(EnergyAsia, Oct 7 2011, Friday) — Finland is the best country for mining and petroleum investment, according to Aspermont’s RESOURCESTOCKS magazine’s 2011 World Risk Survey, while Australia showed renewed appeal for companies. With a score of 7, Finland had the lowest and therefore best risk rating out of a potential maximum high-risk score of 34. (more…)
(EnergyAsia, October 6 2011, Thursday) — The downside of Singapore’s much vaunted industry integration concept has been exposed in the aftermath of the Shell refinery on September 28. With so many fuel buyers and downstream petrochemical and chemical plants connected to the 500,000 b/d plant on Bukom Island, its shutdown is disrupting the supply chain...
(EnergyAsia, October 6 2011, Thursday) — The Australian Coal Association (ACA) has repeated its call for the Federal Government to withdraw the carbon tax legislation following the release of the latest world economic update by the International Monetary Fund (IMF). With the proposed carbon tax due to be implemented next July, ACA chairman John Pegler (more…)
(EnergyAsia, October 6 2011, Thursday) — Norway’s DNV said it has established a Greater China Pipeline Technical Consultative Committee with Yang Zupei, Secretary General of the Chinese state-owned CNPC Oil & Gas Storage and Transportation Standardization Committee, as its first chairman. DNV said this is its second pipeline committee in the world and the first (more…)
(EnergyAsia, October 6 2011, Thursday) — In a major blow to the nuclear lobby, German industrial and engineering giant Siemens said it is quitting the business of managing, building or financing nuclear plants. In an interview with the Der Spiegel newspaper, the company’s President and CEO, Peter Loescher, said Siemens is exiting the business as a (more…)
(EnergyAsia, October 6 2011, Thursday) — Dubai Electricity and Water Authority (DEWA) said it has extended the final date of receiving bids for the proposed 1,500MW Hassyan-1 Independent Power Project to December 12 2011. The state agency said it did so on the request of the 18 companies invited to submit their bids to develop (more…)
(EnergyAsia, October 5 2011, Wednesday) — India’s GVK Power & Infrastructure has agreed to pay US$1.26 billion for a majority stake in three Australian coal mines and a port and rail project owned by Hancock Group. The acquisition of large, high quality coal resource and a strategic infrastructure development project in Queensland state will enable...
(EnergyAsia, October 5 2011, Wednesday) — Canada’s Prophecy Coal Corp said its proposed Chandgana power plant project has been officially endorsed by the Mongolian Ministry of Natural Resources and Energy. The country’s Energy Regulatory Authority (ERA), in charge of licensing power plant operators, has received the endorsement and is expected to issue a final response...
(EnergyAsia, October 5 2011, Wednesday) — Two Singapore banks have agreed to lend a total of US$105 million to a consortium comprising PetroVietnam Technical Services Corp (PTSC) and Malaysia’s offshore services provider, Yinson Holding, to build a floating storage and off-loading (FSO) unit. According to PTSC, a subsidiary of state PetroVietnam, United Overseas Bank Ltd...
(EnergyAsia, October 5 2011, Wednesday) — The government of Canada’s British Columbia province said it will contribute C$15 million to a C$90-million investment to expand the Ridley Island terminal capacity to support Western Canada’s export of natural resources including coal to Asia. (US$1=C$1.05). The project, on the Port of Prince Rupert, includes construction of new (more…)
(EnergyAsia, October 5 2011, Wednesday) — InterOil Corporation said it is seeking strategic partners for its liquefied natural gas (LNG) project in Papua New Guinea currently being developed by its joint venture entity, Liquid Niugini Gas Limited. InterOil said it has retained Morgan Stanley & Co. LLC, Macquarie Capital (USA) Inc and UBS AG as (more…)
(EnergyAsia, October 4 2011, Tuesday) — Russian crude and condensate production rose 1.2% year-on-year to a post-Soviet record of 10.3 million in September. It beat the previous record high of 10.27 million b/d set in August. Production for the first nine months of the year rose by 1.23% to 10.27 million b/d while exports fell...
(EnergyAsia, October 4 2011, Tuesday) — As it approaches its 30th anniversary as Asia’s first independent oil and chemicals storage operator, Royal Vopak of the Netherlands is already well into its next phase of expansion. But the outlook wasn’t that rosy a few years ago when its core business appeared under threat as some of...
(EnergyAsia, October 4 2011, Tuesday) — L & L Energy Inc, a US-based company with coal mining and distribution businesses in China, said it has signed letters of intent to acquire 14 operating mines in Guizhou province with a combined approved capacity to produce three million tons of coking coal. Based on current market prices,...
(EnergyAsia, October 4 2011, Tuesday) — Scandal-hit Puda Coal said its CEO, the legal counsel to its chairman, and the company’s CFO had all resigned in late September. CEO and director Liping Zhu submitted his resignations to the board on September 22 and was followed by Qiong (Laby) Wu as its chief financial officer and (more…)
(EnergyAsia, October 4 2011, Tuesday) — HMS Bergbau AG, a Germany-based international coal supplier with expertise in coal mining, transport and trade, has affirmed its expansion plans by further developing its activities in Asia. The company underlined its strategic focus despite announcing a set of downbeat first half financial results. Group revenues fell 21.9% to (more…)
(EnergyAsia, October 3 2011, Monday) — Claims by Libya’s new rebel-led government that the country could produce 500,000 to 600,000 b/d of crude oil within weeks is “optimistic”, said a Bank of America Merrill Lynch Global Research report. Libya was producing 1.6 million b/d before the NATO-backed rebels began attacking the Gaddafi government early this...
(EnergyAsia, October 3 2011, Monday) — Oil prices will likely rise another 15-20% over the next 12 months on the back of continued strong demand growth in the emerging economies, said Allison Nathan, managing director for commodities research at Goldman Sachs. Brent is seen rising to US$130 a barrel from recent levels of US$100-$110 while...
As it approaches its 30th anniversary as Asia’s first independent oil and chemicals storage operator, Royal Vopak of the Netherlands is already well into its next phase of expansion. But the outlook wasn’t that rosy a few years ago when its core business appeared under threat as some of its best customers, who are among...
(EnergyAsia, October 3 2011, Monday) — In the perfect world, there are no limits, accidents or conflicts; only logic and certainty as engineers and scientists quietly collaborate to take care of all human needs, defining future realities and extending boundaries. Four balmy days in Fremantle, a quiet coastal town off Western Australia facing the Indian...
(EnergyAsia, October 3 2011, Monday) — The Gulf of Mexico tragedy could have been prevented if the entire operations were automated and tougher regulations existed to enforce safety operating procedures, said Jason Urso, Honeywell’s Chief Technology Officer at the Honeywell Users Group event in Fremantle, West Australia on August 21 to 24 2011. “A lot (more…)