(EnergyAsia, November 10 2010, Wednesday) — The rapid growth of Vancouver, Canada-based SouthGobi Resources Ltd over the last two years underlines the potential of Mongolia’s coal industry. Thanks to its production of 1.3 million tonnes of coal in southern Mongolia, the company reported revenues of C$36 million last year, up from only C$3 million in...
(EnergyAsia, November 10 2010, Wednesday) — A further rise in coal prices could threaten the profitability of Malaysia’s main electricity company Tenaga Nasional Bhd. The company’s operating margins tend to thin on higher coal prices. For the fourth quarter to August 31, it posted a net profit of RM388.4 million on revenue of RM7.87 billion....
(EnergyAsia, November 10 2010, Wednesday) — Malaysia’s largest power company, Tenaga Nasional Bhd (TNB), is looking to raise up to RM4 billion by the middle of next year to help fund the construction of a 1,000MW coal-fired power plant. (US$1=RM3.08). It plans to award the contract for the engineering, procurement and construction works for the...
(EnergyAsia, November 10 2010, Wednesday) — Two Chinese coal miners reported increases in their third-quarter profits amid higher production as the world’s fastest-growing major economy continues to expand. China Shenhua Energy Co said its net income for the quarter rose 11% on year to 9.7 billion yuan. (US$1=6.65 yuan). Its sales rose 30% on year...
(EnergyAsia, November 10 2010, Wednesday) — China National Coal Group said it planning to raise its coal production by 20% to 150 million tonnes this year. It will look to produce 38 million tonnes of raw coal this quarter. The increase corresponds with plans by the Chinese coal industry to raise output by 200...
(EnergyAsia, November 9 2010, Tuesday) — Australia produced a record 142.9 billion cubic feet of coal-seam gas or coalbed methane, up 39% from a year earlier. It now accounts for 13% of total gas supply in the country, said the Canberra-based Australian Petroleum Production & Exploration Association (APPEA). Thanks to increased investment, conventional gas sold...
(EnergyAsia, November 9 2010, Tuesday) — Upgrading technology will enable Indonesia’s coal industry to compete on the international markets, said UK energy consulting firm Wood Mackenzie. In a paper, “Upgrading Indonesian coal margins”, it said that while coal upgrading technology has yet to be proven, the race is on as there is great commercial potential....
(EnergyAsia, November 9 2010, Tuesday) — Wary of being over-dependent on its mining sector, Mongolia is selling off some of its mining assets to private companies while seeking investments to develop the country’s infrastructure. The government is looking to sell off shares in the Erdenet Mining Corp, a Mongolian-Russian copper-producing joint venture, the Tavan Tolgoi...
(EnergyAsia, November 9 2010, Tuesday) — Chinese coal company Blackgold International plans to raise A$58.5 million from a listing on the Australia Securities Exchange to expand its mines in China and acquire a coal-trading arm. (US$1=A$0.99). Blackgold expects to raise its coal sales by 2.7 million tonnes a year by 2012 if it is able...
(EnergyAsia, November 9 2010, Tuesday) — Norway’s REC last week officially opened one of the world’s largest integrated wafer, cell and module manufacturing plants in Singapore to support the solar energy industry. At S$2.5-billion, the plant is the largest clean tech investment ever made in Singapore and the third largest foreign greenfield investment ever undertaken...
(EnergyAsia, November 9 2010, Tuesday) — Queensland state has invited private companies to bid for a 99-year lease to operate the Abbot Point coal terminal. The 21-million-ton terminal is being expanded to handle 50 million tons of coal a year to meet the demand of Australia’s main coal-producing region, the Bowen Basin. The lease, on...
(EnergyAsia, November 9 2010, Tuesday) — Australia’s Pan Asia Corporation Limited said it has made its first shipping coal shipment from the Nadvara coal mine in Indonesia’s East Kalimantan. Pan Asia delivered the 51,616-tonne cargo under a four-year offtake agreement between it and Innovation West with Noble Mineral Resources Limited as part of a total...
(EnergyAsia, November 9 2010, Tuesday) — French energy major Total said it and China Power Investment Corporation (CPI) have agreed to study the construction of a world scale coal-based petrochemicals plant in coal-rich Inner Mongolia. The two companies signed a letter of understanding (LOU) in Paris last week during the state visit of Chinese President,...
(EnergyAsia, November 8 2010, Monday) — Faced with rising domestic energy demand, Vietnam is looking to reduce its coal exports by a third this year with the ultimate goal of halting all shipments after 2015. The move to cap exports to 22 million tonnes is intended to ensure that the country’s power plants have first...
(EnergyAsia, November 8 2010, Monday) — Aboitiz Power is looking to build a 200-megawatt coal-fired power plant in Davao City in southern Philippines to diversify its energy business. Expected to start up by mid-2014, the circulating fluidised-bed coal power plant represents a break from building hydropower plants for the company. Known for its focus on...
(EnergyAsia, November 8 2010, Monday) — Russian Railways said it has started a new service delivering coal from Mongolia to the Russian Pacific Coast for shipment to Asia Pacific markets. The service began last month with a goods train leaving Mongolia’s Ulan Bator station for Russia’s Vostochny port for the first time, with 30 wagons...
(EnergyAsia, November 8 2010, Monday) — With a war chest fortified by last month’s US$650 million initial public offering in Hong Kong, Mongolia Mining Corp is setting its sight on acquiring natural resources companies, particularly those producing coal and iron ore. The Mongolian firm, the first to list on the Hong Kong Stock Exchange, will...
(EnergyAsia, November 8 2010, Monday) – Global coal production could peak next year or shortly after that, according to an academic research paper that projects a protracted and steep decline in mining activities. The industry now produces seven billion tons of coal annually, but the ongoing depletion of mines means it will be difficult to...
(EnergyAsia, November 5 2010, Friday) — BP said it will sell its recently-acquired interests in four mature producing deepwater oil and gas fields in the US Gulf of Mexico to Japan’s Marubeni Oil and Gas for US$650 million in cash. The deal is expected to be completed by early next year. BP acquired the interests...
(EnergyAsia, November 8 2010, Monday) — Puda Coal Inc, a NYSE-listed supplier of high grade metallurgical coking coal, said a 90%-owned subsidiary has agreed to pay a total of RMB191.2 million to acquire two mines as part of its on-going role as a consolidator of coal mines in China’s Shanxi Province. Shanxi Puda Coal Group...
(EnergyAsia, November 4 2010, Thursday) — Australian engineering firm Leighton Holdings said a subsidiary has secured a US$733 million contract with Iraq’s South Oil to build an oil export facility at the Fao terminal near Basra. The contract forms part of the Iraq Crude Oil Export Expansion Project (ICOEEP) which is developing offshore loading facilities...
(EnergyAsia, November 4 2010, Thursday) — British natural gas producer BG Group said it has agreed to sell its 40% interests in both the Santa Rita and San Lorenzo power stations in the Philippines to Korea Electric Power Corporation (Kepco) for a total of approximately US$400 million. BG Group said the net consideration is subject...
(EnergyAsia, November 4 2010, Thursday) — Sarawak is building another two coal-fired power plants in anticipation of future demand in the East Malaysian state. The proposed Balingian plant, which will be an expansion to the Mukah coal-fired power plant, and a new project in the Merit-Pila region are intended to serve as back-up energy sources...
(EnergyAsia, November 4 2010, Thursday) — GE said it has signed a memorandum of understanding (MOU) with Indonesia’s Agency for the Assessment and Application of Technology (BPPT) to jointly develop renewable energy utilisation, cleaner coal and energy efficiency projects to help meet the country’s growing power and environmental needs. The US engineering conglomerate said it...
(EnergyAsia, November 4 2010, Thursday) — Indonesia’s coal production is expected to rise 9.7% to hit 340 million tonnes next year, according to the Indonesian Coal Mining Association. Buoyed by rising demand from China and India, association chairman Bob Kamandanu said he expects Indonesia mining companies to raise production targets. For this year, India is...