(EnergyAsia, December 21 2010, Tuesday) — Russia needs to cut government spending and raise interest rates now or risk stagnant growth and accelerating inflation in the coming years, the International Monetary Fund (IMF) has warned. The IMF is urging the government to cut its budget deficit more aggressively than currently planned. The IMF has forecast...

(EnergyAsia, December 21 2010, Tuesday) — European traders and refiners are worried over a potential oil shortage in the Black Sea area and central Europe as Russia continues to shift its oil exports to Asia. Over the long term, Russia could ship up to 1.6 million b/d to Asia, supported by newly-built pipelines that connect...

(EnergyAsia, December 21 2010, Tuesday) — Japan has begun to reduce its dependence on the politically unstable Middle East for its energy needs, thanks to the new flow of Russia’s East Siberia-Pacific Ocean (ESPO) crude this year. Since August, Russia has become Japan’s fourth largest oil supplier with a 9% market share, displacing Iran, which...

(EnergyAsia, December 21 2010, Tuesday) — As part of its international expansion plan, Thailand’s largest energy company PTT Plc is targeting to develop oil, gas and power projects in Vietnam. It is negotiating with PetroVietnam to build an oil refinery in Vietnam. PTT is also keen to export oil products to Vietnam, which is short...

(EnergyAsia, December 20 2010, Monday) — Asia is absorbing all of Mitsui Chemical’s production of a controversial chemical, Bisphenol A (BPA), from its 230,000-tonne-per-year plant on Jurong Island in Singapore. In a recent interview with Business Times, Mitsui Chemicals said its BPA is being used in making industrial products such as equipment casings and compact...

(EnergyAsia, December 20 2010, Monday) — Royal Dutch Shell and Russia’s Gazprom have signed an agreement to cooperate in developing upstream projects in western Siberia and the Russian Far East as well as cooperate in the downstream oil projects in Russia and Europe. Gazprom will also consider participating in Shell’s upstream projects outside of Russia...

(EnergyAsia, December 20 2010, Monday) — The US dollar’s position as the world’s reserve currency could come under threat if China and Russia succeed in expanding the use of their currencies in promoting bilateral trade. While Sino-Russia trade amounts to less than US$50 billion a year, a fraction of global merchandise trade valued at more...

(EnergyAsia, December 20 2010, Monday) — Venezuela said China plans to invest more than US$40 billion in the oil-and gas-rich eastern Orinoco belt by 2016. Speaking at a meeting of gas exporters in Qatar early this month, Venezuela Energy Minister Rafael Ramirez said China Petroleum and Chemical Corporation (Sinopec) is looking to invest in the...

(EnergyAsia, December 20 2010, Monday) — PetroChina plans to build two crude oil storage terminals in China’s southwestern Sichuan province and another one in farwestern Xinjiang. The one-million-cubic-metre terminal will comprise 10 depots each with the capacity to hold 100,000 cubic metres of crude oil in Chengdu, the capital city of Sichuan. Separately, the company...

(EnergyAsia, December 20 2010, Monday) — Houston, US-based Cheniere Energy Partners LP said its subsidiary, Sabine Pass Liquefaction LLC, has signed a memorandum of understanding (MOU) for China’s ENN Energy Trading Co Ltd to contract 1.5 million tonnes per annum (mtpa) of bi-directional LNG processing capacity at the Sabine Pass LNG terminal in Cameron Parish...

(EnergyAsia, December 17 2010, Friday) — Thanks to Asia, world oil demand reached a record high of 88.3 million b/d in the third quarter, and will likely end the year higher than 2008’s pre-recession levels, said UK consultant Wood Mackenzie. The Edinburgh-based consultancy has forecast world oil demand to reach 86.7 million b/d this year,...

(EnergyAsia, December 17 2010, Friday) – Russian Prime Minister Vladimir Putin has told the US not to interfere in his country’s affairs even as he dismissed US Defence Secretary Robert Gates’ criticism of Russian politics as reported by whistle-blowing website Wikileaks. In an interview with CNN’s Larry King, he said that Mr Gates was “badly...

(EnergyAsia, December 17 2010, Friday) — SOCAR Trading is looking to expand in Asia next year, commissioning its Singapore office to develop its fast-growing crude oil business in the region. The company will also expand into fuel oil and bunker fuel trading and distribution, as well as naphtha supply to end users. It now trades...

(EnergyAsia, December 17 2010, Friday) — Swissco Holdings Ltd, a Singapore-listed marine logistics and support services group operating in the Middle East and Asia, said its wholly-owned subsidiary, Swissco Offshore Pte Ltd, has placed orders for two offshore support vessels worth a total of S$20 million. (US$1=S$1.3). The two anchor handling tug supply (AHTS) vessels...

(EnergyAsia, December 17 2010, Friday) — The world’s upstream companies are expected to invest more than US$380 billion to find and produce oil and gas this year, up US$19 from 2009, reflecting the return of confidence to many regions and sectors of the industry, said UK consultant Wood Mackenzie. But this is still about 10%...

(EnergyAsia, December 17 2010, Friday) — Malaysian state energy firm Petronas has announced plans to build a liquefied natural gas (LNG) regasification terminal in July 2012, making it Southeast Asia’s first as it will be completed a few months ahead of a similar plant being built in Singapore. Subsidiary Petronas Gas said it will set...

(EnergyAsia, December 17 2010, Friday) — Longwei Petroleum Investment Holding Ltd, a US-listed company engaged in storing and distributing oil products in China, said it has secured annual contracts with two new customers for its Gujiao storage terminal. The contracts to store and handle a total of 19,000 metric tons of products, are valued at...

(EnergyAsia, December 16 2010, Thursday) — The Asian Development Bank (ADB) said it will support Mongolia in building a modern road and rail-linked logistics facility that will help expand and speed up trade, and increase the landlocked country’s global competitiveness. The ADB board approved loan and grant assistance of US$45 million equivalent for the Regional...

(EnergyAsia, December 16 2010, Thursday) — The National University of Singapore (NUS) will launch a study next year to identify the parts of Singapore’s coastline that are threatened by rising sea levels. The university’s Tropical Marine Science Institute is expected to conclude the costal risk map study by the end of 2013. The research will...

(EnergyAsia, December 16 2010, Thursday) — Malaysian state company Petronas will have to increase its domestic upstream investment to sustain its long-term oil and gas production and replenish the country’s energy reserves, said CEO Shamsul Azhar Abbas. According to the finance ministry, Malaysia’s crude oil reserves will last 24 years while its natural gas will...

(EnergyAsia, December 16 2010, Thursday) — Hindustan Petroleum Corp (HPCL) is looking to invest as much as 300 billion rupees in new refinery projects over the next decade. (US$1=44 rupees). This includes upgrading its facilities to produce higher-value products and expanding its base refining capacity to 40 million tons a year.} Most of the new...

(EnergyAsia, December 16 2010, Tuesday) — India’s Essar Oil Ltd is seeking to nearly double the capacity of its 10.5-million-tonne-per-year (mt/y) Vadinar refinery in Gujarat state to 20 mt/y to help meet the country’s growing domestic oil demand. Essar Oil, an integrated oil and gas company, is part of the Essar Group, said it expects...

(EnergyAsia, December 16 2010, Thursday) — A major liquefied natural gas (LNG) project in Australia has been hit by a combination of unexpectedly high cost and start-up delay. Woodside Petroleum Ltd said the foundation of its proposed Pluto liquefied natural gas (LNG) in Western Australia will cost A$14 billion, up by at least A$900 million...

(EnergyAsia, December 16 2010, Thursday) — Coal of Africa is acquiring Rio Tinto’s South African assets for about US$75 million as it aims to become a key player in the country’s coal sector. Coal of Africa will be acquiring Rio’s assets in Chapudi, Voorburg and Jutland, which hold at least 90 million tonnes of commercially...