(EnergyAsia, August 15) — Malaysian Merchant Marine Bhd (MMM), the country’s second largest shipping concern, will resume talks by as early as next month, with the Iraqi government to supply bunker fuel to ports and oil terminals in Iraq. Malay Mail reported that the talks had reached an “impasse” over the last couple of months,...
(EnergyAsia, August 15) — Malaysian Merchant Marine Bhd (MMM), the country’s second largest shipping concern, will resume talks by as early as next month, with the Iraqi government to supply bunker fuel to ports and oil terminals in Iraq. Malay Mail reported that the talks had reached an “impasse” over the last couple of months,...
(EnergyAsia, August 15) — Finland’s W’rtsil’ said it has won a contract to deliver a 45 MW power plant to Riyadh Cement Company (RCC) in Saudi Arabia. The value of the contract, signed in June 2005, is EUR 26 million. (EUR1=US$1.24). The plant will be fully operational during the first half of 2007. RCC is...
(EnergyAsia, August 15) — The revaluation of the Chinese renminbi (RMB) could be positive for commodity and energy stocks, according to Merrill Lynch analysts. On July 21, China revalued its currency by 2.1% to RMB8.11 against the US dollar. The analysts said the revaluation could provide a stimulus to China’s investment sector because it...
(EnergyAsia, August 15) — Taiwan’s Formosa Plastics Group (FPG) will install advanced pollution control at its planned steel mill complex in Yunlin county to cut carbon dioxide (CO2) emission to record low levels. According to Taiwanese news agency CNS, the new technology will allow FPG to cut carbon dioxide emissions from the proposed steel...
(EnergyAsia, August 15) — Oil and Natural Gas Corp (ONCG) is working to restore within four week some 70% of the crude output lost after the explosion and fire at its Mumbai High North (MHN) oil platform offshore Mumbai, according to Financial Express news agency. Mumbai High produces some 110,000 b/d or 16% of India’s...
(EnergyAsia, August 12) — Washington-based ICF Consulting has issued a report stating that the lack of adequate refinery capacity may become a greater concern than availability of crude oil over the next five to 10 years. The report titled, The Emerging Oil Refinery Capacity Crunch, provides background on global oil demand history and trends, and...
(EnergyAsia, August 12) — US major Chevron Corp said it has completed its merger with Unocal Corp. Chevron said that 77.21% of Unocal shares outstanding, and 96.62% of those Unocal shares present and entitled to vote came out in favour of the merger agreement. The agreement was originally signed on April 4 and amended...
(EnergyAsa, August 12) — Singapore-listed PEARL Energy Limited has signed a contract with CUEL Limited for the construction and installation of two additional production platforms and associated pipelines for the Jasmine oil field in the Block B 5/27 contract area in the Gulf of Thailand. After full evaluation of the DEL-10 and DEL-11 series...
(EnergyAsia, August 12) — Worldwide energy consumption is projected to grow by 57% between 2002 and 2025, according to the International Energy Outlook 2005 issued by the Energy Information Administration (EIA). The report shows strongest growth in energy consumption among the emerging economies of the world, especially emerging Asia (including China and India), where robust...
(EnergyAsia, August 12) — Australia’s army of independent service stations has been drawn into a nationwide gasoline price war, with as many as 1,200 to offer 4 Australian cents-a-litre discounts in a desperate bid to stop supermarket giants making about A$2billion in fuel sales a year, according to a Petro Plaza report. (US$1=A$1.25). The independent...
(EnergyAsia, August 12) — The chairmen of the INTERTANKO and International Chamber of Shipping (ICS) Insurance Committees met with representatives of the Joint War Committee (JWC) last month to discuss the introduction of the new procedure and revised list of areas of perceived enhanced risk adopted by the JWC in June. Intertanko is the association...
(EnergyAsia, August 12) — Korea Gas Corporation (Kogas) plans to cancel this month’simport of a tanker of liquefied natural gas (LNG) from Arun in Indonesia’s troubled Aceh province. Antara news agency said Kogas took the decision due to constant uncertainties in getting Acehnese LNG supply from state energy company Pertamina. Pertamina marketing director Ari...
(EnergyAsia, August 12) — Fuel imports now account for more than 50% of Indonesia’s total oil consumption, said state energy company Pertamina. “Previously, fuel imports equalled only 30% of national consumption but up to last July we imported more than 50%,” Achmad Faisal, head of Pertamina’s fuel oil division, told ANTARA news agency. ...
(EnergyAsia, August 12) — MayBan Securities has placed a ‘buy’ rating on Malaysia’s Petronas Gas Berhad, citing expectations for higher earnings and sales volume. MayBan said it expects Petronas Gas longer term earnings potential to come from its 20% stake in Gas Malaysia and additional gas supply from West Natuna and Malaysia-Thailand JDA. ...
(EnergyAsia, August 12) — US distillate production has grown quickly this year as bullish refining margins and a well-supplied gasoline market have encouraged refiners to remain focused on distillate production. However, refiners will soon focus efforts on providing sufficient amounts of on-spec ultra low sulphur distillates (ULSD). According to US consultants ESAI, the demand...
(EnergyAsia, August 11) — Australian upstream company Santos Limited said it has made progress in its growth strategy with its first exploration venture in central Asia. Subsidiary Santos International Operations Pty Ltd has entered into a conditional letter agreement with ASX listed Caspian Oil and Gas Limited to execute a phased farm-in under which...
(EnergyAsia, August 11) — India’s crude oil production will likely peak at 39.62 million tons in 2008, said Petroleum Minister Mani Shankar Aiyar, in a report to Parliament. This is significantly higher than earlier estimates of 34.67 million tons. He said crude oil production will rise to 35.9 million tons in 2007, and decline...
(EnergyAsia, August 11) — The Indonesian government has asked China to lend state energy firm PT Pertamina up toUS$1.5 billion to enable it to pay for fuel imports, said Coordinating Minister for the Economy Aburizal Bakrie said. “Indonesia is asking China to provide a working capital loan for Pertamina of US$1 billion to US$1.5 billion...
(EnergyAsia, August 11) — Japanese engineering and construction firm Chiyoda Corp has reported consolidated financial results for the first quarter of the current fiscal year ending March 31, 2006. Consolidated operating profit was 3,814 million yen on construction contracts worth 68,261 million yen. Net profit for the quarter was 4,832 million yen. Net profit per...
(EnergyAsia, August 11) — Tokyo Electric Power Co.(TEPCO) and Tokyo Gas Co Ltd have signed an agreement to purchase liquefied natural gas (LNG) from Darwin LNG Pty Ltd. The LNG will be supplied from the LNG project in Darwin in Australia’s Northern Territory state. The contract is based on a basic Heads of Agreement agreement...
(EnergyAsia, August 11) — As crude prices remain stubbornly near $60 per barrel, the question dominating the oil market remains whether we have entered a new paradigm marked by persistent high prices and worries over potential shortages. In the latest edition of its Stockwatch Quarterly Review, US energy consultant ESAI forecasts crude prices to...
(EnergyAsia, August 11) — Rex W. Tillerson, 53, is expected to succeed Lee R. Raymond, 66, as chairman and CEO of Exxon Mobil Corp, upon his retirement at the end of this year. Mr Raymond has served more than 42 years in ExxonMobil, including over 21 years as a director. ExxonMobil said its leadership...
(EnergyAsia, August 11) — Taiwan will not meet it 4% growth target for 2005 if world oil prices continue their relentless rise, Taiwan’s news agency CNA reported. CNA quoted Liang Chi-yuan, a senior researcher at Academia Sinica and energy specialist, as saying that the high oil prices are taking an immediate toll on Taiwan’...
(EnergyAsia, August 11) — Singapore’s Ezra Holdings Limited said that it is studying various newbuilding options aimed at sharpening its edge in providing deep water offshore support services. One of the options under review is the building of four large class Anchor Handling, Towing and Supply Vessels (AHTS) with capacities of between 10,000 to 15,000...