(EnergyAsia, February 22 2012, Wednesday) — The Australian government is focused on enhancing energy security, market reforms, developing the country’s vast natural gas resources, and encouraging the development of clean energy use. The goals were spelt out in the recently released draft Energy White Paper for public consultation, alongside the 2011 National Energy Security Assessment and (more…)
INDIA: Hindustan Petroleum aims to complete underground storage tanks by mid-year
(EnergyAsia, February 22 2012, Wednesday) — India’s Hindustan Petroleum Corporation Limited (HPCL) expects to complete the construction of its delayed underground oil storage terminal in Visakhapatnam port city in Andhra Pradesh state by mid-year, said Oil Minister S. Jaipal Reddy. The 1.33-million-ton terminal was to have been completed at a cost of nearly 10.4 billion...
IRAN: NIOC says oil embargo could be expanded beyond France and Britain
(EnergyAsia, February 22 2012, Wednesday) — Iran may extend its oil embargo to other European countries, a day after announcing that it had stopped exporting crude to France and Britain. National Iranian Oil Company chief Ahmad Qalehbani said his country would respond to “hostile acts” by the European Union which last month announced it would...
ASIA: ToughStuff aims to help up to 33 million people in region and Africa access low-cost solar energy
(EnergyAsia, February 22 2012, Wednesday) — Up to 33 million people living in poverty in Africa and Asia will gain access to low-cost solar energy by 2016, said solar power provider ToughStuff in response to a call from the Business Call to Action (BCtA). From its headquarters in Mauritius and offices in East, West and (more…)
COMPANY: US Koch Industries ventures into global LNG trading
(EnergyAsia, February 22 2012, Wednesday) — US conglomerate Koch Industries has started up a liquefied natural gas (LNG) business with an eye to meeting surging demand in Asia. Koch Supply & Trading Sárl, the company’s Geneva-headquartered energy trading division, recently hired Stephen Cornish to complement existing North American activities in Houston and optimise its global (more…)
CHINA: Government aims to raise refining capacity to 12 million b/d by 2015
(EnergyAsia, February 21 2012, Tuesday) — China is targeting to raise its annual refining capacity to 600 million metric tonnes or 12 million b/d under the government’s 12th Five-Year plan ending 2015. According to the Ministry of Industry and Information Technology, the government is also looking to raise China’s annual ethylene production capacity to 27...
ASIA: Ernst & Young survey found most oil and gas deals targeted at securing energy supplies
(EnergyAsya, February 21 2012, Tuesday) — The vibrant oil and gas sector reported 1,322 oil and gas transactions last year for an increase of more than 5% compared to 1,258 in 2010, according to a survey by consultant Ernst & Young. But in value terms, the global aggregate of these transactions was down 7% to (more…)
COMPANY: ABB to partner development of solar power plants in South Africa
(EnergyAsia, February 21 2012, Tuesday) — ABB, the Switzerland-based power and automation technology group, said it has signed an agreement with FG Emvelo, an independent solar power plant company, to develop high efficiency concentrating solar power (CSP) plants at Karoshoek Solar Valley in South Africa’s Northern Cape province. FG Emvelo,a joint venture between FG.de, a (more…)
COMPANY: Brazil’s Petrobras appoints Silva Foster as CEO, succeeds Gabrielli
(EnergyAsia, February 21 2012, Tuesday) — Brazil’s state-owned oil and gas major Petrobras has appointed Maria das Graças Silva Foster as CEO, succeeding José Sergio Gabrielli de Azevedo from February 13. Ms Silva Foster, who has been with Petrobras for 31 years, will also replace Mr Gabrielli in the company’s board of directors. A chemical (more…)
INDONESIA: Pertamina, Saudi Aramco looking to build refinery, petrochemical complex in East Java
(EnergyAsia, February 21 2012, Tuesday) — Saudi Aramco Asia Company Limited (SAAC), a subsidiary of Saudi Aramco, said it and Indonesia’s state-owned PT Pertamina have signed a memorandum of understanding (MOU) to jointly evaluate the economic feasibility to build an integrated oil refining and petrochemical project in Tuban in Indonesia’s East Java province. The proposed (more…)
AZERBAIJAN: Kulevi Oil Terminal to develop second railway link
(EnergyAsia, February 20 2012, Monday) — Kulevi Oil Terminal, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), said it is building a second railway link to improve the transportation of oil between the Chaladidi and Kolkheti stations, both located in Georgia. Work on the 5.6 km electrified line is half completed to expand...
SINGAPORE: Offshore contractor IEV goes into oil and gas exploration
(EnergyAsia, February 20 2012, Monday) — Singapore-listed offshore contractor IEV Holdings is venturing into oil and gas exploration after being awarded a concession by Indonesian state-owned upstream company Pertamina EP. Subsidiary IEV Gas accepted the award of an “operation cooperation” programme for the Pabuaran onshore block on February 16, with completion of the terms expected (more…)
JAPAN: JX Nippon signed 17-year agreement to buy LNG from Shell
(EnergyAsia, February 20 2012, Monday) — JX Nippon Oil & Energy Corp, Japan’s largest oil refiner, said it has agreed to buy 200,000 metric tons of liquefied natural gas (LNG) a year over 17 years from Royal Dutch Shell Plc starting 2015. Singapore-based Shell Eastern Trading Ltd will deliver the LNG in three shipments a (more…)
JAPAN: Mitsubishi Corp pays C$2.9 billion for shale gas partnership with Canada’s Encana
(EnergyAsia, February 20 2012, Monday) — Japan’s Mitsubishi Corp has agreed to invest C$2.9 billion for a 40% interest in a venture to jointly own and develop Calgary-based Encana Corp’s natural gas lands in the Cutbank Ridge resource play in Canada’s British Columbia province. (US$1=C$0.99). Holding the majority 60% stake, Encana said it will be (more…)
AUSTRALIA: Woodside studying possibility of selling small Browse Basin LNG stake
(EnergyAsia, February 20 2012, Monday) — Faced with rising cost, Australian upstream company Woodside said it is assessing the possibility of selling a small portion of its 50% stake in a proposed liquefied natural gas (LNG) project off Western Australia state. In a statement to the Australian Securities Exchange (ASX), Woodside said it has not (more…)
CHINA: Sinopec starts up 20-million barrel crude oil storage terminal in Hebei
(EnergyAsia, February 17 2012, Friday) — Sinopec Group has started operations at its 20-million-barrel strategic crude oil storage base in Hebei province in northern China. Built at a cost of 2.62 billion yuan, the new terminal in Caofeidian comprises 32 tanks each capable of storing up to 100,000 cubic metres of crude. (US$1=6.3 yuan). ...
SRI LANKA: Lanka IOC to invest US$300 million to upgrade Trincomalee fuel terminal
(EnergyAsia, February 17 2012, Friday) — The Lanka India Oil Company said it plans to invest US$300 million by 2016 to upgrade its Trincomalee terminal to serve Sri Lanka’s growing fuel demand. Managing director K.R. Suresh Kumar said that in preparation for the project on the country’s east coast, the company has begun a year-long...
SAUDI ARABIA: Singapore’s Rotary Engineering secures US$34m contract to build storage tanks for power plant
(EnergyAsia, February 17 2012, Friday) — Singapore’s Rotary Engineering Limited said its 51%-owned joint venture company, Petrol Steel Co Ltd, has secured a US$34 million engineering, procurement and construction (EPC) contract to build 17 field storage tanks in Saudi Arabia. The contract, Rotary’s fourth in the kingdom now worth a total of US$848 million, relates (more…)
KAZAKHSTAN: Canada’s Tethys Petroleum starts up oil storage and rail loading facility
(EnergyAsia, February 17 2012, Friday) — Canada’s Tethys Petroleum expects to boost its profit margins with the start up of a vital oil storage and rail-loading facility linking its Doris oilfield in Kazakhstan to the nation’s main rail system. The new Aral Oil Terminal (AOT) infrastructure will allow the company to initially double Doris’s production (more…)
AUSTRALIA: Caltex may shut both refineries after A$1.5 billion write-down
(EnergyAsia, February 17 2012, Friday) — Battered by Asian competition and a strong local currency, Australia’s largest downstream oil company said it could decide to shut down its two refineries later this year after writing down their combined value by A$1.5 billion. (US$1=A$0.94). Caltex Australia Ltd, half-owned by US major Chevron Corp, said the fate (more…)
MALAYSIA: Penang state government wants Esso and Shell to relocate fuel depots
(EnergyAsia, February 16 2012, Thursday) — Calling them a “disaster waiting to happen”, the government of Malaysia’s Penang state wants Esso and Shell to move their fuel depots from a heavily trafficked location near a ferry terminal and a bus centre. The government and the companies are in talks to find a long-term solution after...
INDONESIA: Pertamina to invest 18-trillion rupiah by 2014 on domestic natural gas infrastructure
(EnergyAsia, February 16 2012, Thursday) — Indonesian state oil and gas firm Pertamina said it plans to invest 18-trillion rupiah through 2014 to build infrastructure to boost natural gas supply and encourage domestic consumption. (US$1=9,200 rupiah). Nearly 59% of that will be invested in building an import-oriented floating storage regasification unit (FRSU) in Central Java...
INDONESIA: Jakarta to invest nearly 78 trillion rupiah to meet rising gas demand
(EnergyAsia, February 16 2012, Thursday) — The Indonesian government is planning to invest nearly 78 trillion rupiah in nine major nationwide projects to boost natural gas supply to meet rising domestic consumption. (US$1=9,200 rupiah). The projects are expected to be completed by 2018 to help offset the country’s declining energy self-sufficiency, according to regulator BPH...
AUSTRALIA: ExxonMobil study could worsen case for survival of ageing Altona refinery
(EnergyAsia, February 16 2012, Thursday) — ExxonMobil has begun a technical study into upgrading the power supply system at its ageing 80,000 b/d Altona refinery in Australia’s Victoria state. The company suffered unspecified financial losses when the 63-year-old plant located near Melbourne city was disabled for at least a day after it was struck by...
SINGAPORE: DNB Bank calls offshore stocks at “beginnings of sector up cycle”
(EnergyAsia, February 16 2012, Thursday) — Norway’s DNB Bank said Asia’s offshore oil and gas stocks are at the start of a sector up-cycle, naming Singapore-listed Keppel E&P, Sembcorp Marine, STX OSV, Ezion and Jaya as its top picks. In a report last week, authors Kay Lim and Simon Jong also recommended buying Swiber, Ezra, (more…)