royalties worth some RM2.5 billion be paid directly to the state rather than be channelled into a special fund run by the federal government. (US$1=RM3.2). Terengganu is Malaysia’s largest oil producing state, but is also one of the country’s poorest states. It is ruled by an Islamic party that opposes a secular coalition that governs...
boost investment in energy efficiency and savings to curb their oil use and help check rising oil prices. Curbing demand and boosting energy efficiency have become an obvious policy choice as oil prices are expected to remain high. World oil supplies have remained little changed at around 85 to 86 million b/d for more than...
Countries (OPEC) are expected to derive more than US$1 trillion in oil export earnings this year on the back of soaring oil prices. The cartel generated US$647 billion export revenues last year, and will exceed the trillion-dollar mark with crude averaging US$110 a barrel, said the US Energy Information Administration (EIA). Crude has been trading...
(EnergyAsia, June 24, Tuesday) — The ‘15th Africa Upstream’ will be held at the Imax Theatre in Cape Town, South Africa from October 8 to 10. More than 70 officials and executives from government agencies, state oil companies and private companies will be speaking at the region’s largest exploration and production event. ‘15th Africa Upstream’ (more…)
(EnergyAsia, June 24, Tuesday) — ‘Design and Manufacture for Sustainable Development’ is a collection of papers from a conference held at the University of Liverpool in June 2002. Wiley has published them as a book to reflect the interchange of ideas on the theory, technology, tools and methodology on what constitutes sustainable development. It discussed (more…)
(EnergyAsia, June 24, Tuesday) — ‘Tanker Ownership, Chartering and Operations’, a course offered by the Oxford Princeton Programme, will be held in Singapore from October 8 to 10. The course, presented in association with maritime economics and business consulting firm Richardson Lawrie Associates, will cover the crude oil, petroleum products, chemicals and gas transportation sectors. (more…)
they will jointly establish the Jubail Refining and Petrochemical Company sometime in the third quarter this year. An agreement was signed in Jeddah by Abdallah S. Jum’ah, President and CEO of Saudi Aramco, and Christophe de Margerie, CEO of Total, to advance their planned construction of a 400,000 barrel per day full-conversion refinery in the...
may have caused widespread harm to some of the country’s hydropower dams. Officials have warned of potentially extensive damage but said the exact threats remained unclear. Workers are now repairing the Zipingpu dam in Sichuan province after officials had determined it was in danger of unleashing water through cracks sustained during the earthquake that struck...
billion to help the country’s lower-income households cope with the impact of soaring oil prices. Prime Minister Han Seung-soo has announced that the government plans to reimburse low-income earners for part of their fuel purchases. The subsidy could benefit an estimated 12.8 million people. The government will use last year’s surplus tax revenues and projected...
for a 150,000 b/d refinery in Sudan. The cost of the planned project at Port Sudan more than doubled as prices for steel and other materials have surged in recent years, jeopardising its commercial viability even at a time of soaring global crude oil prices. Announcing the delay, Petronas CEO Hassan Marican did not mention...
(EnergyAsia, June 23, Monday) — Oiltanking Singapore Limited has announced that it will be constructing another 120,000 cubic metres of storage capacity for clean oil products on Singapore’s oil, gas and chemicals hub on Jurong Island. The new tanks, to be added to the company’s terminal located along Jurong Island Highway by mid-2009, will boost (more…)
(EnergyAsia, June 23, Monday) — Wipro Technologies, the global IT services division of India’s Wipro Limited, said it has joined The Green Grid, a global consortium dedicated to advancing energy efficiency in data centres and business computing ecosystems. Wipro’s green IT initiatives extend from energy efficient data centres to eco-friendly product engineering designs and PC (more…)
(EnergyAsia, June 23, Monday) — Canada’s Alberta province holds as estimated bitumen reserves of almost 173 billion barrels as well as reserves of 1.5 billion barrels of conventional oil, according to the Energy Resources Conservation Board (ERCB). Last year, the province produced 482 million barrels, or 1.32 million b/d of bitumen, exceeding conventional oil production...
(EnergyAsia, June 23, Monday) — Rising fuel prices is adding to growing political instability in Malaysia, one of the developing world’s most successful economies. The inflationary effects of a shock 41% rise in gasoline prices and 63% hike in diesel ordered by the government on June 5 are adding to pressure on Prime Minister Abdullah...
(EnergyAsia, June 23, Monday) — The Indian government has warned that its fuel subsidy burden could more than triple this year to reach 2.2% of the country’s GDP as world crude oil prices threaten to rise further. Last year, India expended 0.7% of its GDP, orUS$8.7 billion, as subsidies to keep domestic fuel prices low....
(EnergyAsia, June 23, Monday) — Oil prices are likely to stay high for the rest of the year despite Saudi Arabia’s show of goodwill in Jeddah yesterday in agreeing to raise crude production and China’s surprise move last Friday to increase pump prices by 18% that could slowdown consumption growth. Hosting the world’s leading oil...
(EnergyAsia, June 23, Monday) — Active Power Inc, a Texas, US-based inventor and manufacturer of energy-efficient critical power systems, said it has received an order from a subsidiary of the China National Power Grid for eight of its trademarked PowerHouse containerised continuous power systems. The first two systems will be shipped in the third quarter...
(EnergyAsia, June 23, Monday) — Canasia Power Corp, a Canadian private power developer, said it is building two 660MW units of a Jawaharpur supercritical thermal power complex in Etah in India’s Uttar Pradesh state. Canasia has chosen state-owned China National Electric Equipment Corp (CNEEC) as the turnkey equipment, procurement, construction (EPC) contractor. CNEEC, a leading...
(EnergyAsia, June 23, Monday) — NYSE-listed engineering firm McDermott International Inc said a subsidiary has entered into a joint venture with a subsidiary of state-owned China Shipbuilding Industry Corporation (CSIC). A J. Ray McDermott SA unit has formed a joint venture company, Qingdao McDermott Wuchuan Offshore Engineering Company Ltd (McDermott Wuchuan), to establish a new...
(EnergyAsia, June 23, Monday) — NYSE-listed LDK Solar said it has signed a five-year contract to supply multicrystalline solar wafers to China-based Jiangxi Solar PV Corporation (JSPV). LDK Solar, a multicrystalline solar wafer manufacturer, will deliver approximately 70 MW of multicrystalline solar wafers to JSPV, a new venture created by US-based Solar PV Corporation, over...
(EnergyAsia, June 20, Friday) — Canada-based Red Hill Energy Inc said it has engaged Australia-based consulting and engineering firm Minarco-MineConsult (MMC) to prepare a comprehensive pre-feasibility study on its fully-owned Ulaan Ovoo coal project in northern Mongolia. The study will complement earlier analysis produced by US-based Behre Dolbear Inc’s scoping study and several transportation and (more…)
(EnergyAsia, June 20, Friday) — KIC Group-controlled Asia Petroleum Hub Sdn Bhd (APH) last week officially launched its new RM50 million fabrication and supply base in the southern Malaysian state of Johor. The base is designed to support the construction of APH’s RM1.5 billion petroleum hub on the nearby 100-acre reclaimed island in Tanjung Bin (more…)
(EnergyAsia, June 20, Friday) — Global Petroleum Show (GPS) 2008 set a record breaking attendance with nearly 62,000 registered attendees, making it the most attended GPS in the show’s 40-year history. About 100 countries were represented at the Calgary event in Canada’s Alberta province which attracted more than 2,000 exhibiting companies. The year’s GPS launched (more…)
(EnergyAsia, June 20, Friday) — Singapore’s KS Energy Services Limited said it has secured the first of two six-month extension from June 29 for its rig management contract with Consafe Offshore AB, a wholly-owned subsidiary of Prosafe SE for the management of the Safe Esbjerg accommodation rig. The 140-bed accommodation jackup rig is currently operating...
(EnergyAsia, June 20, Friday) — Sakhalin Energy Investment Company Ltd said it has secured $5.3 billion in project financing, the largest in Russia’s history, from the Japan Bank for International Cooperation (JBIC) and a consortium of international commercial banks. Japan’s leading financial institution will provide US$3.7 billion while the consortium will contribute an additional $1.6...