MARKET: Saudi Arabia to regain top post from Russia as world leading oil producer

(EnergyAsia, November 26 2010, Friday) — Saudi Arabia is set to regain its position from Russia as the world’s biggest oil producer, according to the International Energy Agency (IEA). In its latest World Energy Outlook report, the agency predicts Saudi oil production to rise 52% from 2009 levels to reach 14.6 million b/d by 2035....

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CHINA: Yuan, rouble to replace dollar in bilateral trade with Russia

(EnergyAsia, November 26 2010, Friday) — In a long awaited move to curb US economic power, China and Russia said they will start using their own currencies to conduct bilateral trade in place of the dollar. Meeting in St. Petersburg this week, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced the decision that...

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CHINA: Production and export of rare earth metals curbed

(EnergyAsia, November 26 2010, Friday) — China has been curbing its production and export of rare earth metals to protect the environment, said the Ministry of Commerce, but the explanation has drawn skepticism from abroad. The ministry said that for more than a decade China has been supplying the bulk of the world’s rare earth...

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SINGAPORE: Jason Marine recognised as a leading ‘Prestige Brand’

  (EnergyAsia, November 25 2010, Thursday) — Jason Marine Group Ltd, a Singapore Exchange Catalist-listed provider of integrated solutions of communication, navigation and automation systems to the marine and offshore oil and gas industries, was honoured as a Heritage Brand at the recent Singapore Prestige Brand Awards (SPBA) 2010. The company was judged as one (more…)

SINGAPORE: ExxonMobil to build diesel hydrotreater, SRC to delay gasoline project

(EnergyAsia, November 25 2010, Thursday) — In Singapore, Exxon Mobil Corp will be investing in a new export-oriented diesel refinery unit while rival Singapore Refining Company (SRC) will be deferring its decision to build a long-awaited gasoline plant. ExxonMobil said it will build a diesel hydrotreater to boost the production of ultra low-sulphur diesel by...

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RUSSIA: TNK-BP plans to double ESPO crude exports to Asia

(EnergyAsia, November 25 2010, Thursday) — Russia’s third largest oil producer, TNK-BP Ltd, said it plans to double exports of its new east Siberian crude oil to Asia in 2011 through the East Siberia Pacific Ocean (ESPO) pipeline. Designed to export Russia’s new medium-sweet crude oil to US refiners, ESPO’s Pacific coast terminal is setting...

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SINGAPORE: Ezra expands global reach with acquisition of Houston, US fabrication yard

(EnergyAsia, November 25 2010, Thursday) — Ezra Holdings Limited, a Singapore Exchange-listed integrated support and marine services provider in the offshore oil and gas sector, said it has acquired a 650,000 square-foot fabrication facility located in Houston in the US state of Texas. It did not disclose the purchase price. The new facility will enable...

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SINGAPORE: Ezra expands offshore support services, lands US$51 milion in new charters

(EnergyAsia, November 23 2010, Tuesday) — Ezra Holdings Ltd, a Singapore Exchange-listed offshore support and marine services specialist, announced it will be investing around US$130 million for four high-end multi-purpose platform supply vessels (PSVs) over the next two years. At up to 5,200 deadweight tonnes (dwt), the vessels will meet the latest code of safety...

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MARKETS: Ex-Saudi Aramco executive projects declining global oil supply

(EnergyAsia, November 25 2010, Thursday) — Adding his authoritative voice to the peak oil debate, a former senior executive of Saudi Aramco has disputed a US government report that projects a sharp growth in oil production from the Middle East and the Organization of Petroleum Exporting Countries (OPEC). Conventional oil reserves worldwide are being depleted...

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COMPANY: Vopak raised S$225 million in second private placement in Asia

(EnergyAsia, November 25 2010, Thursday) — Rotterdam-based Royal Vopak, the world’s largest independent tank storage service provider, last week announced it had raised S$225 million through a private placement with Asian investors. (US$1.00=S$1.3). In its second successful senior unsecured notes issuance in the region, the company said seven Asian institutional investors subscribed to the notes...

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SINGAPORE: Chimbusco to apply for bunker fuel licence

(EnergyAsia, November 24 2010, Wednesday) — Chimbusco, one of China’s largest bunker fuel traders, plans to venture into the Singapore market through a new joint venture. The proposed move by Chimbusco, itself a joint venture between PetroChina and China Ocean Shipping (Group), to seek a bunker licence from the Maritime and Port Authority of Singapore...

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SINGAPORE: Prime Minister dismisses ‘peak oil’ fears

(EnergyAsia, November 24 2010, Wednesday) — Singapore’s Prime Minister has dismissed fears that the world may be confronting peak oil, stating that the pessimists have been wrong many times before and are likely to be proved wrong again. Citing new energy supplies from deepwater sources and shale gas among others, he told delegates at the...

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SINGAPORE: MPA investing S$200 million to develop maritime education, training and R&D

(EnergyAsia, November 24 2010, Wednesday) — The Maritime and Port Authority of Singapore (MPA) is investing up to S$200 million into the newly launched Singapore Maritime Institute over the next 10 years. Working with the Singapore Maritime Institute, A*STAR and the Economic Development Board, the virtual institute will focus on developing maritime education, training and...

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MONGOLIA: Economic ties with Russia moving at snail’s pace

(EnergyAsia, November 24 2010, Wednesday) — New joint ventures between Mongolia and Russia have been moving at snail’s pace, say officials from both sides. Railway JVs, for instance, are hampered by financial concerns, particularly against the backdrop of Mongolia’s still unpaid debt owed to Russia. This crucial issue will have to be settled out so...

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MARKETS: World conventional oil production hit peak in 2006, says IEA

(EnergyAsia, November 24 2010, Wednesday) — World conventional oil production reached its peak in 2006, the International Energy Agency (IEA) said, warning that governments and consumers must be prepared to pay higher oil prices. The age of cheap oil is now over, the Paris-based agency repeated in its latest recently-released World Energy Outlook 2010 report....

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MARKETS: Arab oil producers warn that prices could test new highs

(EnergyAsia, November 24 2010, Wednesday) — The stage is being set for oil prices to breach the record high of US$147 a barrel in July 2008, according to a study by the 10-member Organisation of Arab Petroleum Exporting Countries (OAPEC). The study, published in October, said the industry is not investing sufficiently to boost oil...

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AUSTRALIA: LNG projects face challenges, rising costs

(EnergyAsia, November 24 2010, Wednesday) — Companies investing in liquefied natural gas (LNG) projects in Australia face a slew of challenges that will raise development costs in the long term, say industry executives and analysts. While the sector will continue to grow in the medium-term, thanks to strong demand in Asia, it will increasingly run...

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SINGAPORE: Panel of international experts warn of rising energy prices

(EnergyAsia, November 23 2010, Tuesday) — International energy experts have declared that Singapore is at the forefront of the smart energy economy, according to the Ministry of Trade and Industry. The ministry said the panel of energy experts which meet in Singapore twice a year has endorsed Singapore’s strategy of diversifying its energy portfolio, including...

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RUSSIA: Sakhalin Energy exports oil to Thailand, 200th LNG cargo to Japan

  (EnergyAsia, November 23 2010, Tuesday) — Russia’s Sakhalin Energy has exported its first cargo of Vityaz crude oil from the Sakhilin-2 project from the Sea of Okhotsk to Thailand. The tanker Zaliv Aniva of the Primorsky Sea Shipping Company delivered the 764,000-barrel cargo to buyer Petro Diamond of Japan. Since starting year-round oil shipments...

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RUSSIA: Gazprom cuts forecast for 2010 gas output by nearly 1%

(EnergyAsia, November 23 2010, Tuesday) — Russia’s Gazprom has reduced its natural gas production forecast for this year by nearly one percent on account of weakness in its main markets in Europe. The company, which accounts for a quarter of Europe’s gas supply, said falling demand at home and abroad will force it to lower...

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US: Scientists say government tried to cover up Gulf of Mexico oil spill damage

(EnergyAsia, November 23 2010, Tuesday) — Scientists have alleged that the US government is still blocked them from disclosing the worst-case scenario and extent of the damage arising from the BP oil spill in the Gulf of Mexico. According to a report by the national panel investigating the spill which began in April with the...

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SRI LANKA: Investors sought for bitumen packaging plant

(EnergyAsia, November 23 2010, Tuesday) — As it continues to rebuild after decades of civil war, Sri Lanka is seeking investors to build a bitumen packaging plant, said Petroleum Minister Susil Premajayantha. State-run Ceylon Petroleum Corp needs to pack and distribute the bitumen tar that it produces and imports to contractors who are building and...

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SAUDI ARABIA: Crude oil exports to China expected to rise more than 16% this year

(EnergyAsia, November 23 2010, Tuesday) — Saudi Arabia is expected to sell 50 million metric tons of crude to China this year, up more than 16% from last year, according to the Saudi Press Agency. Citing the Chinese ambassador to Saudi Arabia, Yang Honglin, China, which recently overtook the US as the biggest buyer of...

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RUSSIA: World’s largest crude oil producer to keep lead over Saudi Arabia

  (EnergyAsia, November 23 2010, Tuesday) — Russia is expected to remain the world’s largest crude oil producer this year after overtaking Saudi Arabia in 2009 for the first time since 1991. Last year, Russia produced an averaged 10 million b/d to eclipse Saudi Arabia which reduced production by more than 10% to 9.7 million...

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SINGAPORE: POWER-GEN and Renewable Energy World at the Singapore International Energy Week

(EnergyAsia, November 22 2010, Monday) — POWER-GEN Asia and co-located Renewable Energy World Asia, two leading conferences and exhibitions for the power generation, renewable energy and transmission and distribution industries, enjoyed a successful conclusion to the recent three-day Singapore International Energy Week event with a record breaking number of delegates. Following a well-attended opening keynote (more…)