UZBEKISTAN: Uzbekneftegas, Kogas JV to build gas-to-chemical complex

(EnergyAsia, May 23 2012, Wednesday) — A joint venture between two leading energy companies of South Korea and Uzbekistan said it will build a gas-to-chemicals complex in the Central Asian country by 2016. Based in the capital city of Tashkent, Uz-Kor Gas Chemical Company, the JV firm owned by the Korea Gas Corporation (Kogas) and the...

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CHINA: Ghana secures China Development Bank loan for oil and gas projects

(EnergyAsia, May 23 2012, Wednesday) — Ghana recently secured US$1 billion as part of a bigger US$3 billion loan from China Development Bank Corp to develop its oil and natural gas reserves. Of the initial sum, US$850 million will be invested in a gas project between the Ghana National Gas Co (GNGC) and China Petroleum...

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ASIA: Region must pay focus on clean, sustainable and equitable development, says UNDP

(EnergyAsia, May 23 2012, Wednesday) — Asia Pacific countries have reached a crossroad where they must strike a balance between rising prosperity and focusing on cleaner, sustainable and more equitable growth, said the UN Development Programme (UNDP). The region’s response to these issues and its success or failure at dealing with the new challenges will (more…)

CHINA: Wanxiang acquires stake in GreatPoint Energy, invests US$1.25 billion in “world’s most efficient” coal-to-natural gas plant

(EnergyAsia, May 23 2012, Wednesday) — US-based GreatPoint Energy and China Wanxiang Holdings said they have officially concluded a partnership agreement and joint investment in a large project in the western Chinese region of Xinjiang to convert coal into natural gas for consumption in the eastern provinces. GreatPoint Energy, which sold an unstated “large” equity (more…)

SINGAPORE: Neste Oil using fish waste to produce “NExBTL’ renewable diesel fuel

(EnergyAsia, May 22 2012, Tuesday) — Finland’s Neste Oil said it is using fish waste fat from Southeast Asian farms to produce its ‘NExBTL’ brand of renewable diesel fuel at its controversial biofuel refinery in Singapore. The company, which started out using palm oil and crop waste, said the fat comes from the processed waste (more…)

INDIA: ABB to develop 1,200-kilovolt ultra high voltage circuit breaker

(EnergyAsia, May 22 2012, Tuesday) — ABB, the Switzerland-based power and automation technology group, said it is working engineers in India to develop, design and manufacture a 1,200 kilovolt ( kV ) circuit breaker, the highest AC voltage level in the world. The innovative circuit breaker will be deployed at a national test station being (more…)

CHINA: Uzbekistan aims to start supplying up to 4 bcm gas this year

(EnergyAsia, May 22 2012, Tuesday) —- Breaking from dependence on the Russian market, Uzbekistan is poised to soon join Turkmenistan in supplying natural gas to China through the Central Asian pipeline network. Launched in 2009, the pipeline starts from Turkmenistan and runs through Uzbekistan and Kazakhstan, which also expects to tap the same infrastructure to export...

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CHINA: Iran accepts yuan for oil trade as sanctions tighten

(EnergyAsia, May 22 2012, Tuesday) — As the noose of trade sanctions tighten, Iran has begun using the yuan as a settlement currency for part of its estimated 550,000 b/d oil trade with China, one of its few remaining allies strong enough to defy the West. Iran has also agreed to partly accept the rupee...

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ANGOLA: Oil to boost economic growth to 8% this year, says IMF

(EnergyAsia, May 22 2012, Tuesday) — Angloa’s economy will rebound to grow by 8% this year after expanding by 4% last year while its rate of inflation is declining, said the International Monetary Fund (IMF). “The pace of economic activity is expected to pick up in 2012, as oil production rebounds. Growth is projected to (more…)

INDIA: US leaning on UAE, Saudi and Iraq to step up oil supplies

(EnergyAsia, May 21 2012, Monday) — The US government is pushing allies Saudi Arabia, the UAE and Iraq to increase crude oil supplies to India which is under pressure to reduce imports from Iran. India imported more than 350,000 b/d of Iranian crude last year, making it one of the largest customers of the Islamic...

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CHINA: Sinopec JV opens Asia’s largest crude oil terminal

(EnergyAsia, May 21 2012, Monday) — A Sinopec joint venture has started up Asia’s largest crude oil storage terminal in the Chinese port of Ningbo in Zhejiang province. With 17 berths to serve tankers up to 450,000 tonnes in weight, the 450,000-tonne terminal of Ningbo Shihua Crude Oil Terminal Co Ltd in Daxie is designed to...

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INDIA: GAIL to start importing natural gas from Turkmenistan from 2018

(EnergyAsia, May 21 2012, Monday) — The Indian government has appointed state  gas firm GAIL India Ltd to begin importing 38 million cubic metres/day (mcm/d) of natural gas from Turkmenistan for 30 years. The plan is dependent on the 2018 completion of the proposed 1,680-km Turkmenistan-Afghanistan-Pakistan-India line (TAPI) with the capacity to carry 90 million...

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MALAYSIA: Japan’s Itochu and Thailand’s PTT to invest in Johor state’s refining-petrochemical complex

(EnergyAsia, May 21 2012, Monday) — Japanese trading house Itochu Corp and Thai state-owned PTT Global Chemical Public Company have agreed to invest in petrochemical projects in Malaysia’s southern state of Johor. In a statement, Malaysian state energy company Petronas said it has signed Heads of Agreement (HOAs) with the two companies to form separate (more…)

INDIA: Slowing economy faces risks from inflation, high oil prices and global economic crisis

(EnergyAsia, May 21 2012, Monday) — Apart from growing at a projected slower rate of 7% this and next year, the Indian economy will face rising risks from its slow reform efforts, high oil prices, volatile inflation and the global economic crisis, said the business community and the International Monetary Fund. In its report on (more…)

NEW ZEALAND: Chevron re-opens Timaru storage terminal

(EnergyAsia, May 18 2012, Friday) — Chevron New Zealand has decided to reopen as well as expand its Timaru fuel storage terminal facility, to the relief of customers and businesses operating in the South Canterbury region. Following a review of its terminal and storage facilities around the country, Chevron said it will invest NZ$4 million...

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ASIA: Regional oil and gas companies more likely to divest than global counterparts, says Ernst & Young

(EnergyAsia, May 18 2012, Friday) — The oil and gas industry is taking a cautious attitude towards mergers and acquisitions despite higher oil prices, improving access to capital, increasing economic optimism and a generally more favourable deal environment, said consultant Ernst & Young. In its sixth Global Capital Confidence Barometer survey, Ernst & Young said (more…)

MARKETS: Crude fall to their lowest levels in over six months on European economic crisis, US Presidential elections

(EnergyAsia, May 18 2012, Friday) — Battered by Europe’s economic crisis and US threats to release strategic stockpiles, crude oil prices have fallen to their lowest levels in more than six months, with US WTI slipping below US$100 a barrel and North Sea Brent hovering just above US$110 this week. Trading in the US$90s since (more…)

AUSTRALIA: Caltex hoping to continue oil refining business

(EnergyAsia, May 18 2012, Friday) — Australia’s largest downstream oil company has just declared that it is still too early for the ailing refining industry to die. After over a year of making funeral arrangements for its two unprofitable ageing refineries, Caltex Australia Limited surprised shareholders last week with CEO Jerry Segal announcing that it (more…)

SAUDI ARABIA: Siemens and partner to open large gas turbine manufacturing plant in 2013

(EnergyAsia, May 18 2012, Friday) — German engineering giant Siemens said it has started work on a building a 220,000-sq m plant in Saudi Arabia’s Dammam city to manufacture gas turbines and compressors for the kingdom’s fast-growing energy markets. Siemens and local partner E.A.Juffali & Brothers expect the facility to also create job opportunities for (more…)

MARKETS: Twenty small island nations commit to reduce dependence on fossil fuels

(EnergyAsia, May 17 2012, Thursday) — Supported by the UN and several developed countries, 20 small island developing nations have declared their intention to reduce dependence on fossil fuels, develop the use of renewable energy and develop the economy at the same time. The Barbados Declaration, named after the venue of last week’s conference organised (more…)

MARKETS: Depleting crude oil reserves helping to drive growth of natural gas industry, says GBI

(EnergyAsia, May 17 2012, Thursday) — Worried about the rapid depletion of large mature fields while encountering difficulty accessing new reserves in certain regions, the oil industry is increasingly looking to natural gas for its salvation, said natural resources consultant GBI Research. In a new report, GBI Research said that natural gas has risen in...

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CHINA: New leaders aim to raise Sino-Russia trade from last year’s record US$79 billion to US$200 billion by 2020

(EnergyAsia, May 17 2012, Thursday) — China and Russia are targeting to raise their bilateral trade to US$200 billion by 2020 as they build on increasingly close political and economic ties. The momentum was affirmed early this month when the two sides concluded a raft of contracts worth a total of US$15 billion during a...

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PEOPLE: PTT names Tevin Vongvanich as President and CEO of upstream subsidiary

(EnergyAsia, May 17 2012, Thursday) — Thai state-owned energy company PTT has reshuffled the CEOs of four subsidiaries. It has appointed Tevin Vongvanich, PTT’s former CFO, as CEO of upstream company PTTEP, replacing Anon Sirisaengtaksin, who became CEO of PTT Global Chemical (PTTGC). PTTGC’s chief Veerasak Kositpaisal took over at Thaioil Plc whose CEO Surong (more…)

AUSTRALIA: 184 years of natural gas production with reserves estimated at 392 trillion cubic feet

(EnergyAsia, May 17 2012, Thursday) — Drawing on its natural gas reserves of 392 trillion cubic feet (tcf) sufficient to support 184 years of production, Australia could be ready to challenge Qatar’s position as the world’s leading liquefied natural gas (LNG) exporter later this decade, said Energy and Resources Minister Martin Ferguson. Citing GeoScience Australia’s (more…)

SINGAPORE: Temasek, RRJ to invest US$468 million in US LNG producer Cheniere Energy

(EnergyAsia, May 16 2012, Wednesday) —Cheniere Energy Inc, which is building a liquefied natural gas (LNG) export and trading business in the US, said it has secured a combined US$468 million in new investments from Singapore sovereign wealth fund Temasek Holdings and private equity firm RRJ Capital. Separately, the three companies have begun discussions to (more…)