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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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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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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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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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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MARKETS: Storage is key to oil price outlook as supply-demand gap narrows

(EnergyAsia, June 1 2016, Tuesday) — After months of debate over the direction of global oil prices, the International Energy Agency (IEA) has emerged the clear winner over Wall Street for correctly calling the market’s short-term recovery. Brent crude touched a six-month high of US$50.07 a barrel on May 26 to complete a steady rebound...

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INDIA: Plans underway to jointly develop oil storage, downstream projects with Middle Eastern producers

(EnergyAsia, May 24 2016, Tuesday) — India is hoping to secure oil storage investment deals with Iran, Saudi Arabia, the UAE and Kuwait to enhance its own energy security as well as bolster political, economic and military ties with the Middle East. Iran offers the most exciting prospect following the May 23 signing of a...

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FUJAIRAH: Concord Energy on track to start up crude and oil products storage by mid-2018

(EnergyAsia, May 23 2016, Monday) — Concord Energy, a Singapore-based energy trader and developer of oil infrastructure assets, said it is on course to construct and start up its second oil storage terminal in Fujairah by mid-2018. The Concord Oil Terminal will have the capacity to store up to 1.1 million cubic metres of crude...

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EAST ASIA: Region positioned to grow economy, fight climate change and improve energy security, says World Bank

(EnergyAsia, May 17 2016, Wednesday) — The governments of six East Asian countries are positioned to achieve a difficult trio of objectives: grow their nation’s economies, mitigate climate change and improve energy security, said the World Bank. In a special report, East Asia’s Sustainable Energy Future, the bank said China, Indonesia, Malaysia, the Philippines, Thailand...

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CLIMATE: World leaders signed Paris agreement, carbon pricing deal to slow down global warming

(EnergyAsia, May 15 2015, Monday) — The world faces a tough struggle to slow down global warming despite last month’s signing of an agreement by 175 countries to keep global temperature from rising between 1.5 and two degree Celsius above pre-industrial levels around 1750. Bjorn Lomborg, a well-known critic of climate agreements, has described the...

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COMPANY: Puma Energy reports record sales and gross profit for January-March quarter

(EnergyAsia, May 12 2016, Thursday) — Singapore’s Puma Energy said it achieved rapid growth in its January-to-March quarter including record sales volume and gross profit compared with the same period last year. The integrated mid and downstream energy company with operations in Asia, Europe, Africa and the Americas said gross profit rose 23.3% to US$428...

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MARKETS: IEA sees possible “light at the end of the tunnel” for oil prices

(EnergyAsia, March 12 2016, Saturday) — Nearly two years into the global oil price collapse, the International Energy Agency (IEA) has suggested the market is close to bottom with a comment that there is “light at the end of the tunnel”. In its latest monthly report, the agency observed that crude oil prices have recovered...

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AUSTRALIA: LNG export earnings seen surging 22%, oil revenues to drop in FY2015

(EnergyAsia, March 5 2016, Saturday) — Australia expects its combined oil and gas export earnings to increase by more than 9% to A$27.86 billion for the current fiscal year to June, compared with A$25.55 billion for FY2014 (US$1=A$1.4). According to the Department of Industry, Innovation and Science, the nation’s earnings from liquefied natural gas (LNG)...

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INDIA: IMF urges continued push to promote private investment and structural reforms

(EnergyAsia, March 4 2016, Friday) — India must continue to promote private investment and structural reforms to ensure its economy stays on the path of sustainable long-term growth, said the International Monetary Fund (IMF). A mix of positive policy actions and the unexpected collapse in oil prices will enable India’s economic growth to accelerate to...

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ASIA: Changes to pricing, trading system imminent, predicts president of world’s largest LNG importer

(EnergyAsia, March 3 2016, Wednesday) — Asia’s rigid and well-established system of trading and pricing its liquefied natural gas (LNG) cargoes is breaking down as more supply comes on the market with new players prepared to offer better terms to buyers, said Yuji Kakimi, president of Japan’s JERA Co Inc. JERA was established last April...

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MALAYSIA: Petronas’s 2015 net profit down 56% to RM20.8 billion on write-offs and weaker currency

(EnergyAsia, March 1 2016, Tuesday) — Low oil and gas prices, asset write-offs and a weaker local currency combined to sink Malaysian state energy firm Petronas’s after-tax profits by 56.3% to RM20.8 for 2015. Revenues were down 24.7% to RM247.7 billion while cashflow crashed by a third to RM69.6 billion, dragged down mostly by a...

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AUSTRALIA: Santos writes off A$3.9 billion, suffers record loss of A$2.7 billion for 2015

(EnergyAsia, February 29 2016, Monday) — Australian upstream company Santos said it wrote off a further A$3.924 billion worth of assets after reporting a record loss of A$2.9 billion last year as oil and gas prices continued their rapid descent from mid-2014. (US$1=A$1.4). The tide of red ink flowed through from 2014 when the company...

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IRAN: Technical and political hurdles to limit 2016 oil production to 500,000 b/d, predicts Moody’s

(EnergyAsia, February 22 2016, Monday) — Despite being recently freed of most sanctions to trade with the world, Iran will be hard pressed to produce more than 500,000 b/d of crude oil this year owing to a combination of “technical and political hurdles”, said Moody’s Investor Service. Iran could be fully re-admitted into the global...

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