SHIPPING: Intertanko “encourages” IMO to set target levels to reduce greenhouse gas emissions

(EnergyAsia, June 23, Tuesday) — Intertanko, the association of tanker owners, has called on the International Maritime Organisation (IMO) to establish target levels for the energy efficiency for new ships. In its recent submission to the upcoming IMO Marine Environment Protection Committee, Intertanko said setting such targets would become part of the discussions on the...

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MARKETS: IEA raised forecast for world oil demand for the first time since August

(EnergyAsia, June 23, Tuesday) — World oil demand will fall by a smaller amount, said the International Energy Agency (IEA) as it raised its 2009 demand forecast for the first time since last August. It sees the 2009 oil demand falling by 2.47 million b/d (or 2.9%) to 83.3 million b/d, an improvement over the...

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MARKETS: Consultants give differing views on LNG prospects

(EnergyAsia, June 23, Tuesday) — Three international consultants have issued starkly contrasting views on the prospects for the liquefied natural gas (LNG) market. UK’s Wood Mackenzie is predicting a very bearish outlook for next year, in sharp contrast to Canada’s Tristone Capial Inc which expects rising prices from next month, while US Poten and Partners...

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MARKETS: Global glut driving down LNG and gas prices, said consultant

(EnergyAsia, June 23, Tuesday) — Under pressure from a growing global glut and weakening demand, natural gas prices could collapse as early as this summer, said UK energy consultant Wood Mackenzie. The worldwide glut has already driven down spot natural gas prices over the past year as the market increasingly favours buyers. Noel Tomnay, the...

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AUSTRALIA: World’s first course on adapting to climate change for electricity companies

(EnergyAsia, June 23, Tuesday) — Australia claims it has developed the world’s first commercial business-centric course on adapting to climate change for electricity companies. The course entitled, “Climate Change Adaptation for Transmission and Distribution Organisations – Understanding the impact of climate change and developing an adaptation strategy for your organisation”, will be held at the (more…)

VIETNAM: Siemens wins contract to supply power island for combined cycle power plant

(EnergyAsia, June 23, Tuesday) — Germany’s Siemens said it has been awarded the contract to supply the power island for the Nhon Trach 2 combined cycle power plant. The contract was awarded by the Vietnam Machinery Erection Corporation (LILAMA) as contractor for the owner, PetroVietnam. Official say Nhon Trach 2, located 60 km south east (more…)

MALAYSIA: ‘Bulk Liquid Storage’ conference concluded in Kuala Lumpur

(EnergyAsia, June 22, Monday) — Nearly 40 experts and professionals attended last week’s ‘Bulk Liquid Storage’ conference organised by Marcus Evans at the ParkRoyal Hotel in Kuala Lumpur, Malaysia. The conference, on June 17 and 18, focused on implementing world class maintenance strategies and tools for effective tanks performance, and ensuring high safety standards in (more…)

INDONESIA: New rules for coal supplies to be finalised soon

(EnergyAsia, June 15) — The Indonesian government said it will soon release new regulations governing the domestic supply obligations of the country’s coal mining companies. The new regulations, which could become effective as early as 2010, will provide for what has been called a “domestic market obligation” (DMO) for coal firms, said Energy and Mineral...

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CHINA: Surging demand props up Asia’s coal prices

(EnergyAsia, June 22, Monday) — Strong coal demand from China has pushed Asian coal prices to over US$60 per tonne. Analysts expect Chinese coal demand to remain strong on growing demand from its recovering economy. Chinese coal import is surging as the government appears to be making good its promise to shut down some of...

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AUSTRALIA: Stuart Petroleum ventures into fuel storage and distribution

(EnergyAsia, June 22, Monday) — Australian upstream company Stuart Petroleum is venturing into the fuel storage and distribution business. The company recently submitted an application to develop a terminal capable of importing, storing and distributing over 500 million litres of diesel fuel annually to service the needs of diesel consumers in the northern and western...

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NIGERIA: Oil production plummets amid regional unrest

(EnergyAsia, June 22, Monday) — Nigeria’s crude oil production has fallen to half its capacity as a result of the constant military attacks and political instability in the Niger Delta producing area. Production has hovered around 1.6 million b/d since 2006 as rebels and an assortment of local armed gangs have been targeting oil plants,...

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INDONESIA: Energy ministry to launch new agency to clear coal trades, new pricing index

(EnergyAsia, June 22, Monday) — The Indonesian government plans to set up a clearing house to handle coal exports and trade that would ensure producers set aside certain volumes for domestic users. The clearing house would address supply concerns and prevent domestic miners from exporting their entire production. Indonesian power companies complain that they are...

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PAKISTAN: Bosicor to invest $500 million to expand refining and storage capacity

(EnergyAsia, June 22, Monday) — Bosicor Pakistan Limited said it will be investing $500 million in downstream projects over the next two years to become a leading oil company in the country. At a media briefing, chairman Amir Abassciy said Bosico will expand its refining capacity as well as invest in oil storage and petrochemical...

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ASIA: ADB aims for 100 million people to have access to energy by 2015

(EnergyAsia, June 22, Monday) — The Asian Development Bank (ADB) has launched an “Energy for All Partnership” that aims to provide access to modern energy to an additional 100 million people in the Asia-Pacific region by 2015. More than 800 million people in the region have no access to energy, and nearly 1.8 billion people...

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KAZAKHSTAN: KazMunayGas, ConocoPhillips, Abu Dhabi’s Mubadala to develop offshore Nursultan block

(EnergyAsia, June 19, Friday) — US ConocoPhillips, state KazMunayGas (KMG) of Kazakhstan and Abu Dhabi’s Mubadala Development Company PJSC have signed agreements to jointly explore and develop the Nursultan Block located in offshore Kazakhstan. KMG will hold a 51% interest in the subsoil use contract with the remaining 49% shared equally between ConocoPhillips and Mubadala....

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WORLD: Proved crude oil reserves fell for first time in 10 years, BP said

(EnergyAsia, June 19, Friday) — The world’s proved oil reserves fell by 0.24% last year for its first drop in a decade, said UK major BP. Reduced reserves in Russia, Norway and China more than offset increases in Vietnam, India and Egypt to pull down global proved reserves fell by three billion to 1.258 trillion...

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INDONESIA: Coal miner Bukit Asam aims to raise revenues by 20% this year

(EnergyAsia, June 19, Friday) — Indonesian coal miner PT Tambang Batubara Bukit Asam is targeting to raise revenues by 20% this year. The increase would be the result of improved coal prices, as well as higher sales volumes, officials said. Last year, it reported revenues of 7.216 trillion rupiah, compared with 4.12 trillion rupiah in...

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MARKETS: Developing world’s energy demand overtook OECD’s for the first time, said BP

(EnergyAsia, June 19, Friday) — In a momentous shift in history, the developing world led by China has overtaken OECD nations in the consumption of primary energy for the first time, said BP’s latest statistical review, reflecting on last year’s market. It was turbulent year as oil prices first rose to record highs as economic...

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INDONESIA: BHP to slash 450 jobs at abandoned coal project

(EnergyAsia, June 19, Friday) — Australian mining giant BHP Billiton said it will retrench the entire 450 workforce at the Haju coal mine in Central Kalimantan in Indonesia after deciding it did not fit with the company’s long-term investment strategy. The closure will also cause 250 contractors to lose their jobs. BHP Billiton said it...

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INDONESIA: Coal production to fall below forecast to 240 million tonnes in 2009

(EnergyAsia, June 19, Friday) — Indonesia is expected to produce 240 million tonnes of coal this year, about 9% to 9.6% below earlier forecast of 260 to 265 million tonnes. Coal company executives and analysts cited slowing demand in explaining the shortfall. In the first quarter, exports fell by over 11% to around 45 million...

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CHINA: Work starts on oil pipeline linked to Siberian city of Skovorodino

(EnergyAsia, June 19, Friday) — China has begun building a pipeline to import crude oil to its northeastern region from Russia’s Siberian city of Skovorodino. The 960-km pipeline will carry Russian crude oil to refineries in China’s oil hub of Daqing city in Heilongjiang province. Russia has committed to supplying 15 million tonnes per year...

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MARKETS: World airlines forecast to lose $9 billion this year

(EnergyAsia, June 19, Friday) — The world airlines industry will lose US$9 billion this year after dropping $10.4 billion in 2008, said the International Air Transport Association (IATA). Last year was a tale of two halves, with skyrocketing oil prices dominating the first six months and global recession and economic collapse the story of the...

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RUSSIA: Consultant forecasts increased export of low-sulphur crude

(EnergyAsia, June 18, Thursday) — Russia has historically exported medium sour crude, but over the next decade, there will be an increase of more than two million b/d in the sale of light low-sulphur crude, said Boston, Massachusetts-based consultant ESAI. In its latest CIS Watch report focusing on the former Soviet states, ESAI noted that (more…)

THAILAND: State energy firm PTT eyes better result due to higher oil prices

(EnergyAsia, June 18, Thursday) — Thailand’s state energy firm, PTT, expects to report improved first-quarter results with oil prices now firmly recovered off their lows from last December. In the fourth quarter of 2008, PTT suffered a 22 billion baht loss. (US$1= 34baht). Oil prices have more than doubled since then as government stimulus measures...

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INDIA: Official calls for major oil storage role

(EnergyAsia, June 18, Thursday) — India should aim to become an international oil storage hub, building on its role as a regional refining hub, said a top energy official. Oil secretary RS Pandey said India should attract international traders and oil producing countries to invest in crude oil storage terminals. This would give India access...

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