PEOPLE: Singapore’s China Aviation Oil fires three managers over oil derivatives trading scandal

(EnergyAsia, December 23) — China Aviation Oil (Singapore) Corporation Limited said it has fired three senior managers for their roles in the company losing more than US$550 million in oil derivatives trades last year. A fourth has resigned while CEO Chen Jiulin, who has been suspended, faces trial over 15 counts of cheating and forgery...

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AUSTRALIA: North West Shelf Venture approves Angel gas and condensate development

(EnergyAsia, December 22) — Development of the Angel gas and condensate field off the north west of Western Australia will begin immediately following final investment decisions by the North West Shelf Venture.   The A$1.6 billion project will include installation of the venture’s third major offshore production platform off the North West Shelf and associated...

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UAE: ENOC to spend US$500 million on Jebel Ali refinery upgrade

(EnergyAsia, December 22) — Dubai’s Emirates National Oil Company (ENOC) said it will spend US$500 million to upgrade its Jebel Ali condensate refinery, reported the Khaleej Times.   When completed by end 2007, the company will produce its own gasoline for the first time and will be able to operate the plant at capacity using...

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KAZAKHSTAN: Foster Wheeler awarded detailed feasibility contract for a petrochemical complex

(EnergyAsia, December 22) — Engineering firm Foster Wheeler Ltd said its Italian subsidiary Foster Wheeler Italiana S.p.A. has been awarded a contract by KazMunaiGas Exploration and Production (KMG EP) for a detailed feasibility study for a new petrochemical complex and related facilities to be built in several locations in western Kazakhstan. KMG EP is the...

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BIOFUELS: Malaysia receives six international bids for biodiesel plants

(EnergyAsia, December 22) — Singaporean, German and Italian companies have submitted six investment proposals to build biodiesel plants in Malaysia, said Plantation, Industries and Commodities minister Peter Chin Fah Kui.   The proposals are being vetted by the Malaysian Industrial Development Agency Ð the coordinating centre for planned investments and issuer of manufacturing licences. These...

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SINGAPORE: ASL Marine closes shipbuilding contracts worth S$40 million

(EnergyAsia, December 22) — ASL Marine Holdings Ltd, an integrated marine company with shipyards in Singapore and Batam, Indonesia, said its wholly-owned subsidiary, ASL Shipyard Pte Ltd, has secured an additional S$40 million worth of shipbuilding contracts. (US$1=S$1.65).   Along with the S$31.1 million worth of shipbuilding contracts announced on October 20, the total value...

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CHINA: CNOOC to add third storage tank to Guangdong LNG terminal

(EnergyAsia, December 22) — China National Offshore Oil Corp (CNOOC) said that Beijing has approved its plan to add a third storage deport to its upcoming Guandong liquefied natural gas (LNG) project, Shenzen Daily reported.   The company said the addition of the third storage tank would bring the terminal’s total storage capacity to 480,000...

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JAPAN: MHI to test flue gas carbon dioxide recovery technology at coal-fired power generation facili

(EnergyAsia, December 22) — Japan’s Mitsubishi Heavy Industries Ltd said it and the Electric Power Development Co Ltd (J-POWER) will conduct verification testing of a large-scale carbon dioxide (CO2) recovery plant over a period of five months starting next July. The plant will collect CO2 from flue gas emitted at J-POWER’s coal-fired power generation plant...

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PHILIPPINES: Manila reiterates offer to play regional oil stockpiling role

(EnergyAsia, December 22) — The Philippines has offered to play a role in Asia’s search for energy security.   At the recent ASEAN-India Summit at the Kuala Lumpur Convention Center in Kuala Lumpur, Malaysia, Philippines President Gloria Macapagal-Arroyo offered to work with other countries in developing renewable energy sources, establish a regional oil stockpile and...

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RUSSIA: Sakhalin Energy welcomes EBRD’s announcement

(EnergyAsia, December 22) — Sakhalin Energy Investment Company Ltd said it welcomes the European Bank for Reconstruction and Development’s (EBRD) approval of Sakhalin II Phase 2 project’s approach to environmental and social issues.   EBRD is a prospective lender considering part financing the Sakhalin II Phase 2 Project. Over the past three years, prospective lenders...

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INDIA: ONGC, CNPC to buy ‘mature’ Syrian fields from PetroCanada for C$676 million

(EnergyAsia, December 22) — PetroCanada said it has agreed to sell its oil and gas assets in Syria to a joint venture company owned by India’s Oil and Natural Gas Corporation (ONGC) Limited and the China National Petroleum Corporation (CNPC) for 484 million Euro (US$1=Euro 0.85). The sale is retroactive to July 1, 2005 and is...

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COMPANIES: GE, ANZ arrange debt facility for Sevan’s FPSO

(EnergyAsia, December 21) — Three companies in the GE group and Australian financial institution ANZ, as joint lead arrangers, have arranged a US$120 million senior debt project finance facility for Sevan Production AS to build its first floating oil production, storage and offloading (FPSO). The SSP Piranema will be deployed off Brazil under an 11-year...

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AUSTRALIA: Cockatoo Coal price gains over IPO offering

(EnergyAsia, December 21) — Cockatoo Coal Ltd rose above its initial public offer (IPO) price on the Australian Stock Exchange on the first day of trading on Monday. Shares in the coal exploration firm, offered at A$0.20, opened at A$20.5. (US$1=A$1.3).   Cockatoo plans to use the A$25 million raised to develop its projects including...

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SOLAR: China’s Suntech Power Holdings raised more than US$450 million in NYSE IPO

(EnergyAsia, December 21) — China’s Suntech Power Holdings Co Ltd, a world leading solar energy company, raised US$455 million in a successful initial public offering (IPO) on the New York Stock Exchange (NYSE). The proceeds will be used to expand its manufacturing capacity in Jiangsu province in Eastern China.   The share price of the...

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AUSTRALIA: Oil and gas export boom

(EnergyAsia, December 21) — Rising crude oil and liquefied natural gas exports will boost the value of Australia’s total energy sales by 42% in 2005/06 forecasts the Australian Bureau of Agricultural and Resource Economics (ABARE).   LNG exports are expected to rise by 48% to A$4.7 billion and will be boosted by the North West...

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BIOFUELS: Australian Biodiesel raised A$20 million for new projects

(EnergyAsia, December 21) — Australian Biodiesel Group Ltd’s initial public offer (IPO) raised A$20 million giving it a market capitalisation of approximately A$110 million. The oversubscribed IPO had about 75% of the float taken up by well-known institutions, CEO Len Humphreys told journalists at a media briefing. (US$1 = A$ 1.3).             The company, which...

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CHINA: KBC awarded $11 million contract by Sinopec

(EnergyAsia, December 21) — KBC Process Technology Ltd. (KBC) said it has been awarded one of its largest consulting contracts by Sinopec, China’s largest refiner.   The contract is for consulting in all operating areas, incorporating programs in yield and energy improvement, operations planning, as well as equipment reliability and maintenance. As part of the...

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CHINA: Gas distributor Xinao considers selling off some assets, projects

(EnergyAsia, December 21) — Xinao Gas, China’s largest privately-owned piped gas distributor, might sell off some of its smaller project, China Daily reported.             The Hong Kong-listed company said it plans to dispose of projects in smaller cities, allowing it to focus on large corporate customers in cities with populations of at least one million...

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CHINA: Oil imports seen rising only 6% for 2005

(EnergyAsia, December 21) — China’s Commerce Ministry is forecasting that the country’s oil imports will rise only 6% this year, Xinhua newswire reported.             China imported 105 million tonne of crude oil in the first 10 months of this year, up 5.7% year on year. But refined product oil imports were down 16% from a...

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INDIA: Oil refining capacity to rise 9% to 138 million tonnes in 2006

(EnergyAsia, December 21) — India’s oil refining capacity will rise by about 9% to 138 million tonnes next year following new plant investments at existing refineries, said Petroleum Minister Mani Shankar Aiyar.             “The refining capacity of the country, which was 127 million tonnes as on April 1, 2005 is expected to increase to 138...

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SRI LANKA: Expanded budget to expand oil refinery

(Energy Asia, December 21) — Sri Lanka’s new government plans to invest another US$700 million to expand the country’s refining capacity, transport and mineral resources minister A.H.M. Fowzie told the Sunday Observer.   Sri Lanka imports 40% of its oil products at a cost of Rs 135 billion a year. Sapugaskanda oil refinery supplies only...

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CHINA: Shenhua mulls hiking coal price

(EnergyAsia, December 20) — Shenhua Energy, China’s largest coal producer, is considering raising the price of the commodity next year, Xinhuanet reported.   The company claims the contractual price of its output is about US$ 2.5/tonne lower than that supplied by other coal producers in the country.   Shenhua is also said to be preparing...

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BIOFUELS: Malaysia to trial biodiesel-powered bus and trucks next year

(EnergyAsia, December 20) — Malaysia will launch a trial of biodiesel-power public vehicles and army trucks on January 1. If successful, the government plans to launch a full-scale campaign to promote ‘green’ fuels on a commercial basis from 2007.   Plantation Industries and Commodities Minister Peter Chin Fah Kui said biodiesel would be tried out...

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AUSTRALIA: Santos provides update on development of Cooper Basin oil and Fairview coal seam gas proj

(EnergyAsia, December 20) — Australian resources company Santos Limited recently provided an update on how it is enhancing and extending its base business in Australia including the Cooper Basin oil and Fairview coal seam gas (CSG) expansion projects.   In this interview with corporatefile.com.au, Santos managing director and CEO John Ellice-Flint said the Cooper Basin...

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AUSTRALIA: Clough receives go ahead to build OMV’s Maari platform

(EnergyAsia, December 20) — Australian engineering firm Clough Limited said it has received a letter of intent for a contract as part of the Maari field development from OMV New Zealand Limited, on behalf of the Maari joint venture. Negotiation of the final agreement will be completed within one month, with contract value expected to...

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