Shell Malaysia has awarded a RM385 million contract to Johor-based Malaysia Shipyard & Engineering Sdn Bhd (MSE) to build its largest offshore gas production facilities in the Asia-Pacific region. (US$1=RM3.8). The New Straits Times said MSE, a subsidiary of the Malaysia International Shipping Corp Bhd (MISC) will have to complete five offshore fabrication packages...
Like Americans choosing their President, the oil market appeared deeply divided over its next direction and if it’s in the midst of a crisis. Most analysts did not even have S$40/barrel oil on their radar screen as recent as early this year. By May, New York crude futures had broken that record, and another four...
Asian product prices for November 9 Openspec Naphtha tonne C+F Japan Ð US$456.50 (-US$1.50 from Nov 8 closing) Jet kerosene barrel FOB Singapore 58.35 (+0.15) Gasoil barrel FOB Singapore – 55.60 (+0.35) LSWR barrel FOB Indonesia – 37.40 (-0.65) HSFO 180cst tonne FOB Singapore – 200.50 (-0.25) HSFO 380cst tonne FOB Singapore – 190.25 (-1.00)...
Exxon Mobil Corp is in talks with China for the supply of natural gas from the offshore Sakhalin-1 site in Russia’s Far East, Economy, Trade and Industry Minister Shoichi Nakagawa said last week. But the talks do not mean that Exxon Mobil has picked China over Japan for the supply of Sakhalin gas, said...
Sinopec, Asia’s largest oil refiner, and major BP last week launched their retail chain joint venture (JV) in the eastern Chinese province of Zhejiang. According to China Daily, the joint venture aims to build and operate 500 filling stations in Hangzhou, Ningbo and Shaoxing cities over the next three years. Sinopec, with a 60%...
China’s Huaneng Power International, Inc. said the 300MW coal-fired generating unit (unit 3) of its Yushe Power Plant Phase II, started commercial operation last month. The plant is 60%-owned interest owned by the company’s Shanxi Huaneng Yushe Power Co. Huaneng, which is listed in Hongkong and New York, said its total generation capacity on...
Vietnam’s crude oil exports for the first 10 months of 2004 rose 14.5% to nearly 16.3 million tons. It earned US$4.7 billion, up by 48.6% from the same period a year ago. The main buyers of Vietnamese crude oil were China, Singapore, Japan, Britain, and the US, said the Ministry of Planning and Investment....
The Asian Development Bank (ADB) has warned Bangladesh that its economic growth could be derailed if its power sector fails to expand accordingly. The Independent newspaper quoted ADB vice president Liqun Jin issuing the warning after a recent visit to Bangladesh where he met local officials including Power Minister Iqbal Hasan Mahmud. Mr...
Thailand’s Energy Ministry has ordered ethanol fuel to be priced 0.75 baht/litre lower than 95-octane gasoline to encourage motorists to switch over. Minister of Energy Prommin Lertsuridej announced the price reduction as part of the government’s campaign to reduce Thailand’s dependence on fossil fuels. With the reduction, ethanol fuel sells for 21.64 baht...
Singapore-listed Aqua-Terra Supply Co. Limited, an integrated service provider and procurement specialist serving the marine and oil and gas industries, has entered into a conditional agreement to fully acquire MarineHub Pte Ltd for S$9.23 million. The purchase price, agreed with owner Lau Lye Teck, is equivalent to a price earnings ratio of 4.6 times...
Las Vegas, US-based Cheetah Oil & Gas Ltd said it has reached a binding greement with Grey Creek Petroleum Inc to acquire a 97.5% farm-in interest in two new Petroleum Prospecting Licences (PPL), numbers 257 and 258, in Papua New Guinea. The company is now evaluating and exploring oil and gas prospects over approximately 8.3...
Asian product prices for November 8 Openspec Naphtha tonne C+F Japan Ð US$458.00 (+US$1.75 from Nov 5 closing) Jet kerosene barrel FOB Singapore – 58.20 (-0.45) Gasoil barrel FOB Singapore – 55.25 (+0.75) LSWR barrel FOB Indonesia – 38.05 (-0.35) HSFO 180cst tonne FOB Singapore – 200.75 (-0.75) HSFO 380cst tonne FOB Singapore – 191.25 (-0.75)...
Sovereign Asset Management Ltd, the largest shareholder of Korean oil refiner SK Corp, said that it would take legal action to force the company to hold an extraordinary shareholders’ meeting. The Korea Herald reported Sovereign’s announcement after its demand to unseat SK’s disgraced chairman Chey Tae-won was rejected by the SK board. “Sovereign will...
In its biggest ever investment abroad, Indian Oil Corporation (IOC) will soon sign a $3 billion deal to develop a gas block in Iran’s South Pars gas field and sell liquefied natural gas (LNG) from it. Hindustan Times reported that IOC will partner Iran’s Petropars in bringing to production one of the 30 phases...
In its biggest ever investment abroad, Indian Oil Corporation (IOC) will soon sign a $3 billion deal to develop a gas block in Iran’s South Pars gas field and sell liquefied natural gas (LNG) from it. Hindustan Times reported that IOC will partner Iran’s Petropars in bringing to production one of the 30 phases...
China will keep the retail prices of gasoline and diesel oil unchanged for “the near future” as the domestic market is well balanced, said an official with State Development and Reform Commission (SDRC). The official told Xinhua news agency that China refined 190 million tons of crude in the first three quarters of this...
Thai upstream company PTT Exploration and Production Public Company Limited (PTTEP) said its third quarter net income rose 5.65% to Baht 4,111 million from Baht 3,891 million in the same quarter last year. Earnings per share of Baht 6.30, up from Baht 5.97 previously. (US$1=41 baht). Revenue rose 29% to Baht 12,757 million but...
Formosa Petrochemical Corporation (FPCC) has awarded a US$5 million contract to Yokogawa Taiwan Corporation, an affiliate of Yokogawa Electric Corporation, to supply the production control system for a world-class ethylene plant that is being built in Taiwan. The 1.2 million tons a year plant in Mailiao, Yunlin county in central Taiwan is due to be...
Australia’s Beach Petroleum said it significantly expanded its reserves and revenue for the July-to-September quarter. Its offshore exposure also expanded following its purchase of a 25% interest in the offshore Basker, Manta and Gummy (BMG) oil and gas fields in the Gippsland Basin adding 5.8 million barrels of reserves and a contingent gas condensate resource...
Woodside (USA) Energy Inc and Crystal Energy LLC have agreed in principle to develop the proposed Clearwater Port liquefied natural gas (LNG) import terminal off California. Woodside (USA) is a wholly owned subsidiary of Woodside Energy Ltd., operator of the A$14 billion North West Shelf LNG Venture in Western Australia. Under a heads of...
China’s Sinochem International (Holding) Co Ltd said its latest January-to-September net profit rose 4.16 times to 745 million yuan from 179 million over the same period last year. (US$1=8.27 yuan). The company is the Shanghai-listed arm of China’s largest chemical products trader Sinochem Group. Revenue rose by a less impressive rate from 8.79 billion...
Japan, already the largest consumer of UAE’s oil, is gearing up to buy more from the Gulf state in anticipation of rising demand by its power sector. According to the Khaleej Times, UAE now exports more than 500,000 barrels a day (b/d) to Japan. “We are very much aware of the fact that...
Petronas International Corp Limited (PICL), a wholly-owned subsidiary of Malaysia’s state oil company Petronas, has signed definitive agreements with South Africa’s energy and chemical company, Sasol Limited, Worldwide African Investment Holdings Limited (through its wholly owned subsidiary Afric Energy Resources Limited (AER)) and a Sasol entity, Tshwarisano LFB Investment Limited to combine Sasol’s Liquid Fuels...
The Philippine National Oil Co. (PNOC) is looking to develop the oil assets in the offshore Malampaya reserves, PNOC president Eduardo Manalac said. “We are working on a plan to É to develop the oil rim in the Malampaya (service contract No. 38) area,” he told the Philippine Star. “The target is for the...
Asian product prices for November 5 Openspec Naphtha tonne C+F Japan Ð US$456.25 (-US$6.05 from Nov 4 closing) Jet kerosene barrel FOB Singapore – 58.65 (-0.10) Gasoil barrel FOB Singapore – 54.50 (-1.05) LSWR barrel FOB Indonesia – 38.40 (-0.85) HSFO 180cst tonne FOB Singapore – 201.50 (-4.75) HSFO 380cst tonne FOB Singapore – 192.00 (-4.75)...