Openspec Naphtha tonne C+F Japan – US$411.90 (+US$5.05 from Dec 09 closing) 95 ron unl FOB Singapore Ð 45.03 (+0.70) Jet kerosene barrel FOB Singapore Ð 49.70 (+0.95) Gasoil barrel FOB Singapore Ð 49.00 (+1.20) LSWR barrel FOB Indonesia Ð 23.35 (-0.90) HSFO 180cst tonne FOB Singapore Ð 178.50 (+4.00) HSFO 380cst tonne FOB Singapore Ð 156.25 (+0.75) ...
Gasoline prices at the pumps fell three Singapore cents last Friday in line with weaker world oil prices. But diesel pump prices remained unchanged at S$0.952 a litre. (US$1=S$1.65). The country’s four fuel retail operators, Shell, Caltex, ExxonMobil and Singapore Petroleum Company (SPC), all announced price cuts within hours of each other. The...
Russia, with its huge oil and gas reserves, is looking to meet the energy needs of countries in the Asia-Pacific region countries. At a recent intergovernmental agency meeting in the Russian city of in Khabarovsk, Russia said that that its Far East region holds reserves of more than 13 billion tonnes of crude oil...
Crude oil prices fell closer to US$40 barrel last Friday despite OPEC’s announcement that it had agreed to reduce its daily oil output by 1 million barrels a day, with the possibility of more to come early next year if prices continued to decline. Crude oil futures reached a record US$55.17 in late October but...
The recent experience with higher and more volatile oil prices has added to uncertainty about the long-term path of crude oil prices. The “Annual Energy Outlook 2005” (AEO2005), released last week by the Energy Information Administration (EIA), includes two oil price cases to evaluate the impact of alternative world crude oil price trends. When released, the...
Singapore Petroleum Company Limited (SPC) said it is “entitled to participate” in a recent oil and gas discovery in the Sampang Production Sharing Contract in Indonesia. Australia’s Santos Ltd, a co-owner and operator of the Sampang PSC, in its announcement of October 18, had reported that the Jeruk-2 well was drilled on a sole...
Malaysia LNG Tiga Sdn Bhd (MLNG Tiga), a subsidiary of state oil and gas company Petronas, last month signed an agreement to supply up to 2.82 million tonnes of liquefied natural gas (LNG) to Korea Gas Corporation (KOGAS) from October 2004 to April 2008. The first cargo of 60,000 tonnes was delivered to KOGAS on...
China Energy Savings (CES) Technology Inc said it has filed a listing application to move from the OTC bulletin board to the New York-based NASDAQ market. The company’s CEO, Sun Li, said: “‘One of our primary goals is to trade on the NASDAQ. We believe that we have met all of the requirements to...
Thailand’s economic outlook for 2005 will be largely determined by the behaviour of oil prices, according to the Centre for Economic and Business Forecasting at University of Thai Chamber of Commerce. Forecasting higher diesel prices and interest rates, the research unit has revised down Thailand’s expected economic growth for 2005 to 5.5 to 6%,...
Openspec Naphtha tonne C+F Japan – US$406.85 (-US$2.65 from Dec 8 closing) 95 ron unl FOB Singapore Ð 44.33 (+1.03) Jet kerosene barrel FOB Singapore Ð 48.75 (+0.05) Gasoil barrel FOB Singapore Ð 47.80 (-0.05) LSWR barrel FOB Indonesia Ð 24.25 (-0.70) HSFO 180cst tonne FOB Singapore Ð 174.50 (-6.25) HSFO 380cst tonne FOB Singapore Ð 155.50 (-4.75)...
An international consortium is interested to lease 80 hectares of land in Vietnam’s Can Tho city to build an oil refinery, according to the Vietnam News Agency (VNA). The consortium comprising the Far East Trade Investment Joint Stock Company and the China National Overseas Engineering Group is interested in a plot in the Hung...
Hong Kong-listed Panva Gas said it has entered into a sale and purchase agreement to acquire 104 million shares or a 13% stake in the Chengdu City Gas from its existing owners for RMB170,352,000 (US$1=RMB8.27) representing RMB1.638 per share. The owners include Chengdu City (41%), the employees of Chengdu City Gas (10%) and an unnamed...
Petroleum Development Oman (PDO), the Sultanate’s main crude oil producer, said it aims to produce 800,000 barrels/day by 2009 while keeping the per barrel cost of production to under US$10. In 2003, PDO had launched a five-year programme to cut oil production costs by $2 billion. It last produced more than 800,000 b/d...
Japan’s Toshiba Corporation has announced moves to reinforce its on-site fuel cell business, including a buyout of Toshiba International Fuel Cells (TIFC) from UTC to make it a wholly owned Toshiba subsidiary. According to the Japan Corporate News Network (JCNN), he announcement follows a November 9 agreement with UTC Fuel Cells of Connecticut, US...
Russia has resumed delivering crude oil to China, reported the RIA Novosti agency, citing Salman Babayev, vice president of the Russian Railways joint stock company (JSC). “As of December 3, oil shipments to China have resumed in the same amounts as used to be transported by Yukos,” said Mr Babayev. He said that...
Abu Dhabi’s Dolphin Energy has named a French-UAE consortium as the successful bidder for the engineering, procurement and construction (EPC) of its new gas receiving facility and associated pipelines in a contract worth more than $62 million, according to the Gulf Daily news. France’s Technip and Al Jaber Energy Services Consortium will build the...
Australia’s reliance on imported oil rose continued to gather pace as its domestic production of crude, condensates and refined oil products fell sharply in the first nine months of 2004. According to the Department of Industry, Tourism & Resources, Australian oil products import rose more than 52% to 187,087 barrels/day for the first nine months...
Chen Jiulin, the CEO of financially stricken China Aviation Oil (CAO), is out on bail after he was arrested by police following his return to Singapore yesterday. Mr Chen is helping police with investigations into his company’s US$550 million losses from trading oil derivatives. Both police and the Commercial Affairs Department (CAD) would not say...
Newport Beach, California-based Largo Vista Group (LGOV) Ltd said it has started construction on the first of a five-phase residential liquefied petroleum gas (LPG) pipeline project to supply roughly 1,000 residential homes for a community in China’s Guizhou province. The construction is expected to be completed in 90 days. The company will build LPG supply...
The high-demand tight-supply theme alone isn’t enough to explain — or sustain — the strength of the oil markets. After two years of the escalating global war on terror, the markets have fully bought into the supply scare story. Threats to supply are coming from all angles: the spreading war in Iraq, terrorism in Saudi...
Sakhalin Energy said a significant milestone in the Sakhalin II Phase 2 Project has been reached with the completion at Vostochny in Russia of the main concrete construction work on the huge gravity base substructure (CGBS) for the Lunskoye offshore gas production platform. In a statement, Sakhalin Energy said it and its contractors celebrated...
Jet fuel demand in China has expanded rapidly this year as economic growth has propelled a strong upsurge in air travel. In turn, the rapid growth in air travel has led to an increase in jet fuel consumption and imports. Although demand growth is slated to slow in 2005 as the Chinese economy slows,...
Oman Oil Company (OOC) recently signed an agreement with Uni—n Fenosa Gas and Uni—n Fenosa to acquire 7.5% of its shares in SAGGAS, which was incorporated to build the Sagunto Regasification Terminal in Valencia, Spain. The project costs US$ 432 million. The agreement was signed by OOC’s CEO Ahmed Al Wahaibi, Uni—n Fenosa’s CEO...
China’s now legendary insatiable appetite for energy and natural resources are leading it to look for supply sources in unfamiliar places. In recent months, the oil-rich state of Alberta in western Canada has emerged as one of several new locations being targeted by China’s cash-rich state oil and gas companies. They join other state-owned Chinese...
Openspec Naphtha tonne C+F Japan – US$409.50 (-US$10.50 from Dec 07 closing) 95 ron unl FOB Singapore Ð 43.30 (-1.85) Jet kerosene barrel FOB Singapore Ð 48.70 (-0.90) Gasoil barrel FOB Singapore Ð 47.85 (-0.75) LSWR barrel FOB Indonesia Ð 24.25 (-0.70) HSFO 180cst tonne FOB Singapore Ð 180.75 (-7.25) HSFO 380cst tonne FOB Singapore Ð 160.25 (-7.50)...