THAILAND: Bangchak Petroleum predicts a 20% surge in its crude oil import this year

(EnergyAsia, March 23) — Thailand’s Bangchak Petroleum Plc (BCP), one of the country’s leading oil refiners, has predicted that its total oil import may rise by as much as 20% to 600,000 barrels this year in keeping with the country’s rapid economic growth.   “The value and the volume of imported oil have increased because...

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CHINA: Dalian to build country’s largest oil products port terminal

(EnergyAsia, March 23) — PetroChina has approved Dalian Petrochemical Corp’s plans to build two major oil product terminals of 30,000 and 50,000-ton capacities, according to Xinhua News Agency.   Citing the Liaoning Provincial Development and Reform Committee, the reported said construction of the 190 million yuan project is scheduled to start in early 2006 and...

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CHINA: ADB opens first Clean Development Mechanism (CDM) facility project to buyers

(EnergyAsia, March 23) — A coal mine methane-coal bed methane utilisation project in Fuxin, China has become the first project under the Clean Development Mechanism (CDM) Facility of the Asian Development Bank (ADB) to be offer for sale to carbon buyers. The project is also supported by the ADB.   Between 2006 and 2012, more...

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CONFERENCE: INTERTANKO to host Athens Tanker Event on April 10-13

(EnergyAsia, March 23) — INTERTANKO, the association of tanker owners, will host its Athens Tanker Event at the Divani Apollon Palace & Spa on April10-13. The event aims to provide delegates with analyses and updates on the world economy, and on the energy, finance and tanker markets. Industry experts will share their views and forecasts...

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CHINA: Largo Vista Group signs agreement with Shanghai Offshore Oil Group

(EnergyAsia, March 23) — California-based Largo Vista Group, Ltd said it has signed an in-principle agreement with Shanghai Offshore Oil Group (HK) Co., Ltd in relation to supplying petrochemicals from Russia to end-users in China. Initially, three cargoes of 30,000 metric tons will be delivered each month, later rising to 200,000 metric tons.   Largo...

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ASIA: More than $1 trillion needed in roads, water, communications, and power investments over next

(EnergyAsia, March 23) — Developing countries in East Asia need to spend more than US$1 trillion over the next five years in roads, water, communications, power, and other infrastructure to cope with rapidly expanding cities, increasing populations, and the growing demands of the private sector, said a new study released here today by the Asian...

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CHINA: CNOOC to expand LNG operations

(EnergyAsia, March 23) — China’s third-largest oil and gas producer – China National Offshore Oil Corp (CNOOC) – aims to expand its liquefied natural gas (LNG) business this year, according to a China Daily report.   “We will rev up efforts to put the Guangdong LNG programme into operation in the middle of next year,...

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INDIA: Oil import bill could top Rs 1 trillion this financial year

(EnergyAsia, March 23) — India’s net oil import bill could rise 30% to reach Rs 1,000 billion (US$1=Rs43) in the current financial year to March 31, said Petroleum Secretary S.C.Tripathi.   According to the Press Trust of India, the country’s crude oil import bill came to Rs 855.41 billion for the April-to-December period as against...

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INDIA: ONGC to build Rs 40 billion refinery in Rajasthan state

(EnergyAsia, March 23) — India’s state upstream company Oil and Natural Gas Corp (ONGC) is interested to build a 5-million-ton/year oil refinery in Barmer in Rajasthan state, the site of recent oil discoveries by upstream company Cairn Energy of UK.   “We are talking to Cairn Energy to jointly set up the refinery. Talks are...

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MYANMAR: Unocal announced settlement reached in lawsuits over Yadana pipeline

(EnergyAsia, March 23) — California-based energy company Unocal said it has settled four lawsuits brought against it by parties related to the company’s investment in Myanma’s Yadana gas pipeline project. The lawsuits alleged that people living near the gas pipeline suffered human rights abuses, worked under slave-like conditions and were victims of various crimes.  ...

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VIETNAM: Hanoi approves development of Van Phong Bay

(EnergyAsia, March 22) — Vietnam’s Van Phong Bay Economic Zone in the central coastal Khanh Hoa Province will be developed into a major shipping, container, refuelling and oil storage hub to accelerate the country’s economic expansion. Prime Minister Phan Van Khai has approved a US$104 million plan to launch the project’s first phase covering 150,000...

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THAILAND: Public sale of merged refineries might net US$1 billion

(EnergyAsia, March 22) — PTT Plc, Thailand’s largest energy firm, said it expects the initial public offering this year of its refinery business to raise roughly US$1 billion, reported the Bangkok Post. The company plans to merge its two refineries, Rayong Refinery and Star Petroleum Refinery, and list 25% of the the unit by year-end....

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KOREA: Agencies give SK Corp a ratings boost

(EnergyAsia, March 22) — Two agencies have raised the management and credit rating of Korea’s largest refiner, SK Corp, strengthening chairman Chey Tae-won’s hold on the company.             US investment bank Merrill Lynch and Korea Ratings have issued separate reports that are highly favourable to Mr Chey’s management, which earlier had faced a no-confidence vote...

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AUSTRALIA: Woodside and Korea National Oil Corporation sign joint study agreement

(EnergyAsia, March 22) — Australian upstream company Woodside Energy Ltd. and the Korea National Oil Corporation (KNOC) have signed a joint study agreement to review the hydrocarbon potential of the Ulleung Basin located off the east coast of Korea. The basin is located north of the Donghae-1 gas field, South Korea’s only producing hydrocarbon project....

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INDIA: GAIL to set up JV for city gas projects in Syria

(EnergyAsia, March 22) — Indian gas company GAIL said it is setting up a joint venture company with The Syrian Company for Distribution of Gaz to undertake city gas distribution projects in Syria.   GAIL said it has been qualified by the Syrian company out of the 23 companies that had bid for the role...

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BIOFUELS: Oil minister encouraging crop cultivation for biodiesel production

 (EnergyAsia, March 22) — With oil prices stuck at record high levels, India’s petroleum minister Mani Shankar Aiyar is encouraging private companies to team up with local authorities to cultivate the jatropha crop on a mass scale to produce biodiesel.             “We currently import over 70% of our oil needs and this could go up...

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DUBAI: DPI signs 30 year concession with Fujairah Port Authority

(EnergyAsia, March 22) — Dubai Ports International (DPI), one of the world’s leading port operators, has been awarded a 30-year concession to develop and operate the container terminal at the Port of Fujairah in the UAE. In a statement, DPI said its agreement with the Fujairah Port Authority also includes an option to mutually extend...

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MARKETS: ChevronTexaco said Ivan-damaged oil platform returned to production ahead of schedule

(EnergyAsia, March 22) — US major ChevronTexaco said that its Hurricane Ivan-damaged Petronius platform in the Gulf of Mexico has resumed production. The hurricane struck last year, resulting in the shutdown of a significant volume of oil production in the gulf.   ChevronTexaco said that as Ivan approached the Alabama Gulf Coast, its eye nearly...

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SINGAPORE: Keppel secures repeat rig order from Odfjell worth US$121 million

(EnergyAsia, March 22) — Keppel FELS Ltd, the wholly owned subsidiary of Singapore’s Keppel Corporation Ltd, has secured a repeat order from Odfjell Invest (Odfjell) for a KFELS B class jackup rig worth US$121 million. The rig is scheduled for delivery in the second quarter of 2007. Keppel said the contract follows from Odfjell’s exercise...

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MALAYSIA: MMM in JV bunker, storage project in Iraq

(EnergyAsia, March 22) — Shipping company Malaysian Merchant Marine Bhd (MMM), is embarking on a joint venture with state-owned Iraqi Oil Tankers Co (IOTC) to supply bunker fuels to Iraqi ports and oil terminals for a minimum contract period of eight years. MMM said it will be the operator of the new joint-venture company to...

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SINGAPORE: China Aviation Oil sues Goldman Sachs’s J.Aron

(EnergyAsia, March 21) — Financially-stricken China Aviation Oil Corp (CAO), swamped with lawsuits from creditors after losing US$550 million in oil derivatives trades last year, has launched one of its own against a former trading counterpart. The suit against J. Aron & Company, the commodities division of Goldman Sachs, could mark a shift in Singapore-listed...

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CHINA: Power supply to remain short this year

(EnergyAsia, March 21) — China will continue to experience serious power shortages this year, with the worst shortfall expected in the summer, said Liu Zhenya, general manager of the State Grid Corp. of China. He told Xinhuanet the shortfall could reach as high as about 25 million kilowatts.   Mr Liu, a deputy to the...

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CHINA: BP, Sinopec sign a JV contract for their Nanjing acetic acid plant

(EnergyAsia, March 21) — Sinopec and BP last week signed an equal joint venture contract in Beijing to build a 500,000 tonne per year acetic acid plant in Nanjing, Jiangsu province.   BP said “this world-scale joint venture is expected to be on stream in the second half of 2007” and will “incorporate BP’s world...

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IRAQ: Halliburton’s KBR completes a major power substation project

(EnergyAsia, March 21) — KBR, a subsidiary of Halliburton, said it has completed the construction of the US$59.4 million Al Ameen power substation project, the largest substation in Iraq, outside of Baghdad.   The substation, key to Iraq’s ability to provide efficient power distribution throughout Baghdad and the rest of the country, is one of...

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INDIA: IndianOil Corp targets US$60 billion revenue by 2011

(EnergyAsia, March 21) — Indian Oil Corporation Ltd is targeting to raise its total revenues to US$60 billion by 2011 from US$35 billion this year, according to marketing director N.G. Kannan. He told the Times of India that IOC plans to grow its petrochemicals, gas and oil exploration and production businesses. He predicted petrochemicals revenues...

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