan’s light 45-API gravity...

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ASIA: LNG market breaking down and undergoing reforms

(EnergyAsia, October 12 2016, Wednesday) — Asia’s liquefied natural gas (LNG) market is undergoing massive restructuring brought on by surplus production capacity, pricing competition, the rise of spot trading, slowing demand growth and geopolitical manoeuvring. And that’s good news for both the future of the industry and the region’s energy market as Asia’s LNG sector...

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JAPAN: Saudi Aramco confirmed to increase crude oil storage on Okinawa from 2017

(EnergyAsia, October 11 2016, Tuesday) — Saudi Arabia’s state-owned oil giant Aramco will increase the amount of crude oil it currently stores on Japan’s Okinawa Island from 6.3 million barrels to around 8.3 million barrels from next year. The new three-year agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) will enhance energy security (more…)

CHINA: Buying for stockpile reserves could be supporting world oil prices

(EnergyAsia, October 7 2016, Friday) — China’s increased oil buying to stock up its strategic petroleum reserves may have kept crude prices from collapsing over the last eight months, said analysts. The oil markets have so far defied widespread doomsday predictions most notably made by Goldman Sachs and Morgan Stanley early this year that crude...

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