CHINA: Coal imports may falter this year

(EnergyAsia, February 24 2010, Wednesday) — The feverish growth of China’s coal imports is unlikely to be sustained in 2010 if the price spread between domestic and overseas prices narrows, analysts said. The global supply of coal is expected to post only small growth next year, contributing to a projected increase in prices, while competition...

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NEW ZEALAND: Refining company reports 81% drop in profit to NZ$23.6 million for 2009

(EnergyAsia, February 24 2010, Wednesday) — New Zealand’s only refining company said its net profit fell a whopping 81% to NZ$23.6 million for the financial year ending December 31 2009. Revenue was down 37% to NZ$250.5 million. (US$1=NZ$1.43). The New Zealand Refining Company Limited said it will not be paying a dividend. In describing the...

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AUSTRALIA: Fitch Ratings warns skills shortage may delay LNG projects

(EnergyAsia, February 24 2010, Wednesday) — Fitch Ratings has warned that an emerging skills shortage may lead to higher costs and delays for numerous proposed liquefied natural gas projects in Australia. LNG ventures in Western Australia and Queensland may require 60,000 workers at construction peak, the ratings agency said in a report. Agreeing with this...

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CHINA: Crude oil imports and consumption to rise further after reaching record levels last year

(EnergyAsia, February 23 2010, Tuesday) — Spurred on by the government’s massive four-trillion-yuan stimulus spending and oil stockpile build-up, China’s crude oil imports and consumption rose to record levels last year. (US$1=6.82 yuan).   Oil imports rose to nearly 204 million tonnes or 4.1 million b/d, while consumption surged by 6.6% to nearly 390 million...

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CHINA: CNPC to help Sudan expand refinery

(EnergyAsia, February 23 2010, Tuesday) — China National Petroleum Corporation (CNPC) is hopeful of securing an agreement with the Sudanese government this year to expand the African nation’s 100,000-b/d oil refinery in Khartoum city to 150,000 b/d. The state-owned company expects to complete the expansion project by 2013. It is still discussing cost details and...

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SAUDI ARABIA: Aramco to step up crude export to China

(EnergyAsia, February 23 2010, Tuesday) — Saudi Arabia’s Aramco, the world’s biggest oil producer, will look to increase sales to China, which became its biggest customer last year after overtaking the US. Aramco’s crude oil sales to China exceeded one million b/d last year, while its exports to the US slipped to a 21-year low....

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SAUDI ARABIA: Aramco takes charge of Jazan refinery project

(EnergyAsia, February 23 2010, Tuesday) — The Saudi Arabian government has directed state-owned oil giant Saudi Aramco to develop the proposed US$10 billion refinery at the Jazan Economic City, Minister of Petroleum and Mineral Resources Ali Al-Naimi said.   Aramco will also finance and construct the export-oriented refinery which will have the capacity to process...

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IRAN: US threats of new energy sanctions losing impact

(EnergyAsia, February 23 2010, Tuesday) — The following article is written by Fawzia Sheikh of OilPrice.com. US lawmakers are toughening their stance on Iran’s energy industry with new economic penalties, but experts doubt the Islamic regime will pay much attention and is more likely to open the doors even wider to other players eager to...

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AUSTRALIA: LNG projects face delays from increased competition, rising cost and skills shortage

(EnergyAsia, February 23 2010, Tuesday) — The bulk of Australia’s proposed liquefied natural gas (LNG) projects will face implementation delays as a result of competition for long-term customers, construction materials and skilled labour, analysts said. Some of the projects could even be cancelled if they are found to be unprofitable.   The developers of seven...

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CHINA: Breakneck pace economic growth unsustainable, says economist

(EnergyAsia, February 23 2010, Tuesday) — China is unlikely to sustain its export-led growth, warned Richard Duncan, former London-based head of global investment strategy at Dutch bank ABN AMRO.   The economist and author of “The Dollar Crisis”, which argued that trade imbalances would lead to a global financial meltdown, pointed out that years of...

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SINGAPORE: EOC, Ezra in joint venture to execute US$1 billion offshore Chim Sao oilfield project

(EnergyAsia, February 22 2010, Monday) — EOC Limited, a provider of offshore oil and gas support services, said it has signed a joint venture (JV) agreement with three partners to co-own the floating production, storage and offloading vessel (FPSO) to serve the Chim Sao oilfield project in Vietnam. EOC will team up with Singapore’s Ezra...

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SINGAPORE: SGX said fuel oil futures contract has received US regulatory approval

(EnergyAsia, February 22 2010, Monday) — Singapore Exchange (SGX) said its new 380cst fuel oil futures contract, which begins trading today, has been approved by the US Commodity Futures Trading Commission (CFTC) to be offered and sold in the US. “The CFTC’s decision will significantly strengthen the appeal of the contract for traders and investors...

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SINGAPORE: Singapore LNG Corp awards engineering contract to Samsung C&T, PMC contract to FW

(EnergyAsia, February 22 2010, Monday) — Singapore LNG Corp Pte Ltd (SLNG) has awarded the main contracts for the country’s first liquefied natural gas import terminal to South Korean builder Samsung C&T Corp and Switzerland-headquartered Foster Wheeler. Samsung C&T Corp won the contract for engineering, procurement and construction (EPC) for the terminal which will have...

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SINGAPORE: Tuas Power expects to start construction of coal power plant soon

(EnergyAsia, February 22 2010, Monday) — Tuas Power, one of Singapore’s three major power companies, expects to soon start construction of a coal generation plant within its multi-utilities complex on Jurong Island. (US$1=S$1.4). Tuas Power, which was acquired by the China Huaneng Group last year, is finalising negotiations with the contractor for engineering, procurement and...

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JAPAN: Nippon Oil, Tokyo Gas each planning an LNG import terminal

(EnergyAsia, February 22 2010, Monday) — Japanese energy firms Nippon Oil Corp and Tokyo Gas Co are each planning to build a terminal to import liquefied natural gas (LNG). Nippon Oil expects to start building its terminal in Hachinohe, Aomori Prefecture before the end of this year. The facility is expected to serve as a...

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CHINA: Hainan island chosen to be site for strategic oil reserves

(EnergyAsia, February 22 2010, Monday) — The Chinese government has selected the island province of Hainan as the site for one of the country’s strategic state and commercial oil reserves. It did not specify a timeline for when the site would be ready. “State strategic oil reserve base will be built in Hainan at an...

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CANADA: Oil sands producers face possible competitive disadvantages in the US

(EnergyAsia, February 22 2010, Monday) — Canada’s oil sands producers face possible competitive disadvantages in key US markets if regulators approve new environmental standards to reduce greenhouse gas emissions from fuel. The governors of 11 New England and mid-Atlantic states have agreed to lobby for federal regulations that impose penalties on the use of oil...

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INDIA: Jaiprakash orders boiler-steam turbine sets from Japan’s MHI

(EnergyAsia, February 19 2010, Friday) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it has received an order for two sets of supercritical-pressure coal-fired boiler (pressure-containing parts) and steam turbine/generator from Jaiprakash Power Ventures Limited (JPVL) of India. The equipment will be part of the power generation plant units 1 and 2 of 660 MW...

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SINGAPORE: Marubeni awarded contract for Tuas Power’s biomass and clean coal-cogeneration plant

(EnergyAsia, Ferbuary 19 2010, Thursday) — Japanese trading house Marubeni Corporation said it has secured an engineering, procurement and construction (EPC) contract worth US$250 million for a biomass and clean coal cogeneration plant in Singapore. The contract was awarded by TP Utilities Pte Ltd, a subsidiary of Tuas Power Ltd, one of three main power...

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CANADA: Panel supports proposed Mackenzie Valley natural gas pipeline

(EnergyAsia, February 19 2010, Frida) — A panel tasked to review a decades-old proposed Mackenzie Valley natural gas pipeline has concluded that the C$16.2 billion project should be developed. (US$1=C$1.05). In a 679-page report, the panel said the project would deliver valuable and lasting overall benefits, and not inflict significant impact on the environment. It...

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MARKET: Ernst & Young predicts positive 2010 outlook for oil and gas sector

(EnergyAsia, February 19 2010, Tuesday) — The oil and gas sector will have a “positive” 2010 on improved prospects for the global economy and rising energy demand, said consultant Ernst & Young. According to the latest report issued by its Global Oil & Gas Center, the sector will see an increase in merger-and-acquisition (M&A) activities...

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CANADA: Labour shortage could slow down oil and gas projects

(EnergyAsia, February 19 2010, Friday) — Improving prospects for Canada’s oil and gas sector could be weighed down by a labour shortage in the country’s oil field service industry. Duane Mather, president of Nabors Canada, one of the nation’s largest drilling companies, said the company was turning down jobs for which it had equipment because...

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SOUTH KOREA: Government’s $12.2 billion plan to develop national energy self-sufficiency

(EnergyAsia, February 19 2010, Friday) — The South Korean government has announced plans to invest $12.2 billion in 2010 – nearly double the amount for 2009 – on overseas investments in energy and mineral resources towards raising the nation’s energy self-sufficiency, according a report by Moodys. The ratings agency said state-owned Korea National Oil Company...

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CANADA: State incentives encouraging investments in B.C. natural gas sector, says survey

(EnergyAsia, February 19 2010, Friday) — A package of incentives announced by Canada’s British Columbia state government has attracted investors to pump in another C$600 million into the province’s natural gas sector, according to a survey by PricewaterhouseCoopers. (US$1 = CAD1.05) Respondents, which included 11 companies representing 67% of B.C.’s natural gas production, said they...

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MARKETS: Canada’s TD says world still faces a crude oil supply glut

(EnergyAsia, February 18 2010, Thursday) — The world is still facing an oversupply of crude oil with production outpacing demand and inventories continuing to rise, said Canada’s TD Bank. While the global recovery got underway during the second half of last year, TD said the recession’s impact on the oil market will linger “for some...

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