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...
The Japanese government will soon unveil specific emissions targets for six greenhouse gases as the Kyoto Protocol on climate change takes effect in February, official sources told the Japan Times. The report said the government will review current emission targets, and create specific targets for carbon dioxide, carbon monoxide, methane and three types of alternatives...
Openspec Naphtha tonne C+F Japan – US$420.00 (-US$2.08 from Dec 06 closing) 5 ron unl FOB Singapore Ð 45.15 (-1.39) Jet kerosene barrel FOB Singapore Ð 49.60 (-0.76) Gasoil barrel FOB Singapore Ð 48.60 (+0.18) LSWR barrel FOB Indonesia Ð 24.95 (-0.39) HSFO 180cst tonne FOB Singapore Ð 188.00 (+4.96) HSFO 380cst tonne FOB Singapore Ð 167.75 (+5.12)...
Experts from more than 35 countries are in Agra, India to discuss air quality issues and emissions in Asia at the ADB-supported 4th Regional Workshop on Better Air Quality (BAQ). The three-day workshop, which ends today, is a forum for the sharing of experiences on management of urban air quality and for discussing ways to...
Australia’s Clough Limited said that it has secured a US$215 million (US$1=A$1.3) contract from India’s state-owned Oil and Natural Gas Corporation (ONGC) for upstream work in India’s east coast. As lead contractor, Clough will undertake work for the G1-GS15 deepwater development including the design, procurement and installation of a new onshore gas plant, an...
ExxonMobil subsidiary ExxonMobil Research and Engineering Company (EMRE) said that Taiwan’s Formosa Petrochemical Corporation (FPCC) has selected its catalytic lubes technology for its grassroots catalytic lube basestock complex at its oil refinery in Maliao, Taiwan. The plant’s units include vacuum distillation, lube hydrocracking, selective dewaxing and a food grade white oil unit. “FPCC selected ExxonMobil’s...
Australian engineering firm Clough has released a statement pertaining to its on-going dispute with client Origin Energy over the development of gas reserves in the Bass Straits. Clough said: “Despite third party verification that the offshore BassGas facilities are contractually ‘Ready For Start Up’, Origin Energy Resources Limited, without any prior notice and notwithstanding...
SembCorp Simon-Carves Ltd (SSC), the UK subsidiary of Singapore’s SembCorp Engineers and Constructors (SembE&C), has received letters of award and are in final negotiations to design and construct two petrochemical facilities in Iran. The two contracts are valued at more than S$345 million in total. (US$1=S$1.63). In a statement, SembE&C said that Amir Kabir...
Malaysia’s UMW Holdings Bhd is aiming for oil and gas to provide 10% to 15% of group turnover within the next three years from a negligible level now, said group managing director Abdul Halim Harun. The recent rise in crude oil prices has led to higher demand for upstream equipment and services. “We can...
Indian upstream company ONGC Videsh Limited (OVL) said it has signed a Memorandum of Understanding with Russia’s Gazprom to co-operate in upstream oil and gas projects in Russia, India and other countries. Gazprom is also the largest gas company in the world. The agreement was reached following the recent high-level discussions between a visiting...
China, the world’s second-largest oil consumer, has managed to set a new full-year record for fuel oil imports in just 10 months, a clear sign its appetite for refined oil products will continue unabated next year, reported the Shenzhen Daily. According to data issued by China’s General Administration of Customs, the country imported 2.1...
Openspec Naphtha tonne C+F Japan – US$ 422.08 (+US$1.08 from Dec 3 closing) 95 ron unl FOB Singapore – 46.54 (+0.04) Jet kerosene barrel FOB Singapore – 50.36 (-0.94) Gasoil barrel FOB Singapore – 48.42 (-1.28) LSWR barrel FOB Indonesia – 25.34 (-0.16) HSFO 180cst tonne FOB Singapore – 183.04 (+5.61) HSFO 380cst tonne FOB Singapore – 162.63 (+2.70)...
Thailand’s PTT Exploration and Production Plc (PTTEP) plans to boost its oil and gas sales volume to 188,000 barrels a day in 2008 on the back of rising production, according to the Business Day. PTTEP’s president Marut Marikgadat projects that his firm’s minimum petroleum sales volume next year will be little changed at 134,000...
Taiwan’s Formosa Plastics Group has applied to mainland China’s State Council to build a naphtha cracking plant in Ningbo in Zhejiang province, according to Taiwanese CENS news service. Y.T. Wang, the group’s vice chairman who filed the application, said the proposed 1.2 million metric tons/year ethylene plant has to be approved by both the...
Chen Jiulin, the CEO of financially stricken China Aviation Oil Singapore, will return from China to Singapore “sometime this week” to assist police with investigations into his company’s collapse from massive losses trading oil derivatives. His company, which lost US$550 million in paper oil trading, issued a statement that he had returned to China...
South Korea’s top oil refiner SK Corp has announced its interest to establish a US$30 million petrochemical joint venture in Shanghai with Chinese oil giant Sinopec. According to the Shenzhen Daily, the equal joint venture, Shanghai Gaoqiao-SK Solvent Co., aims to start commercial production by the second quarter of 2006 with an annual solvent...
Australian engineering firm Clough Limited has announced the signing of a joint venture agreement with STP&I, a subsidiary of Thailand’s Sino Thai Group. The JV will establish a fabrication and assembly facility to target the Asian and Australasian oil and gas fabrication market and integrated process module market. Clough said that the equal JV...
Citing the outlook for lower oil prices, Standard & Poor’ Asian Equity Research has lowered its investment ratings on two leading Chinese energy companies to “market perform” from “add”. The rating agency reduced PetroChina, the country’s biggest oil firm, to “hold” from “strong buy”, and lowered its 12-month target price to HK$4.60. It...
China will step up the use of ethanol gasoline as it moves to reduce pollution and reduce the use of fossil fuels. Ethanol from grain and corn forms 10% of some gasolines sold in parts of the country to help reduce emissions from vehicles. According to the China Daily, the State Development and Reform...
The chairman of Australian upstream company Carnarvon Petroleum has given an update of his company’s dispute with Calgary-based Pacific Tiger over their joint venture operations in Thailand. The details are as follows: “In February, the operator of the Wichian Buri Oil Field joint venture in Thailand, Pacific Tiger, drilled 2 field development wells, N7...
Singapore’s Keppel SLP Consortium has won a US$164 million contract to build two accommodation platforms in an international tender by PEMEX Exploraci—n y Producci—n (PEP), a subsidiary of Petr—leos Mexicanos (PEMEX), Mexico’s national oil company. The consortium comprises four partners, Keppel Offshore & Marine USA Inc (Keppel O&M USA), SLP Engineering Ltd, Keppel AmFELS...
Openspec Naphtha tonne C+F Japan – US$421.00 (-US$19.50 from Dec 2 closing) 95 ron unl FOB Singapore Ð 46.50 (-3.70) Jet kerosene barrel FOB Singapore Ð 51.30 (-2.13) Gasoil barrel FOB Singapore Ð 49.70 (-2.51) LSWR barrel FOB Indonesia Ð 25.50 (-1.95) HSFO 180cst tonne FOB Singapore Ð 177.43 (-1.1) HSFO 380cst tonne FOB Singapore Ð 159.93 (-0.24) ...
Finland’s W’rtsil’ said it has been contracted to supply a total of 16 dual-fuel engines for four liquid natural gas (LNG) carriers under construction at the Hyundai Heavy Industries Co Ltd shipyard in Korea for BP Shipping. The engines will have a total power output of 160 MW. The vessels are scheduled for completion...
Hong Kong-listed CNOOC Limited said it has made an offering of US$850 million zero coupon convertible bonds due 2009 through its wholly owned finance subsidiary, CNOOC Finance Limited. The company said it has also granted the managers an over-allotment option to offer additional bonds aggregating US$150 million. The bonds were placed to non-US investors...
More than 600 participants are expected to attend a major Iran oil and gas forum in Tehran from December 6 to 7. The event, known as the 9th Annual IIES, Iran & Middle East Oil & Gas Forum, will feature many senior government officials from different countries. Bijan Zangeneh, Iran’s Minister of Petroleum, will...