(EnergyAsia, July 25, Wednesday) — Two oil refining companies in Thailand are expected to sell shares on the local stock exchange next year as part of their agreement with the government, said the Energy Ministry. The companies had agreed to the initial public offerings in exchange for their right to build, own and operate refineries...
(EnergyAsia, July 25, Wednesday) — A creeping energy crisis is sweeping and intensifying across South Asia, and will likely worsen in the coming years as governments in the region are powerless to deal with rising oil, gas and coal prices while domestic energy demand continues to grow. With oil stubbornly holding at US$60-US$70 a barrel...
(EnergyAsia, July 25, Wednesday) — An Australia-trained Chinese solar energy scientist who recently met Prime Minister John Howard in Sydney has urged Canberra to support the development of the renewable energy industry, in particular solar. Now a billionaire businessman, Shi Zhengrong, who carries an Australian passport, said Mr Howard to focus his government efforts on...
(EnergyAsia, July 25, Wednesday) — The Chicago Climate Futures Exchange has launched a futures contract based on the WilderHill Clean Energy Index (ECO) on July 13. The Chicago Climate Exchange, a wholly owned subsidiary of Climate Exchange Plc, said this is the first stock index futures contract listed on an environmental derivatives exchange .The launch...
(EnergyAsia, July 25, Wednesday) — State-owned China National Petroleum Corp (CNPC) is expected to proceed with plans to build a joint venture 70,000 b/d oil refinery in Syria. The US$1 billion project has been discussed for some time, but received a high-level endorsement when Syria’s deputy premier for economic affairs, Abdullah al-Dardari recently met with...
(EnergyAsia, July 25, Wednesday) –– China and US energy sector leaders met in Beijing last week for the launch of the Joint US-China Cooperation on Clean Energy (JUCCCE), a non-profit incubator of market-driven initiatives to accelerate energy productivity and increase clean energy supply. China faces severe challenges in achieving its energy savings and emissions targets,...
(EnergyAsia, July 25, Wednesday) — As part of its expansion strategy, Nasdaq-listed Fuel Tech Inc said it has established Beijing Fuel Tech Environmental Technologies Co Ltd (BFT) to help supply its products to China’s fast-growing market. The company has established a fully staffed office in Beijing’s Chaoyang district to supply its proprietary technologies for use...
(EnergyAsia, July 25, Wednesday) — Malaysia has begun construction of an RM1.4 billion oil storage hub on a man-made island in Tanjung Bin in southwestern Johor state that it hopes will turn the area into a regional oil trading and logistics centre. (US$1=RM3.5). At last month’s groundbreaking ceremony, Prime Minister Abdullah Ahmad Badawi envisioned the...
(EnergyAsia, July 25, Wednesday) — India’s privately held oil and gas giant, Reliance Petroleum, has appointed former Shell Trading CEO Mike Warwick as a director on the company’s board. RIL is a unit of the Reliance Industries group. Until his retirement, Mr Warwick was head of Shell’s global trading activities including oil, gas, power and...
(EnergyAsia, July 25, Wednesday) — The Thomson Group will hold its “12th Annual Conference Financing Energy Projects in Asia” in Singapore on October 25-26. Delegates will get to hear updates on energy investment opportunities senior government and industry officials from India, Indonesia, Singapore, Laos, Thailand and Vietnam. Private power companies including International Power, CLP Group,...
(EnergyAsia, July 24, Tuesday) — Leading industrial landlord JTC Corp will focus on creating new designs and solutions for industrial land use in space-constrained Singapore after it divests about US$1 billion worth of its hard assets. (US$1=S$1.52). The assets including land, buildings and industrial parks will be packaged and sold off as real estate investment...
(EnergyAsia, July 24, Tuesday) — Singapore-listed KS Energy Services Limited said it has acquired a 300-feet jack-up drilling rig for US$108.1 million from the Egyptian Drilling Company (EDC). KS Energy expects to take possession of the rig in early 2008. EDC was formed as a joint venture between the Egyptian General Petroleum Corporation and Denmark’s...
(EnergyAsia, July 24, Tuesday) — Flowserve Corp, a NYSE-listed provider of fluid motion and control products and services, said it has opened a flow control engineering center (FCEC), a new research and development facility in Bangalore, India. “The FCEC joins similar facilities for pumps and seals in Chennai and Bangalore,” said Flowserve chairman and CEO...
(EnergyAsia, July 24, Tuesday) — Qatar will build two new small refineries to help meet its growing demand for diesel following recent reports of shortages, said Deputy Premier and Minister of Energy and Industry Abdullah bin Hamad al-Attiyah. Qatar now consumes around 40,000 b/d of oil products including 17,000 b/d of mostly diesel imports. Its...
(EnergyAsia, July 24, Tuesday) — The New York Mercantile Exchange Inc, a subsidiary of NYMEX Holdings Inc, said its crude oil futures contract and Brent crude oil complex contracts reached record open interest levels on July 17. Its crude oil futures open interest peaked at 1,579,109 contracts, surpassing the previous record of 1,570,706 contracts set...
(EnergyAsia, July 24, Tuesday) — Singapore Petroleum Company Limited (SPC) said it has acquired a 5.38% equity interest in Australian upstream company Cue Energy Resources Limited. The stake was acquired in the ordinary course of trading on the Australia Stock Exchange from April 26 to July 20 at an average price of A$0.192 per share....
(EnergyAsia, July 24, Tuesday) — Australian upstream company Santos said it has agreed to sell its exploration and production interests in the US to IPR North America Holdings Corp and IPR Lay Creek, LLC for a collective US$70 million. These agreements are subject to certain conditions. In addition to cash payment, Santos said it will...
(EnergyAsia, July 24, Tuesday) — Saudi Aramco said a fire at its Ras Tanura oil terminal last Friday killed four workers of one of its contractors. The dead included two Filipinos, an Indian and a Sri Lankan. Another 11 contractor employees and one Saudi Aramco employee were injured. The company added that its crude oil...
(EnergyAsia, July 24, Tuesday) — US energy company ConocoPhillips said it will establish a global water sustainability center that will examine ways of treating and using by-product water from oil production and refining operations, as well as other projects relating to industrial and municipal water sustainability. The center will be located in Qatar Science &...
(EnergyAsia, July 24, Tuesday) — Vostock Capital UK will hold its inaugural “FUEL OIL & BUNKER TRADING” conference in Singapore on August 2-3. The event will held at the Pan Pacific Singapore Hotel. The programme has been designed for managers working in oil products trading, refining, logistics, bunkering and shipping companies. The course will cover...
(EnergyAsia, July 23, Monday) — A subsidiary of state oil and gas company PetroVietnam has been awarded a US$120 million contract to provide insurance coverage for a new floating storage and offloading unit (FSO) owned by Vietnamese shipbuilder Vinashinha. PetroVietnam Insurance will provide cover for the 150,000-ton vessel against risks in transporting and installing FSO...
(EnergyAsia, July 23, Monday) — Indonesia said it will consider granting tax breaks for the oil refining sector to attract new investments and boost products output. Capital Investment Coordinating Agency (BKPM) head Muhammad Lutfi said he was confident potential investors would find the tax breaks attractive. Desperately short of refining capacity, Indonesia is hoping to...
(EnergyAsia, July 23, Monday) — Philippine’s Chemrez Technologies Inc has begun exporting coco-methyl ester (CME) with the recent completion of a unit at its manufacturing plant. The fractionation plant will produce 60,000 metric tons of CME a year capacity doubling Chemrez’s CME capacity. It will initially export a third of its production with the rest...
(EnergyAsia, July 23, Monday) — The Sri Lankan government has begun construction work on the Hambantota Port free trade zone that it says will create 6,000 jobs and another 50,000 to 100,000 indirect jobs. A Chinese joint venture comprising China Harbour Engineering Company Ltd and Sino Hydro Corporation Ltd is leading a consortium to build...
(EnergyAsia, July 23, Monday) — China Holdings Inc, a US-based holding company engaged in China-focused businesses, said it has signed a memorandum of understanding (MOU) with Aroma International Petroleum (HK) Co Ltd to jointly develop a 1.2-million cubic meter oil storage facility in Yangkou Port in Jiangsu province. The HK$235 million facility to be located...