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…)

MARKETS: IEA says global oil stockpile at record three billion barrels

(EnergyAsia, December 3 2015, Thursday) — The International Energy Agency (IEA) has delivered another piece of news to beat down any hopes for a near-term recovery in oil prices: global stockpile have just topped a record three billion barrels. According to the agency, the stockpiles “are providing world markets with a degree of comfort” as...

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ASIA: Modest growth, healthy margins outlook for oil refiners, says Moody’s

(EnergyAsia, December 2 2015, Wednesday) — Moody’s Investor Service said Asian downstream oil companies can expect modest growth and healthy margins in 2016 with crude prices staying low and the region’s refining capacity glut easing off. The US rating agency presented its forecast of the industry in a report examining the prospects of nine major...

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KAZAKHSTAN: Focus on expanding ties with China amid mounting financial, economic problems

(EnergyAsia, November 25 2015, Wednesday) — Faced with its worst economic and financial downturn in nearly a decade, Kazakhstan is looking again to China to repeat its rescue act of 2008-2009. According to the International Monetary Fund, Kazakhstan will have the region’s worst performing economy this year as its growth will slow to just 1.5% (more…)

US: Oil reserves at highest level since 1972, natural gas reserves at record, says EIA

(EnergyAsia, November 24 2015, Tuesday) — Thanks to the adoption of fracking technology, the US boosted its oil reserves to a 42-year high of 39 billion barrels and natural gas to an all-time high of 388.8 trillion cubic feet (11 trillion cubic metres) at the end of 2014. But, the Energy Information Administration (EIA) said (more…)

MARKETS: Analysts see crude in the $20s, Saudi officials hoping for recovery in 2016

(EnergyAsia, November 23 2015, Monday) — Down by over 65% since mid-2014, crude oil prices could fall another 50% to the US$20s a barrel next year, said analysts at Wall Street firms. The oil market’s fundamentals are worsening, particularly with the sharp slowdown in the economies of Saudi Arabia and China combining to pressure lower...

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CENTRAL ASIA: Doubts persist over proposed TAPI gas pipeline

(EnergyAsia, November 20 2015, Friday) — Despite reports of a December start-up, the construction of possibly Asia’s most ambitious pipeline project to supply natural gas from Turkmenistan to Afghanistan, Pakistan and India remains shrouded in doubt as it faces a myriad of mounting financial, political and security problems. Proponents of the proposed TAPI pipeline, named...

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IRAQ: Basra to set up regional company to attract international oil, gas and infrastructure investment

(EnergyAsia, November 13 2015, Friday) — Iraq’s hydrocarbon-rich Basra province is establishing a regional company to attract foreign direct investment to build up its oil, gas and infrastructure for the long-term development of the economy. “Basra Company is the vehicle through which the provincial government will optimise utilisation of resources and position Basra as the (more…)

MARKETS: IEA fears low oil and gas prices inducing “complacency” over energy security issues

(EnergyAsia, November 12 2015, Thursday) — The world is at risk of becoming complacent to energy security threats with an expected prolonged period of low oil and gas prices looming ahead, said the International Energy Agency (IEA). While consumers stand to benefit, the market is increasingly at risk from both a growing reliance on a (more…)

SAUDI ARABIA: Vopak joint venture to provide liquid product storage services in Jubail

(EnergyAsia, November 3 2015, Tuesday) — Jubail Chemicals Storage and Services Company (JCSSC), a company 25% owned by Royal Vopak of the Netherlands, has signed two agreements to provide liquid product storage and handling services at the King Fahd Industrial Port (KFIP) in Jubail in Saudi Arabia’s Eastern Province. JCSSC, 75% owned by Saudi Basic (more…)