(EnergyAsia, March 30 2011, Wednesday) — Despite the political upheavals in the Middle East and North Africa (MENA) and the global financial headwinds, Dutch storage terminal owner and operator VTTI remains confident of nearly doubling its global oil storage capacity over the next five years. While the troubled MENA region remains a key target, CEO...
(EnergyAsia, March 30 2011, Wednesday) — Saudi Aramco and China Petrochemical Corporation (Sinopec) have signed a Memorandum of Understanding (MOU) to develop a 400,000 b/d full-conversion refinery in Yanbu city on the west coast of Saudi Arabia by 2014. Saudi Aramco will have a 62.5% stake in the Red Sea Refining Company (RSRC) while Sinopec...
(EnergyAsia, March 30 2011, Wednesday) — Shell Malaysia said it has begun building a RM810-million diesel processing unit at its refinery in Port Dickson on the west coast of peninsular Malaysia. (US$1=RM3). The company said the new unit will enable the refinery to vary its feedstock options, increase diesel production and improve its profit margin....
(EnergyAsia, March 30 2011, Wednesday) — ExxonMobil Group Japan said it has increased fuel supply into its Tohoku region dealer service station network by 140% above levels before March 11 when a 9-richter scale earthquake struck off the northeastern coast of the country. More than 26,000 people died or are missing when the quake struck,...
(EnergyAsia, March 29 2011, Tuesday) — China National Offshore Oil Corp Ltd (CNOOC) said it achieved record oil and gas production as well as net profit for the year ended December 31 2010. Its net production increased 44.4% year-on-year to reach 328.8 million barrels of oil equivalent (BOE), while its net profit grew 84.5% to...
(EnergyAsia, March 29 2011, Tuesday) — China’s apparent oil demand in February rose 10.1% year-over-year to 36.65 million metric tons (mt), or an average 9.58 million b/d, to record the second strongest demand level, according to leading energy information provider Platts. Based on recent figures released by the Chinese government, the company’s analysis showed oil...
(EnergyAsia, March 29 2011, Tuesday) — Australian natural gas production increased 5.1% from 1,902 petajoules (PJ) in 2009 to a record 1,999 petajoules in 2010 due to rising global demand for the country’s liquefied natural gas (LNG) as well as growth in domestic gas-fired power generation, said analyst EnergyQuest. In a study, the Australian firm (more…)
(EnergyAsia, March 29 2011, Tuesday) — Dutch logistic and storage operator Royal Vopak said it has included Industrial and Commercial Bank of China (ICBC) as mandated lead arranger under the five-year 1.2-billion-euro senior unsecured multicurrency revolving credit facility (RCF), which was recently closed and announced on February 3 2011. (US$1=0.72 euro). The total amount and (more…)
(EnergyAsia, March 29 2011, Tuesday) — UK-based Gazprom Global LNG (GGLNG), a wholly-owned subsidiary of Gazprom Marketing & Trading (GM&T), said it has appointed Nigel Kuzemko as global director of liquefied natural gas (LNG) development. Mr Kuzemko will be based in Singapore and report directly to Frederic Barnaud, managing director of Gazprom Global LNG, at (more…)
(EnergyAsia, March 29 2011, Tuesday) — UK-based KPI Bridge Oil, a leading global bunker broker and trader has hired four traders for its wholly-owned Singapore subsidiary and a new team leader for its London office’s fourth trading team. Raj Kumar, Thomas Lee, Amy Choo and Carmen Poh have joined KPI Bridge Oil Singapore, boosting its (more…)
(EnergyAsia, March 28 2011, Monday) — UK-based energy consultant Douglas-Westwood has forecast a massive 79% growth in the deepwater sector’s capital expenditure to US$206 billion for the 2011-2015 period compared to the previous five years. In announcing the launch of its new deepwater service, the company said drilling and completion expenditure is expected to be (more…)
(EnergyAsia, March 28 2011, Monday) — Greenpeace International has expressed grave concern over reports of the growing leak and spread of radioactive materials including the isotope Cesium-137 from Japan’s Fukushima power plant damaged by the earthquake and tsunami on March 11. More than 21,000 people are dead and reported missing after the 9-richter scale quake (more…)
(EnergyAsia, March 28 2011, Monday) — The International Air Transport Association (IATA) said jet fuel supplies are running low in Japan after key jet fuel infrastructure facilities were damaged by the earthquake and tsunami that struck the country on March 11. More than 20,000 people are dead or missing after a 9-richter scale earthquake struck...
(EnergyAsia, March 28 2011, Monday) — Three Indian firms, Essar Group, GVK and Lanco Infratech, are interested to acquire Australian energy and resources company Hancock Coal’s two flagship mines. The mines, Alpha Coal Project and Kevin’s Corner, are located in the key Galilee basin with the capacity to produce up to 30 million tonnes of...
(EnergyAsia, March 28 2011, Monday) — The Chinese government’s oil reserves are sufficient to cover just one month’s worth of imports, according to an official with the powerful National Development and Reform Commission (NDRC). Crude oil accounted for about 75% of the state’s strategic reserves while oil products accounted for the remainder, said Wang Qingyun,...
(EnergyAsia, March 28 2011, Monday) — PetroChina Co Ltd expects to raise its crude oil production by two million tonnes and natural gas output by 5%-10% this year, said chairman Jiang Jiemin. On the other hand, China’s second-biggest refiner said its refining business has been suffering losses since the start of the year as a...
(EnergyAsia, March 25 2011, Friday) — Singapore Exchange-listed Sembcorp Industries said it has awarded a S$900 million engineering, procurement and construction (EPC) contract to Alstom Power Singapore and Alstom Switzerland for the development of the company’s second cogeneration plant on Jurong Island. (US$1=S$1.27). Work on the combined-cycle gas turbine cogeneration facility is due to begin...
(EnergyAsia, March 25 2011, Friday) — PetroVietnam expects its newly opened Vung Ang oil storage terminal in the central coastal province of Ha Tinh to become a hub serving the northern provinces of Vietnam. Launched last month, the terminal started off with a 60,000-cubic metre capacity built at a cost of 257-billion dong, and will...
(EnergyAsia, March 25 2011, Friday)— Royal Dutch Shell expects to complete a swap of assets with Russian gas monopoly Gazprom that will allow both companies to diversify their markets. Under the proposed arrangement, Shell will have access to Gazprom’s Russian projects while Gazprom will be allowed to tap promising gas fields in the Asia Pacific...
(EnergyAsia, March 25 2011, Friday) — US oil major Exxon Mobil and Russia’s state-owned Rosneft have begun work to jointly explore for oil and gas under the Black Sea. The companies expect to begin surveying the seabed this year using Exxon’s technology with the aim of uncovering a billion tonnes of oil and gas off...
(EnergyAsia, March 25 2011, Friday) — Plans to build an oil storage hub near Manila Bay are underway, potentially to replace the existing Pandacan oil depot, according to Philippines’ Energy Undersecretary Jose Layug. He said a company, which he declined to name, is conducting a feasibility study on the project that will aim to attract...
(EnergyAsia, March 25 2011, Friday) — The Chinese government has approved a proposal by state-owned Sinopec and Kuwait Petroleum International to jointly develop a US$9 billion oil refining and petrochemical complex in China. The equally-owned project to be sited in southern Guangdong province will consist of a 300,000-b/d oil refinery and a one-million-tonne-per-year ethylene cracker....
(EnergyAsia, March 24 2011, Thursday) — Azerbaijan state energy firm SOCAR plans to increase trade and export more crude oil to Asia this year. Its trading arm, SOCAR Trading, has leased a 160,000-tonne vessel from Thailand’s state-owned PTT to store its crude blend for export to the region. The tanker is anchored off Singapore to...
(EnergyAsia, March 24 2011, Thursday) — India’s Finance Ministry has agreed to pay cash, instead of bonds, to oil companies as compensation for losses incurred in selling fuel at below cost, according to finance secretary Ashok Chawla. Oil firms are worried that unless they receive cash compensation for selling gasoline, kerosene, diesel and liquefied petroleum...
(EnergyAsia, March 24 2011, Thursday) — Iraq has boldly forecast its oil production to top three million b/d by the end of 2011. According to the oil ministry, the country’s crude exports and revenues in January and February have reached their highest levels since the 2003 ouster of Saddam Hussein. If sustained at current production...