(EnergyAsia, February 25 2010, Thursday) — Traditional enemies Iran and Iraq are feuding over the abandoned al-Fakkah oil field along the two nations’ poorly defined borders after the brief occupation of one of the wells by Iranian troops. The troops, which occupied well no. 4 on December 17, withdrew after a few days and Iran’s...
(EnergyAsia, February 25 2010, Thursday) — The CarbonNeutral Company, a world-leading provider of carbon reductions solutions, said it has signed up six organisations to launch an innovative web based carbon management solution that is supported by the Singapore Economic Development Board (EDB) as part of the country’s urban solutions programme. Within the pilot programme, the...
(EnergyAsia, February 25 2010, Thursday) — The Saudi Arabian government is expressing impatience with the slow progress in its plans to use Japan’s Okinawa Islands as a hub for storing, handling and distributing crude oil to serve the fast-growing Asian market. State oil company Aramco had been eager to follow through with plans to store...
(EnergyAsia, February 25 2010, Thursday) — Qatar Petroleum and Exxon Mobil Corporation said they have started up operations at their Al Khaleej Gas-Phase 2 (AKG-2) project which has the capacity to produce 1,250 million cubic feet per day (mcfd) of gas. Operations began in December. The new facilities are designed to meet the growing demand...
(EnergyAsia, February 25 2010, Thursday) — Chinese state firms have begun building storage tanks for holding the nation’s strategic oil reserves in the municipalities of Lanzhou and Tianjin. Officials of state-run oil firm CNPC, the National Development and Reform Commission (NDRC) and the National Energy Administration attended the groundbreaking ceremony of a reserve base in...
(EnergyAsia, February 25 2010, Thursday) — Brazil’s state oil and gas giant Petrobras may consider selling a small equity stake to Qatar to raise cash for its ambitious upstream development projects. Cash-rich Qatar has made known its interest to buy into Petrobras and have a stake in the fast-growing Brazilian economy. Last December, Petrobras chief...
(EnergyAsia, February 25 2010, Thursday) — Caltex Australia Ltd has decided to shut down part of its Kurnell oil refinery that helps supply lubricants to the Australian Defence Force, raising concerns about national security. The company has stated one of the refinery units is no longer viable because it produced outmoded lubricant products and faced...
(EnergyAsia, February 24 2010, Wednesday) — Langsat Terminal (One) Sdn Bhd has officially started up its RM500 million oil storage facility in Tanjung Langsat in the southern Malaysian state of Johor. (US$1=RM3.40). Abdul Ghani Bin Othman, the state’s Menteri Besar or chief minister, officiated Monday’s opening of the terminal, which is jointly owned by Malaysia’s...
(EnergyAsia, February 24 2010, Wednesday) — Singapore engineering firm PEC Ltd said its net profit for the latest quarter to December 2009 surged 66% to S$9.2 million on improved margins. (US$1=S$1.4). For the six months ending December 31, its net profit rose 50% to S$16.3 million. Revenue, however, fell 3% to S$213.4 million due to...
(EnergyAsia, February 24 2010, Wednesday) — China has promised to increase the importation of liquefied natural gas (LNG) and speed up the development of facilities to support gas transport and handling. Zhang Guobao, head of the National Energy Administration, said the government is seeking to take advantage of excess supply in the global market to...
(EnergyAsia, February 24 2010, Wednesday) — Engineering giant Foster Wheeler AG said its global engineering and construction group has been awarded a contract to provide technical and commercial services for the planned Nghi Son Refinery and Petrochemicals Complex in Vietnam The contract, the value of which was not disclosed, was awarded by Nghi Son Refinery...
(EnergyAsia, February 24 2010, Wednesday) — The feverish growth of China’s coal imports is unlikely to be sustained in 2010 if the price spread between domestic and overseas prices narrows, analysts said. The global supply of coal is expected to post only small growth next year, contributing to a projected increase in prices, while competition...
(EnergyAsia, February 24 2010, Wednesday) — New Zealand’s only refining company said its net profit fell a whopping 81% to NZ$23.6 million for the financial year ending December 31 2009. Revenue was down 37% to NZ$250.5 million. (US$1=NZ$1.43). The New Zealand Refining Company Limited said it will not be paying a dividend. In describing the...
(EnergyAsia, February 24 2010, Wednesday) — Fitch Ratings has warned that an emerging skills shortage may lead to higher costs and delays for numerous proposed liquefied natural gas projects in Australia. LNG ventures in Western Australia and Queensland may require 60,000 workers at construction peak, the ratings agency said in a report. Agreeing with this...
(EnergyAsia, February 23 2010, Tuesday) — Spurred on by the government’s massive four-trillion-yuan stimulus spending and oil stockpile build-up, China’s crude oil imports and consumption rose to record levels last year. (US$1=6.82 yuan). Oil imports rose to nearly 204 million tonnes or 4.1 million b/d, while consumption surged by 6.6% to nearly 390 million...
(EnergyAsia, February 23 2010, Tuesday) — China National Petroleum Corporation (CNPC) is hopeful of securing an agreement with the Sudanese government this year to expand the African nation’s 100,000-b/d oil refinery in Khartoum city to 150,000 b/d. The state-owned company expects to complete the expansion project by 2013. It is still discussing cost details and...
(EnergyAsia, February 23 2010, Tuesday) — Saudi Arabia’s Aramco, the world’s biggest oil producer, will look to increase sales to China, which became its biggest customer last year after overtaking the US. Aramco’s crude oil sales to China exceeded one million b/d last year, while its exports to the US slipped to a 21-year low....
(EnergyAsia, February 23 2010, Tuesday) — The Saudi Arabian government has directed state-owned oil giant Saudi Aramco to develop the proposed US$10 billion refinery at the Jazan Economic City, Minister of Petroleum and Mineral Resources Ali Al-Naimi said. Aramco will also finance and construct the export-oriented refinery which will have the capacity to process...
(EnergyAsia, February 23 2010, Tuesday) — The following article is written by Fawzia Sheikh of OilPrice.com. US lawmakers are toughening their stance on Iran’s energy industry with new economic penalties, but experts doubt the Islamic regime will pay much attention and is more likely to open the doors even wider to other players eager to...
(EnergyAsia, February 23 2010, Tuesday) — The bulk of Australia’s proposed liquefied natural gas (LNG) projects will face implementation delays as a result of competition for long-term customers, construction materials and skilled labour, analysts said. Some of the projects could even be cancelled if they are found to be unprofitable. The developers of seven...
(EnergyAsia, February 23 2010, Tuesday) — China is unlikely to sustain its export-led growth, warned Richard Duncan, former London-based head of global investment strategy at Dutch bank ABN AMRO. The economist and author of “The Dollar Crisis”, which argued that trade imbalances would lead to a global financial meltdown, pointed out that years of...
(EnergyAsia, February 22 2010, Monday) — EOC Limited, a provider of offshore oil and gas support services, said it has signed a joint venture (JV) agreement with three partners to co-own the floating production, storage and offloading vessel (FPSO) to serve the Chim Sao oilfield project in Vietnam. EOC will team up with Singapore’s Ezra...
(EnergyAsia, February 22 2010, Monday) — Singapore Exchange (SGX) said its new 380cst fuel oil futures contract, which begins trading today, has been approved by the US Commodity Futures Trading Commission (CFTC) to be offered and sold in the US. “The CFTC’s decision will significantly strengthen the appeal of the contract for traders and investors...
(EnergyAsia, February 22 2010, Monday) — Singapore LNG Corp Pte Ltd (SLNG) has awarded the main contracts for the country’s first liquefied natural gas import terminal to South Korean builder Samsung C&T Corp and Switzerland-headquartered Foster Wheeler. Samsung C&T Corp won the contract for engineering, procurement and construction (EPC) for the terminal which will have...
(EnergyAsia, February 22 2010, Monday) — Tuas Power, one of Singapore’s three major power companies, expects to soon start construction of a coal generation plant within its multi-utilities complex on Jurong Island. (US$1=S$1.4). Tuas Power, which was acquired by the China Huaneng Group last year, is finalising negotiations with the contractor for engineering, procurement and...