(EnergyAsia, April 12 2013, Friday) — Asia’s latest major oil storage and distribution hub started up in South Korea’s Yeosu port city early this month amid rising concerns over the unpredictable regime in the neighbouring North. State-owned Korean National Oil Corp (KNOC), the largest shareholder of Oilhub Korea Yeosu Co Ltd (OKYC) with a 29% (more…)
(EnergyAsia, April 12 2013, Friday) — The continued weak outlook for Australia’s coal sector has led to the BHP Billiton-Mitsubishi Alliance prematurely terminating a top soil-removal contract at its Queensland mine, and Newcastle Port delaying expansion of a coal terminal. Having ended its contract with Australia’s Leighton Holdings to clear the Peak Downs metallurgical coal...
(EnergyAsia, April 11 2013, Thursday) — Rising water shortages are threatening China’s ability to expand its coal-fired electricity capacity to meet the economy’s growing energy demand, according to a study by Bloomberg’s New Energy Finance (NEF) unit. China’s coal industry, which consumes around 15% to 20% of the country’s water supplies, provides the fuel to...
(EnergyAsia, April 11 2013, Thursday) — The Australian economy is getting a lift from a resurgence in its mining sector which boosted the nation’s net exports in the October-December quarter by 3.3%. With the economy on course to expand by 3.1% for the year ending June 30, Treasurer Wayne Swan said the latest figures showed...
(EnergyAsia, April 11 2013, Thursday) — Japanese trading house Sumitomo Corp said it has signed two 20-year deals to export liquefied natural gas (LNG) from the Cove Point project in the US to two major utilities in Japan. Subject to approval from the US government, Tokyo Gas Co, Japan’s biggest city gas supplier, will import (more…)
(EnergyAsia, April 11 2013, Thursday) — Countries around the world would realise major economic and environmental gains if they took the bold steps of reducing energy subsidies which amount to a “staggering” US$1.9 trillion a year, equal to about 2.5% of global GDP or 8% of government revenues, said the International Monetary Fund (IMF). In...
(EnergyAsia, April 10 2013, Wednesday) — India must implement reforms to counter the country’s structural bottlenecks, declining investment inflows and worsening current account deficit to restore the economy to high growth, said the Asian Development Bank (ADB). In its flagship annual Asian Development Outlook 2013 (ADO 2013) report, the bank projects India’s GDP to grow (more…)
(EnergyAsia, April 10 2013, Wednesday) — A public listing of state-owned Coal India Limited (CIL) could help the Indian government raise as much as 200-billion rupees and pave the way for the company to eventually raise prices and reduce fuel subsidies to the public. (US$1=55 rupees). The share offer is the latest, and probably most...
(EnergyAsia, April 10 2013, Wednesday) — Canada’s Corsa Coal Corp said it has secured a long-term agreement to supply coal to South Korea’s Hyundai Steel Company. This followed the successful trial shipments of a total of 40,000 tons of low-volatile coal by Corsa’s US subsidiary, Wilson Creek Energy to the Korean steel maker. Don Charter, (more…)
(EnergyAsia, April 10 2013, Wednesday) — Asia must reduce consumption as it is moving along “a dangerously unsustainable energy path that will result in environmental disaster and a gaping divide in energy access between rich and poor unless the region dramatically changes course,” said a new Asian Development Bank (ADB) report. In releasing the report,...
(EnergyAsia, April 9 2013, Tuesday) — Two Russian firms, En+ Group and Mechel, recently secured separate coal agreements with Chinese firms. En+ Group has signed a US$2 billion deal with China’s Shenhua Group and China Development Bank to develop coal resources in Siberia and the far eastern region of Russia. The agreement was part of...
(EnergyAsia, April 9 2013, Tuesday) — Citing the poor quality of coal it is receiving, India’s largest power generating company NTPC has refused to sign an overdue fuel supply agreement with the country’s main coal mining firm. NTPC has been openly criticising Coal India Ltd (CIL) for supplying sub-standard coal that could jeopardise the performance...
(EnergyAsia, April 9 2013, Tuesday) — Japan has stepped up its pursuit of overseas oil and gas assets with two of its largest utilities recently securing deals in the US and Australia. Tokyo Gas Co said it has agreed to pay US$485 million for a 25 % stake in the oil and gas assets of (more…)
(EnergyAsia, April 9 2013, Tuesday) — State-owned Sinopec Group said a subsidiary is planning to invest 70 billion yuan to build China’s largest plant in northwestern Xinjiang region to convert coal to natural gas over the next decade. (US$1=6.2 yuan). Sinopec Xinjiang Energy Chemical Co Ltd will develop the proposed project in Zhundong to produce...
(EnergyAsia, April 8 2013, Monday) — The Indian government is looking to emulate the strategy of its East Asian rivals by providing full state support and participation alongside private companies to acquire global energy assets. The move is reportedly under serious consideration as New Delhi is frustrated by Indian companies’ apparent inability to compete for...
(EnergyAsia, April 8 2013, Monday) — India’s oil minister has disputed media reports by insisting that his country would continue to import crude oil from Iran, further casting doubts on the effectiveness of Western trade sanctions against the Islamic regime. Petroleum and Natural Gas Minister M. Veerappa Moily said the Indian government would protect the...
(EnergyAsia, April 8 2013, Monday) — Coal will be the biggest loser in the world’s energy mix to 2040 as it cedes market share to oil, gas, nuclear and renewables, said ExxonMobil’s latest long-term forecast. With global energy demand forecast to rise by 35% from 2010 to 2040, ExxonMobil said the world will need a (more…)
(EnergyAsia, April 8 2013, Monday) — India’s economic prospects have significantly dimmed as a result of rising inflation, widespread electricity shortages, a persistent infrastructure deficit, and constraints on the government’s ability to ease monetary policy, said the International Monetary Fund (IMF). In a recent country update on India, the IMF said the economy is expected...
(EnergyAsia, April 5 2013, Friday) — With coal prices on the mend, SouthGobi Resources Ltd, a Canadian coal mining company controlled by UK’s Rio Tinto Group, said it will resume production at its flagship Ovoot Tolgoi mine in Mongolia. The Vancouver-based company said the mine, which has been idled since last June, is expected to (more…)
(EnergyAsia, April 5 2013, Friday) — Singapore LNG Corp (SLNG), the country’s monopoly importer of liquefied natural gas (LNG), said the just-completed first tank of the Jurong Island import terminal received its first cargo on March 27. State-owned Qatargas delivered the commissioning cargo from its Ras Laffan terminal on its 260,000-cubic metre Umm Slal tanker, (more…)
(EnergyAsia, April 5 2013, Friday) — The Vietnamese government has suspended the development of a proposed 8-trillion-dong coal handling terminal at the Ke Ga deepwater port in Binh Thuan province. (US$1=21,000 dong). No reason was given but state-owned Vietnam National Coal and Mineral Industries Group (Vinacomin) which has been working on the project since 2009...
(EnergyAsia, April 5 2013, Friday) — Upstream energy equipment and solutions services providers are anticipating a continuing surge in Asian demand in coming years as China and other countries step up their exploration and production activities. While China’s international expansion has been capturing most of the headlines, Beijing is also encouraging deepwater projects off its (more…)
(EnergyAsia, April 4 2013, Thursday) — Sri Lanka’s state Ceylon Electricity Board is planning to build a 500 MW coal-fired power plant in the country’s southwestern coast, said Power Minister Pavithradevi Wanniarachchi. The Sri Lankan government is looking to Japan to provide both the funds and technology for the proposed plant at Ahuruwella in Induruwa....
(EnergyAsia, April 4 2013, Thursday) — State-owned Coal India Limited (CIL) is working with the railways and coal ministries to increase the country’s rail coal-carrying capacity. As part of a long-term solution to ensure prompt delivery of coal supplies to power plants across India, CIL said it is also planning to invest US$1.4 billion to...
(EnergyAsia, April 4 2013, Thursday) — The Queensland state government has confirmed that it plans to sell nearly half its stake in Australia’s rail-based coal transporter Aurizon Holdings for around A$806 million. (US$1=A$0.96). The state government’s Treasurer and trade minister Tim Nicholls said it will sell 200 million shares to domestic and international institutional and (more…)