SINGAPORE: SRC to proceed with refinery upgrade to produce Euro-IV diesel

(EnergyAsia, May 22, Tuesday) — Singapore Refining Company Private Limited (SRC) will invest US$81 million to revamp a hydro-sulphuriser unit at its 285,000 b/d refinery on Jurong Island to produce ultra-low sulphur diesel (ULSD) of Euro-IV specification.   SRC’s equal joint owners, Singapore Petroleum Company and US major Chevron, said last week they had awarded...

This article is for Subscriber members only.
Log In Register

SRI LANKA: Separatist inflict heavy cost with attacks on key fuel facilities

(EnergyAsia, May 22, Tuesday) — Sri Lanka’s Tamil Tiger rebels may have dealt a blow to the economy following their successful air raids on fuel storage facilities near the international airport of the capital city of Colombo late last month.   By blowing up the tanks that supplied jet fuel to the airport and oil...

This article is for Subscriber members only.
Log In Register

INDIA: Algerian crude on the menu for stockpile

(EnergyAsia, May 22, Tuesday) — The Indian government said it may consider adding crude oil from Algeria to add to its strategic stockpile for oil and liquefied petroleum gas (LPG).   Petroleum minister Murli Deora said India, which imports nearly 70% of its crude, has identified two port cities on the east and west coasts...

This article is for Subscriber members only.
Log In Register

INDIA: Oil product exports rose 45% in fiscal 2006-2007

(EnergyAsia, May 22, Tuesday) — India’s oil product exports jumped 44.8% to a record 31.14 million tonnes for the last fiscal year ended March 31. Traders attributed the sharp rise to the expansion in refining capacity in India and high product prices on the international markets.   At the same time, India’s domestic oil consumption...

This article is for Subscriber members only.
Log In Register

India: Interest grows to store Saudi crude oil

(EnergyAsia, May 22, Tuesday) — India, which is hoping to develop its own strategic oil reserves, said it is interested to build a facility on its soil to store Saudi Arabian crude. The move would follow a similar plan mooted by Japan, which has proposed to use its facility on Okinawa island to store Saudi...

This article is for Subscriber members only.
Log In Register

SOUTH KOREA: Seoul expands crude oil stockpile deals with Middle East producers

(EnergyAsia, May 22, Tuesday) — South Korea is seeking to bolster its national oil security by offering joint storage operations on its soil with several key Middle East producers.   Vice energy minister Lee Jae Hoon said his officials have closed a deal with the UAE, while state-owned Korea National Oil Corp (KNOC) could soon...

This article is for Subscriber members only.
Log In Register

VIETNAM: PetroVietnam told to speed up plans for oil refinery

(EnergyAsia, May 22, Tuesday) — The Vietnamese government has told PetroVietnam to speed up discussions with Japanese refiner Idemitsu for the construction of the country’s second oil refinery.   The proposed 170,000 b/d refinery to be located in the northern province of Thanh Hoa, 150 km south of Hanoi, is to produce 2.1 million tons...

This article is for Subscriber members only.
Log In Register

JAPAN: Proposal to store Saudi crude oil on Okinawa

(EnergyAsia, May 22, Tuesday) — Copying Korea’s example, Japan has offered to lease out its storage facilities on Okinawa Island to Saudi Arabia in the hope of gaining long-term access to crude supplies.   The proposal, announced last month by Prime Minister Shinzo Abe during a trip to the Middle East, is aimed at helping...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Water specialist Hyflux building a chain of used oil recycling plants

(EnergyAsia, May 22, Tuesday) — Singapore-based water treatment specialist Hyflux said it has signed a shareholders’ agreement with Saudi Economic Development Company (SEDCO) and Lube Oil Re-refining Company (LUBREC) to jointly invest S$45 million to build and own a 6,000-tonne per year used-oil recycling plant in Jeddah, Saudi Arabia. (US$1=S$1.5).   The agreement was signed...

This article is for Subscriber members only.
Log In Register

CHINA: Sinopec, PetroChina, Sinochem to set up subsidiaries to store and manage oil

(EnergyAsia, May 22, Tuesday) — Asia’s largest oil refiner, China’s Sinopec, is planning to establish a new subsidiary to manage its strategic oil reserves, and by default, a large part of the country’s stockpile. The details of the new company are still being worked out.   Sinopec said it needed to better manage its oil...

This article is for Subscriber members only.
Log In Register

REFINING: US plants at seasonal tipping point to squeeze crude supply, says Fimat

(EnergyAsia, May 21, Monday) — US energy broker Fimat says US refineries are near seasonal tipping point ahead of the peak driving months when higher crude oil inputs reverse previous builds, offsetting products drawdown caused by rising output.    “Crude oil prices, having recently come under pressure, will likely find renewed support from US refiner...

This article is for Subscriber members only.
Log In Register

SINGAPORE: ExxonMobil restarts oil refinery two weeks after fire

(EnergyAsia, May 21, Monday) — ExxonMobil Corp has resumed partial operation of a 115,000-barrel/day oil refining unit on Singapore’s Jurong Island, two weeks it was shut down by a fire. Two workers were killed at the site while a third died in hospital. The unit, the smaller of two that makes up the company’s 300,000...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Oil firms have fighting chance to keep Pandacan oil storage depot open

(EnergyAsia, May 21, Monday) — The Philippine Supreme Court has given the country’s three main oil companies the chance to argue against the closure of the vital Pandacan oil storage depot in downtown Manila. The court earlier supported the call by local officials and environmental groups to shut down the storage, citing safety, security and...

This article is for Subscriber members only.
Log In Register

MARKETS: IEA worries about declining oil inventories

(EnergyAsia, May 21, Monday) — Oil storage levels in industrialised countries have fallen sharply in the first quarter of the year and may drop further in the months ahead, said the International Energy Agency. Countries have drawn down inventories in response to OPEC supply cuts, driving up prices. WTI crude futures are now hovering around...

This article is for Subscriber members only.
Log In Register

KUWAIT: Giant refinery project faces the axe

(EnergyAsia, May 21, Monday) — Kuwait may be forced to scrap plans to build a giant oil refinery because of high construction costs. State-owned Kuwait National Petroleum Co. has called for a second round of bidding for the 615,000 b/d project after a first round failed to meet the government’s expectations. International players have said...

This article is for Subscriber members only.
Log In Register

INDIA: IndianOil Corp to upgrade Gujarat refinery

(EnergyAsia, May 21, Monday) — Indian Oil Corp (IOC) plans to invest nearly Rs57 billion to upgrade its Gujarat oil refinery between now and October 2009. The upgrade is aimed at raising and improving the plant’s yield of diesel and gasoline. IOC wants to expand throughput for the purpose of raising export of oil products...

This article is for Subscriber members only.
Log In Register

VIETNAM: PetroVietnam to build gasoline storage depot in Long An province

(EnergyAsia, May 21, Monday) — State-owned PetroVietnam said it plans to build a 300,000-cubic metre gasoline storage depot and a port in the southern province of Long An. The port will be able to handle tankers of 30,000 to 50,000 tonnes. The company did not say when it expects to start and complete construction of...

This article is for Subscriber members only.
Log In Register

INDIA: State oil companies to help Azerbaijan upgrade refineries

(EnergyAsia, May 21, Monday) — Indian state oil companies are offering to help Azerbaijan upgrade its oil refineries and support infrastructure. India is keen to tap Azerbaijan’s oil potential and is hoping to strike a deal with the Central Asian country in exchange for its expertise and experience in managing oil refineries. Azerbaijan’s Industry and...

This article is for Subscriber members only.
Log In Register

INDIA: ONGC to raise Rs70 billion for Mangalore refinery

(EnergyAsia, May 21, Monday) — India’s state company Oil and Natural Gas Corporation (ONGC) is looking to raise Rs70 billion to help finance the expansion of its Mangalore oil refinery. ($1 = Rs40).   ONGC hopes to raise the refinery’s capacity to 15 million tonnes/year by 2010. The company is also planning to build a...

This article is for Subscriber members only.
Log In Register

SOUTH KOREA: Kuwait stops storing crude oil

(EnergyAsia, May 21, Monday) — South Korea said its strategic crude oil reserves fell by nearly two million barrels after a storage deal with Kuwait lapsed in February.   Kuwait Petroleum Corporation (KPC) chose not to extend a storage deal with Korea National Oil Corporation (KNOC), leading to Korea’s reserves falling to around 25.6 million...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Logistics and infrastructure firm Pan-United Corporation reports 35% profit rise to S$6.8

(EnergyAsia, May 18, Friday) — Pan-United Corporation Ltd, a Singapore-listed logistics and infrastructure group, said its first quarter net profit rose 35% to S$6.8 million while revenue was also up by 35% to S$87 million.   CEO Patrick Ng said: “Singapore has seen a step up in construction demand since last year and this year,...

This article is for Subscriber members only.
Log In Register

SOLAR: Sun-generated electricity to compete against coal by 2010

(EnergyAsia, May 18, Friday) — Solar-generated electricity could cost as much as coal-produce power by the end of the decade, said Boston, US-based Photon Consulting.   By 2010, the average cost of solar electricity could fall to $0.18/kWh in Germany, $0.13 in California and $0.12/kWh in Spain. The industry’s leaders could even bring prices down...

This article is for Subscriber members only.
Log In Register

VIETNAM: Hanoi to sell stakes in 24 power units this year

(EnergyAsia, May 18, Friday) — State-owned Electricity of Vietnam (EVN) plans to sell off 24 subsidiaries this year to attract foreign and domestic investors.   Under the plan which has been approved by the Prime Minister’s office, EVN hopes to raise some 8 trillion dong through new bond issues to pay for new power projects....

This article is for Subscriber members only.
Log In Register

AUSTRALIA: CSIRO allocated nearly A$60 million to help reduce fuel emissions

(EnergyAsia, May 18, Friday) — Australia’s leading science agency CSIRO has been allocated $A59.6 million over four years to increase research into renewable and non-renewable natural resources which can produce low emission transport fuels. (US$1=A$1.27). Australia’s greenhouse gas emissions are 43% above the International Energy Agency average for developed countries per unit of GDP, of...

This article is for Subscriber members only.
Log In Register

BAHRAIN: SUEZ Energy International inaugurates kingdom’s first private power plant

(EnergyAsia, May 18, Friday) — SUEZ Energy International has inaugurated the Al Ezzel power plant in the kingdom of Bahrain, the first independent power station to be built under the government’s privatisation programme. The inauguration ceremony took place on May 15 in the presence of Crown Prince Shaikh Salman Bin Hamad Al Khalifa.   The...

This article is for Subscriber members only.
Log In Register