A joint study by Contact Energy Ltd and Genesis Energy said that liquefied natural gas (LNG) is a viable fuel option for New Zealand that can provide added security of electricity supply. Contact chief executive Steve Barrett and Genesis Energy chief executive Murray Jackson said it was vital that New Zealand had more certainty...
TAIWAN: Premier Yu calls for greater efforts to curb greenhouse gases
Taiwan’s Premier Yu Shyi-kun has called on the country’s industries and state agencies to prepare for the imminent implementation of the Kyoto Protocol to curb emissions of greenhouse gases. Mr Yu is personally taking charge of a Cabinet-level task force to deal with the issue, reported the Taiwan News Service. Separately, Research, Development and...
MARKETS: Asian product prices for November 25
Openspec Naphtha tonne C+F Japan – US$464.00 (-US$1.00 from Nov 24 closing) 95 ron unl FOB Singapore – 53.30 (+0.25) Jet kerosene barrel FOB Singapore – 57.50 (+0.10) Gasoil barrel FOB Singapore Ð 56.45 (-0.05) LSWR barrel FOB Indonesia – 31.30 (-0.20) HSFO 180cst tonne FOB Singapore Ð 203.50 (3.70) HSFO 380cst tonne FOB Singapore Ð 187.75 (+3.15)...
CHINA: PetroChina, BP launch gas station venture in Guangdong province
PetroChina and BP recently launched their 51/49 retail fuel joint venture in Guangdong province, marking the energy major’s expansion in the Chinese retail fuel business. BP PetroChina Petroleum Co, registered in Jiangmen city, follows the launch of BP’s joint venture with Sinopec operating 500 gas stations in the eastern Zhejiang Province. BP PetroChina...
INDIA: Oil ministry says domestic LPG prices still the cheapest in the region after recent hike
The price of liquefied petroleum gas sold as cooking gas in India remains among the lowest in the Asian region despite the recent hike of Rs 20 per cylinder, said the Indian Oil Ministry. (US$1=Rs45). Opposition parties and consumer groups have described the price increase as steep and want it repealed, according to the...
SINGAPORE: AP Oil lands S$363 million contract in China
Singapore-listed AP Oil International Limited said it has signed a contract worth about S$363 million (US$1=S$1.65) to supply raw materials to a state-owned company in China over a period of three years ending December 2007. The company has correspondingly secured contracts to produce and mobilize the resources to meet the requirements. The delivery will...
PHILIPPINES: Additional tariff on oil imports mulled
The cash-strapped Philippines government is looking at raising the import tariffs on crude and products from three percent to five percent. At a press briefing, Energy Secretary Vincent Perez said three state agencies — the Department of Energy (DOE), Department of Finance and Department of Trade and Industry — are studying the implementation of...
COMPANY: Hempel offers environmentally friendly anti-corrosion products for the oil & gas industry
HEMPEL is a worldwide leading supplier of service and protective coatings committed to protecting valuable assets from corrosion. With a presence in more than 90 countries, the HEMPEL Group today operates three Research & Development Centres and 24 factories around the world. Its global presence is geared to meet the needs of the multinational construction...
MARKETS: Asian product prices for November 25
MARKETS: Asian product prices for November 25 Openspec Naphtha tonne C+F Japan – US$464.00 (-US$1.00 from Nov 24 closing) 95 ron unl FOB Singapore – 53.30 (+0.25) Jet kerosene barrel FOB Singapore – 57.50 (+0.10) Gasoil barrel FOB Singapore Ð 56.45 (-0.05) LSWR barrel FOB Indonesia – 31.30 (-0.20) HSFO 180cst tonne FOB Singapore Ð 203.50 (3.70) HSFO 380cst tonne FOB Singapore...
SRI LANKA: Indian oil experts for talks on downstream, upstream activities
An Indian oil delegation visited Sri Lanka last week on the request of President Chandrika Bandaranaike Kumaratunga to explore further opportunities in the island’s downstream and upstream oil sectors. State IndianOil Corp is already invested in Sri Lanka’s retail oil business. Indian oil companies are reported to be interested in exploring for oil and gas...
INDIA: Government to establish Independent Petroleum Regulatory Authority
India will soon have an Independent Petroleum Regulatory Authority to level the playing field for local and foreign investors and to reduce bureaucratic barriers for oil companies looking to expand in the country. Prime Minister ManMohan Singh made the pledge during his recent trip to The Hague in the Netherlands. The establishment of the...
CHINA: Huaneng Power International signs coal supply agreement with Shaanxi Coal Group
China’s Huaneng Power International, Inc said it recently signed medium-to-long term coal supply agreement with Shaanxi Coal Group Company. Huaneng will receive 5.29 million tonnes of high-quality thermal coal in 2005, 6.09 million tones in 2006 and 8.25 million tones in 2007. The two sides have determined the basic price for 2005 and the price...
RUSSIA: Sakhalin Energy awards contracts for three LNG ships
Sakhalin Energy Investment Company Ltd said it has awarded contracts to two ship owning consortiums for the long-term time charter of three new LNG ships. A contract for two ships went to a consortium consisting of Nippon Yusen Kabushiki Kaisha (NYK) and JSC Sovcomflot, while a second Japanese-Russian consortium comprising Mitsui O.S.K. lines, Ltd...
THAILAND: Diesel price to rise by up to 2 baht/litre next year
Thailand will increase the ceiling price for diesel by up to 2 baht per litre next March as it believes world oil prices will fall to between US$30 and $40 per barrel after March, Energy Minister Prommin Lertsuridej said. According to the Nation newspaper, he said diesel would rise from 14 baht per litre now...
AUSTRALIA: Origin Energy says gas indications encountered in Trefoil 1, off Tasmania
Australia’s Origin Energy Limited said it has detected natural gas in its Trefoil 1 well in the Bass Strait off the island of Tasmania. “Good gas shows were recorded on penetration of the first of several separate sand packages predicted to be developed beneath effective shale seals in the low relief Trefoil structure. At this...
MALAYSIA: Peremba awarded US$232 million contract to build Sudan oil terminal
Malaysia’s Peremba Construction Sdn Bhd, a wholly-owned subsidiary of PECD Bhd, has won a US$232 million contract to build an oil export terminal for the Melut Basin Oil Development Project in Sudan. The 3.2-million-barrel terminal in the Port of Sudan on the Red Sea coast is owned by a consortium comprising China National Petroleum Co...
MARKETS: Asian product prices for November 23
Openspec Naphtha tonne C+F Japan – US$ 462.72 ( -US$7.61 from Nov 22 closing) 95 ron unl FOB Singapore – 52.95 (-1.22) Jet kerosene barrel FOB Singapore – 57.98 (-0.75) Gasoil barrel FOB Singapore – 56.11 (-0.42) LSWR barrel FOB Indonesia – 31.71 (-0.21) HSFO 180cst tonne FOB Singapore – 197.69 (-0.56) HSFO 380cst tonne FOB Singapore – 182.16 (-0.25)...
CHINA: Oil imports to exceed 100 million tons soon
China imported a total of 99.59 million tons of crude oil in the first 10 months of the year despite rising prices on the international market, according to China’s General Administration of Customs. He told Xinhua News Agency that this level of import already exceeded last year’s total of 91.12 million tons. According...
IRAN: Iran to meet China’s LNG demand, to export Korea, Europe
Iran is ready to step up liquefied natural gas exports to China, said Roknoddin Javadi, managing director of National Gas Export Company (NGEC). “We can play a long-term pivotal role in the Chinese energy market given their increasing energy demand,” Mr Javadi told Tehran Times. Early this month, the two countries signed a deal...
CHINA: Panva Gas’s Jan-to-Sept net profit up 26% to HK$168 million
Hong Kong-listed Panva Gas Holdings Limited has reported strong growth for its January-to-September operations. Revenue increased by 23% to about HK$1,281 million while gross profit grew by 26% to HK$285 million and net profit was up by 26% to HK$168 million. (US$1=HK$7.87). In a statement, Chen Wei, Panva Gas’s managing director, said: “During...
NEW ZEALAND: Contact Energy sells Red Energy to Snowy Hydro
New Zealand’s Contact Energy Ltd said it has sold its Victorian retail business, Red Energy, to Australia’s New South Wales-based Snowy Hydro Limited. Contact’s chief executive, Steve Barrett, said: “Contact has recently reappraised its Australian investment strategy, and concluded that the commercial logic for pursuing an integrated energy business in Australia has changed fundamentally. “For...
CHINA: PetroChina to build $715 million LNG terminal in southwestern province
PetroChina Co has agreed to build a liquefied natural gas (LNG) terminal in southwest China’s Guangxi Zhuang autonomous region. The LNG project, a first for the company, is worth an estimated 5.92 billion yuan (US$715 million), the company said. The Shenzhen Daily reported that PetroChina had previously signed preliminary agreements for LNG terminals in...
VIETNAM: Saigon Joint Stock Fuel Company hopes to list on the local stock market
The Saigon Joint Stock Fuel Company (SFC) is expected to get on the stock market as soon as the State Securities Commission (SSC) approves its application, said a Vietnam News Service report. SSC said the company has to provide updated information in its prospectus, including audited financial report and factors that may impact its share...
AUSTRALIA: Origin provides update on Perth Basin gas development activities
Australia’s upstream company Origin Energy Limited said that sales gas deliveries from the Xyris Field, operated by ARC Energy, has started with initial production rates of up to 10 TJ per day. Sales gas is being delivered into the Parmelia pipeline to customers of ARC and Origin in the southwest of Western Australia. The Xyris...
TAIWAN: Government, private companies preparing for impact of Kyoto Protocol’s ratification
Although Taiwan is excluded from taking part in UN programmes, it cannot in good conscience exclude itself from the worldwide campaign to reduce emissions of greenhouse gases, nor can it afford to do so from the standpoint of enlightened self-interest, said Jia-chen Chuo in a commentary for the Taiwan news service. The commentary mentioned...