(EnergyAsia, August 22, Wednesday) — Malaysia, one of Asia’s most successful economies, faces the worrying prospect of declining oil production that could turn it into a net importer as early as 2010. Celebrating its 50th year of independence this month, Malaysia is increasingly relying on the oil and gas revenues of state-owned Petronas as past...
(EnergyAsia, August 22, Wednesday) — Australia’s BHP Billiton, in partnership with US independent oil company Apache, plans to invest A$2 billion in an oil exploration project off Australia’s northwest coast (US$1 = A$1.2). The Pyrenees project, located about 20km north of North West Cape, could be the last of the country’s big new oil project....
(EnergyAsia, August 22, Wednesday) — Stock market investors appear to favour Australia’s Origin Energy over rival AGL. Origin’s strength lies in its ownership of large methane gas reserves. Concerns over drought, global warming and looming carbon pricing have made a coal seam gas producer like Origin very attractive to the market. Origin has been producing...
(EnergyAsia, August 22, Wednesday) — China Aviation Oil (Singapore) Corporation Ltd (CAO) said the non-binding Memorandum of Understanding (MOU) which it signed with its parent company, China National Aviation Fuel Group Corp (CNAF) and BP Investments Asia Limited (BP) regarding the possible injection of operating assets by CNAF and BP into CAO, will expire on...
(EnergyAsia, August 22, Wednesday) — Japanese engineering company Chiyoda Corp said it has been awarded the contract by Shell Eastern Petroleum Pte Ltd (SEPL) for engineering, procurement service and construction management (EPCm) for the long residue catalytic cracker unit (LRCCU) revamp project. SEPL is a company of the Royal Dutch Shell group. The front end...
(EnergyAsia, August 21, Tuesday) — Thai state energy company PTT is looking to build more fuel depots in the Philippines. PTT said it is considering locations in Luzon, Batangas and Manila Bay. Last month, the company opened its first fuel depot in the Philippines on Mactan Island, Cebu. The five-million litre depot supports PTT’s 25...
(EnergyAsia, August 21, Tuesday) — OMV, Central Europe’s leading oil and gas group, and its core shareholder Abu Dhabi’s International Petroleum Investment Company (IPIC) have incorporated their respective shares of AMI Agrolinz Melamine International GmbH (AMI), one of the leading international producers of melamine and plant nutrients, into Borealis. Europe’s second largest producer of plastics,...
(EnergyAsia, August 21, Tuesday) — French engineering firm Technip said it has been awarded a basic design and engineering package contract by Sinopec Yangzi Petrochemical Co Ltd (YPC) for a syngas plant in Nanjing, China. The plant will have the capacity to produce 25,000 cubic metre per hour carbon monoxide (CO), 16,000 cubic metre per...
(EnergyAsia, August 21, Tuesday) — India could face nationwide oil supply disruptions today as 45,000 oil workers involved in crude production, refining and logistics begin strike action today. The Oil Sector Officers’ Association, which represent workers at state firms like ONGC, Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp, said it has ordered...
(EnergyAsia, August 21, Tuesday) — Kuwait said its three refineries and oil operations were not affected by an earthquake that struck the western part of the country last Saturday (August 18). The 4.3-Richter magnitude earthquake was strongest in Um Qedair and Al-Mageesh, a logistics point for oil collection and distribution. Experts have warned that parts...
(EnergyAsia, August 21, Tuesday) — Malaysian state oil and gas firm Petronas is interested to take a stake in Saudi Arabia’s proposed Jizan oil refinery. Saudi Aramco has proposed to build a refinery of between 250,000 and 400,000 b/d capacity in the impoverished region of Jizan in kingdom’s southern coast along the Red Sea coast...
(EnergyAsia, August 21, Tuesday) — China’s oil companies are hoping to benefit from Venezuela’s crackdown on western oil majors. The Venezuelan government under President Hugo Chavez has decided to reclaim many hydrocarbon assets from majors such as BP, ExxonMobil and Total. Some western oil firm have decided to exit the country entirely. At the same...
(EnergyAsia, August 22, Tuesday) — The Indian government is under growing pressure to raise the country’s gasoline and diesel prices to stem losses at the state-oil firms who have to sell the fuels at below market prices. Planners are looking to raise gasoline prices by Rs2/litre and diesel by Rs1/litre (US$1 = Rs41). At present,...
(EnergyAsia, August 21, Tuesday) — Nepal’s gasoline stockpiles have almost run out as the country is unable to pay its main supplier, IndianOil Corp (IOC). As a last resort, the government has authorised Nepal Oil Corporation (NOC) to hike domestic prices. It has also set aside Rs1.5 billion in emergency funding for NOC to pay...
(EnergyAsia, August 21, Tuesday) — Singapore is considering setting up a huge offshore oil terminal to expand the country’s total storage capacity. The move could ease demand pressure on the country’s onshore crude and refined products tanks, and also free up scarce land for other use. The very large floating storage platform could include a...
(EnergyAsia, August 20, Monday) — Thailand’s state oil and gas company PTT Plc is looking to set up a new subsidiary to manage and optimise its refining business. It has allocated an 80-billion baht budget over the next five years to its refining business. (US$1=33 baht). PTT owns a total of 340,000 b/d of refining...
(EnergyAsia, August 20, Monday) — Global offshore accommodation leader Duffy and McGovern has announced deals worth more than US$140,000 in Southeast Asia and Australasia as it moves into a new base of operations for the region to facilitate future growth. Duffy and McGovern Accommodation Services (DMAS) has fulfilled orders from Sakhalin to New Zealand in...
(EnergyAsia, August 20, Monday) — Thai upstream company PTT Exploration and Production Public Co Ltd (PTTEP) has reported slight drops in its second quarter net incomes and revenues compared with year ago levels. The company and its subsidiaries recorded a net income of 7,158 million baht or earnings per share of 2.18 baht for the...
(EnergyAsia, August 20, Monday) — Australia’s Federal Court last week approved a proposal by the Babcock & Brown-Singapore Power International consortium to fully acquire Alinta Limited via a scheme of arrangement. Phil Green, CEO of investment and advisory firm Babcock & Brown Babcock & Brown said: “We are pleased to have secured the final approvals...
(EnergyAsia, August 20, Monday) — Several international oil majors are preparing to bid for a planned 120,000-tonne liquefied petroleum gas (LPG) storage terminal in Indonesia’s East Java. The bidders for the project, likely at Gresik or Banyuwangi, include South Korea’s SK Energy Corp, Malaysia’s state oil and gas firm Petronas, ConocoPhillips of the US and...
(EnergyAsia, August 20, Monday) — Engineering company J. Ray McDermott S.A. said its subsidiary, PT McDermott Indonesia, has completed a contract to fabricate 75 modules for North West Shelf Venture’s Train V LNG Project, operated by Woodside Energy Limited (WEL). This is the world’s first modular liquid natural gas (LNG) plant. The project remains on...
(EnergyAsia, August 20) — World oil prices could spike higher as demand continues to outpace supplies this winter season unless OPEC takes urgent steps to boost production, the International Energy Agency (IEA) has warned again. Current OPEC oil production of 30.5 million is about 2.1 million below what analysts say is needed to prevent continued...
(EnergyAsia, August 20, Monday) — China’s oil demand is forecast to rise by 5.7% to 7.6 million b/d, this year, according to the International Energy Agency. For 2008 the IEA sees a 5.8% increase to 8 million b/d, in line with the country’s growing economy. For June 2007 – the latest month such data is...
(EnergyAsia, August 20, Monday) — Indian Oil Corporation Ltd (IOC) has reported a 11% rise in net profit to Rs14.68 billion for the April-June quarter, compared with year-ago level. (US$1=Rs41). Its sales revenue rose by 9.5% to Rs582.05 billion from Rs531.42 billion previously. IOC chairman Sarthak Behuria said the rupee’s rise against the dollar helped...
Asia Bulk Liquid Storage, Transportation and Terminals Conference at the Raffles City Convention Center in Singapore, August 29-31. Contact Admin@EnergyAsia.com. (EnergyAsia, August 20, Monday) — The Philippines’ leading oil company, Petron, is planning to expand its oil depot at Bwaing in General Santos City in Mindanao. The company has yet to determine financial terms or...