(EnergyAsia,January 16) — Indian state gas company GAIL Limited last week signed three Memoranda of Understanding (MOUs) with Chinese companies to jointly tackle oil and gas projects as part of a growing Sino-Indian relationship on energy security. According to the Press Trust of India, Gail signed MoUs with China Petrochemical Corporation (SINOPEC), CNOOC International...
(EnergyAsia, January 16) — The time to switch to alternative energy sources is now, energy experts told World Watch magazine. Experts interviewed by the magazine agreed that oil will run out, although no one knows for sure when production will peak, or if it has already peaked. Assessing oil reserves is a guessing game...
(EnergyAsia, January 16) — Shanghai Turbo Enterprises Ltd, an engineering group that specialises in the production of precision vane products, said its initial public offering has received strong market interest for both the public offer and placement tranches. Its placement offer of 65 million shares were fully taken up. The company said that at...
(EnergyAsia, January 16) — Singapore achieved excellent port and maritime growth in 2005, said Lim Hwee Hua, Minister of State for Finance and Transport at a maritime industry event last week. The port achieved records in shipping tonnage, container throughput, cargo throughput, bunker sales and ship registration. She said Singapore retained its position as...
(EnergyAsia, January 16) — Foster Wheeler Energy Limited (FWEL) and its Singapore subsidiary, Foster Wheeler Eastern Private Limited (FWEPL), have been awarded contracts by Shell Eastern Petroleum (Pte) Ltd. (SEPL) for two basic design engineering packages (BDEP) associated with a world-scale ethylene oxide/mono-ethylene glycol (EO/MEG) plant and a significant refinery modification project in Singapore. FWEL...
(EnergyAsia, January 16) — Indian oil companies warned that the proposed changes to the country’s oil pricing policy could harm its refining industry, Capital Market reported. Among the new policies under discussion is one that favours a single rate of import duty on crude and petroleum products. While this will benefit consumers, it will...
(EnergyAsia, January 16) — India’s domestic crude production fell by 5% to just over 16 million tonne in the first half of the country’s current fiscal ended September 30, Capital Market reported. Output from ONGC’s Bombay High field, the country’s largest, fell by 9.3% during the period because of an accident there last summer....
(EnergyAsia, January 13) — The European climate Exchange (ECX) said it and the ICE Futures have launched two indices on January 9. The IPE ECX CFI futures contract emissions index (Emissions Index), published after 1700, is a trade-weighted average of IPE ECX CFI futures trades in a particular contract month over the course of...
(EnergyAsia, January 13) — China National Offshore Oil Corp (CNOOC) said it is not seeking to cut its commitments to buy liquefied natural gas (LNG) from Indonesia’s Tangguh project, Shenzen Daily reported. The company denied reports that it is seeking to lower imports from Tangguh for its upcoming Fuijan LNG terminal. CNOOC has committed...
(EnergyAsia, January 13) — China has started construction on phase II of the Ling’ao nuclear project at Daya Bay in Shenzhen city, Guangdong province, Xinhua news agency reported. Using improved second-generation technology, the project is the third commercial nuclear power plant built by China Guangdong Nuclear Power Holding Co in the province. It will...
(EnergyAsia, January 13) — South Korea has called for the creation of an energy technology cooperation center to be part of the Asia-Pacific Partnership on Clean Development and Climate for reducing greenhouse gas emissions in the region. “Seoul advocates the creation of the center that will be tasked with analyzing energy efficiency and the...
(EnergyAsia, January 13) — China’s GDP is well over US$2 trillion, ranking it as the world’s 6th largest economy, but the country still remains classified as a developing country, Xinhua news agency reported. In term of GDP per capita, China ranked only 107th in the world last year. China’s foreign ministry acknowledges that roughly 100...
(EnergyAsia, January 13) — Saudi Aramco said it is embarking on an aggressive research and technology programme to develop clean fuels and crude oil desulphurisation technology. The programme will help it shape the oil business as energy demand continues to rise amid tightening environmental regulations around the world. The company said it is working...
(EnergyAsia, January 13) — The Philippines Energy Department has warned liquefied petroleum gas (LPG) dealers against raising prices without the approval of the authorities. Energy Secretary Raphael P.M. Lotilla said his office had not been told of dealers’ recent decision to raise LPG prices by P2 per kilogram or P22 per 11-kg tank. (US$1=P55)...
(EnergyAsia, January 13) — India’s Bharat Petroleum Corporation Limited (BPCL) said it has received a AAA credit rating from local rating agency CRISIL. BPCL said it secured the top rating because of continued support from the Indian government, its established retail network and branding initiatives, strong operating capabilities, robust gross refining margins and strong...
(EnergyAsia, January 13) — The industrial gases market in China is growing rapidly and has the potential for continued expansion in tandem with the country’s industrial sector. But they also face increased levels of risk from economic bottlenecks, macroeconomic uncertainties, rising environmental threats and social unrest, said consultants PricewaterhouseCoopers. “The winners of the race...
(EnergyAsia, January 13) — South Korea has called for the creation of an energy technology cooperation center to be part of the Asia-Pacific Partnership on Clean Development and Climate for reducing greenhouse gas emissions in the region. “Seoul advocates the creation of the center that will be tasked with analyzing energy efficiency and the...
(Energy Asia, January 12) — China will start building a nuclear plant in the northeastern province of Liaoning and eastern Shandong this year, according to China Daily. The Liaoning plant will cost US$2.8 billion and consist of two 1,080-MW (megawatt) reactors, said a senior official from China Guangdong Nuclear Power Group (CGNPG). It will...
(Energy Asia, January 12) — Germany’s CremerOleo and Kulim Malaysia Bhd have signed a RM152 million agreement to jointly build two plants to produce biofuels and other downstream derivatives. (US$1 = RM3.75). The first plant will be located on 20 hectares in the Tanjung Langsat Industrial area in southern Malaysia’s Johor state, while the...
(EnergyAsia, January 12) — Advanced Holdings Ltd, Singapore’s best performing stock last year, said that US-based fund Wasatch Advisors Inc has acquired an additional 1,080,800 of its shares for S$0.859 each. (US$1=S$1.64). This brings Wasatch’s total stake in Advanced to 6.09% equivalent to 6,847,800 shares. Last December 2, the US fund acquired four million...
(EnergyAsia, Januay 12) — Malaysia’s SapuraCrest Petroleum Bhd said subsidiary Sarku Engineering Services Sdn Bhd has been awarded a RM274.3 million contract by India’s upstream company Oil and Natural Gas Corporation Ltd (ONGC) to undertake the revamp, replacement, removal and refurbishing of 26 platforms in India. The contract represents SapuraCrest’s single biggest overseas contract...
(EnergyAsia, January 12) — South Korea has begun the first shipment of 60,000 tonnes of coal to North Korea at the request of the communist state. “South Korea began the shipments in early December and planned to complete it at the end of this month,” an unnamed Seoul government official told the Korea Economic...
(EnergyAsia, January 12) — Hong Kong-listed Panva Gas Holdings Limited said its wholly-owned subsidiary company, Panriver Investments Co Ltd. Has signed an agreement acquire all of Shaoguan Keguang Piped Gas Co Ltd and 80% of Qingyuan Beike Languang Piped Gas Co. Ltd for a total of RMB124.8 million. The two Chinese piped gas companies hold...
(EnergyAsia, January 12) — Hong Kong-listed CNOOC Limited said it has signed an agreement with South Atlantic Petroleum Limited (SAPETRO) to acquire the latter’s 45% working interest in an offshore oil mining licence (OML 130) in Nigeria for US$2.268 billion cash. The purchase will be funded from CNOOC Ltd’s internal resources. SAPETRO is a privately...
(Energy Asia, January 12) — Rising consumption from the cold winter is forcing Japan to pay record prices for its heating oil, the Financial Times. Prices of kerosene futures on the Tokyo Commodity Exchange have more than doubled compared to a year ago, with the January 2006 kerosene contract at a record high of...