(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 10) — Fresh from its defeat to buy US energy company Unocal, China’s CNOOC could face similarly stiff political opposition from Australians if it attempts to buy into Woodside Petroleum. CNOOC withdrew its US$18.5 billion bid for Unocal in the face of opposition from US politicians, the media and opinion makers fearing a...
(EnergyAsia, August 10) — Hong Kong-listed Titan Petrochemicals Group Limited said its first half profits rose 65% to HK$255 million on revenue of HK$3.5 billion, which was up 165%. (US$1=HK$7.78). The oil transportation and supply group said it expects to perform well for the rest of the year. Revenues for the transportation business grew...
(EnergyAsia, August 10) — Singapore-listed KS Energy Services Limited said it has agreed with Ezra Holdings Limited for the acquisition of 200,000 ordinary shares of S$1 each in the capital of Atlantic Esbjerg Holding Pte Ltd, representing 20% of the issued and paid-up share capital of AEH, for a total cost of US$480,000. (US$1=S$1.67). ...
(EnergyAsia, August 10) — Malaysia’s state energy company Petronas said it has not asked the government to review or raise gas tariffs despite rising energy prices on the world markets. Its president and CEO Mohd Hassan Marican said it is up to the government to decide if it was time to raise gas tariffs...
(EnergyAsia, August 10) —Banding together to “Exxpose Exxon,” several environmental and public interest groups have teamed-up to wage a massive campaign against oil giant ExxonMobil. As President Bush signed the new energy bill into law, the groups rallied in Washington last week to draw attention to massive subsidies in the bill for ExxonMobil and other...
(EnergyAsia, August 10) — India’s June crude oil imports fell 13.6% to 7.6 million tonnes as oil product demand was little changed from year-ago. Crude oil imports came to 7.589 million tonnes, including 2.456 million tonnes by private sector Reliance Industries, compared with 8.785 million tonnes in June 2004. According to the Petroleum Ministry,...
(EnergyAsia, August 10) — Indonesia’s fuel imports handled by state energy company Pertamina now exceed the country’s domestic consumption by more than half. The latest data reported by ANTARA news agency underlines Indonesia’s fast decline into oil-importer status. This month alone Pertamina will import 17.8 million barrels of fuel, consisting of gasoline and diesel...
(EnergyAsia, August 10) — Australian upstream company Bounty Oil & Gas has named Laurence Roe as managing director, replacing Tom Fontaine. Mr Roe was previously the company’s exploration manager, a post he held since its listing on the stock exchange in 2002. Mr Roe, who started his career with another Australian upstream company Santos, has...
(EnergyAsia, August 10) — For the first two weeks of July, more than US$3 billion worth of projects were awarded in the Gulf Cooperation Council countries of the Middle East. We highlight some of the bigger projects awarded in the story below and the table on pg 2. The latest was that of Sabic’s...
(EnergyAsia, August 10) — Singapore’s Keppel FELS Limited said it has secured from Sinvest ASA, through its wholly owned subsidiary, Deep Drilling Invest Pte Ltd, a US$145 million contract to build a KFELS Super B Class jackup rig. This is Sinvest’s fourth order of a jackup rig with Keppel FELS. The rig is expected...
(EnergyAsia, August 8) — Upstream services company KS Energy said its first half net profit rose 84% to S$16.9 million on revenue of S$84.6 million (+105%). (US$1=S$1.67). The Singapore-based company said the buoyant oil and gas industry generated strong demand for its core business activities of supplying equipment, parts and consumables to a growing...
(EnergyAsia, August 8) — Australian upstream company Woodside Energy said it is continuing its operations in Mauritania despite “political developments” in the African country last week. A group of army officers have overthrown President Maaoya Sid Ahmed Taya in an apparently bloodless coup d’etat, announcing the new military junta would rule the Islamic nation...
(EnergyAsia, August 8) — The same week that the US moved against a Chinese attempt to buy over California-based Unocal, an American firm, Kinder Morgan, bought over Canada’s Terasen Inc. CNOOC gave up its US$18.5 pursuit of Unocal in the face of strong US opposition, allowing Chevron to complete the take over for US$17 billion....
(EnergyAsia, August 8) — CNOOC has confirmed the financing arrangement for its proposed liquefied natural gas (LNG) terminal in China’s Fujian province. The company signed the terms at a ceremony in Fuzhou city on July 20. According to the agreement, a bank consortium will provide a long-term loan of 4,152 billion yuan and spare...
(EnergyAsia, August 8) — India’s The Energy and Resources Institute (TERI) and the Riyadh-based International Energy Forum Secretariat (IEFS) recently signed a memorandum of understanding to promote global and sustainable energy development. According to the Hindu Business Line, R.K. Pachauri, director general of TERI, and Arne Walther, secretary general of IEFS, signed the agreement...
(EnergyAsia, August 8) —India’s Reliance Industries Limited (RIL) said it plans to double its Jamnagar oil refining capacity in Guajarat state to 60 million tonnes per year by early 2009. Chairman Mukesh Ambani told shareholders at the company’s 31st annual general meeting in Mumbai last week that it plans to invest Rs250 billion (US$5.7...
(EnergyAsia, August 8) — The 2.1% revaluation of China’s currency, the renminbi (RMB), will have “a relatively small impact” on China’s three state oil and gas majors, according to a Morningstar research report. Last month, the currency was revalued to RMB 8.11 to the US dollar, from RMB8.277, previously. Analysts with the Chicago,...
(EnergyAsia, August 8) — China Aviation Oil (Singapore) Corporation Ltd (CAO) said its wholly owned subsidiary, China Aviation Oil Trading Pte Ltd (CAOT), has closed its latest physical jet fuel tender for deliveries in September to December 2005. CAOT’s fifth tender for the year was highly successful and received a strong response from 22...
(EnergyAsia, August 8) — Rising oil prices and the continuing unrest in the country’s southern region is taking their toll on Thailand’s economy, according to a recent survey of Thai business executives by The Nation. The executives were also troubled by the current drought and weak consumer purchasing power. Amal Naj, manager for Pfizer...
(EnergyAsia, August 8) — MayBan Securities has placed a ‘hold’ rating on Malaysia’s three leading power companies, Tenaga Nasional Berhad (TNB), Malakoff and YTL Power, even with the prospect of a new electricity tariff structure being announced soon. MayBan said the Minister of Energy, Water and Communications the new tariffs would be announced by...
(EnergyAsia, August 5) — Singapore’s third party oil storage capacity will exceed six million cubic metres by 2008 from around 3.6 million cubic metres (22.7 million barrels) now with the expected completion of five major projects, three of them currently underway. The new tanks will strengthen Singapore’s position as Asia’s leading oil trading, distribution and...
(EnergyAsia, August 5) — China’s oil products demand grew by only 1.7% in the first five months of the year while its imports retreated sharply by 16.4%, adding weight to predictions that oil bulls might not have a “China card” to call upon in the second half of the year. The weak oil demand data...
(EnergyAsia, August 5) — CNOOC’s forced withdrawal for its bid for Unocal will likely fuel tensions between the US and China at a time when friction on both the economic and security fronts is running high, said New York-based consultants, Eurasia Group. “Although the failed bid will not likely compel Beijing to take direct retaliatory...
(EnergyAsia, August 5) — With oil at US$60 a barrel and rising, Indonesia’s economy should be booming like other major oil producing countries. Instead, Asia’s only OPEC member is edging towards collapse as incompetence and corruption on a massive scale is causing an unprecedented domestic fuel shortage and long angry queues at the pump in...