(EnergyAsia, July 20) — Repair works at India’s Cochin Oil Terminal (COT) have been completed successfully and ahead of schedule. The Hindu Business Line reported that the repairs involved replacement and renovations of pipelines at COT which were worn out by corrosion. Operations at Kochi Refineries Ltd plant were not negatively impacted by...
(EnergyAsia, July 20) — S.V. Narasimhan has been named to the board of Indian Oil Corporation Ltd as finance director. He takes over from P Sugavanam who has retired. Mr Narasimhan was previously managing director of Chennai Petroleum Corporation Ltd. (CPCL), an IndianOil Group Company. A Chartered Accountant by profession, he has more than...
(EnergyAsia, July 20) — Korea Gas Corporation (Kogas) and Vopak Asia Pte Ltd have signed an agreement with the intention of collaborating on the development of one or more receiving terminals for liquefied natural gas (LNG) in Asia. They will jointly look into issues such as where to site the terminal in Asia, type...
(EnergyAsia, July 20) — Indian Oiltanking Ltd (IOTL), the IndianOil – Oiltanking GmbH joint venture, is looking to provide LNG storage and terminalling services in India. According to the Financial Express, the company could soon make a decision on the matter within weeks. Having acquired a 55% stake in Stewarts & Lloyds last...
(EnergyAsia, July 20) Ð Indonesia’s House of Representatives revised upward the 2005 state budget to approve Rp 76.5 trillion in fuel subsidies, but this is likely to provide only temporary relief as oil prices continue to rise. (US$=Rp9,790). Fuel subsidies could balloon further as world oil prices reached a new high of more than...
(EnergyAsia, July 20) — A prominent critic wants Vietnamese power utility Electricity of Vietnam (EVN) to be held accountable for the recent blackouts in the country’s northern regions. Nguyen Manh Hien, a former director of the Electricity of Vietnam’s Energy Institute, told the Vietnam News Service that the outages, which cost the country millions...
(EnergyAsia, July 19) — US-listed El Paso Corporation said it has completed the previously announced sale of its 50% interest in Korean Independent Energy Corporation (KIECO) to Korea Power Investments Co., Limited for approximately $284 million. El Paso will record a pre-tax gain of approximately $111 million on this transaction. KIECO owns a 1,800-megawatt...
(EnergyAsia, July 19) — Sinopec, ExxonMobil and Saudi Aramco recently held a groundbreaking ceremony for their jointly-owned integrated refining and ethylene complex in Quanzhou in China’s Fujian province. Leading Chinese politicians led by Sheng Huaren, vice chairman and secretary general of the Standing Committee of the National People’s Congress, attended the event which...
(EnergyAsia, July 19) — PetroChina Company Limited said it recorded rapid growth with improved operational indicators in the first half of 2005, boosted by higher production and rising oil prices. PetroChina said it tapped into old oilfields and boosted capacity at new fields. By enhancing production at oil blocks in the western region and...
(EnergyAsia, July 19) —- OMV, Central Europe’s leading oil and gas group, said it has signed a production sharing agreement with Yemen’s Ministry of Oil and Mineral Resources. The new agreement enables OMV (Yemen) Al Mabar Exploration GmbH, a wholly owned subsidiary of OMV Exploration & Production GmbH, to conduct exploration and production activities in...
(EnergyAsia, July 19) — US engineering firm Bechtel said it and the governments of India and Maharashtra have reached a settlement over their dispute of the proposed Dabhol power project. In exchange for $160 million in compensation for its equity and contractor claims, Bechtel agreed to forgo international arbitration over the expropriation of its...
(EnergyAsia, July 19) — The Japanese government has granted Teikoku Oil Co test-drilling rights for oil and gas in an area of the East China Sea claimed by Japan and China, according to Japanese media reports. The move may heighten political tensions and hurt trade relations between the countries, the reports said. Tokyo’s...
(EnergyAsia, July 19) — The New York Mercantile Exchange, Inc (NYMEX) and ICAP have announced that they will launch an electronic market in sameÐday overÐtheÐcounter (OTC) options on promptÐmonth settlement prices for crude oil and natural gas. Starting yesterday, 30-minute auctions were held in the morning of each NYMEX trading day. The service will...
(EnergyAsia, July 19) — Engineering firm Foster Wheeler Ltd said its UK subsidiary Foster Wheeler Energy Limited has been awarded a contract by OJSC “Oil Company Alliance” (Alliance) to prepare a basic design package for a hydrogen production facility at its Khabarovsk refinery in Russia. The new plant will produce 27 million standard cubic feet...
(EnergyAsia, July 19) — From last week, diesel users in Thailand started paying full market price as the government stopped subsidsing the fuel in the face of rising oil prices. Diesel at the pump was raised by 0.09 to 0.11 baht per liter, capping a series of fuel prices throughout this year.(US$1=40 baht). Local...
(EnergyAsia, July 19) — ICIS-LOR, the global market pricing and intelligence service for the chemicals and oil industry, said it has launched the ICIS-LOR Ethylene Index (EIX), which will be used as the benchmark settlement price for the world’s first over-the-counter (OTC) ethylene futures contract. Bursa Malaysia, formerly known as the Kuala Lumpur Stock...
(EnergyAsia, July 18) — Vietnam’s Ministry of Industry has announced plans to create a national oil storage project to hold at least 35 days of stockpile for emergency use. A draft of the plan is to be submitted to the government in September. The ministry has proposed that the facility store both refined...
(EnergyAsia, July 18) — China could be spending more than US$50 billion for its oil import this year as a result of high oil prices and surging domestic demand. According to the Customs General Administration, China spent $43.16 billion on importing crude oil and oil products last year. In the first half of this year...
(EnergyAsia, July 18) — ONGC Videsh Ltd, the overseas arm of India’s state-owned Oil and Natural Gas Corp (ONGC), is eyeing the acquisition of Canadian oil firm PetroKazakhstan, which drills for oil and has refinery operations in Kazakhstan, the Press Trust of India (PTI) reported. PetroKazakhstan faces some US$220 million in claims from...
(EnergyAsia, July 18) — Sakhalin Energy Investment Company (SEIC) has announced that its Phase 2 project investment costs, covering all planned development activity including drilling activity through to 2014, could rise to as much as US$20 billion. LNG deliveries are expected to start in the summer of 2008, said a statement from the Shell Group,...
(EnergyAsia, July 18) — INTERTANKO, the association of tanker owners, said it is holding an international tanker event in Singapore next March 29-31. The conference will open with several “high-powered” industry speakers who will discuss the focus and direction of the tanker industry, and analyses of the tanker and oil markets. Intertanko said...
(EnergyAsia, July 18) — Indian Oiltanking Ltd (IOTL), an equal joint venture between Indian Oil and Oiltanking GmbH of Germany, is setting up a Rs60 million terminal facility for crude oil and refined petroleum products in southern India. (US$1=Rs45). According to Business Line, the project will support the proposed six million tonne refinery of...
(EnergyAsia, July 18) — Unique Gas and Petrochemicals Plc, Thailand’s second largest liquefied petroleum gas (LPG) trader, will invest 240 million baht in expansion this year, said managing director Supachai Weeraborwornpong. (US$1=39 baht). According to the Bangkok Post, the company will invest 200 million baht in making gas containers and building gas depots in...
(EnergyAsia, July 18) — Nigeria will soon begin supplying China 30,000 barrels/day of crude oil following the signing of an agreement between PetroChina International and the Nigerian National Petroleum Corporation (NNPC). Si Bingjun, managing director of PetroChina, and Edmund Daukoru, special adviser to Nigerian President Olusegun Obasanjo on Energy and Oil Matters, signed the...
(EnergyAsia, July 18) — INTERTANKO, the association of tanker owners, said it is holding an international tanker event in Singapore next March 29-31. The conference will open with several “high-powered” industry speakers who will discuss the focus and direction of the tanker industry, and analyses of the tanker and oil markets. Intertanko said...