Zenath Oil Derivatives LLC, a member of the Dubai-based ETA-ASCON Group, recently entered into an agreement to distribute the oil products of Abu Dhabi National Oil Company (Adnoc) in Dubai. The agreement with Adnoc Distribution covers gasoil, fuel oil, kerosene and gasoline.   The agreement was signed by Jamal Jaber Al Dharif, general manager of...

Indian Oiltanking Ltd (IOTL), a joint venture of Indian Oil Corporation (BSE:IOC) and Germany’s Oiltanking GMbh, has bought a 54.9% stake in Stewarts & Lloyds of India Ltd from Tata Steel and associates, reported the Press Trust of India.   After complying with the provisions relating to open offer and other related matters and obtaining...

Police have beefed up security at Australia’s ports and maritime waters against possible terrorist attacks following intelligence reports that Islamic militants had planned to blow up ships and oil terminals in Sydney harbour last year. According to The Australian newspaper, an oil tanker was denied entry to Sydney Harbour following reports that it was the...

Singapore Exchange-listed Rotary Engineering Limited (REL) said it has been awarded a lump-sum turnkey contract for the phase 2 expansion of the BP Zhuhai liquefied petroleum gas (LPG) terminal in China. The contract is worth more than US$20 million.   The expanded Jiufeng LPG storage facility in Zhuhai in Guangdong province will be able to...

SK Corporation, Korea’s biggest oil and energy company, will invest in a 15% stake in a large-scale oil storage facility in Singapore as part of its plans of becoming a leading player in the region.   The company said in a statement that it marks the first time a major Asian refiner will have a...

By Naji Abi-Aad In rebuilding its oil and gas industries, Iraq, with a growing production and export potential, would significantly impact the petroleum sector in the Middle East. Iraq is seeking to re-activate and expand its export outlets, including its oil loading facilities on the Gulf, and its well-spread oil and nascent gas export pipeline...

PT Petronas Niaga Indonesia, the fully-owned subsidiary of Malaysian state oil company Petronas, has announced that it will invest US$30 million building fuel stations and a storage tank in Indonesia this year. Faris Mustafa, president of Petronas Niaga Indonesia, said the company plans to build up to 10 filling stations to retail high octane gasoline...

Southern Online Bio Technologies Ltd, an Internet service provider in India, will diversify into the manufacture and supply of bio-diesel.   The company recently acquired the entire share capital of Southern Biofuels Private Ltd to execute the Rs 170.1 million project for which 12 acres of land has been acquired at Narayanpur in Nalgonda district...

Myanmar recently commissioned a 75-megawatt hydropower plant at the Mone creek in the Magway division as part of the implementation of its five-year power plan that began in 2003, Xinhua news agency reported.   Myanmar plans to generate 2,000MW of electricity to meet domestic demand and spur economic development.   Under the plan, Ministry of...

Vancouver, Canada-based International Sovereign Energy Corp has signed an agreement with Pakistan’s national oil company to develop the Toot oilfield in Pakistan’s Punjab province. The field is located near the capital, Islamabad, according to a company release. While the financial terms were not revealed, International Sovereign announced that it could become the field’s operator, and...

With Republicans having added four seats to increase their Senate majority to 55, the battle over drilling in the Alaska National Wildlife Refuge (ANWR) is high on the agenda once again, said environmental lobby group BushGreenWatch.             Rather than include ANWR as part of an energy bill, pro-drilling forces are expected to attempt to insert...

A consortium comprising Malaysia’s state oil and gas company Petronas and state Philippines National Oil Company (PNOC) has been awarded a service contract by the Philippines government to explore for oil and gas in the offshore Mindoro block in the Philippines.   In a statement, Petronas said the service contract was signed early this week...

Openspec naphtha tonne C+F Japan – US$ 394.00 (–US$3.20 from Jan 12 closing) 95 ron unleaded gasoline barrel FOB Singapore – 47.55 (+1.33) Jet kerosene barrel FOB Singapore – 50.03 (-0.13) Gasoil barrel FOB Singapore – 48.77 (-0.08) LSWR barrel FOB Indonesia – 26.30 (+0.40) HSFO 180cst tonne FOB Singapore – 187.75 (+1.35) HSFO 380cst...

Openspec naphtha tonne C+F Japan – US$ 397.20 (+US$0.53 from Jan 11 closing) 95 ron unleaded gasoline barrel FOB Singapore – 46.22 (+1.19) Jet kerosene barrel FOB Singapore – 50.16 (-0.49) Gasoil barrel FOB Singapore – 48.85 (-0.80) LSWR barrel FOB Indonesia – 25.90 (-0.25) HSFO 180cst tonne FOB Singapore – 186.40 (+4.60) HSFO 380cst...

US engineering company Honeywell said it has begun working on a “multimillion dollar automation project” with engineering services contractor Parsons FluorDaniel (PFD) as part of a US$3 billion asset development program to expand operations at Tengizchevroil’s (TCO) oilfield in Tengiz, Kazakhstan. The project will increase TCO’s oil production capacity from 13 million tonnes per year...

Huaneng Power International, China’s largest listed independent power producer, said it has been given the go-ahead to raise tariffs for additional power it generates by up to 7.7% in a plan to offset rising coal prices.   The Hong Kong-listed company said it received approval from the National Development and Reform Commission (NDRC) for the...

Against the odds, oil prices in December slipped to their lowest levels in four months. Despite the arrival of cold weather, the devastating impact of the world’s most power earthquake in 40 years and unfavourable news from the Middle East, traders briefly paid more attention to the bearish impact of rising US oil inventory levels....

Iran has expanded its nominal power generating capacity by 60% to 36,000 MW over the last eight years, said Energy Minister Habibollah Bitaraf, according to the Iranian news agency IRNA.   Addressing a recent ceremony to commemorate the 100th anniversary of Iran’s electricity industry, Mr Bitaraf added that 63-400 KW transmission lines of the country...

China Petroleum & Chemical Corporation (Sinopec), one of Asia’s largest oil refiners, has offered to buy the remaining 30% that it does not already own in subsidiary Beijing Yanhua Petrochemical Company. At HK$3.80 a share, Sinopec will pay HK$3.846 billion (US$492 million) for the stake.   Sinopec said it will effect the purchase through Beijing...

Despite logistics difficulties caused by the December 26 tsunami, IndianOil Corporation maintained fuel supplies throughout to customers in the Indian Ocean and the country’s ravaged eastern coastline, the Business Standard newspaper reported. IndianOil is the only company to sell petroleum products in the Andaman and Nicobar islands in the Indian Ocean.   The company has...

Indian companies have been invited to set up a joint-venture oil refinery in Saudi Arabia to produce oil products for export. This and other mutual investment opportunities were discussed in New Delhi last week by the visiting Saudi Arabian Oil Minister Ali Al Naimi and India’s Petroleum Minister Mani Shankar Aiyar, the Press Trust of...

The Pakistan government will sell off 20% of its stake in Kot Addu Power Company (Kapco) at Rs30 per share (51 US cents) in an initial public offering (IPO) later this month.   Islamabad was expected to earn potential proceeds of up to 5.28 billion rupees (US$90 million) from the stake sale, the Dawn newspaper...

Thai olefins producer National Petrochemical Plc (NPC) plans to invest about 1.2 billion baht (US$1=39 baht) to expand the capacity of its power plant in Map Ta Phut, Rayong province by 35MW to 205MW. The extra generation capacity, to be ready in two years, is needed to meet rising power demand from NPC’s petrochemical complex,...

Oil tanker service provider Khunnathee Co has offered to pay up to 800 million baht for a 30% stake in Thai Maritime Navigation Co (TMN) Ð a state enterprise under the Transport Ministry, the Bangkok Post reported. (US$1=39 baht).   Khunnathee director Somboon Simasaengyaporn said his company planned to inject 700 million to 800 million...

Anil Ambani, the vice-chairman of Reliance Industries, has resigned as vice-chairman of the group’s India Petrochemicals Ltd (IPCL).   Mr Ambani, locked in a bitter ownership struggle with elder brother and Reliance Industries chairman Mukesh, has submitted his resignation to the board of IPCL, sources, told Indo-Asian News Service.   Reliance had acquired the government’s...