(EnergyAsia, October 3 2013, Thursday) — Two Dubai firms, Emirates National Oil Company (ENOC) and Tristar Transport, said they are setting up a new joint venture to provide logistics services for the petroleum and chemical industries in Saudi Arabia. Starting with a capital investment of 30 million Saudi riyal, the new company will initially operate...
(EnergyAsia, October 3 2013, Thursday) — India’s coal supply deficit is expected to rise more than 37% between fiscal 2012 and 2016, said Coal Minister Sriprakash Jaiswal. India will increase its coal imports from 135 million tonnes for the year ended March 31 2013 to 185.5 million tonnes four years later. State-owned Coal India Limited,...
(EnergyAsia, October 1 2013, Wednesday) — Singapore Exchange (SGX) will be launching two thermal coal futures contracts on October 21 based on the fuel’s price in China and Indonesia. The exchange said its API 8 CFR China Coal Index Futures and IHS McCloskey Indonesian Sub-bit FOB Index Futures contracts will add to its suite of...
(EnergyAsia, October 2 2013, Wednesday) — Australia’s Orpheus Energy said it has secured barge loading capacity at SKJM’s South Kalimantan port in Indonesia to handle more than 200,000 tonnes of coal per month for 10 years. The deal will enable Orpheus to proceed with plans to expand, develop and produce its coal projects in Indonesia....
(EnergyAsia, October 2 2013, Wednesday) — India’s opposition is stepping up a campaign to force Prime Minister Manmohan Singh’s resignation amid allegations of corruption and mismanagement as the country’s economy continues an alarming three-year slide that has sent its currency plunging to record lows. For the first time, the 81-year-old leader this week directly dismissed...
(EnergyAsia, October 1 2013, Tuesday) — Germany’s chemicals giant BASF said it plans to open a laboratory in China’s Shanghai city next year to provide technical services for the mining industry. As part of the company’s global technical network, the laboratory is scheduled to start up in the first quarter of 2014 at the BASF...
(EnergyAsia, October 1 2013, Tuesday) — The following is an edited version of the keynote speech delivered by Seah Moon Ming, group CEO of Singapore’s Pavilion Energy Pte Ltd, at CWC’s 5th World LNG Series event in Singapore last week. Emergence of Singapore as an LNG Hub As a global trading hub, Singapore’s trade is...
(EnergyAsia, October 1 2013, Tuesday) — India’s thermal coal imports are expected to surge to a new high of 82 million tonnes for the current 2013 fiscal year, more than eight times the level seven years ago. In fiscal 2006, India imported just 9.7 million tonnes of thermal coal to feed its power plants, according...
(EnergyAsia, September 30 2013, Monday) — Oil prices have temporarily lost a major source of support as the world’s super and regional powers have been surprisingly cooperative in trying to contain Syria’s civil war from becoming a global conflict at the same time that the US is looking to thaw relations with long-time enemy Iran....
(EnergyAsia, September 30 2013, Monday) — In line with OPEC and the IEA, the US Energy Information Administration (EIA) has raised its global oil demand forecasts for 2013 and 2014. In its latest September energy outlook, the EIA said world oil consumption would grow by 1.32% to 90.06 million b/d this year and by 1.32%...
(EnergyAsia, September 30 2013, Monday) — Iran expects to soon launch what a state oil company claims will be the largest floating oil storage terminal in the Middle East. According to the Iranian Offshore Oil Company (IOOC), the terminal will start up in the country’s southern province of Bushehr in the fourth quarter. With the...
(EnergyAsia, September 27 2013, Friday) — Natural gas liquids (NGLs), which have just over 60% the energy content of crude oil, will account for around 26% of the world’s total oil production of over 100 million b/d a decade from now, said US consultant ESAI Energy. Increasingly, the industry is counting NGLs, comprising liquefied petroleum...
(EnergyAsia, September 27 2013, Friday) — Faced with a looming domestic energy crisis, Bangladesh may soon turn to China for help in financing the construction of a US$325-million floating oil storage terminal in the Bay of Bengal. Bangladeshi officials complain they have made little progress after over a year of talks to attract investment for...
(EnergyAsia, September 27 2013, Friday) — Global oil consumption will exceed 92 million b/d for the first time next year, said the International Energy Agency (IEA) in raising its outlook in its September report. Buoyed by improving economic prospects in Europe and the US, the agency boosted its forecasts for global oil consumption to rise...
(EnergyAsia, September 26 2013, Thursday) — The Australian Coal Association (ACA) said it will cease its operations Friday September 27 when it is fully integrated with the larger Minerals Council of Australia (MCA). With the merger, MCA, which already represents 85% of the nation’s minerals output, will be in a stronger position to represent the...
(EnergyAsia, September 26 2013, Thursday) — The Organisation of Petroleum Exporting Countries (OPEC) has raised its forecasts for global oil consumption over the next two years based on improving prospects in Europe and the US, and continued strong growth in the developing economies. In its latest monthly report for September, the 12-member cartel said it...
(EnergyAsia, September 26 2013, Thursday) — Indonesia will become the world’s biggest gasoline importer by 2018 while Saudi Arabia’s new 400,000 b/d refinery in Jubail will add to Asia’s diesel glut when it starts up in the coming weeks, according to separate analyses by two consultants. Indonesian demand will exceed the combined gasoline consumption of...
(EnergyAsia, September 25 2013, Wednesday) — Nasdaq-listed L & L Energy Inc, which owns and operates coal mines and trades in China, is preparing to fight allegations by an article on a website on September 19 that it might have violated US federal securities laws. The Seattle, Washington state-based firm immediately responded by describing GeoInvesting’s...
(EnergyAsia, September 25 2013, Wednesday) — Azerbaijan has started up the first phase of a new shipyard to build, repair and convert vessels mostly to serve the Caspian region’s booming oil and gas sector, just days after BP announced a landmark deal, worth some US$100-billion, to export natural gas from the giant Shah Deniz field....
(EnergyAsia, September 25 2013, Wednesday) — China National Petroleum Corp (CNPC) is on course to tap Russia’s enormous natural gas reserves after securing two major deals earlier this month made in large part by the growing rivalry between Gazprom and Novatek to supply the Chinese market. Gazprom is expected to soon start the construction of...
(EnergyAsia, September 24 2013, Tuesday) — The Supreme Group, a Dubai-based logistics firm focused on providing supply solutions in difficult environments, said it has secured a US$550-million contract to deliver and store fuels for the US military in Afghanistan. The two-year contract by the Defense Logistics Agency – Energy (DLA-E) calls for the delivery of...
(EnergyAsia, September 24 2013, Tuesday) — The world has nearly 1.1 trillion barrels of known undeveloped conventional oil and gas reserves, with more than half worth tapping at current price assumptions, said consultant Wood Mackenzie. “Over half of these discoveries which we classify as ‘good technicals’, are potentially economic under our current price assumptions. These...
(EnergyAsia, September 24 2013, Tuesday) — Seeking to free up the country’s vast domestic coal reserves to meet its rising power demand, India’s Supreme Court wants the government to clarify and dismantle its opaque 20-year system of allocating coal blocks for development. Despite having one of the world’s largest coal reserves, India is increasingly relying...
(EnergyAsia, September 23 2013, Monday) — Leading global figures in the liquefied natural gas (LNG) industry will be speaking at and attending two key events in Singapore over the next two months. UK-based CWC will be organising the Asia Pacific Summit of its 5th World LNG Series at the Shangri-la Hotel on September 23 to...
(EnergyAsia, September 23 2013, Monday) — Azerbaijan will start exporting natural gas to Europe for the first time following the conclusion of a major 25-year agreement with nine buyers, said BP which is leading a consortium to develop the Shah Deniz reserves. The consortium will supply just over 10 billion cubic metres a year (bcm/year)...