INDIA: Oil imports helped push trade deficit to new high of US$185 billion for FY2011

(EnergyAsia, April 16 2012, Monday) — Helped by its rising oil bill, India’s trade deficit surged more than 77% to reach a record US$185 billion for the financial year ending March 31 2012.             Oil accounted for US$150 billion of India’s US$485 billion import bill last year as its economy took on the chin with...

This article is for Subscriber members only.
Log In Register

INDIA: Trafigura invests US$250 million in Nagarjuna oil refinery and storage facilities

(EnergyAsia, April 16 2012, Monday) — Trafigura Pte Ltd has announced its entry into the oil refining and storage business with plans to invest up to US$250 million for a minority stake in a refinery and storage facility under construction in India’s east coast Tamil Nadu state. The Dutch commodities trader said it will pay (more…)

AUSTRALIA: Upstream association calls for end to fiscal uncertainty

(EnergyAsia, April 16 2012, Monday) — The Australian government should clarify the country’s business taxation system for the upstream oil and gas industry as it is being threatened by speculation and fears over imminent changes. In making this call, the Australian Petroleum Production & Exploration Association (APPEA) said the speculation is “creating investor uncertainty” that (more…)

CHINA: Power sector aims to drastically reduce fuel consumption this decade

(EnergyAsia, April 13 2012, Friday) — China’s power companies have set an ambitious target to reduce energy consumption from the middle of this decade. China Electricity Council (CEC) said the industry is aiming to use just under one billion metric tonnes of coal equivalent of energy (CEE) by 2015 and 770 million tonnes CEE by 2020,...

This article is for Subscriber members only.
Log In Register

UAE: Azerbaijan’s SOCAR starts up oil terminal in Fujairah

(EnergyAsia, April 13 2012, Friday) — SOCAR Trading, the trading subsidiary of State Oil Company of Azerbaijan (SOCAR), has begun operation of its jointly owned Aurora terminal in Fujairah port in the UAE. The company recently took in its first shipment of fuel oil at the terminal’s first phase 114,000-cubic metre facility which it jointly...

This article is for Subscriber members only.
Log In Register

CHINA: Coal demand continues to grow despite environmental concerns

(EnergyAsia, March 13 2012, Friday) — China’s appetite for coal shows no signs of letting up despite growing calls to reduce the country’s energy intensity and greenhouse gas emissions.  While it improved its energy efficiency slightly last year, China did not meet its conservation targets. Its economy expanded by 9.2% last year but its total...

This article is for Subscriber members only.
Log In Register

COMPANY: IHC Merwede opens regional office in Singapore

(EnergyAsia, April 13 2012, Friday) — IHC Merwede, the Netherlands-based global supplier of efficient dredging and mining vessels and equipment, and custom-built ships, has opened an Asia Pacific office in Singapore. The company said the PSA Building office will be the corporate headquarters for IHC Offshore & Marine’s Southeast Asia businesses to add to the (more…)

AUSTRALIA: MetroCoal provides update on Bundi joint venture marketing

(EnergyAsia, April 13 2012, Friday) — Australia’s MetroCoal Limited has released an update on its attempt to form a joint venture to develop and market its fully-owned Surat Basin thermal coal Bundi project in Queensland state said to hold 1.56 billion tonnes of thermal coal reserves. Since it began seeking a joint venture partner last (more…)

COMPANY: Max Hartvigsen is President of Jaya Holdings’ offshore division

(EnergyAsia, April 12 2012, Thursday) — Jaya Holdings, a Singapore-based leading offshore energy services group, has named Max Hartvigsen as President of its offshore division. Reporting directly to the CEO, he will be responsible for the division’s business development, profit and loss for the fleet of owned and chartered vessels and operational excellence of the (more…)

AUSTRALIA: Aquila sells off 50% stake in Isaac Plains coal mine to Japan’s Sumitomo Corp for A$430 million

(EnergyAsia, April 12 2012, Thursday) — Australia’s 
Aquila Resources Limited said its wholly owned subsidiary, IP Coal Pty Ltd, has agreed to sell its 50% joint venture interest in the Isaac Plains coal mine to Ocean Coal Mining Pty Ltd, a wholly owned subsidiary of Japan’s Sumitomo Corp for A$430 million. (US$1=A$0.96). Aquila said Sumitomo (more…)

AUSTRALIA: Coal association calls for national carbon strategy as part of Energy White Paper

(EnergyAsia, April 12 2012, Thursday) — The Australian Coal Association (ACA) has included a long-term national carbon capture and storage (CCS) strategy among 12 recommendations submitted to the federal government’s draft Energy White Paper. ACA chief executive Nikki Williams said the use of CCS technology is key to economically achieving emissions reductions targets. She said: (more…)

ASIA: S&P media roundtable on China, Japan and India

(EnergyAsia, April 12 2012, Thursday) — S&P held a media roundtable in Singapore last month featuring three experts to discuss the commodities markets and the economies of China, Japan and India. Jodie Gunzberg, S&P Indices’ Director of Commodity Indices, Mike Davis, ICE Futures Europe’s Director of Market Development, and Nicholas Kennedy, NYSE Liffe’s Head of (more…)

INDIA: Qatar signals end of large discounts on new LNG supply

(EnergyAsia, April 11 2012, Wednesday) — Qatar and India have signed a broad agreement to cooperate on oil and gas projects, but remain far apart on meeting New Delhi’s increasingly urgent request for additional supply of liquefied natural gas (LNG) cargoes. The pact to jointly develop upstream and downstream projects was among six agreements signed...

This article is for Subscriber members only.
Log In Register

INDIA: Refineries at risk of more terrorist attacks

(EnergyAsia, April 11 2012, Wednesday) — Days after a refinery in Assam state was set on fire by local separatists, India’s intelligence and security officials warn that two of the country’s largest oil refineries are being targeted by Pakistan-based terrorists,  The country’s Intelligence Bureau (IB) said the Pakistan-based Lashkar-e-Tayyeba (LeT) group is planning to bomb...

This article is for Subscriber members only.
Log In Register

INDIA: Power shortages to worsen on coal price hikes, supply problems

(EnergyAsia, April 11 2012, Wednesday) — India’s power shortages are set to worsen following disruptions to coal supplies from Indonesia and Australia, and Qatar’s decision to sharply raise its liquefied natural gas (LNG) export prices. Indonesia  has followed up recent moves to nationalise its main coal mining companies with plans to impose a 25% tax...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Keppel Shipyard secures FPSO contracts from repeat customers worth total of S$170 million

(EnergyAsia, April 11, 2012, Wednesday) — Singapore’s Keppel Shipyard Ltd said it has secured two floating production storage and offloading (FPSO) upgrading projects from its repeat customers SBM Offshore NV and Bumi Armada Berhad. The combined contract value of the two projects is S$170 million. (US$1=S$1.26). Keppel said it will target to complete the refurbishment (more…)

AUSTRALIA: Universal Coal secures strategic funding to help fund South Africa mine

(EnergyAsia, April 11 2012, Wednesday) — Australia’s Universal Coal Plc said it has secured A$12 million from Susquehanna Pacific Pty Ltd, a subsidiary of financier Susquehanna International Group LLP, to fund its general working capital and core programmes in South Africa. (US$1=A$0.96). The company said it will begin drawing down A$7 million from next month (more…)

INDIA: Oil Minister balks at Qatar’s offer to supply LNG at record US$16 per million BTU

(EnergyAsia, April 10 2012, Tuesday) — India is stunned by Qatar’s offer to supply liquefied natural gas (LNG) at a new all-time high price of over US$16 per million BTU at the port of loading. The Indian government had previously indicated it might agree to pay around US$10, which already represents a sharp mark-up from...

This article is for Subscriber members only.
Log In Register

MONGOLIA: Fund manager predicts economy to grow 20% in 2012

(EnergyAsia, April 10 2012, Tuesday) — The economy of resource-rich Mongolia could expand by 20% in 2012, making it the world’s top performer, according to a CNBC report citing a fund manager. Alisher Ali, managing partner at Silk Road Management, told the financial news station that Mongolia’s economy will benefit from an increase in exports,...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Weather, labour strikes disrupts BHP coal shipments

(EnergyAsia, April 10 2012, Tuesday) — BHP Billiton Ltd, the world’s biggest coking coal exporter, has declared force majeure on near-term supplies as it faces production disruptions from labour unrest and heavy rain at its mines. BHP Billiton Mitsubishi Alliance (BMA), the world’s biggest supplier of steelmaking coal, has been affected by ongoing and indefinite...

This article is for Subscriber members only.
Log In Register

CHINA: Coastal supply of coal becoming less competitive against seaborne imports, said Wood Mackenzie

(EnergyAsia, April 10 2012, Tuesday) — As its currency rise in value against the US dollar, China’s coastal thermal coal supply will become less competitive against seaborne imports, predicts energy consultant Wood Mackenzie. The UK-based firm said that 857 million tonnes of coal imported into China by 2015 will fall below the 90th percentile of...

This article is for Subscriber members only.
Log In Register

ASIA: SABIC reiterates ‘sustainable development’ as cornerstone of growth strategy

(EnergyAsia, April 10 2012, Tuesday) — Saudi Arabia’s petrochemical giant SABIC has reiterated its commitment to sustainable development to guide its growth and operations in Asia. The company’s top leadership team made this pledge at the recent Boao Forum for Asia (BFA) Annual Conference in China themed “Asia in the Changing World: Moving towards Sound (more…)

INDIA: Separatists set NRL’s Assam refinery on fire

(EnergyAsia, April 9 2012, Monday) — Armed separatists bombed and set fire to a three-million-ton/year refinery in the northeastern Indian state of Assam last Saturday. Police said no one was injured and the blaze was put under control within 30 minutes, but the refinery will not be operating for at least a few days. A...

This article is for Subscriber members only.
Log In Register

INDONESIA: Government may “ask” to take over foreigners’ stakes in mines

(EnergyAsia, April 9 2012, Monday) — As its next step in nationalising the country’s natural resources, the Indonesian government may “ask” to buy over the majority stakes in large mines from foreign owners. Investors in Indonesia’s massive mining and energy sector were caught off-guard when the country’s President signed a decree in late February barring...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Qaulia Coal Exploration Joint Venture with Sumitomo

(EnergyAsia, April 9 2012, Monday) — Australia’s 
Aquila Resources Limited said its wholly owned subsidiaries, Argos (QLD) Pty Ltd and Aquila Coal Pty Ltd, have agreed with Sumisho Coal Australia Pty Limited, a wholly owned subsidiary of Japan’s Sumitomo Corporation, to form a joint venture to explore Aquila’s significant portfolio of coal exploration permits in (more…)