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MALAYSIA: Southeast Asia’ s first crude oil storage terminal launched

(EnergyAsia, March 26 2015, Thursday) — Malaysia’s Johor state has started up Southeast Asia’s first commercial crude oil storage terminal with the receipt of one million barrels of Middle Eastern crude from a supertanker last week. MT Mesdar, a vessel chartered by France’s Total, docked at the Pengerang deepwater terminal jointly owned by Dutch oil […]

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MARKETS: BIMCO developing charter to bring greater flexibility to LNG spot trades

(EnergyAsia, March 24 2015, Tuesday) — In response to the growing liquefied natural gas (LNG) trade, the world’s largest shipping association said it is working with the industry to develop a new contract to provide for better risk and cost-management of the fuel’s transportation under voyage charter terms. The Baltic and International Maritime Council (BIMCO), […]

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ASIA: Summer LNG price rally to be cut short by additional Australian production, says Wood Mackenzie

(EnergyAsia, March 19 2015, Thursday) — Asia’s liquefied natural gas (LNG) prices will enjoy a brief rally in the summer that will be quickly cut down by the start-up of new production capacity in Australia, predicts energy consultant Wood Mackenzie. The expected resumption of operations at some nuclear plants in Japan will also pressure Asian […]

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STORAGE: CME Group to launch first physically delivered crude oil storage futures contract on March 29

(EnergyAsia, March 18 2015, Wednesday) — CME Group, the world’s largest derivatives market operator, said it and two US firms expect to launch a physically delivered crude oil storage futures contract on March 29 upong receiving US regulatory approval. The Chicago-based firm said it jointly developed the pioneering contract with LOOP LLC, operator of the […]

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SINGAPORE: Puma Energy expands global bitumen and fuels businesses with acquisitions in Australia and the UK

(EnergyAsia, March 16 2015, Monday) — In separate announcements today, Singapore-based Puma Energy said it has agreed to purchase BP’s bitumen business in Australia and Murco Petroleum’s fuels wholesale and distribution business in the UK. The proposed deals will be subject to local regulatory approvals. The integrated midstream and downstream energy company, which has been […]

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MARKETS: IEA dampens expectations for major oil price rise as supply growth slows from mid-2015

(EnergyAsia, February 26 2015, Thursday) — Forget about oil prices overshooting to the upside and making a strong recovery even as the growth in global oil supply slows sharply from mid-year, predicts the International Energy Agency (IEA). With the drastically changed market conditions, the agency said it expects the crude oil price to average US$55 […]

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OMAN: UK’s Amec Foster Wheeler starts work on design of Ras Markaz crude oil storage tank farm

(EnergyAsia, February 24 2015, Tuesday) — UK’s Amec Foster Wheeler has started work on the front-end engineering design of the Ras Markaz crude oil storage tank farm in Oman following the contract’s award by state-owned Oman Tank Terminal Company (OTTCO) last month. The London-based firm declined to reveal the contract’s value for the project which […]

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CHINA: Energy demand has decoupled significantly from GDP, says Wood Mackenzie economist

(EnergyAsia, February 17 2015, Tuesday) — Breaking from a two-decade trend, China’s demand for energy and other natural resources grew at a significantly slower rate than the 7.4% increase in its GDP last year, said UK consultant Wood Mackenzie. Calling this a “decoupling”, its principal economist for Asia, Cynthia Lim, said the energy sector will […]

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