CHINA: Russian nuclear energy firm Rosatom opens regional office in Beijing

(EnergyAsia, April 19 2016, Tuesday) — Russian nuclear energy provider Rosatom has announced the opening of a regional office in Beijing to serve the Chinese market. Rosatom said the new office will enhance its collaboration with Chinese firms as well as develop opportunities for international expansion. The company has similar regional representative offices in Latin (more…)

ASIA: Turkmenistan, Afghanistan, Pakistan and India sign investment agreement to build gas pipeline

(EnergyAsia, April 19 2016, Tuesday) — Officials of Turkmenistan, Afghanistan, Pakistan and India, and the Asian Development Bank (ADB) have signed an investment agreement for the construction of a proposed US$10-billlion pipeline to deliver natural gas from Central to South Asia. The agreement will pave the way for the TAPI Pipeline Company Limited (TPCL), owned (more…)

SOUTH KOREA: GE and LSIS to collaborate in developing and implementing smart energy solutions

(EnergyAsia, April 18 2016, Monday— US industrial giant GE and South Korea’s LSIS said they have agreed to undertake “comprehensive cooperation” in developing and implementing smart energy solutions. The companies have signed a memorandum of understanding (MoU) to collaborate extensively on manufacturing innovation, as well as on smart grid solutions such as energy storage systems (more…)

SINGAPORE: REC to invest S$250 million to boost solar modules efficiency, develop new type of panel

(EnergyAsia, April 4 2016, Monday) — REC, a global provider of solar energy solutions, has announced it will invest a total of S$250 million in automation, technology upgrade and research and development (R&D) efforts to bolster its operations in Singapore. (US$1=S$1.37). Eighty percent of that investment will go towards increasing productivity and efficiency at the (more…)

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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CHINA: State oil companies under review by Moody’s for possible ratings downgrade

(EnergyAsia, February 18 2016, Thursday) — Five of China’s leading state-owned oil firms and some of their subsidiaries have been placed on review by Moody’s Investor Service for a possible downgrade of their current Aa3 credit ratings. The US ratings agency said the review covers China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec Group),...

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QATAR: Qatargas signs 15-year contract to supply LNG to Pakistan

(EnergyAsia, February 16 2016, Tuesday) — Concluding their largest bilateral trade deal, Qatar will soon begin an annual supply of 3.75 million tons of liquefied natural gas (LNG) to Pakistan over the next 15 years. State-owned Qatar Liquefied Gas Company or Qatargas, the world’s largest LNG firm with 42-million tons of production capacity, expects to (more…)

JAPAN: LNG import prices to remain linked to crude oil formula despite increase in spot trades

(EnergyAsia, February 13 2016, Saturday) — Led by Japan, Asia’s use of an established crude oil-based formula to price its liquefied natural gas (LNG) imports will likely continue into the next decade, according to one of the region’s leading energy economists. In a recent commentary, Ken Koyama, chief economist and managing director of the Institute...

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SINGAPORE: SGX makes another attempt at energy futures pricing and trading with LNG contract

(EnergyAsia, February 12 2016, Friday) — For all its illustrious history as Asia’s oil centre, Singapore is still missing a vital piece in its quest to become a full-fledged energy trading hub: a successful futures exchange to support price discovery and regional paper trades. New York and London set the standard as true global centres...

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SINGAPORE: Swiss chemical logistics firm Bertschi AG to invest another S$20m to expand new S$45m plant on Jurong Island

(EnergyAsia, Singapore, February 2 2016, Tuesday) – Swiss chemical logistics firm Bertschi AG will invest another S$20 million in a dangerous goods warehouse to add to its newly opened S$45 million plant on Singapore’s oil and chemicals hub on Jurong Island. (US$1=S$1.42). Hans-Jörg Bertschi, President and CEO of Bertschi Holding AG, made the announcement for (more…)

JAPAN: Economy still weak despite the benefit of 18 months of cheap oil and gas prices

(EnergyAsia, February 1 2016, Monday) — Japan’s ailing energy-intensive economy continues to struggle for life despite the infusion of an unexpected windfall from prolonged weak oil and gas prices since mid-2014. Even with the support of a weak yen and Tokyo injecting over US$30 billion in stimulus spending last year, the economy grew by just...

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SINGAPORE: MPA awards first two licences for suppliers of LNG as shipping fuel

(EnergyAsia, January 28 2016, Thursday) — Singapore expects to start supplying liquefied natural gas (LNG) as shipping fuel from 2017 following the first awards of licences to two operators, said the Maritime and Port Authority of Singapore (MPA). The agency announced that it has selected Singapore’s Pavilion Gas Pte Ltd, and a soon-to-be-established joint venture (more…)

JAPAN: Fate of nuclear power industry will shape long-term LNG, fossil fuels demand

(EnergyAsia, January 25 2016, Monday) — The precarious fate of Japan’s nuclear power industry will cast an uncertain shadow over the country’s energy outlook for at least the next 15 years, suggests its state planning agency. The bulk of Japan’s nuclear power plants, which used to supply nearly 30% of its electricity, remains idled after...

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SAUDI ARABIA: King Salman, China’s President Xi jointly opened year-old Yanbu oil refinery

(EnergyAsia, January 21 2016, Thursday) — Saudi Arabia’s King Salman and China’s President Xi Jinping have officially launched a 400,000 b/d oil refinery in Yanbu city jointly owned by their countries’ state energy firms that will help deepen China’s involvement in the Middle East. Amid security concerns, the two leaders officiated the Wednesday launch from...

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CHINA: Coal imports and consumption down sharply, electricity demand growth slowed in 2015

  (EnergyAsia, January 20 2016, Wednesday) — China’s slowing economy has been decisively confirmed by a slew of negative industrial data for 2015. Coal production, imports, consumption were all down along with electricity, cement and steel production, according to the Australia-based Institute for Energy Economics and Financial Analysis (IEEFA). Citing official Chinese sources, the institute (more…)

JAPAN: JERA on course to reduce term LNG purchases in favour of spot purchases

(EnergyAsia, January 17 2016, Sunday) — Japan’s JERA Co Inc has set its sights on meeting at least half its 40 million tonnes/year of liquefied natural gas (LNG) purchases through spot trades to take advantage of expected low prices over the next few years. Established last April through the merger of two of the country’s...

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INDIA: Petronet receives first LNG cargo from Qatar’s RasGas under new agreement

(EnergyAsia, January 15 2016, Friday) — India’s Petronet LNG Limited has received the first cargo from RasGas Company Ltd under their new sales and purchase agreement (SPA) signed on December 31 2015, said the Qatar state-owned company. The LNG cargo was delivered by the Al Thumama (Q-Flex) vessel to Dahej LNG Terminal in India’s Gujarat (more…)