(EnergyAsia, July 10) — Foster Wheeler Ltd said its subsidiary, Foster Wheeler North America Corp, has entered into a contract with Shanghai Boiler Works Ltd, a unit of Shanghai Electric Corporation, to provide an advanced technology license for arch-fired subcritical and supercritical steam generators. Foster Wheeler declined to give the value of the contract. Foster...
(EnergyAsia, July 10) — China’s economy is booming Ð and the energy demand is growing. At the same time, prices for both oil and coal, currently China’s major energy sources, are increasing. This is why new power station capacities are required to meet with the country’s growing electricity requirement. DEG Ð Deutsche Investitions- und Entwicklungsgesellschaft...
(EnergyAsia, July 10) — W’rtsil’ Qiyao Diesel Company Ltd has launched a new factory in Shanghai for producing the W’rtsil’ Auxpac marine generating sets in China. The company is an equal joint venture between Finland’s W’rtsil’ Corp and the Shanghai Marine Diesel Engine Research Institute (SMDERI). “China is one of the leading shipbuilding countries...
(EnergyAsia, July 10) Ð Gas Authority of India Limited (GAIL) said it may build a Research and Development Centre to investigate air pollution related diseases. GAIL’s chairman and managing director, Proshanto Banerjee, made the announcement recently when he inaugurated the Air Pollution Research and Disease Diagnostic Centre (APRDC) at the Lala Ram Sarup (LRS)...
(EnergyAsia, July 10) — WTI crude futures set another record high price of US$75.78 in New York last Friday. Traders said geo-political tensions involving North Korea’s test-firing of missiles helped set off another rally in crude prices. However, profit taking late in the day sent the August contract down $1.05 to close at $74.09 a...
(EnergyAsia, July 10) — The Saudi Capital Market Authority (CMA) has given approval to petrochemicals giant SABIC to isse up to SAR 3 billion worth of Sukuk, an Islamic financial instrument. The minimum value set for each of these Sukuk is SR 50,000, with the minimum subscription set at SR 500,000 (10 Sukuk per subscriber). SABI...
(EnergyAsia, July 10) — Taiwan’s Ministry of Finance said it will accept a suggestion from law makers to impose an energy tax to replace the country’s existing oil and natural gas commodity taxes. The ministry will work with the Ministry of Economic Affairs (MOEA) to draft the new policy and calculate the income from...
(EnergyAsia, July 10) — Keppel Singmarine Pte Ltd said it has clinched contracts worth a total of S$260 million for two highly specialised vessels from LUKOIL Ð Kaliningradmorneft (LUKOIL), a subsidiary of leading Russian oil company, LUKOIL Oil Company. The contracts, secured on the back of the AHTS, are turnkey projects. They are for...
(EnergyAsia, July 7) — Arab Malaysian Development Bhd (AMDB) and the government of Malaysia’s Pahang state are working on the details to build and operate two mini-hydro power plants. The partners signed an agreement in May to build a 6MW plant on Sungai Liang in Raub town and a 4MW unit on Sungai Perting in...
(EnergyAsia, July 7) — Strong US supply-demand fundamentals are underpinning the strength of the world oil markets, said an analyst from commodities firm FIMAT USA. In a commentary, Antoine Halff wrote that US oil stock changes for the week ending June 30 were roughly in line with expectations, as lower-than-anticipated refining activity was offset...
(EnergyAsia, July 7) — Singapore has been chosen as the site for a new exchange for the promotion of renewable energy projects in Southeast Asia. One of the project financiers, Germany’s DEG- Deutsche Investitions-und Entwicklungsgesellschaft mbH, said it obtains its funds from the Federal Ministry for Economic Cooperation and Development (BMZ) to promote projects in...
(EnergyAsia, July 7) — The Dubai Mercantile Exchange Limited (DME) said it has begun construction of its state-of-the-art trading floor and office space in the Dubai International Financial Centre (DIFC). Occupying two floors of District Building Number 2, the exchange will be equipped with the latest technology for traders to work on its electronic trading...
(EnergyAsia, July 7) — India’s leading biofuels technology company Praj Industries said it has landed two orders worth a total of $20 million to supply technology and machinery for the construction of two ethanol plants in the US. Praj said the orders by California-based Cilion strengthen its claim to be a world-leading builder of ethanol...
(EnergyAsia, July 7) — UK upstream company Cairn Energy said it has allocated half of a US$1 billion bank facility to fund its share of field development work in the Indian state of Rajasthan. It said a hydraulic fracture programme in Rajasthan has highlighted the potential for new reserves in low permeability reservoirs. Carin also...
(EnergyAsia, July 7) — California, US-based YaSheng Group said it is in a strong position to profit from rising energy costs and the world’s growing demand for alternative energy sources. YaSheng said its agricultural unit working with its biotechnical unit have the experience to produce white spirit alcohol and ethanol. The group recently launched an...
(EnergyAsia, July 7) — Vancouver, Canada-based Ballard Power Systems said it has signed a Memorandum of Understanding (MOU) and fuel cell supply agreement with Shanghai Fuel Cell Vehicle Powertrain o Ltd (Powertrain) to cooperate in developing fuel cell vehicles for demonstration and field trial programmes in China this and next year. Ballard said it will...
(EnergyAsia, July 7) — The Greens in South Australia state has praised the state government’s move to legislate that renewable energy energy will produce 20% of its electricity by 2014 as part of its goal to reduce greenhouse gas emissions. However, the party wants more to be done, while the main opposition led by Iain...
(EnergyAsia, July 7) — Global wind electricity-generating capacity increased by 24% in 2005 to 59,100 megawatts for a 12-fold increase from a decade ago when world wind-generating capacity stood at less than 5,000 MW, said Washington-based Earth Policy Institute. Wind is the world’s fastest-growing energy source with an average annual growth rate of 29%...
(EnergyAsia, July 6) — Oman’s Oil and Gas Minister Mohammed bin Hamad Al Rumhi has signed seven agreements with several upstream companies allowing the companies to acquire oil and gas exploration rights for concession areas at Blocks 43A, 43B, 54, 55, 56, 57 and 58. The first agreement was signed with UK’s Indago at...
(EnergyAsia, July 6) — South Korea’s May oil consumption rose 4.3% to 60.67 million barrels, led by stronger demand growth in the transportation, housing and commercial sectors. The Ministry of Commerce, Industry and Energy said the year-on-year rise was the first in the year, after four straight months of decline. Demand in the transportation sector...
(EnergyAsia, July 6) — Japan’s Kawasaki Kisen Kaisha or ‘K’ Line last week launched an 88,000 dwt coal carrier, the JP GUNJO, at the Marugame Shipyard of Imabari Shipbuilding Co Ltd. P GUNJO is the same type of ship as ‘K’ Lines original Corona series fleet for transporting thermal coal. The ship will carry thermal...
(EnergyAsia, July 6) — The Indian government is looking to establish a water resources authority in the country’s north east to enable seven states to develop hydro-electric power. The agency will be managed by a team of five experts with experience in hydroelectric power generation, water resources, water transport and the environment. For the first...
(EnergyAsia, July 6) — Hong Kong-based Titan Petrochemicals Group Limited said it has agreed to buy as many as 10 6,500-metric tonne double hulled bunker barges for US$8.67 million each, as part of its plan to expand and upgrade its bunkering or ship refuelling business. “The bunkering market in Asia is experiencing steady growth in...
(EnergyAsia, July 6) — Schneider Electric China Investment Co Ltd (SECI), the main Chinese subsidiary of Schneider Electric, said it planning to take a 40% stake in Shanghai-listed Shaanxi Baoguang Vacuum Electronic Apparatus Co Ltd (SBVE). SBVE is a leading manufacturer of vacuum interrupters, the main technological component of medium voltage vacuum circuit breakers. ...
(EnergyAsia, July 6) — More than 16 years after near financial collapse, Singapore’s China Aviation Oil is back in business and has named Tee Siew Kim as chief finance chief. She replaced Peter Lim, who is serving a two-year jail sentence for his role in CAO’s loss of more than US$550 million from oil derivatives...