SINGAPORE: PowerSeraya names John Ng as new CEO from May 16

(EnergyAsia, April 22, Wednesday) — Singapore’s PowerSeraya has named John Ng Peng Wah, currently its senior vice-president (retail and regulation) as CEO from May 16. He replaces Neil Garry McGregor, who is stepping down as managing director of the PowerSeraya Group to explore new prospects and challenges. PowerSeraya Ltd is in the business of producing,...

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MARKETS: Last year’s oil price spike may have triggered global financial crisis

(EnergyAsia, April 22, Wednesday) — Last year’s skyrocketing oil prices peaking at more than US$147 per barrel in July may have helped set off the global financial crisis. Research by University of California San Diego economist James Hamilton has set the case for an oil-induced economic crisis as record gasoline and fuel prices caused many...

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KUWAIT: Crude oil production capacity raised more than 10% to 3 million b/d

(EnergyAsia, April 22, Wednesday) — Kuwait said it has raised its crude oil production capacity to 3 million b/d from 2.7 million b/d. It is now targeting to raise that to 3.5 million b/d next year, and to 4 million b/d by 2020. However, officials acknowledge that expansion projects would likely be delayed by the...

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CHINA: Energy cooperation, oil imports from Russia seen continuing rise in coming years

(EnergyAsia, April 22, Wednesday) — China’s import of crude oil from Russia is expected to continue rising in the coming years as it aims to diversify supply sources and reduce reliance on the Middle East. Russia too has reason to move more of its oil to China as it seeks to reduce dependence on the...

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ASIA: Rail shipments could open up Canadian oil exports quickly, said railway company

(EnergyAsia, April 22, Wednesday) — Canada may be able to quickly divert its oil sands to markets in Asia by using rail transport networks to ports along the west coast from where they will go by tanker to Asia, said Canadian National Railway (CNR). An executive with the railway operator told Canada’s Financial Post that...

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SOUTH KOREA: KEPCO to pay C$75.4 million for stake in Canadian uranium firm Denison Mines Corp

(EnergyAsia, April 22, Wednesday) — Korea Electric Power Corporation (KEPCO) has agreed to pay C$75.4 million for a 19.9% stake in Canadian uranium producer Denison Mines Corp. It has also agreed to purchase 20% of Denison’s U3O8 grade production. The 19.9% stake translates into approximately 58 million common shares of Denison whose chairman, Lukas Lundin,...

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SINGAPORE: Oxford Princeton’s ‘Energy Risk Management’ course from May 20 to 21

(EnergyAsia, April 21, Tuesday) — Oxford Princeton will hold its ‘Energy Risk Management’ course in Singapore from May 20 to 21. The course will provide delegates with a forum on how to maximise hedging efficiencies and limit price risk exposure. Delegates will learn to build a portfolio of industry techniques for managing price risk in (more…)

MARKETS: UK offshore oil and gas industry faces rapid decline

(EnergyAsia, April 21, Tuesday) — The UK offshore oil and gas industry faces collapse as North Sea oil reserves are fast depleting and becoming increasingly expensive to bring to production. Investment in the sector could halve over the coming two years, said industry group Oil and Gas UK which represents 81 exploration and production companies....

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CHINA: Oil-for-loan deal with Russia locks in price of US$20 per barrel

(EnergyAsia, April 21, Tuesday) — China’s state oil majors PetroChina and Sinopec will be buying some of their oil for as low as US$20 per barrel under the country’s recent loan-for-oil deal with Russia. Through state China Development Bank, the Chinese government has agreed to provide a US$25 billion loan to Russia in return for...

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UK: Keppel secures S$518 million contract to build energy-from-waste plant

(EnergyAsia, April 21, Tuesday) — The environmental technology division of Keppel Integrated Engineering Limited (KIE), Keppel Seghers, said it recently secured a S$518 million engineering, procurement and construction (EPC) contract to build  an energy-from-waste combined heat and power plant (EFW CHP plant) to serve the Greater Manchester region in the UK. (US$1=S$1.5). This will be...

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SINGAPORE: Seaarland and Roxana establish long-range product tanker pool

(EnergyAsia, April 21, Tuesday) — Seaarland Shipping Management and Athens-based Roxana Shipping said they have established a new global pool for LR1 tankers. The pool, operated by Seaarland’s Asian arm, Seaarland Management Services Singapore, has started operations with six modern LR1 tankers under manager Karl Arthur Braein, previously head of chartering in Asia-Pacific for ConocoPhillips....

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INDIA: Planned storage site at Mangalore may have to be relocated

(EnergyAsia, April 21, Tuesday) — India may have to relocate its planned strategic petroleum reserve (SPR) site at Mangalore in Karnataka state to accommodate the development of a special economic zone (SEZ). Planners are debating the need to locate the facility out of the SEZ or, alternatively, to redraw the borderlines of the SEZ to...

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RUSSIA: Gazprom, Royal Dutch Shell signed LNG and natural gas contracts

(EnergyAsia, April 21, Tuesday) — Russian gas giant Gazprom and Royal Dutch Shell have signed agreements pertaining to piped natural gas and liquefied natural gas supplies. The agreements include the purchase of LNG by both Shell Eastern Trading LTD and Gazprom Global LNG from Sakhalin Energy Investment Company. Deliveries to Gazprom and Shell begin in...

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ABU DHABI: France’s Total sign 20-year extension of participation in Gasco joint venture

(EnergyAsia, April 21, Tuesday) — Frenc oil and gas major Total said it has signed agreements for a 20-year extension of its 15% participation in Abu Dhabi Gas Industries Limited Company (Gasco) together with the Abu Dhabi National Oil Company (Adnoc 68%), Shell (15%) and Partex (2%). The agreements consolidate the commitment of Gasco’s shareholders...

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SINGAPORE: Oxford Princeton’s Value-at-Risk: The Basics and Beyond’ workshop to be held on May 22

(EnergyAsia, April 20, Monday) — The Oxford Princeton Programme will be holding its ‘Value-at-Risk: The Basics and Beyond’ workshop in Singapore on May 22.Value-at-risk, a key benchmark for measuring and managing market risks, is used by global trading and marketing companies to maximise profit and minimise costly positioning mistakes. The workshop aims to shed light (more…)

SINGAPORE: Electricity use fell again in February

(EnergyAsia, April 20, Monday) — Singapore’s electricity consumption fell again in January and February, continuing a downward trend since last October.Analysts expect the decline to continue into March as the country’s economic slowdown deepens.February’s consumption was 4,340 megawatts, up slightly from 4,153 MW in January, the lowest since February 2006. In percentage terms, the year-over-year decline...

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RUSSIA: Oil production in decline

(EnergyAsia, April 20, Monday) — Oil production at the world’s largest producing country is in decline, but that’s not making any impact on the markets or prices. US crude oil futures have hovered in the US$40 to $50 per barrel range for most of this year.For 2009, Russia expects oil production to decline by 1.1%...

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RUSSIA: Start-up of LNG exports to South Korea

(EnergyAsia, April 20, Monday) — Russia has started exporting liquefied natural gas (LNG) to South Korea under a new 20-year supply deal.LNG cargoes from Russia’s Sakhalin Energy will help reduce South Korea’s energy dependence on the volatile Middle East region and increasingly unreliable Indonesia and Malaysia.Russia will start supplying about 1.5 million tonnes per year...

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RUSSIA: International help needed to raise oil and gas exports to Asia

 (EnergyAsia, April 20, Monday) — Russia will need the help of foreign partners if it is to realise its long-term goal of raising oil and gas exports to Asia, analysts said. Russia’s attempt to shift its energy ties towards Asia at the expense of Europe requires huge and costly investments in storage and pipeline infrastructure.Following its...

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INDIA: RIL to venture into US fuels market

(EnergyAsia, April 20, Monday) — India’s privately held Reliance Industries Ltd (RIL) plans to market fuel directly into the US market.The oil products will be produced at RIL’s giant refining complex in the north-western Indian state of Gujarat.The company said it would get more value from selling gasoline and diesel to the US directly, rather...

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CHINA: Power grids not ready to take in wind power

(EnergyAsia, April 20, Monday) — China’s electricity grids do not have sufficient capacity to serve the country’s growing wind power generation capacity, which doubled to 12,210 megawatts (MW) last year.Its grids could absorb and distribute less than 9,000 MW of the power generated by its wind power plants last year.  China’s installed wind capacity has...

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SINGAPORE: Jurong Shipyard lands $247.3 million contract for semi-submersible rig

(EnergyAsia, April 20, Monday) — Jurong Shipyard, a fully-owned subsidiary of Singapore’s Sembcorp Marine, has landed a US$247.3 million contract to complete and deliver a semi-submersible drilling unit to SeaDragon Offshore Ltd-subsidiary Gander Drilling Ltd, with a separate option for a second unit.The new rig will be designed and constructed with a water depth rating...

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VIETNAM: ADB helps efforts to electrify remote communities

(EnergyAsia, April 17, Friday) — The Asian Development Bank (ADB) said it is extending a US$151 million loan to help Vietnam expand and improve electricity services in poor and remote communities. ADB said its board has approved the Renewable Energy Development and Network Expansion and Rehabilitation for Remote Communes Sector Project, which will develop 5-10...

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NEW ZEALAND: Contact Energy raised NZ$550 million in bond issue

(EnergyAsia, April 17, Friday) — New Zealand’s largest listed energy company, Contact Energy, said it has raised NZ$550 million through a five year unsecured, unsubordinated fixed rate bond offer, after receiving applications well in excess of the original NZ$300 million sought. (US$1=NZ$1.75). Contact said it intends to use the capital raised to support its capital...

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SOUTH KOREA: Dow Corning selects JinCheon as site for solar solutions application centre

(EnergyAsia, April 17, Friday) — US-based Dow Corning Corp said it has selected the South Jorean city of JinCheon as the site for the expansion of its solar business with the development of a second solar solutions application centre. The new facility will be the company’s second solar solutions application centre after the first opened...

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