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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CANADA: Singapore’s Woodfibre secures first LNG export contract to Asia while Malaysia’s Petronas threatens pull out

(EnergyAsia, September 29 2014, Monday) — The breakthrough announcement that Canada had secured its first liquefied natural gas (LNG) sales memorandum to Asia last week was completely overshadowed by the somewhat expected threat by the CEO of Malaysia’s state energy firm Petronas to call off its proposed C$9-to-$11 billion export terminal in British Columbia (BC) […]

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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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ASIA: Region gains from “Oil Shock Of 2014” as Brent remains below US$100 a barrel

(EnergyAsia, September 23 2014, Tuesday) — The statement at the end of a hurriedly concluded energy summit of the world’s biggest economic bloc on September 2 was conspicuous by what was not mentioned: the growing threats to global oil supplies from the expanding conflicts in Iraq, Syria, Libya, Sudan and Nigeria, the emergence of the […]

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PHILIPPINES: Phoenix Petroleum to build Cebu jet fuel depot to serve budget airline

(EnergyAsia, September 18 2014, Thursday) — Phoenix Petroleum Philippines Inc has announced that it will build a jet fuel storage depot in Cebu province to serve Cebu Pacific Air, the country’s largest domestic airline. In its statement, the company did not provide details like the project’s estimated cost and storage capacity, and when it expects […]

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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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TAJIKISTAN: President Rahmon and Chinese counterpart launched power plant and pipeline projects

(EnergyAsia, September 15 2014, Monday) — Tajikistan’s President Emomali Rahmon and his visiting Chinese counterpart Xi Jinping were in Dushanbe city last Saturday to jointly launch two major energy projects to further integrate Central Asia with the world’s second largest economy. The leaders officially marked the start of construction of the Tajikistan section of Line […]

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