MARKETS: Japan demand tightens global LNG supply

(EnergyAsia, May 26 2011, Thursday) — Importers around the world are scrambling for liquefied natural gas (LNG) cargoes as a result of rising demand from Japan which lost a significant part of its nuclear power capacity following the March 11 earthquake-tsunami disaster. Traders say global LNG supply has tightened as more shipments head to Japan....

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INDIA: BORL plans to boost Bina refinery capacity

(EnergyAsia, May 25 2011, Wednesday) — Bharat Oman Refineries Ltd (BORL) said it plans to boost the capacity of its newly-commissioned six-million-tonnes-a-year Bina refinery to nine million tonnes a year by 2015 in the first-phase expansion. A joint venture between India’s Bharat Petroleum Corp (BPCL) and Oman Oil Co, BORL has invested nearly 114 billion...

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INDIA: Oman, BPCL launched Bharat Oman Refinery Ltd

(EnergyAsia, May 25 2011, Wednesday) — Oman Oil Company (OOC) and India’s Bharat Petroleum Corporation Ltd last week officially inaugurated Bharat‎Oman Refinery Ltd (BORL) under the patronage of India’s Prime Minister Manmohan Singh. The event was also attended by Humaid al-Maani, Oman’s Ambassador to India, board members of the two companies, and other business and...

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CHINA: April oil demand up 8.3% to third highest level since 2005, says Platts

(EnergyAsia, May 25 2011, Wednesday) — China’s apparent oil demand in April rose 8.3% to 38.36 million metric ton (mt) or 9.37 million b/d, from year-ago levels due to increased consumption during the spring sowing season, said US energy media Platts. In an analysis of recent figures published by the Chinese government, Platts found that...

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AUSTRALIA: BG faces delay building LNG plant at Gladstone

(EnergyAsia, May 25 2011, Wednesday) — UK’s BG Group said it faces delay meeting its deadline to expand its A$18 billion Queensland Curtis LNG plant at Gladstone as a result of the record rainfall and bad weather to hit Australia’s Queensland state between late 2010 and early this year. (US$1=A$1.05). The company said it has...

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CHINA: Vopak and partner to expand storage terminal in Tianjin

EnergyAsia, May 25 2011, Wednesday) — Dutch oil and chemical logistics firm Royal Vopak said it and equal joint-venture partner Tianjin Bohai Chemical Industry Group will develop the 240,000-cubic metre second phase of their terminal in China’s Tianjin city to store liquefied petroleum gas (LPG). The project includes three low-temperature tanks of 80,000 cbm each (more…)

SINGAPORE: Keppel secures rig orders worth US$1.34 billion in May, year-to-date exceed S$6.5 billion

(EnergyAsia, May 25 2011, Wednesday) — Keppel FELS Limited, a subsidiary of Singapore’s Keppel Offshore & Marine Limited, said it has secured orders to build oil rigs worth a total of US$1.345 billion from various international clients in May, boosting the value of its year-to-date contracts to more than S$6.5 billion. (US$1=S$1.25). Its biggest order (more…)

THAILAND: Foster Wheeler awarded contract to revamp residue fluidised catalytic cracking refinery unit

(EnergyAsia, May 25 2011, Wednesday) — Switzerland-based Foster Wheeler AG said a subsidiary in its Global Engineering and Construction Group has been awarded a contract to provide front-end engineering design (FEED) for a refinery in Thailand. The Star Petroleum Refining Company Limited (SPRC) awarded the contract for work on its residue fluidised catalytic cracking unit (RFCCU) (more…)

IRAN: Chamber of Commerce expects Chinese investments to top US$1 billion

(EnergyAsia, May 24 2011, Tuesday) — China’s investments in Iran are expected to soon exceed US$1 billion, roughly double last year’s US$570 million, according to the Iran-China Joint Chamber of Commerce. Chairman Assadollah Asgaroladi said China is expected to invest another US$320 million in his country in the current financial year to March 2012. Iran,...

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CHINA: IMF predicts economy to overtake US to be world’s largest by 2016

(EnergyAsia, May 24 2011, Tuesday) — The International Monetary Fund (IMF) has made a startling prediction that China is likely to overtake the US to become the world’s largest economy by 2016. The agency said the Chinese economy will expand to US$19 trillion to eclipse the US, which is projected to grow to US$18.8 trillion...

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MIDDLE EAST: Gulf states aim to expand China trade to US$1 trillion by 2021

(EnergyAsia, May 24 2011, Tuesday) — The six-member Gulf Cooperation Council (GCC) states have set a goal to expand trade with China by 10 times to US$1 trillion by 2021, according to a United Arab Emirates foreign minister. Sheikh Abdullah bin Zayed al-Nahayan said trade between China and the GCC states of Bahrain, Kuwait, Oman,...

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THAILAND: PTT to invest 33 billion baht to expand LPG terminal

(EnergyAsia, May 24 2011, Tuesday) — In response to rising domestic energy demand, Thai state oil and gas company PTT Plc said it is investing 33 billion baht to expand the capacity of its liquefied petroleum gas terminal. (US$1=30 baht). Executive vice president Nattachart Jaruchinda said PTT will expand an existing terminal in the eastern...

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MARKETS: IEA lowers forecast for 2011 world oil demand growth, pleads for higher OPEC output

(EnergyAsia, May 24 2011, Tuesday) — At the same time that it has expressed alarm at declining OPEC production, the International Energy Agency (IEA) has reduced its global oil demand growth forecast for 2011 by 100,000 b/d to 1.3 million b/d. Citing persistent high oil prices and poor prospects for the developed economies, the Paris-based...

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MARKETS: Ernst & Young warns new oil price shock could threaten economic growth

(EnergyAsia, May 24 2011, Tuesday) — High oil prices brought on by a combination of political unrest in the Middle East and North Africa, and increased demand from post-March 11 quake Japan could threaten global economic growth, said Ernst & Young in a briefing last week. Releasing its latest quarterly global oil and gas forecast, (more…)

MARKETS: OPEC holds forecast for 2011 world oil demand growth at 1.4 million b/d

(EnergyAsia, May 24 2011, Tuesday) — OPEC expects world oil demand to grow by 1.4 million b/d in 2011, broadly unchanged from the previous report, following an increase of 2.1 million b/d last year. It said post-quake Japan and “economic uncertainty” in the US will offset continued demand growth in China, balancing the outlook for (more…)

PHILIPPINES: Subic cargo facility to be expanded and upgraded

(EnergyAsia, May 23 2011, Monday) — The Philippines is expanding and upgrading the fuel depots at Subic Freeport to store and handle nearly four million barrels in response to rising demand. The Subic Bay Metropolitan Authority (SBMA) is working to promote Subic as a one-stop logistics centre for all types of vessels and maritime cargo....

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QATAR: Construction of second condensate refinery underway

(EnergyAsia, May 23 2011, Monday) — Qatar is developing a second 150,000 b/d condensate refinery at Ras Laffan to meet rising demand for transportation fuels. The new plant will double Qatar’s refining capacity to 300,000 b/d when completed by 2015, said Minister of Energy and Industry Mohammed bin Saleh Al Sada. The project will also...

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CHINA: Consultant warns US Congress on growing competition for oil and gas supply

(EnergyAsia, May 23 2011, Monday) — A US consultant recently delivered to the US House of Representatives Subcommittee on Energy and Power what he has described as “dire warnings about the likely development of China’s future energy demand.” At the April 4 hearing on the ‘The American Energy Initiative’, Douglas-Westwood LLP’s managing director, Steve Kopits,...

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CHINA: Fuel oil imports to decline with shutdown of small refineries

(EnergyAsia, May 23 2011, Monday) — China’s fuel oil imports could decline sharply if the government succeeds in its plan to shut down small refineries known as “teapots,” which account for 10%-15% of the country’s total refining capacity. Up to 90% of China’s small refineries, defined as those under 40,000 b/d in capacity, are being...

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CHINA: New taxes on domestic sales of crude oil, natural gas being considered

(EnergyAsia, May 23 2011, Monday) — As part of a tax reform programme, China is looking to introduce a new tax of 5%-10% on the domestic sales of crude oil and natural gas. The tax would be based on sales volume instead of value. For every tonne of crude oil sold, companies may have to...

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CHINA: Economy, central regions face looming threat of power shortages

(EnergyAsia, May 23 2011, Monday) — China’s slowing economy faces a new threat crisis from spreading power supply shortages in its central regions caused by a shortage in coal supply and drought-induced drop in hydropower capacity. Hubei province is the latest to join neighbouring provinces in rationing power supply as China faces its worst power...

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SINGAPORE: Engineering firm PEC Ltd reports net profit of S$28.6 million for nine-month period

(EnergyAsia, May 23 2011, Monday) — Singapore Exchange-listed engineering firm PEC Ltd has reported a 19% drop in net attributable profit to S$28.6 million on revenue of S$305.4 million for the nine months ended March 31. (US$1=S$1.25). Group revenue was 11% lower than the corresponding period for FY2010 due to the decrease in revenue from (more…)

MALAYSIA: Construction of Johor oil terminal expected to start soon

(EnergyAsia, May 20 2011, Friday) — Malaysia’s terminal operator Dialog and Netherland’s Vopak are expected to soon begin construction of their proposed terminal project in the Malaysian state of Johor north of Singapore. Located in the Pengerang region, the new terminal will have the capacity to hold five million cubic metres of oil, with the...

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MALAYSIA: Petronas to spend RM50-55 billion a year in capex over five years

(EnergyAsia, May 20 2011, Friday) — Malaysian state oil and gas company Petronas has set aside RM50 billion to 55 billion a year over the next five years in capital expenditure to replace aging oil and gas-producing assets, said company president and CEO Shamsul Azhar Abbas. (US$1=RM3). The planned capital spending for the coming years...

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