up to US$500. The sharply differing forecasts came from OPEC officials as traders and analysts are wondering where oil is headed next after plunging more than US$30 from its July 11 peak of US$147.27 a barrel. Chakib Khelil of Algeria, the cartel’s current President, said oil could fall further to as low as US$70...
managing director and head of merchant banking for the Asia Pacific region from August 15. Based in Singapore, Paul Schuilwerve will be responsible for overseeing Fortis Merchant Banking business in asset-based finance, investment, commercial, corporate and public banking. He takes over from Jaap Kalverkamp, who headed Fortis Merchant Banking business in Asia for the last...
trading of jet fuel cargoes “on a small scale” in the second quarter but will likely hold off extending that to other products for the rest of the year given the high price of oil and volatile market conditions. CEO Meng Fanqiu said the company will focus on growing the jet fuel trading business “cautiously...
(EnergyAsia, August 18, Monday) — Allegro, a leading Texas, US-based energy trading and risk management (ETRM) solutions provider, has appointed Brenton Smith as managing director of Asia Pacific. With more than 20 years of experience in the IT application and software consulting industries, Mr Smith’s appointment will enhance Allegro’s ability to meet the specific needs (more…)
(EnergyAsia, August 18, Monday) — The 13th annual ‘Financing Energy Projects in Asia’ conference will be held at the Intercontinental Hotel in Singapore from October 21 to 22. Asia’s energy demand is expected to grow in line with its fast-growing economies. This huge demand for energy requires massive investment and Asian governments are keen to (more…)
Corp has been awarded a 160 million euro contract by Indonesia’s state electricity utility PT PLN to build a combined cycle power plant in Indonesia. The plant is located at Muara Tawar, 35 km from Jakarta on the northern coast of Java. The project consists of extending the existing power plant with a fifth unit....
crude future prices plunged by more than US$27 a barrel to around $120 on July 29 after striking yet another record high of $147.27 on July 11. As more speculators took up short positions, there could be further weakness in the coming weeks. The bet is on that declining oil demand in the US and...
experience a serious oil supply crunch within five to ten years unless there is a collapse in oil demand. “The Coming Oil Supply Crunch”, a new report by London-based Chatham House, said investment in new supplies has been and will be inadequate. This is partly due to incentives for international oil companies to return dividends...
shares in the Dubai Mercantile Exchange Limited (DME) to jumpstart trading of its financial and energy futures contracts. Goldman Sachs, Morgan Stanley, Vitol, Concord Energy, Casa Energy Trading, and a Royal Dutch Shell subsidiary have been approved by the DME board to buy into the exchange that was jointly set up in June 2007 by...
and gas industry in the Middle East, said management consultant Hays Group. With oil and gas prices expected to stay high, Asia’s energy sector risks a labour supply crisis, according to Hay Group’s global compensation and benefits database, PayNet. “The lure of the Middle East oil dollars has proven to be irresistible,” said the company....
(EnergyAsia, August 15, Friday) — Another two major coal companies have signed up to join globalCOAL’s electronic trading platform as market members. China’s Shenhua Coal Trading Company and France’s Total Gas & Power signed up with the London-headquartered platform this month. Beijing-headquartered Shenhua Coal Trading Company is the wholly-owned coal trading arm of Shenhua Group. (more…)
(EnergyAsia, August 15, Friday) — France’s AREVA said it has signed a contract with Taiwan Power Company (Taipower) to supply boiling water reactor fuel assemblies for units 1 and 2 of the Chinshan and Kuosheng nuclear power plants in Taiwan. The contract, worth more than US$200 million, concludes an invitation to bid launched in June...
(EnergyAsia, August 15, Friday) — Singapore-listed marine fuels trader and storage company Chemoil has reported a net profit of US$22 million for the second quarter, up sharply from US$660,000 for the same period last year. Remarkably, the company suffered derivative losses of US$122 million in the April-June quarter that was more than offset by increased...
(EnergyAsia, August 8, Friday) — Singapore-based Asia Clean Energy Co Ltd (ACE) has entered into a joint venture with US-based Caterpillar, China’s State Power International Finance & Trade Corporation Ltd and Shanxi Xinhe Energy Co Ltd, to develop one of the largest clean development mechanism (CDM) projects in China. The consortium will develop a 300-megawatt...
(EnergyAsia, August 15, Friday) — Kuwait is expected to increase its crude stockpile in South Korea in response to rising tensions between Iran and the West. Iran has threatened to close the Straits of Hormuz if the US and its allies launch a military strike on the Islamic regime’s nuclear facilities. The bulk of Kuwait’s...
(EnergyAsia, August 15, Friday) — India’s wind power capacity is expected to grow by less than 60% of the 10,500 MW target for the latest five-year plan to 2012 set by the government, said project investment database firm ProjectsToday. The company said the Ministry of New and Renewable Energy (MNRE) might achieve a launch of...
(EnergyAsia, August 15, Friday) — The Indian government appears to be having second thoughts on promoting biofuels and biodiesel as a pillar of its renewable energy policy. A committee of Cabinet ministers tasked with promoting biofuels has shelved the project amid growing concerns with rising food prices and the global controversy over the use of...
(EnergyAsia, August 15, Friday) — The government of India’s Orissa state is in talks with the National Hydro Power Corporation (NHPC) to build up to 10 hydropower plants. The Orissa government and NHPC will form a joint venture to invest a total of Rs80 billion in building the 10 projects on different rivers, said Energy...
(EnergyAsia, August 15, Friday) — China WindPower Group Limited said it has signed a strategic cooperation agreement with Hebei Construction Investment New Energy Limited Company to jointly develop, construct and operate several wind power projects in China. These projects include phase two of the Wolongshan wind power plant in Kangbao and a wind farm in...
(EnergyAsia, August 15, Friday) — China’s powerful National Development and Reform Commission (NDRC) said it has approved the construction of three wind farms in Hebei province. It did not say when the farms’ combined capacity of 450,000 kilowatts would be ready or how much the projects are worth. State-owned Guohua Energy Investment is building a...
recourse financing for its Ras Laffan C power and water desalination project. The consortium members include Mitsui, Shikoku Electric Power Company and Chubu Electric Power Company of Japan, and local partners Qatar Electricity and Water Company, and Qatar Petroleum. Japan Bank for International Cooperation (JBIC), Export Development Canada (EDC), Islamic Development Bank (IDB), and a...
Port, has agreed to buy additional units of VYCON’s REGEN Crane Energy Storage systems. VYCON, the designer and manufacturer of the environmentally friendly energy storage systems, said tests revealed that retrofitting a rubber tired gantry (RTG) crane with its REGEN system and optimising the generator helps give up to 38% in fuel savings. At the...
includes BIMCO, ICS, Intercargo and Intertanko will be holding a symposium on the protection of the marine environment in the Straits of Malacca and Singapore. The conference will be held in Kuala Lumpur, Malaysia on November 24. The Straits of Malacca and Singapore rank as the busiest with transiting ships carrying around one third of...
carbon markets and mechanisms in the Asia Pacific region, will be held at the Suntec International Convention and Exhibition Centre in Singapore from November 12 to 13. The event will showcase carbon abatement solutions and technologies, policy discussions, as well as status and trends in the CDM market. World Bank figures revealed that the international...
Binh Son District in the central province of Quang Ngai. With a capital of 45 billion dong, the PetroVietnam Biofuel Joint Stock Company will produce ethanol from cassava. The project will help farmers grow a cash crop while reducing the country’s dependence on imported gasoline. (US$1=16,600 dong). The company is owned by PetroVietnam General Services...