SINGAPORE: Temasek Holdings puts off sale of PowerSeraya

wealth fund, said it has stopped the tender process for the sale of its wholly-owned power generation company PowerSeraya Ltd. Gwendel Tung, Temasek’s investment director, said: “We launched the tender process early last month based on indications of interest from investors. In light of the market conditions, we have decided not to proceed further. We...

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BOOK: ‘Understanding Today’s Electricity Business’ provides an overview of industry’s operations

(EnergyAsia, November 27, Thursday) — ‘Understanding Today’s Electricity Business’ presents the ‘big picture’ for those who wish to understand the industry’s operations. It provides an insight into the key players, deregulation models, electricity supply systems, profit making and risk management systems. This 216-page book details the structure of the North American electricity industry and how (more…)

AUSTRALIA: BP Solar to close Sydney plant as part of global drive to reduce renewable power cost

photovoltaic (PV) power cells and panels at its manufacturing plant in Sydney Olympic Park in Australia at the end of March 2009. The company said it is looking to focus its operations at larger scale plants in lowest cost manufacturing countries as it seeks to drive down the cost of solar power. The BP Solar...

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CHINA: Canada’s Cleanfield, Zhejiang Jingye to form joint venture

agreed to form a joint venture company with China’s Zhejiang Jingye Technology Co Ltd (ZJT) to manufacture and distribute power turbines in the country. The Huzhou, Zhejiang-based company will hold a 51% stake in the joint venture firm which will become the exclusive distributor of Cleanfield’s V3.5 turbines in China and will manufacture its V3.5...

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CHINA: World Bank says stimulus policies vital for growth and rebalancing

sustaining the country’s economic growth, said the World Bank. In its latest quarterly China report, the World Bank said the country’s GDP will grow by around 7.5% in 2009, down from a projected 9.4% in 2008. It also forecasts that China’s export growth is likely to plunged to 3.5% in real terms compared to 11%...

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SINGAPORE: ABF’s ‘Asia Power – Financing Power Projects’ to be held on January 20 and 21

(EnergyAsia, November 26, Wednesday) — The ‘Asia Power – Financing Power Projects’ conference will be held at the Royal Plaza hotel on Scotts in Singapore on January 20 and 21. Energy demand in Asia has reached record highs especially in major economies like China and India. The conference will discuss how the region can meet (more…)

BOOK: ‘Understanding the Global LNG Business’

(EnergyAsia, November 26, Wednesday) — Thanks to growing demand around the world, the liquefied natural gas (LNG) business is poised to become a major global industry. ‘Understanding the Global LNG Business’ provides an understanding of the industry’s fundamentals in particular supply-demand issues. The 124-page book is equipped with facts, figures and illustrations to cover all (more…)

BOOK: ‘Arctic Oil and Gas – Sustainability at Risk?’ analyses expanding activities in the region

(EnergyAsia, November 26, Wednesday) — ‘Arctic Oil and Gas – Sustainability at Risk?’, written by Aslaug Mikkelsen and Oluf Langhelle, analyses the expanding oil and gas activities in the Arctic from the perspective of sustainable development and corporate social responsibility. The book focuses on the territories of the Arctic Rim where current and future oil (more…)

THAILAND: Bangchak reports 251.6 million baht loss for the third quarter

(EnergyAsia, November 26, Wednesday) — Thai oil refiner Bangchak Petroleum PCL has reported a 251.6 million baht loss for the third quarter on negative refining margins and lower sales volume, compared with a 507.8 million baht profit for the same period last year. (US$1=35 baht). Its earnings per share fell from 0.45 baht for the...

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SINGAPORE: New national standard to enhance bunkering practices

(EnergyAsia, November 26, Wednesday) — Two Singaporean state agencies, SPRING and the Maritime and Port Authority (MPA), have jointly launched the Singapore Standard SS600: 2008 – Code of Practice for Bunkering, to raise the consistency and quality in the delivery of bunker fuels for ships calling at Singapore’s port. The launch of this new national...

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AUSTRALIA: Abu Dhabi’s IPIC buys 17.6% stake in Oil Search Limited

(EnergyAsia, November 26, Wednesday) — Abu Dhabi’s International Petroleum Investment Company (IPIC) and Papua New Guinea’s Independent Public Business Corporation said they have signed an agreement that will enable IPIC to acquire IPBC’s 17.6% interest in Australia’s Oil Search Limited. The acquisition is structured by way of a five year exchangeable bond for A$1.68 billion....

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PHILIPPINES: UAE’s Olympic Shipping Company to supply Phoenix Petroleum Philippines Inc

(EnergyAsia, November 26, Wednesday) — The UAE’s Olympic Shipping Company (OSC) has signed a long-term agreement to supply oil products to Phoenix Petroleum Philippines Inc (PPPI). Davao-based PPPI said OSC is also considering buying into the company with the view to expanding trade and investment in oil storage facilities in the Philippines. “Our agreement with...

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PEOPLE: Chemoil appoints Anand as managing director for Asia and the Middle East

(EnergyAsia, November 26, Wednesday) — Singapore-listed Chemoil said it has appointed Sanjay Anand, the previous managing director of Chemoil Logistics, as managing director of Chemoil’s Asia and Middle East operations with immediate effect. Mr Anand was formerly operations and technical director of an 80-vessel ship management company in Hong Kong for 11 years. Before that,...

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CHINA: Sunrise Consulting Group Inc to buy controlling stake in solar company

(EnergyAsia, November 26, Wednesday) — US-based Sunrise Consulting Group Inc said it has signed a letter of intent to purchase up to 60% of China’s Sunrise Solartech Co Ltd. Founded in March 2006 in Jiansu Province, Sunrise Solartech is a privately owned enterprise that specialises in designing, developing, manufacturing and marketing solar energy products. Today,...

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CHINA: Shell signs 20-year deal to supply West Australian LNG to PetroChina

(EnergyAsia, November 26, Wednesday) — Shell Eastern LNG, a unit of Royal Dutch Shell, said it has signed a 20-year agreement to supply liquefied natural gas (LNG) to PetroChina International Company Limited. Shell said the LNG will be sourced from its global portfolio and the Gorgon project in Western Australia. The company expects to sell...

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COMPANY: Exxon Mobil reports declining output, record 3Q profit of $14.8 billion

reported a 58% increase in third-quarter net income to US$14.8 billion, but the result was somewhat clouded by the 8% drop in its oil production. Like other Western companies, the major failed to halt the decline in its oil production, which hit a nine-year low of 3.6 million b/d for the three months ended September...

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RUSSIA: New oil deal with China could be worth $25 billion

loan deal estimated to be worth up to US$25 billion. Russia desperately needs the money to help its economy cope with the fallout of the global financial crisis. The oil will be supplied by state oil firm Rosneft through pipelines owned and operated by the Transneft pipeline monopoly. The two state-controlled firms have a combined...

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THAILAND: Total reports exploration “success”, new development in Bongkot field

exploration wells and begun a new phase of development of the Bongkot North Field in Thailand. The company said it drilled three wells, Ton Sak 7, Ton Sak 8 and Ton Son 2, in the Bongkot offshore concession in the Gulf of Thailand, uncovering “commercial quantities” of gas and condensates. It has sanctioned the Ton...

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BOOK: ‘Handbook of Photovoltaic Science and Engineering’

(EnergyAsia, November 25, Tuesday) — ‘Handbook of Photovoltaic Science and Engineering’ incorporates an update of some of the most recent technological advances and research developments in photovoltaics (PV) by international experts. Each chapter provides detailed information of the physics and technology for experts and includes a review of past work and the fundamentals in solar (more…)

BOOK: ‘Renewables-Based Technology: Sustainability Assessment’

a compilation of information and analysis of a range of sustainability assessment methods and their uses. Sustainability is a key driving force for industries in the chemical, food, packaging, agricultural and pharmaceutical sectors, and quantitative sustainability indicators are being incorporated into company reports. This is driving the uptake of renewable resources and the adoption of (more…)

ASIA: APEC leaders cover energy, climate change in Peru declaration

meeting in Lima, Peru last week have pledged to fight the economic and financial crises facing the world by using all monetary and fiscal stimuli at their disposal. Calling it “one of the most serious economic challenges we have ever faced”, the leaders said they will act quickly and decisively to address the impending global...

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INDIA: ADB supports energy conservation fund for Madhya Pradesh state

fund to mobilise financing for energy efficiency projects in the Indian state of Madhya Pradesh. The planned Energy Conservation Fund (ECF) will complement an ongoing ADB investment programme in Madhya Pradesh’s power sector which is focused on reducing the gap between power supply and demand, and improving efficiency in transmission and distribution. ADB said it...

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MARKETS: IEA further reduced oil consumption growth forecasts for 2008 and 2009

its forecast for world oil consumption growth for 2008 and 2009 in response to slumping economic conditions. In its latest forecast, the IEA said it expects world demand to grow by 120,000 b/d in 2008 to 86.2 million b/d, and by 350,000 b/d in 2009 to 86.5 million b/d. Last month, the Paris-based agency had...

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MARKETS: Bank says 500% increase in oil prices since 2002 may be the key driver behind global recess

far more significant role in pushing the global economy into a recession than the sub-prime mortgage meltdown in the US, said Canada’s CIBC World Markets. The report, “Just how big is Cleveland?”, challenges how falling property values in US inner-cities like Cleveland could create a recession in Japan and the Euroland economies, before even causing...

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RUSSIA: Two LNG trains completed on Sakhalin Island

construction of the second process train at its liquefied natural gas (LNG) plant on Sakhalin Island. The plant, the country’s first LNG complex, now has a total capacity of 9.6 million tonnes of LNG per year. Construction of the first train was completed in May. Sakhalin Energy said: “This is the culmination of some 10...

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