(EnergyAsia, June 21) — Despite recent price spikes, gasoline remains relatively inexpensive in historical terms and in comparison to other consumer expenditures, according to an analysis by US energy research firm John S. Herold, Inc. “Even with unleaded regular selling for more than US$2 per gallon, the increase in gasoline prices since 1982 is 25%...
(EnergyAsia, June 21) — Russia-based Sakhalin Energy said it has resumed oil production off Sakhalin Island with the opening of the seventh crude oil production season. Oil is produced at the Vityaz production complex at the Astokh feature of Piltun-Astokhskoye (PA) oil field. Due to severe climatic conditions in the Okhotsk Sea, Vityaz production...
(EnergyAsia, June 21) — US major Chevron’s decision to invest $3.5 billion in Saudi Arabia’s petrochemical sector represents a major boost for ties between the two countries, said Omar Bahlaiwa, secretary-general of the Committee of International Trade (CIT) at the Saudi Council Chambers of Commerce and Industry. The investment reflects the confidence of US firms...
(EnergyAsia, june 21) — Singapore Exchange (SGX) has announced its intention to develop and implement an over-the-counter (OTC) clearing facility that will initially cover energy derivatives and forward freight agreements (FFA). The facility is expected to be ready in the first quarter of 2006. SGX said the growth in commodities traded and commodity-linked derivatives in...
(EnergyAsia, June 21) — Australia’s revolutionary solar photovoltaic (PV) technology SLIVER¨ has won a prestigious national Banksia environmental award. SLIVER cells were invented by researchers at the ANU Centre for Sustainable Energy Systems in a research program funded by Origin Energy. SLIVER cells dramatically reduce expensive silicon use and achieve high efficiencies, cutting by 80-90%,...
(EnergyAsia, June 20) — India last week signed its largest ever commercial deal with another country — a contract to import 5 million tonne per annum (mtpa) of LNG for 25 years beginning 2009 worth $18 billion. This is India’s second LNG import deal after the one with Qatar. Indian officials told the Financial...
(EnergyAsia, June 20) — Malaysia’s Prime Minister Abdullah Ahmad Badawi last week called on Asian national oil companies to pursue more joint investments to enhance their en ergy supply security. By 2020, Asia would consume up to 33 million barrels of oil per day or 30% of the world’s total, intensifying the global race...
(EnergyAsia, June 20) — International Rectifier Corporation, a world leader in power management technology, said it plans to participate with three leading Chinese universities to drive energy efficiency innovation in China. They include Harbin Institute of Technology, Zhejiang University and Tsinghua University. The consortium aims to provide a forum for the continuing cooperation between...
(EnergyAsia, June 20) — Thailand’s Ministry of Energy said it expects more biodiesel plants will be built around the country following the start-up of the country’s first in Sansai district in the northern province of Chiang Mai last week. The 2,000 litres a day plant was built at a cost of Bt1.5 million. (US$1=Bt40)....
(EnergyAsia, June 20) — The biofuels industry said a new report by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) confirms that ethanol is a clean and green alternative to fossil fuels. The greenhouse gas emissions of up to 70,000 cars could be removed through the use of gasoline blended with ethanol from a...
(EnergyAsia, June 20) — Eastern Petroleum Corp. (EPC), a Philippines downstream oil company, is looking to launch an initial public offering (IPO) by 2007, said its chairman. “We are looking three years down the road with profitability of at least 25-percent return on equity to make it an attractive offering. If we can hit...
(EnergyAsia, June 20) — India and Sri Lanka have agreed to complete negotiations on a Comprehensive Economic Partnership Agreement (CEPA), which seeks to expand the scope of the current Free Trade Agreement (FTA) between the two countries. According to the Press Trust of India, a joint press statement issued at the recent conclusion of...
(EnergyAsia, June 20) — Police arrested 10 heavily armed pirates, believed to be from nearby Aceh, after they had briefly hijacked a Malaysian tanker off the Malaysian island of Langkawi last week. The pirates, armed with sub-machine guns and parangs, boarded the MT Nepline Delima seven nautical miles from Thai waters in the early hours...
(EnergyAsia, June 20) — Unocal Corporation said its Unocal Thailand Limited subsidiary has started up the second oil central processing platform (CPP) at the Platong operating area in the Gulf of Thailand. The platform CPP 2 was brought online safely and on schedule marking a major milestone for the project’s goal of significantly increasing Unocal’s...
(EnergyAsia, June 20) — Oil and petrochemical manufacturers on Thailand’s Eastern Seaboard have been told to reduce or even cease operations for an indefinite period as a result of a prolonged drought. Companies operating in the area have been ‘advised’ by the Map Ta Phut Industrial Estate to cut water consumption by 40% to cope...
(EnergyAsia, June 17) — Korea’s Environment Ministry has announced the establishment of an intergovernmental panel to assess scientific, technical and socioeconomic information that could be relevant to the country’s climate change issues. The Korea Panel on Climate Change will also be tasked with recommending policies. “The panel will focus on assessing the impact...
(EnergyAsia, June 17) — US-based SunEdison LLC has launched the “SunE Solar Fund I”, a $60 million fund to support the installation of up to 25 solar electric systems in the US. The systems will be supplied by BP Solar as part of the BP Solar Energy Solutions offer and will be installed at facilities...
(EnergyAsia, June 17) — Bongaigaon Refinery and Petrochemical Limited (BRPL), an IndianOil Company subsidiary said it registered record crude oil production and net profit for the year ended March 31 2005. Its crude output rose from 2.13 million tonnes to 2.31 million tonnes while after-tax profit jumped 57% to Rs4,780 million. (US$1=Rs44). The company said...
(EnergyAsia, June 17) — China Aviation Oil (Singapore) Corporation Ltd (CAO) has written to “clarify” a June 15 article in the Singapore Business Times that it would lose its monopoly over the import of aviation fuel into China. The company said the article created “a wrong impression” with the headline “CAO to lose jet-fuel market...
(EnergyAsia, June 17) — President George W Bush said the US must help India and China become more energy-efficient in an effort to reduce the growing worldwide competition for energy resources that is leading to higher energy prices. The US is starting to feel the burden of rising fuel cost and the growing threat...
(EnergyAsia, June 17) — Malaysia will maintain crude oil production at 650,000 barrels per day to extend the life of its reserves, the CEO and President of state oil and gas company Petronas announced early this week. The country will also keep its condensates output at around 70,000 b/d, said Mohd Hassan Marican. “We...
(EnergyAsia, June 17) — Papua New Guinea wants to supply its oil and gas to the Asia Pacific markets and the US, with China, Japan and South Korea showing strong interest. PNG is working to export natural gas via pipeline to Queensland state in Australia. According to the Post Courier, PNG Deputy Prime Minister and...
(EnergyAsia, June 17) — In a unique event for Russia, the concrete gravity base substructure (CGBS) for the Sakhalin II Phase 2 Project’s Lunskoye A platform began its epic journey to Sakhalin, when it was towed out of the dry dock in Nakhodka near Vladivostok this week. Sakhalin Energy said: “The first of its...
(EnergyAsia, June 17) — MayBan Securities has recommended investors to buy the stocks of Malaysia’s SapuraCrest Petroleum. SapuraCrest Petroleum recently announced that subsidiary Sarku Resources Sdn Bhd had entered into a Memorandum of Agreement (MOA) to acquire a vessel from Mepis Clementine Limited for US$11 million. The vessel, known as Miss Clementine, is a cable...
(EnergyAsia, June 17) — The northern Malaysian state of Kedah has ambitious plans to become the site for the world’s largest oil refining, trading and logistics hub. Little known Sierra Petroleum (M) Sdn Bhd has proposed to build the RM38 billion complex over a 23km stretch of beach between Kuala Kedah and Kuala Sanglang....