(EnergyAsia, May 22, Friday) — China Aviation Oil (Singapore) Corp Ltd (CAO) said its net profit plunged 54.6% to US$4.11 million for the quarter ended March 31, 2009, compared with US$9.045 million from year ago, due largely to losses at its associated company, Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd (SPIA). CAO said...

(EnergyAsia, May 22, Friday) — Emirates General Petroleum Corporation (Emarat) has begun work on expanding its oil product storage tanks in Fujairah in the UAE. When completed, the 250-million-dirham project will raise Emarat’s storage capacity by 50,000 cubic metres to 250,000 cubic metres. (US$1=3.67 dirham). The terminal stores and handles gasoline, gasoil, jet fuel and...

(EnergyAsia, May 22, Friday) — Hindustan Petroleum Corp (HPCL) said it expects to start up its refinery at Bhatinda in India’s Punjab state in early 2011. The 180-billion-rupee refinery, a joint venture between HPCL and Mittal Investment, an affiliate of steel major Mittal, is about 25% complete. (US$1=48 rupees). Separately, HPCL has decided to hold...

(EnergyAsia, May 22, Friday) — Asia’s leading agribusiness group, Wilmar International Limited, has reported an 11% rise in net profit to US$380 million for the quarter ended March 31, 2009. The company said higher margins from the merchandising and processing of palm and laurics as well as consumer products contributed to the strong performance. Despite...

(EnergyAsia, May 22, Friday) — The Singapore Mercantile Exchange (SMX) has named a former NYMEX director and former President of Hong Kong Mercantile Exchange (HKMEx), Thomas J. McMahon, as its CEO. With over 25 years of industry experience in derivatives and commodities in Asia and the US, Mr McMahon is well positioned to develop the...

(EnergyAsia, May 22, Friday) — Singapore-listed Chemoil, a world leading physical supplier of marine fuel products, said its joint venture supply service with Adani Enterprises Limited in India has experienced encouraging sales and growing demand in its first three months of business. It said monthly sales volumes from ChemoilAdani’s operations at Mundra Port, located west...

(EnergyAsia, May 22, Friday) — UK’s BG Group said it has agreed to supply 3.6 million tonnes of liquefied natural gas (LNG) per year to state-owned China National Offshore Oil Corporation (CNOOC) and its affiliates from its Queensland Curtis LNG (QCLNG) Project in Australia. The 20-year supply will begin from the start-up of QCLNG. As...

(EnergyAsia, May 21, Thursday) — The Asian Development Bank (ADB) said it has appointed seven “eminent persons” to advise it on strengthening its programmes to meet the global challenge of climate change. The newly established Advisory Group on Climate Change and Sustainable Development will be chaired by Rajendra K. Pachauri, director general of The Energy...

(EnergyAsia, May 21, Thursday) — Advanced Holdings Ltd, a Singapore-based supplier of proprietary process equipment and technologies, clean energy solutions and environmental technologies, said its first quarter net profit fell 31.3% to S$1.4 million compared with the same period last year. (US$1=S$1.45). Advanced Holdings said its petrochemicals, chemicals, oil and gas segments reported a total...

(EnergyAsia, May 21, Thursday) — Indian Oil Corporation (IOC), the country’s largest downstream oil company, has started up a Rs1.3 billion wind farm project in the north-western state of Gujarat. (US$1=Rs49). India’s renewable power major Suzlon Energy was the contracted to build the 21MW plant in the coastal town of Kandla.  IOC said it plans...

(EnergyAsia, May 21, Thursday) — OPEC and some of Asia’s largest oil consuming countries have found rare common ground in calling for curbs on “speculators” whom they blame for causing volatility in the markets. At the end of an international meeting in Tokyo last month, they issued a joint call for measures to curb speculation...

(EnergyAsia, May 21, Thursday) — Phoenix Petroleum Philippines said it has recorded a 23% increase in its 2008 profit to 150 million peso. (US$1=46 peso). Revenues were up 95% to 4.615 billion peso. The company credited its expanded distribution network and a broader customer base for the improvement. However, its profit margins were lower due...

(EnergyAsia, May 21, Thursday) — ExxonMobil and its partners have started to sign up long-term customers for their joint venture liquefied natural gas (LNG) project in Papua New Guinea. The first deal concluded last month was for the sale of two million tonnes of LNG per year to an unidentified customer in Asia, according to...

(EnergyAsia, May 21, Thursday) — State-owned Indian Oil Corporation said it will close down five out of its eight oil depots in Orissa state, citing their failure to meet safety and efficiency standards. The depots located in the towns of Berhampur, Sambalpur, Paradeep, Rourkela, Talcher and Jeypore will be shut down in phases as part...

(EnergyAsia, May 20, Wednesday) — Dragged down by “deep recessions” in the developed countries, the world economy will shrink by 0.5% to 1% this year for its first decline in 60 years, said the International Monetary Fund (IMF). Despite major stimulus packages announced by advanced economies and several emerging markets, trade volumes have shrunk rapidly,...

(EnergyAsia, May 20, Wednesday) — India’s largest privately owned oil company, Reliance Industries, said it is giving up the “export-oriented status” of its Jamnagar refinery to enable it to sell into the growing domestic fuels market. With the change, Reliance will be allowed to sell fuel at its 1,433 retail stations across India while continuing...

(EnergyAsia, May 20, Wednesday) — Africa’s oil refiners are moving to reduce the sulphur content in their fuels, according to the findings of a recent study. The move is welcome news as more Africans are choosing to live in the cities which are increasingly congested with traffic and experiencing air pollution, said the joint study...

(EnergyAsia, May 20, Wednesday)–ExxonMobil Chemical said it has begun constructing a technology centre in Shanghai to support business growth in China and enhance the delivery of innovative solutions to customers in the region. The US$70-million centre’s first phase is expected to start up next year. The 27,000-sq m facility will be built and operated by...

(EnergyAsia, May 20, Wednesday) — Abu Dhabi’s International Petroleum Investment Company (IPC) said it will start up a new 320km pipeline linking the Habshan field to the port of Fujairah to bypass the busy Strait of Hormuz by August 2011. The pipeline, with a carrying capacity of 1.5 million b/d, is aimed at enhancing the...

(EnergyAsia, May 20, Wednesday) — Venezuela is on course to boost its crude oil exports to China to one million barrels per day by 2013, up from currently around 380,000 b/d. The Venezuelan government of President Hugo Chavez, which has been actively courting China, insists that this is a realistic target as it plans to...

(EnergyAsia, May 20, Wednesday) — Malaysia’s Shell Refining Company Berhad said its first quarter net profit fell 8.1% year-on-year to RM113 million as a result of declining refining margins. (US$1=RM3.5). Dragged down by lower oil prices and reduced refinery output, revenue almost halved to RM1.8 billion. The 51%-owned subsidiary of the Anglo Dutch major reported...

(EnergyAsia, May 20, Wednesday) — France’s AREVA said its transmission and distribution division (T&D) and Shanghai Electric (SEC), a leading equipment manufacturer in China, have started up a ‘green’ ultra high voltage transformer factory in Wuhan city. Designed and built in accordance with the principles of energy saving and carbon dioxide emission reduction, AREVA said...

(EnergyAsia, May 19, Tuesday) — Malaysia’s exports of liquefied natural gas (LNG) hit a record 22.87 million tonnes last year. This was up 0.9% from an already impressive 2007. Malaysia, the world’s second- biggest exporter of LNG, said its LNG export earnings surged 56% to RM40.7 billion owing to rising global demand for the clean...

(EnergyAsia, May 19, Tuesday) — Venezuela and Japan have agreed to cooperate on developing several oil and gas projects. They will jointly develop the oil fields in Venezuela’s Orinoco belt, start work on a new gas field, and also cooperate on upgrading oil refineries. The agreement was struck during a recent visit by Venezuelan president...