(EnergyAsia, November 23) — The Asian Development Bank (ADB) said its board has approved the establishment of a carbon market trust fund to boost the number of clean energy projects in the Asia Pacific region.   The Asia Pacific Carbon Fund (APCF), part of the ADB’s broader Carbon Market Initiative (CMI) under development, will provide...

(EnergyAsia, November 23) — Vietnam’s Truong Thinh Co said it has signed a contract to import a line of lubrication products from California-based NRG Resources Inc worth US$140 million. The deal was sealed at last week’s Asian-Pacific Economic Cooperation (APEC) Summit in Hanoi, Vietnam attended by the heads of 12 Pacific Asian countries.   NRG...

(EnergyAsia, November 23) — To the relief of Taiwan’s business community, the cabinet has decided to simplify the contents of a proposed energy tax. Several existing duties will be excluded from the tax, reversing the original proposal to include duties on air and soil pollution, and a levy for a petroleum fund. According to the...

(EnergyAsia, November 23) — China aims to have four percent of its renewable energy consumption based on bio-energy by 2020.   As an interim target, bio-energy is expected to account for one percent of the country’s renewable energy consumption by 2010.   At the same time, the development of bio-energy in rural China will promote...

(EnergyAsia, November 23) — India’s Maharashtra state is running short of fuel as retail outlet owners launched a strike this week to protest against high sales taxes and levies.   A delegation representing the Federation of All Maharashtra Petrol Dealers’ Association met with Chief Minister Vilasrao Deshmukh demanding that the state immediately reduce the sales...

(EnergyAsia, November 23) — Japan’s Mitsui & Co Ltd said it has acquired a 15% interest in oil and gas exploration blocks in Africa’s Namibia from Australia’s BHP Billiton.   The acquired interest in the exploration licences is for northern Blocks 2813A and 2814B, and southern Blocks 2914A and adjacent acreage, located approximately 220km southwest...

  (EnergyAsia, November 23) — China’s Guangzhou province wants to develop an oil and petrochemicals hub in the Nansha Development Zone. A delegation led by Vice-Mayor Chen Mingde of the Guangzhou Municipal Government was in Singapore early this month to drum up interest in the proposed US$1.3 billion Nansha oil, petrochemicals and automobile hub.  ...

(EnergyAsia, November 23) — Indian downstream company Essar Oil has begun operating its $2.2 billion refinery at Vadinar in Gujarat state.             The plant is expected to start producing 7.5 million tonnes of gasoline, diesel, LPG and kerosene for export starting end November. It will reach its full 10.5 million tonnes capacity by next March,...

(EnergyAsia, November 23) — The world produced record levels of greenhouse gases last year, said the World Meteorological Organisation.   Carbon dioxide contents in the atmosphere reached a record 379.1 parts per million last year. It stood at at 377.1 ppm in 2004. The nitrous oxide level also hit a record level of 319.2 parts...

(EnergyAsia, November 23) — About 1,000 oil and gas organisations representing companies, governments and investors from 48 countries will participate in the OSEA2006 conference and exhibition at Singapore’s Suntec Convention Centre from December 5 to 8. Asia’s leading oil and gas trade exhibition and conference will showcase the latest upstream technologies for seismic, exploration and...

(EnergyAsia, November 22) — China said it is prepared to cooperate and share information with the International Energy Agency (IEA) on the buildup and use of the country’s strategic petroleum reserves.   In a statement, National Development and Reform Commission (NDRC) said it is ready to share information on its stockpiling programme once considered a...

(EnergyAsia, November 22) — Saudi Aramco last week opened the new Aramco Overseas Company (AOC) office in Shanghai city in China. The office will source for companies involved in manufacturing and contracting of material for Saudi Aramco, AOC’s parent company. The new office will create significant business opportunities for Chinese businesses through Saudi Aramco’s massive...

(EnergyAsia, November 22) — The White House has welcomed the Senate’s approval of the US-India Civil Nuclear Cooperation agreement, signed earlier this year by President George Bush and Prime Minister Manmohan Singh.   In a statement, the State Department, citing President Bush, said the US and India enjoy a strategic partnership based upon common values....

(EnergyAsia, November 22) — The Pakistani government is planning to raise the country’s strategic oil reserves to 60 days of consumption from the present level of 21 days to strengthen energy supply security. According to local news reports, state planners have started examining details including the sites for new tanks, the cost of expanding existing...

(EnergyAsia, November 22) — Speaking at the recent Korea Forum for Progress organised by an influential Korean business group, Saudi Aramco executive Abdulaziz F. Al-Khayyal, shared his insights on volatility in the world energy markets and how best to manage energy security.   While oil market volatility is nothing new, the Aramco senior vice president...

(EnergyAsia, November 22) — “World political leaders have decided to act with resolution and urgency to change the energy future. The World Energy Outlook 2006 shows how to make that happen,” said Claude Mandil, executive director of the International Energy Agency (IEA) recently at the launch of the latest edition of the Outlook – the...

(EnergyAsia, November 22) — Sakhalin Energy Investment Company Ltd has announced the award of a new major contract to a Russian enterprise worth 500 million roubles (US$19 million). The contract for the construction of the Booster Station 2 Power Generation and Substation Package was awarded to ZAO Iskra-Energetika, a local manufacturing company based in the...

(EnergyAsia, November 22) — Canada’s Red Hill Energy Inc said it has signed an agreement with a private Mongolian corporation to purchase the title and interest in five mineral licences including licences that are contiguous and entirely surrounding Red Hill’s 208.8 million tonne Ulaan Ovoo coal project.   Red Hill Energy said it will pay...

(EnergyAsia, November 22) — Oman’s Ministry of Finance (MOF) has announced that it has reached agreement with the Dubai Mercantile Exchange Limited (DME) to acquire a 30% equity stake in the DME, the Middle East’s first energy futures exchange.   State-owned Oman Investment Fund, Oman will join the exchange as a strategic partner and key...

(EnergyAsia, November 22) — India’s petroleum giant Reliance Industries is expected to restart the fire-damaged vacuum gas oil unit at its giant refinery in Jamnagar, Gujarat state. The desulphurisation was damaged in a fire on October 25.   The loss of the 660,000 b/d refinery, the world’s third largest at a single location, contributed to...

(EnergyAsia, November 21) — India’s Intelligence Bureau (IB) has warned that the country’s oil storage facilities and stockpiles are being targeted by terrorists.   Concluding a recent high-level review, National Security Advisor M.K. Narayanan told the bosses of India’s main oil companies and security officials to step up security measures, citing the likelihood of terrorist...

(EnergyAsia, November 21) — Open interest for the European Climate Exchange (ECX) CFI futures contracts exceeded the 100 million tonnes mark for the first time on November 16, said ICE Futures.  During October, ICE said average daily trading volumes of ECX CFI Futures averaged 2.3 million tonnes.   The open interest represents the total number...

(EnergyAsia, November 21) — Malaysia’s Melaka oil refinery has ordered the construction of two new crude storage tanks by end 2008.             Malaysian Refinery Company Sdn Bhd, a joint venture between Petronas and Conoco, recently awarded contracts to two local engineering firms, Warga Hikmat Kejuruteraan Sdn Bhd, a unit of PECD Bhd, and MMC Oil...

(EnergyAsia, November 21) — Swiber Holdings Limited, a Singapore-based integrated offshore engineering, procurement, construction, installation and commission (EPCIC) contractor with a complementary business in the supply of marine support vessels, said it has signed letters of intent worth approximately US$9.36 million.   The latest contracts have boosted its book order to US$16.5 million.   The...

(EnergyAsia, November 21) — French major Total has bought over the assets and business of the Royal Dutch Shell Group in the Pacific islands of Fiji, Tonga and Samoa. With the takeover of the retail, commercial, marine and lubricants businesses, Shell Fiji Ltd has been renamed Total Fiji Ltd.             Total Fiji’s managing director B...