(EnergyAsia, June 6) — Singapore’s Keppel Shipyard Ltd said it has agreed with Charter Development Limited Liability Company (CDC), a special purpose company of ABN Amro Bank’s Brazilian unit, for the hull conversion of a Floating Production Unit (FPU) for US$174 million. Work includes marine conversion as well as the fabrication and integration of...
(EnergyAsia, June 9) — Teco Electric & Machinery Co Ltd, one of Taiwan’s leading manufacturers of electric machinery, and Japan’s Kyushu Power Co have announced plans to set up a thermal power plant in the Subic Bay Industrial Park in the Philippines. The project is estimated to cost more than NT$2 billion (US$1=NT$31). According...
(EnergyAsia, June 9) — Australia’s Origin Energy said its new South East South Australia (SESA) pipeline has begun supplying natural gas to the local south east pipeline network around Mt Gambier, Penola and Millicent. Origin’s general manager for public and government affairs, Tony Wood, said: “The natural gas now flowing into the south...
(EnergyAsia, June 9) — India’s Bharat Petroleum Corporation Ltd (BPCL) said it has posted a 15.1% decline in net profit to Rs3.514 billion for the quarter ended March 31, 2005. (US$1=Rs45). Total Income (net of excise) has increased to Rs161.108 billion for the quarter, compared with Rs139.713 billion last month. The company has...
(EnergyAsia, June 9) — Police have arrested the top five executives of China Aviation Oil, including CEO Chen Jiulin, for their role in the company’s losses of more than US$500 million from trading oil derivatives last year. The losses nearly bankrupted China’s main jet fuel supplier and inflicted huge losses on other oil companies that...
(EnergyAsia, June 9) — Sakhalin Energy said its multi-billion dollar Phase 2 Project has achieved another major marketing success with the signing of a Heads of Agreement (HoA) for the sale and purchase of liquefied natural gas (LNG) with Japan’s Tohoku Electric Power Co Inc. The deal calls for the supply of up...
Allegro Development Asia Pte Ltd has been expanding its Singapore-based Asia-Pacific office since its start-up last year. The company provides energy trading risk management (ETRM) system. Contact: 20 Raffles Place, Ocean Towers #12-01, Singapore 048620. Tel: 62365730, Fax: 65365358. Roderick MacNab is director of sales and marketing for the Asia-Pacific region. Mr Macnab was previously...
(EnergyAsia, June 9) — Saudi Basic Industries Corporation (SABIC) said it has signed a letter of intent with Fluor Company, a US engineering firm, to construct utilities and site facilities at SABIC affiliate’s Yanbu National Petrochemicals Company (YANSAB) in Yanbu. The letter was signed in the presence of Mohamed Al-Mady, SABIC vice chairman and...
(EnergyAsia, June 9) — Ford Motor Co will make available in Thailand its entire range of flexible fuel vehicles (FFVs) that can operate on any various biofuel blends, reported the Bangkok Post. John Felice, president of Ford Thailand, told the newspaper: “It’s our vision to become Thailand’s foremost leader in ethanol technology.” All...
(EnergyAsia, June 8) — Project intelligence available on request. Over the next five years, the GCC region will spend over US$200 billion on infrastructure, energy and civil construction projects. More than half of this amount will be spent on oil, gas, petrochemical, power and water projects. In the energy industry, according to Sentinel,...
(EnergyAsia, June 8) — Thailand’s Picnic Gas and Engineering Plc said its managing director and director Theeratchanon Lapvisutisin is stepping down effective June 16. Mr Theeratchanon announced his resignation in a statement to the Stock Exchange of Thailand, but did not give any reasons. Picnic shares have been suspended from trade on the SET since...
(EnergyAsia, June 8) — Brunei has appointed Yahya Bakar, a former civil servant, to the new position of energy minister, said Brunei’s absolute monarch Sultan Hassanal Bolkiah, who is also prime minister, defence minister and finance minister. The oil sector previously came under the Petroleum Unit, a department in the prime minister’s office. Oil and...
(EnergyAsia, June 8) — Talisman Malaysia Limited, a wholly owned subsidiary of Canada’s Talisman Energy Inc, said it has been granted additional acreage to be included within the Block PM-3 Commercial Arrangement Area (CAA) offshore Malaysia and Vietnam. “The additional acreage to Block PM-3 CAA represents another important step in our strategy to grow our...
(EnergyAsia, June 8) — Canada’s Ballard Power Systems Inc has announced the signing of a Memorandum of Understanding (MOU) with Japan’s EBARA Corporation and their jointly-owned company, EBARA BALLARD Corporation, related to a transaction that will provide funding for the next generation of cogeneration fuel cell stack and system technology. The transaction will provide Ballard...
(EnergyAsia, June 8) — A business survey on Indonesia conducted jointly by ADB and the World Bank has highlighted the country’s problems and the need to improve its investment climate. The report, Investment Climate and Productivity Study (ICS), presents and analyses the results of a survey of more than 700 medium and large manufacturing...
(EnergyAsia, June 8) — China’s price controls on domestic oil products, with the exception of diesel, are to be further liberalised by end 2006. This will offer huge upside for China’s domestic refiners. Analysts predict that the clear winners will be Sinopec and its affiliates, Sinopec Zhenhai Refining & Chemical (ZRCC) and Sinopec Shanghai Petrochemical...
(EnergyAsia, June 8) Ð Malaysia’s Felcra Bhd plans to invest between RM40 million and RM60 million to build a biodiesel plant in either Perak or Pahang states, according to Benama news agency. (US$1=RM3.8). Chairman Hamzah Zainuddin told Bernama: “We are in discussion with a German company. If its technology is suitable, we may start...
By Bob Ellison* (EnergyAsia, June 8) — Oil price transparency can be elusive, particularly in Asia. Several factors impact on how transparent a particular grade of oil will be, as well as how useful it can be as a contract pricing benchmark. Liquidity is the most obvious. If something isn’t trading actively, it’s difficult to...
(EnergyAsia, June 8) — Business groups are lobbying the Philippine government to stockpile crude oil to meet the country’s consumption and to reduce the volatility in domestic oil prices. The Philippine Chamber of Commerce and Industry (PCCI) said that since the government is the biggest consumer of imported oil, it should build up stockpiles. ...
(EnergyAsia, June 8) — Terrorism, wars, trade tensions, the global scramble for natural resources, business cycles, AIDS and killer flu dominate our headlines today. With this daily serving of paranoia, it would seem trivial to talk about the weather. Yet, the weather could be the latest — and possibly biggest — item of concern....
(EnergyAsia, June 7) — Without a hint, Sri Lanka raised domestic fuel prices by an average 7.5% Sunday (June 5) as it attempts to rein in its rising budget deficit. The increase is the second this year when fuel prices were raised by 18% in May. In the latest increases, gasoline price rose by...
(EnergyAsia, June 7) — Australian resources company BHP Billiton said its board of directors will hold its June meeting in Beijing as part of a visit to gain first-hand insights into issues affecting China and the company’s Chinese customers. This will be the first time that the BHP Billiton board has met in China....
(EnergyAsia, June 7) — Australian upstream company Santos Limited said it has signed a long-term contract for the sale of gas from its 75% owned Maleo field in Indonesia to PT Perusahaan Gas Negara (PGN). Santos (Madura Offshore) Pty Ltd, a wholly-owned Santos subsidiary and operator of the Madura Offshore PSC, has contracted to sell...
(EnergyAsia, June 7) — EPPCO Lubricants, which markets and distributes products of ENOC Lubricants throughout the UAE Ð has launched its newly revamped proprietary product range at Automechanika Gulf 2005 Ð the Middle East’s leading automotive aftermarket event at the Dubai World Trade Centre last month. A specially-designed stand in the shape of the...
(EnergyAsia, June 7) — Indian upstream company Oil and Natural Gas Corp (ONGC) is interested to take up the 20% stake in an Iranian liquefied natural gas (LNG) project just abandoned by Malaysia’s Petronas. ONGC said its subsidiary ONGC Videsh is looking into the possibility of buying over the 20% stake in the Pars...