(EnergyAsia, April 23, Thursday) — Asia’s demand for liquefied natural gas (LNG) is expected to continue to slump amid the global economic crisis, causing spot prices to slip to less than $4.50 per million British therml units (mmBtu). Two of Japan’s largest LNG importers, Tokyo Gas and Osaka Gas, recently said they would scale back...

(EnergyAsia, April 23, Thursday) — The Afghan army has opened up a new state-of-the-art Class III fuels depot in Kabul. The 28-acre depot at Khuja Rawash is about five times larger than an older facility that was built in 1977. It will store and distribute aviation fuel, diesel, motor gasoline, propane and wood. The new...

(EnergyAsia, April 23, Thursday) — Japan’s Itochu Corp said it has agreed to acquire the business of SolarNet LLC, a solar energy solutions provider that includes DC Power Systems, the largest privately-held wholesale distributor of solar energy systems in the US, and Stellar Energy Solutions. Itochu said it has been actively implementing a global solar...

(EnergyAsia, April 22, Wednesday) — Singapore’s Keppel Corp said that two subsidiaries, Keppel Shipyard Limited and Keppel FELS Brasil SA, haveecured three contracts worth a total of about S$300 million. (US$1=S$1.5). Two of the projects, secured by Keppel Shipyard from repeat customers, are for the construction of a derrick lay barge and the modification of...

(EnergyAsia, April 22, Wednesday) — Singapore’s PowerSeraya has named John Ng Peng Wah, currently its senior vice-president (retail and regulation) as CEO from May 16. He replaces Neil Garry McGregor, who is stepping down as managing director of the PowerSeraya Group to explore new prospects and challenges. PowerSeraya Ltd is in the business of producing,...

(EnergyAsia, April 22, Wednesday) — Last year’s skyrocketing oil prices peaking at more than US$147 per barrel in July may have helped set off the global financial crisis. Research by University of California San Diego economist James Hamilton has set the case for an oil-induced economic crisis as record gasoline and fuel prices caused many...

(EnergyAsia, April 22, Wednesday) — Kuwait said it has raised its crude oil production capacity to 3 million b/d from 2.7 million b/d. It is now targeting to raise that to 3.5 million b/d next year, and to 4 million b/d by 2020. However, officials acknowledge that expansion projects would likely be delayed by the...

(EnergyAsia, April 22, Wednesday) — China’s import of crude oil from Russia is expected to continue rising in the coming years as it aims to diversify supply sources and reduce reliance on the Middle East. Russia too has reason to move more of its oil to China as it seeks to reduce dependence on the...

(EnergyAsia, April 22, Wednesday) — Canada may be able to quickly divert its oil sands to markets in Asia by using rail transport networks to ports along the west coast from where they will go by tanker to Asia, said Canadian National Railway (CNR). An executive with the railway operator told Canada’s Financial Post that...

(EnergyAsia, April 22, Wednesday) — Korea Electric Power Corporation (KEPCO) has agreed to pay C$75.4 million for a 19.9% stake in Canadian uranium producer Denison Mines Corp. It has also agreed to purchase 20% of Denison’s U3O8 grade production. The 19.9% stake translates into approximately 58 million common shares of Denison whose chairman, Lukas Lundin,...

(EnergyAsia, April 21, Tuesday) — The UK offshore oil and gas industry faces collapse as North Sea oil reserves are fast depleting and becoming increasingly expensive to bring to production. Investment in the sector could halve over the coming two years, said industry group Oil and Gas UK which represents 81 exploration and production companies....

(EnergyAsia, April 21, Tuesday) — China’s state oil majors PetroChina and Sinopec will be buying some of their oil for as low as US$20 per barrel under the country’s recent loan-for-oil deal with Russia. Through state China Development Bank, the Chinese government has agreed to provide a US$25 billion loan to Russia in return for...

(EnergyAsia, April 21, Tuesday) — The environmental technology division of Keppel Integrated Engineering Limited (KIE), Keppel Seghers, said it recently secured a S$518 million engineering, procurement and construction (EPC) contract to build  an energy-from-waste combined heat and power plant (EFW CHP plant) to serve the Greater Manchester region in the UK. (US$1=S$1.5). This will be...

(EnergyAsia, April 21, Tuesday) — Seaarland Shipping Management and Athens-based Roxana Shipping said they have established a new global pool for LR1 tankers. The pool, operated by Seaarland’s Asian arm, Seaarland Management Services Singapore, has started operations with six modern LR1 tankers under manager Karl Arthur Braein, previously head of chartering in Asia-Pacific for ConocoPhillips....

(EnergyAsia, April 21, Tuesday) — India may have to relocate its planned strategic petroleum reserve (SPR) site at Mangalore in Karnataka state to accommodate the development of a special economic zone (SEZ). Planners are debating the need to locate the facility out of the SEZ or, alternatively, to redraw the borderlines of the SEZ to...

(EnergyAsia, April 21, Tuesday) — Russian gas giant Gazprom and Royal Dutch Shell have signed agreements pertaining to piped natural gas and liquefied natural gas supplies. The agreements include the purchase of LNG by both Shell Eastern Trading LTD and Gazprom Global LNG from Sakhalin Energy Investment Company. Deliveries to Gazprom and Shell begin in...

(EnergyAsia, April 21, Tuesday) — Frenc oil and gas major Total said it has signed agreements for a 20-year extension of its 15% participation in Abu Dhabi Gas Industries Limited Company (Gasco) together with the Abu Dhabi National Oil Company (Adnoc 68%), Shell (15%) and Partex (2%). The agreements consolidate the commitment of Gasco’s shareholders...

(EnergyAsia, April 20, Monday) — Singapore’s electricity consumption fell again in January and February, continuing a downward trend since last October.Analysts expect the decline to continue into March as the country’s economic slowdown deepens.February’s consumption was 4,340 megawatts, up slightly from 4,153 MW in January, the lowest since February 2006. In percentage terms, the year-over-year decline...

(EnergyAsia, April 20, Monday) — Oil production at the world’s largest producing country is in decline, but that’s not making any impact on the markets or prices. US crude oil futures have hovered in the US$40 to $50 per barrel range for most of this year.For 2009, Russia expects oil production to decline by 1.1%...

(EnergyAsia, April 20, Monday) — Russia has started exporting liquefied natural gas (LNG) to South Korea under a new 20-year supply deal.LNG cargoes from Russia’s Sakhalin Energy will help reduce South Korea’s energy dependence on the volatile Middle East region and increasingly unreliable Indonesia and Malaysia.Russia will start supplying about 1.5 million tonnes per year...

 (EnergyAsia, April 20, Monday) — Russia will need the help of foreign partners if it is to realise its long-term goal of raising oil and gas exports to Asia, analysts said. Russia’s attempt to shift its energy ties towards Asia at the expense of Europe requires huge and costly investments in storage and pipeline infrastructure.Following its...

(EnergyAsia, April 20, Monday) — India’s privately held Reliance Industries Ltd (RIL) plans to market fuel directly into the US market.The oil products will be produced at RIL’s giant refining complex in the north-western Indian state of Gujarat.The company said it would get more value from selling gasoline and diesel to the US directly, rather...