China Aviation Oil (Singapore) Corporation Ltd said it lost an estimated US$550 million from speculative oil derivative trading as at November 29, and has suspended its CEO Chen Jiulin from duty and may halt earlier announced investment plans. The Singapore-listed company said it is proposing a scheme of arrangement with its creditors for the...
Australian upstream company Essential Petroleum Resources said it has begun a seismic survey of approximately 1,100 linear km in its offshore Otway Basin permits. Essential, the operator of the offshore Victorian Permits VIC/P46 and VIC/P50, said the survey will involve the acquisition of 391 km of 2D seismic in VIC/P46 and 717 kms of 2D...
BP is interested to jointly invest in overseas oil fields with Chinese oil companies, according to the China Daily citing the oil major’s CEO Lord Browne. China is also keen to work with BP to ensure its long-term energy supply. Instead of only focusing on increasing investment inside China, “now is the time (for...
Sinopec, Asia’s largest oil refiner, has set up a new subsidiary, Sinopec Qingdao Refinery and Chemical Company, to build and operate a US$1.2 billion refinery in Qingdao city in Shandong province. The refinery, proposed 12 years ago, will enable Sinopec to meet the oil products demand of the country’s east coast as well as...
Iranian authorities have cleared land in the South Pars gas field for the construction of a natural gas plant for the 9th and 10th phases of the giant project. A consortium comprising local and international companies is undertaking work including land excavation and preparation, materials acquisition, pipe and cable-laying, and installation of equipment and...
Openspec Naphtha tonne C+F Japan – US$472.00 (+US$7.20 from Nov 29 closing) 95 ron unl FOB Singapore Ð 53.00 (+0.45) Jet kerosene barrel FOB Singapore Ð 57.50 (+0.70) Gasoil barrel FOB Singapore Ð 55.85 (+0.15) LSWR barrel FOB Indonesia Ð 29.95 (+0.30) HSFO 180cst tonne FOB Singapore Ð 198.00 (-2.00) HSFO 380cst tonne FOB Singapore Ð 183.00 (-2.00)...
The Omani government has signed an agreement with LG International (LGI) of South Korea and Iran’s National Petrochemical Company (NPC) to jointly build a US$300 million ethylene dicholoride (EDC) unit in the Sohar Port Industrial Zone, reported the Khaleej Times. The 300,000 tonnes/year plant, equally owned by the three partners, will be 30% funded...
Qatar is targeting to eventually export more than 20 million tonnes a year of liquefied natural gas (LNG) to the US, with the first cargo to be shipped there by June 2008. US energy major ExxonMobil and Qatar Petroleum (QP) are partners in developing Qatar’s huge natural gas reserves for export to markets...
Scientists have reported finding evidence of an abundance of methane gas trapped within rocks in the seabed off Taiwan’s southwest, according to a Taipei Times report. Citing Liu Char-shine, a marine geology and geophysics professor at National Taiwan University (NTU), the newspaper said researchers have found high concentration of methane in many spots in...
US-based Honeywell Process Solutions said it has been awarded a $10 million contract by the Shanxilujin Wangqu Power Generation Company Ltd to automate a new power plant currently under construction in Shanxi province, which has the largest coal reserves in central China. In compliance with this two-phased contract, Honeywell said it will provide a...
The high-demand tight-supply theme alone isn’t enough to explain — or sustain — the strength of the oil markets. After two years of the escalating global war on terror, the markets have fully bought into the supply scare story. Threats to supply are coming from all angles: the spreading war in Iraq, terrorism in Saudi...