The United Arab Emirates said it will continue to invest in Asia’s oil and gas sector and raise its hydrocarbon output to meet the region’s demand. According to Kuwait’s KUNA news agency, Energy Minister Mohammed Al-Hamli told a gathering of Asian oil ministers in New Delhi that the UAE is ready to supply the...
Financially-stricken China Aviation Oil Singapore Corp (CAO) said it has not received any notice of class-action lawsuit from the US pertaining to its US$550 million trading loss in the oil derivatives market. The Singapore-listed company has been suspended, leaving thousands of investors stranded, while its CEO has been arrested but has yet to be charged....
Thailand’s PTT Exploration and Production Plc has announced plans to invest 133.8 billion baht (US$3.4 billion) into capital expenditure and operations over the next five years. In an announcement to the Stock Exchange of Thailand, company president Maroot Mrigadat said the amount covered operations of PTTEP and its subsidiaries, which are operating 24 projects in...
India’s upstream company ONGC Videsh has sought government permission to acquire a 15% in Yuganskneftegas, the main production unit of Yukos, in Russia. ONGC Videsh could pay up to $2 billion for the asset in the biggest overseas foray by an Indian oil company, reported Business Standard. In 2001, ONGC Videsh bought a 20% stake...
Netherlands-based marine engineering firm Bluewater Energy Services B.V. has won a contract for the design and supply of a complete Single Point Mooring (SPM) system for Indonesia’s Tuban Aromatic Plant, the company said in a statement. The system will be used to import condensate from the refinery owned by PT Trans Pacific Petrochemical Indotama...
Italian upstream company Agip KCO, as operator of the North Caspian Sea Production Sharing Agreement, has awarded GE Energy a contract to supply an ultra high-pressure, sour gas injection system for the Kashagan oil field in the North Caspian Sea. Located off the coast of Kazakhstan, Kashagan is one of the largest fields discovered over...
Openspec naphtha tonne C+F Japan – US$399.75 (+US$11.25 from Jan 06 closing) 95 ron unleaded gasoline barrel FOB Singapore – 44.50 (+2.20) Jet kerosene barrel FOB Singapore Ð 47.63 (+1.31) Gasoil barrel FOB Singapore Ð 47.30 (+0.69) LSWR barrel FOB Indonesia – 23.76 (+1.41) HSFO 180cst tonne FOB Singapore Ð 177.50 (+3.16) HSFO 380cst tonne FOB Singapore – 163.00 (+5.15) ...
Hong Kong-listed Panva Gas, through a subsidiary company, has bought a 51% stake in Anshan City Gas in the city of Anshan, Liaoning province for RMB70.5 million. (US$1=RMB8.3). In a statement, Panva Gas said that wholly-owned Panriver Investments signed the agreement with Anshan City Bureau and Shanghai Investment effecting the purchase. Shanghai Investment will...
Indian Oil Corporation Ltd (IOC) has bolstered its re-fuelling services feeding the rescue efforts of India’s Air Force, Navy, Coast Guard and the state administrations along the Tsunami-affected areas in parts of South India and the Andaman and Nicobar Islands, Indian new agency PTI reported. “IOC has moved aviation fuelling to parts of Tamil...
Indonesian state oil company Pertamina’s oil exploration and production activities in Aceh province have not been affected by the strong earthquake and resulting tsunamis that struck on December 26, according to Antara news agency. However, the company is still waiting a full report on the state of its fuel oil depots in Meulaboh, Krueng,...
Thai state energy major PTT said the country’s oil and gas demand rose 7.8% to 1,127,600 barrels per day (b/d) in the first 10 months of 2004. Consumption of refined oil products rose 10.3% to 711,300 b/d. Demand for diesel oil was up 11.3% to 331,200 b/d, fuel oil jumped 24.8% to 106,500 b/d,...
China’s 4,000-kilometre-long natural gas pipeline, linking the gas-rich Xinjian Uygur region with in the northwest with east China’s Shanghai municipality started commercial operations December 30, Xinhua news agency reported. Citing Xu Dingming, head of the energy bureau of the National Development and Reform Commission, Xinhua said the pipeline is expected to massively boost energy...
Openspec naphtha tonne C+F Japan – US$388.50 (+US$2 from Jan 5 closing) 95 ron unleaded gasoline barrel FOB Singapore – 42.30 (-US$1) Jet kerosene barrel FOB Singapore Ð 46.32 (-0.62) Gasoil barrel FOB Singapore Ð 46.61 (-0.39) LSWR barrel FOB Indonesia – 22.35 (-0.49) HSFO 180cst tonne FOB Singapore Ð 174.34 (-0.05) HSFO 380cst tonne FOB Singapore – 157.85 (+1.85)...
Indian oil downstream company Bharat Petroleum Corp. Ltd. (BPCL) has selected Triple Point Technology to provide advanced commodity risk management and transaction processing technology to manage the physical and financial trading and movement of its crude oil and refined products. Triple Point said: “The core of the solution will consist of the Triple Point...
Australian upstream company Roc Oil is poised to expand its British interests with an option to explore in the North Sea, according to the Age newspaper. Roc said it had entered an “unusual” agreement with British oil company Acorn Oil & Gas that would give it an option to buy up to 26% of...
Shell Gas Lanka Ltd (SGLL) has renewed for two more years its agreement with Unique Gas Systems (Pvt) Limited for the installation and maintenance of all bulk liquefied petroleum gas (LPG) installations in Sri Lanka, the Daily News newspaper reported. The agreement, in effect since 1998, is renewed biannually and gives Unique Gas exclusive...
China Shipping Development, the country’s largest oil and coal shipper, is aggressively expanding its fleet size to transport oil by spending US$244 million to build five vessels, Hong Kong’s The Standard reported. The company’s board has agreed to build a 298,000-tonne crude carrier for US$100 million and four 52,000-tonne oil tankers for US$144 million,...
As world oil prices continue to stay firm, a Malaysian engineering company headed by a son of former Prime Minister Mahathir Mohamad is preparing to snare more contracts from oil companies. To date, HL Engineering (M) Sdn Bhd, an integrated oil and gas services provider, has completed more than RM300 million (US$79 million) worth...
The Pakistan government has won an international arbitration case filed by Malaysian firm Sabah Shipyard which claimed a US$510 million compensation for the non-implementation of a power project in Karachi. The sole arbitrator, appointed by the Paris-based International Chamber of Commerce, also ruled that the Malaysian firm must pay full legal costs amounting to...
If the Philippines Department of Energy’s (DoE) proposal to double the country’s renewable energy-based capacity by 2010 succeeds, Metro Manila will run on compressed natural gas (CNG), according to a report in the Manila Times. Consisting primarily of methane, CNG is stored under high pressure and used as an alternative fuel for motor vehicles....
A surge in the country’s import bill, mainly as a result of soaring oil prices, has shaved 56% off Philippines’ trade surplus for October, the Manila Times reported. The country’s imports rose 16.3% in October from the same month last year on a robust domestic demand for crude oil, steel, textile and electronic products,...
Thai refiner Bangchak Petroleum Plc (BCP) plans to borrow US$190 million from local banks to fund the construction of a new secondary oil refining unit late this year, the Business Day newspaper reported. The unit to upgrade fuel oil to lighter products will be in service from late 2007, Business Day quoted BCP managing...
Thailand’s domestic power supply targets will be revised downwards as demand is likely to decline this year in line with a slowdown in economic growth after the tsunami catastrophe, an Energy Ministry source told The Nation newspaper. He said if the growth forecast was scaled down, the demand for electricity and alternatives such as...
Keppel Offshore & Marine Ltd (Keppel O&M), the wholly owned subsidiary of Singapore’s Keppel Corporation Limited, has acquired from the PEM Setal Group the latter’s entire 17.25% interest in FELS Setal S.A for US$5 million. Keppel said the sum was based on the net assets of the company and its existing contracts. With the...
Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Singapore’s Keppel Corporation Ltd, has secured a US$110 million contract to build a jackup rig for Petrovietnam Drilling & Well Services Company (PV Drilling). PV Drilling, a subsidiary of PetroVietnam, the state oil and gas company of Vietnam, specialises in drilling, manpower provision, well services, tubular...