(EnergyAsia, October 28 2011, Friday) — Australia’s Export Finance and Insurance Corporation (EFIC) said it is providing a US$100 million export finance guarantee to support senior secured loan facilities of A$3 billion for the construction and operation of the Wiggins Island Coal Export Terminal (WICET) in the Port of Gladstone in Queensland state. (US$1=A$0.95). The...
(EnergyAsia, October 27 2011, Thursday) — OxfordPrinceton is organising the following courses for energy professionals in Singapore in November. Front to Back Office: Trading Controls and Best Practices (FTBO) on November 14. This fascinating and interactive workshop will give delegates a thorough understanding of best practice controls to be applied in commodity trading activities. Delegates (more…)
(EnergyAsia, October 27 2011, Thursday) — Vietnam’s state-owned Petrolimex and South Korea’s Daelim Industrial Co Ltd remain in talks to build the Southeast Asian country’s third oil refinery. Petrolimex said it would retain a 60% stake in the proposed 200,000 b/d refinery which it expects to start up by 2015 although Daelim has revealed that...
(EnergyAsia, October 27 2011, Thursday) — World oil demand will rise by one million b/d to 89.2 million b/d in 2011 and 1.3 million b/d to 90.5 million b/d next year, according to the latest monthly forecast by the International Energy Agency (IEA). Almost all the demand growth will come from the emerging economies led...
(EnergyAsia, October 27 2011, Thursday) — The western economies are in decline, but oil prices surged this week to a three-month high as world demand continues to grow while supply is seen tightening going into 2012. Brent held strong in the US$110-$115 range while US WTI broke through US$90 after being held back at US$80-85...
(EnergyAsia, October 27 2011, Thursday) — As a sign of its cooling economy, China’s September oil demand fell to their lowest level for 2011 while its crude imports plunged 12.2% from year-ago levels. According to US energy media Platts, China’s oil demand grew just 3.1% year-on-year to 36.63 million metric tons (mt), or 8.95 million...
(EnergyAsia, October 25 2011, Tuesday) — Greenlots, a Singapore-based global provider of charging solutions for electric vehicles (EVs), said it has begun a landmark electric vehicle trial in collaboration with Malaysian car manufacturer Proton Holdings Berhad. Last month, Proton’s group managing director, Syed Zainal Abidin Syed Mohamed Tahir, handed over to the Malaysian government eight (more…)
(EnergyAsia, October 25 2011, Tuesday) — MTM Metalizing, a world leading US-based thermal spray coating provider, said it will be carrying out thermal spray aluminium (TSA) coating works for China Power Station in Hong Kong on a sub-contract awarded by Leighton Contractors (Asia). MTM Metalizing will provide TSA coating on three pipelines and fittings to (more…)
(EnergyAsia, October 25 2011, Tuesday) — While rising Russian oil production has been capturing headlines, the more important statistic for world markets is that exports have been declining. For the first nine months of 2011, Russian oil exports have fallen by 2.13% to around 180.4 million metric tons or 4.858 million b/d as a result...
(EnergyAsia, October 25 2011, Tuesday) — India’s state oil refining companies have applied to the government to be reimbursed for a total of 140 billion rupees in fuel subsidies for the July-September quarter. (US$1=49 rupees). As part of the Indian government’s attempts to control inflation, the refiners have been selling liquefied petroleum gas, diesel and...
(EnergyAsia, October 24 2011, Monday) — Saudi Arabia’s role as the world’s largest oil exporter will shrink over the coming years on sharply rising domestic consumption even as it promises to raise production. Recently, Riyadh-based Jadwa Investment issued a study projecting the kingdom’s crude oil exports to fall to 6.3 million b/d in 2015 and...
(EnergyAsia, October 24 2011, Monday) — The political stability of the world’s largest oil exporter and critical US ally are once again in focus following last week’s death of the heir to the Saudi throne to follow on reports of growing bilateral tensions with long-time Middle East rival Iran. Crown Prince Sultan bin Abdul-Aziz Al...
(EnergyAsia, October 24 2011, Monday) — Consultant Wood Mackenzie sees “strong, prospective” growth for the global upstream oil and gas sector, forecasting its value to rise by 23% over last year. In a recent report titled “The changing face of upstream value”, Wood Mackenzie valued the sector at approximately US$3.2 trillion, not including exploration acreage or...
(EnergyAsia, October 24 2011, Monday) — Oman could more than double its existing 222,000 b/d of refining capacity to 500,000 b/d later this decade if two state-owned companies follow through on their plans. Oman Oil Company and Abu Dhabi’s International Petroleum Investment Company (IPIC) are planning to jointly invest US$6 billion in building a 230,000 b/d...
(EnergyAsia, October 24 2011, Monday) — OW Bunker, one of the world’s leading suppliers and traders of bunker fuel, is inviting shipowners and operators to its October 31 seminar focusing on the challenges posed by the start of sulphur emission regulations in Emissions Control Areas (ECAs) around the world in 2015. Experts will share their (more…)
(EnergyAsia, October 21 2011, Friday) — The following is an edited version of an essay by Brigid Fitzgerald Reading of the Earth Policy Institute in Washington DC, USA. The number of people in the world is expected to reach seven billion by the end of this month. Our rate of increase continues to slow from (more…)
(EnergyAsia, October 21 2011, Friday) — The world’s population will reach seven billion sometime this month, the child likely to be born in Asia, according to the UN Economic and Social Commission for Asia and the Pacific (ESCAP) unit. “There is a good chance that this birth will take place in our region, home to (more…)
(EnergyAsia, October 21 2011, Friday) — The association representing most of the world’s oil tanker owners recently discussed the issues of the industry’s sustainability amid depressed market conditions, air emissions and the growing threat of piracy. Intertanko said its council is deeply concerned with the depressed state of the market as tanker rates remain below (more…)
(EnergyAsia, October 21 2011, Friday) — Australia’s Origin Energy Limited said it has raised US$500 million through an unsecured notes offering in the US that will be due October 14 2021 while paying a coupon rate of 5.45%. The successful placement will help fund the company’s joint-venture project to convert coal seam gas (CSG) to (more…)
(EnergyAsia, October 21 2011, Friday) — Australia’s Northern Territory (NT) state briefly experienced diesel shortages after fire damaged a major oil refinery in Singapore last month. The capital city of Darwin “lost” at least one shipment after the September 28 fire forced Shell to shut down its 500,000 b/d refinery on Bukom Island for several...
(EnergyAsia, October 20 2011, Thursday) — US engineering giant Honeywell said it and China’s Sinochem Group have agreed to form an equal joint venture in China to produce and sell blowing agents for energy efficient foam insulation to meet growing demand in Asia for energy efficient and environmentally friendlier materials. The proposed joint venture, to (more…)
(EnergyAsia, October 20 2011, Thursday) — Southeast Asia will need to invest at least US$125 billion in its power generation sector by 2020 to keep pace with the “aggressive” growth of its power demand, said UK consultant Wood Mackenzie. The company examined the region’s demand hotspots of Java-Bali and Sumatra in Indonesia, Peninsular Malaysia, Singapore, (more…)
(EnergyAsia, October 20 2011, Thursday) — Australian engineering firm Leighton said its Singapore-based subsidiary, Leighton Offshore Pte Ltd, has been awarded a US$518 million contract to build Iraq’s fourth crude oil export terminal. Leighton, the Australian unit of Germany construction group Hochtief, will build a single point mooring buoy (SPM) to export up to 900,000...
(EnergyAsia, October 20 2011, Thursday) — US engineering firm Black & Veatch said it has begun front-end engineering design (FEED) for a new terminal to export liquefied natural gas (LNG) from Kitimat port on the west coast of Canada’s British Columbia province. The terminal will be constructed on a barge and transported to the Douglas...
(EnergyAsia, October 20 2011, Thursday) — Argus has launched a new series of price assessments in its LNG daily report covering emerging Asian trading hubs since October 3. The new assessments include destinations for Northeast Asia, comprising Japan, South Korea and Taiwan, China and India, as well as fob markets from Australia, Middle East fob...