(EnergyAsia, December 10 2010, Friday) — Chinese state-owned Guangdong Rising Assets Management (GRAM) expects to complete its takeover of UK-listed coal miner Caledon Resources for £251.6 million by the end of the year. Early last month, GRAM unveiled an unsolicited offer to acquire Caledon at a generous 53% premium over a 20-trading day average price....

(EnergyAsia, December 10 2010, Friday) — Xanadu Mines, an Australian-backed company mining and exploring coal, copper and gold in Mongolia, has launched its Initial Public Offer (IPO) ahead of its proposed listing on the Australian Stock Exchange in late December. The IPO seeks to raise between A$15 million and A$21 million, valuing the company at...

(EnergyAsia, December 10 2010, Friday) — Itochu Minerals & Energy of Australia Pty Ltd (IMEA), a subsidiary of Japan’s Itochu Corporation, has agreed to pay Australia’s Aston Resources Limited A$345 million for a 15% stake in the Maules Creek coal project in New South Wales state. (US$1=A$1.02). In jointly announcing the deal, the two companies...

(EnergyAsia, December 9 2010, Thursday) — Australia-listed resources company Pan Asia said it is becoming a major supplier to fast-growing Asian markets with the acquisition of a pipeline of thermal coal projects in Indonesia for an undisclosed sum. At its Annual General Meeting last month, shareholders approved its purchase of Innovation West Pty Ltd, giving...

(EnergyAsia, December 9 2010, Thursday) — The largest oil companies in Russia and China said they are on course to fully start up a key section of a 4,857-km pipeline delivering crude oil from East Siberia to the Pacific. In separate announcements, Rosneft and PetroChina have hailed the successful month-long trial shipments of crude oil...

(EnergyAsia, December 9 2010, Thursday) — The world’s biggest liquefied natural gas (LNG) producer is diverting cargoes from its traditional markets in the US and Europe and shifting to export to the fast-growing economies of Asia and South America. Qatar, which expects to export up to 62 million tonnes of LNG this year, is looking...

(EnergyAsia, December 9 2010, Thursday) — Mongolia’s huge untapped mineral wealth and its convenient location next to China have made it potentially one of the world’s fastest growing emerging economies. The landlocked Asian country now faces the challenges of maintaining political stability, attracting foreign investments, implementing the rule of law and building the infrastructure needed...

(EnergyAsia, December 9 2010, Thursday) — State-run Coal India Limited is planning to set up 20 new coal washeries with a combined capacity of 111.1 million tonnes as part of the government’s drive to promote ‘clean coal’ development. Coal Minister Sriprakash Jaiswal said the company will invest 25 billion rupees in the project by 2017...

(EnergyAsia, December 9 2010, Thursday) — Thai state energy company PTT Plc is expanding its coal portfolio after agreeing last month to pay A$544 million to acquire the coal assets of Australian miner Straits Resources Ltd. (US$1=A$1.01). PTT Mining Ltd, a wholly-owned subsidiary of PTT International Ltd (PTTI), will pay A$1.72 per share for Straits...

(EnergyAsia, December 8 2010, Wednesday) — The Rothschild name may soon be associated with Indonesia’s coal industry after its London investment firm Vallar Plc acquires stakes in the country’s largest coal miner, Bumi Resources, and PT Berau Coal. Nathaniel Rothschild’s Vallar will acquire 25% of Bumi shares and 75% of PT Berau Coal Energy, Indonesia’s...

(EnergyAsia, December 8 2010, Wednesday)  — Canada’s SouthGobi Resources Ltd has agreed to supply at least two million tonnes of coal from its Mongolian mines to Hong Kong’s Winsway Coking Coal Holdings Ltd for five years, starting with a 3.2-million tonne deal in 2011. The companies have agreed to the price for first delivery of...

(EnergyAsia, December 8 2010, Wednesday) — PetroChina Co and Royal Dutch Shell Plc have agreed to consider jointly investing in energy projects in Canada, expanding their partnership after earlier agreeing to cooperate in China and Australia. They will immediately work on an unidentified oil and gas project in Canada as well as evaluate the Daning...

(EnergyAsia, December 8 2010, Wednesday) — Malaysia’s state energy firm, Petronas, has hired Klaus Reinisch as chief executive of its trading unit in Britain to strengthen its push into Europe. Reinisch, who previously served in senior positions in the marketing and trading subsidiary of Russia’s Gazprom and the Abu Dhabi National Energy Company, started work...

(EnergyAsia, December 8 2010, Wednesday) — CNOOC Limited said its partly-owned subsidiary, Bridas Corporation, has agreed to acquire BP’s 60% equity interest in Pan American Energy for around US$7.06 billion. Bridas Corp, a 50/50% joint venture between CNOOC International Limited and Bridas Energy Holdings (BEH) will take over PAE’s assets in Latin America except Bolivia....

(EnergyAsia, December 8 2010, Wednesday) — The International Energy Agency (IEA) said Iraq won’t meet its ambitious target of producing 12 million barrels of oil a day by 2017, citing political uncertainty and large infrastructure needs as limiting factors. In its annual World Energy Outlook report, the IEA said Iraq would need 20 years to...

(EnergyAsia, December 8 2010, Wednesday) — Southeast Asia’s first nuclear energy plants are likely to be developed in Vietnam and Thailand after 2025, while Indonesia, Malaysia and Singapore may not see any, said UK consulting group Wood Mackenzie in a recent report analysing nuclear power as a possibility for the region. Graham Tyler, who heads...

(EnergyAsia, December 7 2010, Tuesday) — China Coal Geology Engineering Corporation (CCGEC) recently signed a five-year agreement with Wanbei Coal & Electricity Group Company Limited to jointly explore and develop coal deposits in the Surat Basin in Australia’s Queensland state. Focusing on the 924-sq km Wallumbilla block, the partners are planning to uncover an estimated...

(EnergyAsia, December 7 2010, Tuesday) – Jurong Aromatics Corp (JAC) is hoping to start work on its troubled US$2.4 billion petrochemicals complex in Singapore next year after having a US$1.56 billion loan from a syndicate of mostly European banks with a 80% debt guarantee by South Korean state export credit agencies. European banks and the...

(EnergyAsia, December 7 2010, Tuesday) — Underlining their blossoming political and economic ties, China, the world’s biggest energy consumer, and Russia, the world’s biggest energy producer, have agreed to expand cooperation in oil, gas, coal and nuclear power. With bilateral trade forecast to exceed US$50 billion this year, the neighbours confirmed their expanded economic ties...

(EnergyAsia, December 7 2010, Tuesday) — The combination of rising demand and cold weather has pushed up power station coal prices in China to their highest levels in two years at Qinhuangdao port. China’s domestic coal prices usually rise during winter on rising demand for heating and slumping stockpiles. The country is expected to increase...

(EnergyAsia, December 7 2010, Tuesday) — Lured by higher prices overseas, US companies are increasingly re-exporting liquefied natural gas (LNG) cargoes to Asia. Weak domestic prices caused by ample supplies, weak demand and swelling inventories are forcing US gas companies firms to look to Asia to improve their profits. With China, Taiwan, South Korea and...

(EnergyAsia, December 7 2010, Tuesday) — The unconventional gas industry comprising shale and coalbed methane holds long-term potential in China, but will not be able to develop as quickly as the sector in the US, said UK consulting firm Wood Mackenzie. Speaking at the GASEX 2010 conference in Taipei last month, Gavin Thompson, Wood Mackenzie’s...

(EnergyAsia, December 7 2010, Tuesday) — Australia’s MetroCoal Limited said it has joined other companies to co-fund a study to determine the feasibility of expanding the Wiggins Island Coal Export Terminal (WICET) as part of its strategy to advance the development of the Surat Basin coal deposits. A number of coal producers have already announced...