US-based FuelCell Energy Inc and its partner in Japan, Marubeni Corp, have agreed with Kawasaki Heavy Industries to become a packager of Direct FuelCell(R) (DFC(R)) power plants in Japan. Kawasaki will purchase a DFC300A power plant from Marubeni, to be installed at the Kawasaki Akashi Works near Osaka city where it will undergo evaluation and...
Some motorists in Beijing have been rushing to local filling stations to buy up fuel coupons at current prices in anticipation of price rises. China National Petrochemical Corporation or Sinopec issues coupons that can be redeemed in the future at today’s prices, said the China Daily. “Oil prices on the international market have continued...
Thailand’s Ministry of Energy has ordered PTT plc and the Electricity Generating Authority of Thailand (Egat) to pay for part of the increase in the country’s fuel tariffs from this month till next January amounting to about 1.74 billion baht, according to a Business Day report. (US$1 = 41 baht). The ministry’s permanent secretary,...
International monetary authorities should help trade dependent countries like Sri Lanka cope with the fallout from record high oil prices. According to the Lanka Business Online, Finance Minister Sarath Amunugama made the request to the boards of governors of the World Bank and the IMF in Washington last week. These moves are needed...
US engineering firm PT McDermott Indonesia will lay off 4,500 workers on the Indonesian island of Batam as demand for its offshore construction service has declined sharply over the past several months, company sources told Antara news agency. The company will keep only around 500 of its 5,000 workers. Workers from welders to mid-level...
Abu Dhabi National Oil Company’s (Adnoc) subsidiary Gasco has issued a tender for the construction of two condensate plants worth a total US$1.9 billion, reported the Gulf News Tenders will be finalised by the end of next year, said Abdullah Bin Nasser Al Suwaidi, head of exploration and production. The first plant, costing US$1.2...
The Malaysian government will expand the network of stations to fuel natural gas vehicles across the country to encourage the use of an alternative fuel source in place of gasoline, said Deputy Prime Minister Najib Tun Razak. Most of these stations are located in the Klang Valley, which includes Kuala Lumpur. If private cars...
Australian Treasurer Peter Costello has warned of serious risks to the economy if oil prices remained at current high prices for 12-18 months, reported the Australian newspaper. High oil prices continuing for more than six months could have a material impact on global growth and could have a huge impact on the Australian economy,...
Korea Electric Power Corp (Kepco), the country’s main power producer, will seek government approval to raise tariffs next year, said chief executive Han Joon-ho. China Daily reported him saying: “Increases in coal and LNG prices this year are too much for us to bear.” Government approval is required for any change in power...
Shell Sri Lanka is preparing for an overhaul of its operations to fall in line with its parent’s plans to sell off its global LPG business and focus more on oil exploration, according to a Lanka Business Online. It will take up to 12 months to divest Shell’s Sri Lanka operations, said Mahesha Ranasoma,...
The share price of China Aviation Oil Singapore Corp Ltd fell by nearly 9% from S$1.57 to S$1.43 yesterday on news that its parent had sold off some 15% of its holding in the Singapore-listed company. (US$1=S$1.7). More than 74.8 million shares changed hands yesterday. In a statement, the company said: “The management of...
OpenSpec Naphtha tonne C+F Japan (2 month) – 475.50 (+12.50) Jet kerosene barrel FOB Singapore – 63.55 (+1.75) Gasoil barrel FOB Singapore – 59.50 (+2.15) LSWR barrel FOB Indonesia – 41.45 (+0.30) HSFO 180cst tonne FOB Singapore – 214.50 (+4.25) HSFO 380cst tonne FOB Singapore – 204.50 (+3.25)...
Adnoc Distribution, a unit of Abu Dhabi’s state oil and gas company Adnoc, has pledged that it will not raise domestic gasoline prices despite record high oil prices on the international market. The Ministry of Petroleum and Mineral Resources said Adnoc Distribution is losing money as it is selling fuels to the domestic market...
Qatar’s Ras Laffan Liquefied Natural Gas Company Limited (II), (RasGas) has agreed to the long-term charter of four LNG vessels from South Korea’s Maran Gas Maritime. The vessels will be built by Daewoo Shipbuilding and Marine Engineering Co Ltd in South Korea, according to the Qatar Peninsula newspaper. At the same time, Maran Gas...
SHANGHAI (XFN-ASIA) – China needs to invest more than 220 billion yuan over the next 16 years to expand its natural gas distribution network and reduce its dependence on fossil fuels, Liu Keyu, vice president of China National Petroleum Corp’s research centre, said. (US$1=8.3 yuan). “China’s energy strategy is to encourage the development of...
PetroChina Company Limited said it has achieved “encouraging results” and has met all production and operational targets for the third quarter of 2004. By leveraging the opportunities presented by high oil prices and strong market demand, the company said it continued to optimise and enhance its production and operations. All benchmarks recorded are better than...
A combination of mega trends is driving demand for energy data and the IT services for processing and analysing these data. More players are coming into the field, but there’s no evidence of overcrowding as oil, gas and power companies as well as energy users and financial institutions gobble up data and services as soon...
Shortly after his appointment as Pertamina’s new president, Widya Purnama, presented a bold vision for Indonesia’s troubled state oil company. “I want to make this the best company in the region. I want us to beat (Malaysia’s) Petronas,” said the former telecommunications executive. He also vowed to clean up Pertamina’s notoriously corrupt culture, saying...
Malaysia’s KIC Oil and Gas Ltd, which is taking over shipping firm PDZ Holdings Bhd, said it will build a 1.2 million-cubic-metre fuel oil storage and blending facility on Tanjung Bin Island off the southern state of Johor by 2007. The US$400-million facility, near Pelepas port, is supported by the Malaysian government and aims to...
Openspec Naphtha C+F Japan (2 month) – 463.00 (-7.25) Jet kerosene barrel FOB Singapore – 61.80 (+0.80) Gasoil barrel FOB Singapore – 57.35 (+0.55) LSWR barrel FOB Indonesia – 41.15 (+0.15) HSFO 180cst tonne FOB Singapore – 210.25 (+3.25) HSFO 380cst tonne FOB Singapore – 201.25 (+3.00) While Japan’s open spec naphtha fell, the oil products complex rose in Singapore...
LukOil-Western Siberia, a 100% subsidiary of Russian oil giant LukOil, plans to invest around $300 million to develop the Bolshekhetskaya fields in the Yamalo-Nenetsky autonomous region next year. Most of the investment will be on preparing infrastructure for the Nakhodkinskoye gas field project, said a LukOil statement. Construction of the field’s startÐup complex will...
An Indian business group and China’s Xinjiang province have agreed to launch a study into building a natural gas pipeline to link the two countries. A delegation from the Xinjiang Uyghur Autonomous Region (XUAR) in China’s hydrocarbon-rich western province recently met India’s Confederation of Industry Industry (CII) in New Delhi to discuss expanding trade...
South Korea wants to take a bigger role in Vietnam’s oil exploration projects, said Yi Ok-su, chairman of the Korea National Oil Company (KNOC), who accompanied his country’s President Roh Moo-hyun on a recent official visit to Vietnam. Mr Yi told the Lao Dong newspaper that Vietnam is the first choice in his company’s...
Asian product prices for Oct 19 down on profit taking Openspec Naphtha C+F 2 month – 470.25 (-5.25) Jet kerosene barrel FOB Singapore – 61.00 (-1.65) Gasoil barrel FOB Singapore – 56.80 (-1.65) LSWR barrel FOB Indonesia – 41.00 (-0.35) HSFO 180cst tonne FOB Singapore – 207.00 (-4.75) HSFO 380cst tonne FOB Singapore – 202.25 (-4.00)...
The Malaysian government is expected to bow to public pressure and raise subsidies for gasoline sales to motorists. It recently approved a RM0.10 rise in gasoline price to RM1.42 a litre in the face of rising oil prices on the world markets. (US$1=RM3.8). Based on crude at US$45 a barrel, the government expects to...