(EnergyAsia, October 22 2012, Monday) — Hindustan Petroleum Corporation Ltd (HPCL) has completed the 30-month-long construction of a Rs3.3 billion oil storage terminal at Ennore port on the east coat of India’s Tamil Nadu state. (US$1=56 rupees). Due to start up soon, the 2.8-million kilolitre terminal is linked by pipelines to the port and will...
(EnergyAsia, October 22 2012, Monday) — With the global economy stalling and oil demand growth curtailed, oil prices will become “somewhat disconnected” from market fundamentals for the remainder of 2012, said consultant Ernst & Young. Fears of demand destruction were underscored when Saudi Arabia, the world’s largest exporter of oil, expressed concern about the impact (more…)
(EnergyAsia, October 22 2012, Monday) — International companies are preparing to take on a key role in exploring and developing China’s enormous shale gas reserves as they approach the October 25 deadline for the country’s second auction on at least 17 blocks. It will be the first time that international companies have been invited to...
(EnergyAsia, October 19 2012, Friday) — A globally acceptable pricing system and support from key stakeholders must be in place for liquefied natural gas (LNG) to be developed into a viable bunker fuel source, said Lloyd’s Register. The inspection and classification company released these and other findings in a detailed study, “LNG fuelled deep-sea shipping (more…)
(EnergyAsia, October 19 2012, Friday) — Sinopec, Asia’s largest refiner, said it will be investing US$850 million to build Southeast Asia’s largest oil storage terminal on Indonesia’s Batam Island, while Oiltanking will develop a smaller project on Karimun Island. Both are located near Singapore, home to Asia’s largest independent oil storage capacity. Sinopec will own...
(EnergyAsia, October 19 2012, Friday) — Singapore has announced a slew of measures to improve the quality of bunker fuel supply and trade in the world’s largest market for shipping fuels. In opening the 17th Singapore International Bunkering Conference and Exhibition (SIBCON), transport minister Lui Tuck Yew announced the introduction of an information sheet on (more…)
(EnergyAsia, October 19 2012, Friday) — Led by China, economic growth in the East Asia and Pacific region may slow down by a full percentage point from 8.2% in 2011 to 7.2% this year, before recovering to 7.6% in 2013, said the World Bank. While growth in the western economies will remain modest, Asia’s recovery...
(EnergyAsia, October 18 2012, Thursday) — InterOil Corporation said it and its subsidiaries, EP InterOil and InterOil Limited, have secured a five-year US$100 million term loan facility with BNP Paribas Singapore (BNP), Bank South Pacific Limited (BSP), and Australia and New Zealand Banking Group (PNG) Limited (ANZ). Borrowings under the facility will be used for (more…)
(EnergyAsia, October 18 2012, Thursday) — Russia’s Gazprom said it has secured a new order to sell up to one million tonnes of liquefied natural gas (LNG) to Korea Gas Corporation (KOGAS) adding to an existing agreement for the supply of 1.6 million tonnes. The Russian gas monopoly’s wholly-owned subsidiary Gazprom Marketing & Trading Singapore (more…)
(EnergyAsia, October 18 2012, Thursday) — Thanks to growing investments in deepwater oil and gas projects, global expenditure in floating production facilities is expected to double to US$91 billion in the 2013-2017 period, with 29% of that taking place in Latin America, said UK upstream consultant Douglas Westwood (DW). In its latest World Floating Production (more…)
(EnergyAsia, October 18 2012, Thursday) — Supply uncertainties out of the Middle East and the North Sea coupled with the build-up of oil stockpile in the US have pushed the price gap between Brent crude and US WTI benchmark to more than US$24 a barrel for its highest level in a year. Brent received a...
(EnergyAsia, October 17 2012, Wednesday) — The proposed costly multi-phase development of Turkmenistan’s giant South Iolotan (Galkynysh) project will be key to Central Asia’s emergence as a major natural gas supplier with the potential to export more than 120 billion cubic metres (bcm) by 2020, said consultant Wood Mackenzie. While regional energy powerhouses Turkmenistan, Kazakhstan...
(EnergyAsia, October 17 2012, Wednesday) — Qatar has secured a long-term deal to supply liquefied natural gas (LNG) to Japan’s Chubu Electric Power Company and advanced on an export project in the US with Exxon Mobil. Qatargas 3, a joint-venture firm between Qatar Petroleum, ConocoPhillips and Mitsui & Co, has agreed to supply Chubu Electric...
(EnergyAsia, October 17 2012, Wednesday) — Longwei Petroleum Investment Holding Ltd, a NYSE-listed company engaged in the storage and distribution of oil products in China, said it has started operations at its recently acquired Huajie fuel storage depot in northern Shanxi province. The company began delivering fuel to customers on October 11 after receiving its (more…)
(EnergyAsia, October 17 2012, Wednesday) — The International Energy Agency (IEA) has reduced its forecast for world oil demand growth for 2012 by 100,000 b/d to 700,000 b/d. It kept unchanged its forecast from last month for world oil demand to grow by 800,000 b/d in 2013. In its latest monthly oil report, the Paris-based...
(EnergyAsia, October 16 2012, Tuesday) — Indian Oil Corporation (IOC) said it has raised S$400 million from a very successful first-ever sale of 10-year bonds denominated in Singapore dollars. (US$1=S$1.23). With a coupon rate of 4.1%, the bond was among the lowest paying long-tenor issue by a foreign public company, but was quickly snapped up (more…)
(EnergyAsia, October 16 2012, Tuesday) — The International Monetary Fund (IMF) has urged oil-rich Central African countries to use their wealth wisely to avoid the resource curse so that they can bring real progress and development to their people and societies. Sharmini Coorey, the director of the IMF’s Institute of Capacity Development, said they could...
(EnergyAsia, October 16 2012, Tuesday) — The following article features a Singapore International Energy Week (SIEW) 2012 interview with John Ng, CEO of YTL Power Seraya, the Singapore subsidiary of Malaysia’s YTL group. Q1: How and to what extend has the power generation sector been affected by the economic crises of recent years? What insights (more…)
(EnergyAsia, October 16 2012, Tuesday) — Shell Australia said it will invest A$6 million in upgrading four key retail sites in the northwestern part of Western Australia state. (US$1=A$0.96). The company will build new storage tanks, pumps, canopies and upgraded signage at sites in Tom Price, Paraburdoo, Halls Creek and Fitzroy Crossing. Shell’s general manager...
(EnergyAsia, October 15 2012, Monday) — Chevron Oronite Company said it will significantly enhance its analytical testing capabilities in China following an agreement with Intertek Group for the use of its testing services and laboratory in Shanghai. “The addition of the Shanghai testing facility is part of a longer term strategy for China that supplements (more…)
(EnergyAsia, October 15 2012, Monday) — Indonesia’s biggest listed oil company, PT Medco Energi Internasional, will sell a 63.88% stake in its fuel storage and distribution unit, PT Medco Sarana Kalibaru (MSK), to Switzerland’s Puma Energy LLC, the two companies have announced. Neither company revealed the value of the transaction that will include the formation (more…)
(EnergyAsia, October 15 2012, Monday) — Events over the last two years have enabled the world’s disparate regional natural gas markets to become more “interconnected”, with implications for price, said consultant Wood Mackenzie. In a presentation on the gas market outlook to 2020, Noel Tomnay, Wood Mackenzie’s Head of Global Gas Research, predicts increased competition (more…)
(EnergyAsia, October 15 2012, Monday) — India and Japan, two of Asia’s largest natural gas consumers and importers, said they will jointly undertake research into liquefied natural gas (LNG) pricing with the view to making them more affordable and equitable. The global natural gas markets are significantly skewed along regional lines, with Asia paying as...
(EnergyAsia, October 12 2012, Friday) — Already hit by weak demand, Asia’s coking coal markets will face more uncertainty from mid-2013 when China starts up major rail infrastructure to transport the fuel from mines in the northern and interior regions to markets along the coast. According to Goldman Sachs’ commodities analyst Julian Zhu, the Erdos-Caofeidian...
(EnergyAsia, October 12 2012, Friday) — Wrecked by infighting amid fraud allegations and slumping coal prices, Indonesia’s coal mining giant Bumi Plc held its board meeting in Singapore this week to try sought out differences between its three main powerful partners. The meeting was attended by British-born financier Nat Rothschild, who owns a 12% stake...