Wanzhou in landlocked southwestern Chongqing municipality will be the site for China’s next strategic oil storage terminals.   The Chinese government has started filling the four terminals under the first phase storage programme. The four terminals along the country’s eastern and northern coast are located at the ports of Dalian, Zhenhai, Zhoushan and Qingdao, and...

high-performance electric motor system technology, said it has completed a US$1 million financing round from a private investment group. The company will use the fund to further develop its high-frequency, low RPM, transmissionless motor system designed to increase the speed and efficiency of electric vehicles. KLD Energy Technologies said its motor system uses an innovative...

Kharg Island to boost the country’s crude oil storage capacity by 25%.   It needs to store surplus oil in tanks as world demand has slumped sharply in recent months on account of the world financial crisis. Any attempts to sell the oil on the spot market will further weaken prices. Oil-dependent Iran is under...

agreement on for a total of 75 billion yen from a syndicate of Japanese banks. (US$1=90 yen). The syndicate comprises Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Corporate Bank (Mizuho), and Banco de Tokyo-Mitsubishi UFJ Ltd (BTMU). The loan is insured by Japan’s Nippon Export and Investment Insurance (NEXI). Petrobras said the loan will finance the...

needs as part of its stockpile obligations for 2009 under International Energy Agency (IEA) rules. New Zealand’s total 90 days obligation for 2009 is one million tonnes, down from 1.4 million tonnes in 2007 and 1.2 million tonnes in 2008). The bulk of these reserves are commercial stocks held by oil companies. Minister of Energy...

(EnergyAsia, January 16, Friday) — With US$40 in cash, Exxon Mobil could be mistaken for a sovereign wealth fund. Even after buying up some US$225 billion of its own stock, the supermajor could easily buy out for many of its smaller independent rivals, and even have a go at Shell, some analysts say. The company...

(EnergyAsia, January 16, Friday) —Singapore oil rig builders Keppel Corp and Sembcorp Marine have been forced to accept delayed payments for projects worth a total of US$850 million ordered by Norwegian contractor Seadrill. SembMarine’s PPL Shipyard is to supply two jack-ups worth US$430 million while Keppel Fels has been contracted to build two jack-ups worth...

(EnergyAsia, January 16, Friday) — The South Korean government has laid out an ambitious programme to invest 37-trillion won in new power plants that include nuclear plants. (US$1=1,300 won). The plan is aimed at reducing the country’s reliance on imported oil, cutting greenhouse gas emissions and boosting the economy’s energy efficiency. The government also plans...

(EnergyAsia, January 16, Friday) — Energy and chemical firms are delaying new projects in Singapore amid the deepening global financial and economic crisis. Singapore Petroleum Company (SPC) is expected to delay investments in a refinery upgrading project and a co-generation plant at its joint venture 290,000 b/d refinery with Chevron. The two projects are worth...

(EnergyAsia, January 16, Friday) — Sovereign wealth funds from China and the Middle East are looking at acquiring smaller North Sea oil exploration companies. Many of these firms are expected to falter under the weight of the ongoing global financial and credit crunch, opening up opportunities for cash-rich investors to snap them up at bargain...

(EnergyAsia, January 16, Friday) — BP said a deal agreed in principle last September to revise the shareholder agreement with its Russian partners in TNK-BP has now been finalised, paving the way for the next phase in the development of Russia’s third largest oil and gas company and, in recent years, one of its most...

(EnergyAsia, January 16, Friday) — The Philippines’ Department of Energy (DoE) is confident of privatising the remaining assets of state-owned National Power Corporation (Napocor) this year on the back of a successful electrification programme and privatisation programme last year. The agency said it achieved over 73% of its privatisation target in 2008. In a year-end...

(EnergyAsia, January 16, Friday) — The past 12 months have seen volatility in oil prices on an unprecedented scale. A new special report, Recession Shock: The Impact of the Economic and Financial Crisis on the Oil Market, released by Cambridge Energy Research Associates (CERA), explores these issues, including: What is driving this extraordinary volatility; the...

(EnergyAsia, January 16, Friday) — Qatar, the world’s leading liquefied natural gas (LNG) exporter, has promised to increase supplies to India this year. Speaking at the Petrotech 2009 conference in New Delhi this week, Qatari Oil Minister Abdullah bin Hamad al-Attiyah said the extra cargoes will help meet India’s growing fuel demand for power and...

exploration and development deal with its Venezuelan counterpart, Petroleos de Venezuela SA, (PDVSA). The two sides will cooperate on oil production projects in Vietnam estimated to be worth over US$11 billion. They will also invest in a refinery in Vietnam to process heavy Venezuelan crude oil. Vietnam is working to boost its crude oil production...

can be achieved through policies that support innovation, competition and free trade, said Rex Tillerson, chairman and CEO of Exxon Mobil Corp. In a speech to the Woodrow Wilson International Center for Scholars, he outlined the energy challenge facing America and the world: global energy demand is expected to be 35% higher in 2030 than...

proliferative nuclear fuel technology and provider of comprehensive advisory services for emerging nuclear programs and Punj Lloyd Group, India’s engineering, procurement and construction (EPC) conglomerate, recently signed a memorandum of understanding (MOU). They have agreed to explore deploying Thorium Power’s nuclear fuel designs in India, Southeast Asia and other territories, expand consulting activities for the...

planned power plant projects means that “coal-fired power is one big step closer to being mothballed once and for all,” according to Green America, formerly known as ‘Co-op America.’ Dynegy recently cancelled its joint development agreement with LS Power to build a new fleet of coal plants.  Although LS Power retains the right to develop...

megawatt (MW) wind power plant in the country’s Inner Mongolia region. The RMB2.4-billion project is expected to start up in 2010, producing 646 million kwh of electricity per year. (US$1=RMB6.83). The company is implementing the project through two of its subsidiaries, Huadian Power International Co and China Huadian Hong Kong Co. Meanwhile, Cixi Farm has...

megawatt (MW) wind power project has attracted a number of bids from various companies including global players. GSPC said it has received bids from 10 firms, including India’s leading wind power developer Suzlon and Denmark’s Vestas, the world’s largest builder of wind turbines. GSPC is trying to diversify its business model by investing in wind...

“clean coal”, dismissing this supposed energy alternative is a myth. The response by the National Wildlife Federation, the Sierra Club and the Natural Resources Defence Council comes as the US government is planning to boost clean coal initiatives. In Australia, the government is also betting heavily on clean coal to prepare for coal’s role in...

(MW) wind power plant in the Philippines, Southeast Asia’s biggest such project to date. The US$95 million project will be located in Aparri, Cagayan. Construction is expected to start later this year. Northwind is said to be negotiating for finance with investors from Japan, Denmark and Spain. The company’s parent, NorthWind Power Development, recently built...