Samuel has ruled that BG’s offer price to acquire Origin Energy sharply undervalued the Australian upstream company. The experts valued Origin at between A$28.55 and A$30.71 a share, way above BG’s offer of A$15.37. (US$1 = A$1.20). Grant Samuel, in justifying its assessment, pointed to forecasts of much higher natural gas prices on Australia’s...
European oil trader Vitol, said it plans to invest up to RM1 billion in an oil storage terminal in the southern Malaysian state of Johor. (US$1=RM3.4). ATT has agreed to lease from Malaysia’s Seaport World Wide Sdn Bhd (SWW), a full-owned subsidiary of MMC Corporation Bhd, 120 acres of land at the rate of RM20...
demand to rise by 0.8% or 700,000 b/d this year to 86.8 million b/d, and by 1% or 900,000 b/d to 87.6 million b/d next year. In its previous forecast last month, the IEA had expected world oil demand to reach 86.9 million b/d this year and 88.1 million b/d. The Paris-based agency said it...
to average 86.8 million b/d, and by the same amount next year to reach 87.7 million b/d, said OPEC. The oil cartel said that non-OECD oil use will grow by 1.2 million b/d, providing all the world oil demand growth next year. It predicts the transport sector will see the largest oil demand growth in...
(EnergyAsia, September 29 , Monday) — The Oxford Princeton Programme Inc is looking for qualified professionals with industry experience and an interest in instruction to join its global faculty roster. With regional offices located in Princeton New Jersey in the US, Oxford in the UK and Singapore, The Oxford Princeton Programme is a world leader (more…)
UltraBattery, will help the fight to reduce greenhouse gas emissions as it will soon be introduced and distributed around the world. CSIRO said Japan’s Furukawa Battery Company, which has begun production of the UltraBattery, and US manufacturer, East Penn, have signed an international commercialisation and distribution agreement for the technology. The UltraBattery combines an enhanced-power...
it has signed a sales contract with China National Automation Control System Corp (CACS) for the sale of five 2.7MW wind turbines. Delivery of the five units is planned to take place in the fourth quarter. These wind turbines will be the first to be produced at A-Power’s new wind turbine production facility in Shenyang...
of forged rolled rings to the wind power and other industries and industrial equipment to the textile and energy industries in China, said it has agreed to supply rolled rings to a wind power parts manufacturer and a heavy machinery company. It will supply gear-rim fabricator Wuxi Lida Gear Manufacturing Co Ltd rolled rings measuring...
integrated engineering and procurement specialist supporting the energy and utility sectors in Asia, said it has secured its first contract to sell coal through subsidiary Alton International Resources Pte Ltd (AIR). AIR recently signed a one-year coal contract with Swastik Coal Corporation Private Limited of India’s Swastik Group to provide 12 shipments of quality coal...
five-million euro contract to consult on the expansion of the Theun Hinboun hydropower project in central Laos. The project involves the construction of a 70-metre high roller compacted concrete dam, a six-km long tunnel, two power Stations (220 MW and 60 MW), two transmission lines, one connecting to the Thai grid and one connecting to...
venturing into the floating oil storage terminals business through the proposed acquisition of a 51% stake in Southport Freight Services Sdn Bhd. Baneng said it has signed a memorandum of agreement to buy over the stake from Southport shareholders. The purchase price would be determined once it had finalised a share sale agreement on or...
natural gas generated during oil production is estimated to be worth US$4 billion, said government officials in Baghdad. The Shell project, the first by a major since the US-led invasion began in 2003, will help Iraq use more than 21 million cubic metres of the gas for power generation and cooking instead of being flared...
traders for excise taxes that they have already paid before Bangkok’s decision to cut excise tax for ethanol-based gasoline and diesel effective July 25. The government has set aside 600 million baht to compensate the oil traders. The money will come from Thailand’s state oil fund which has cash reserves of 3 billion baht. (US$1=33...
in the offshore industry, said its wholly-owned subsidiary, Kreuz Engineering Limited, has entered into agreements for the sale and leaseback of five vessels in a deal worth US$225 million. Swiber said the move will enable it to finance its fleet expansion plan, particularly deepwater and subsea vessels, without straining its balance sheet and improve its...
by the first quarter of next year. Local officials said construction of the 130,000 b/d refinery is more than 97% completed. PetroVietnam deputy general director Truong Van Tuyen told local reporters that the plant will begin producing fuel as early as February, and eventually will help meet up to one third of the needs of...
(EnergyAsia, September 26, Friday) — The ‘Carbon Finance World 2008’ conference will be held at the Sydney Harbour Marriott hotel in Australia from October 13 to 16. The global carbon market has grown by 80% over the past year to over 40 billion euro. (US$1=0.67 euro) Some 2.7 billion tonnes of carbon dioxide credits were (more…)
(EnergyAsia, September 26, Friday) — The ‘Queensland Power and Gas 2008’ conference will be held at the Stamford Plaza hotel in Brisbane, Australia from October 20 to 23. Topics addressed include Queensland energy market outlook, investing in Queensland’s infrastructure, sustainability challenges, fuel source outlook, the retail environment and consumer behaviour, meter-to-cash technologies, market innovations, the (more…)
(EnergyAsia, September 26, Friday) — ‘Conference of the Electric Power Supply Industry (CEPSI)’ will be held at the Venetian Macao-Resort-Hotel in Macau, China on October 27 to 31. This bi-annual conference and exhibition offers a vital meeting for the electricity industry in Asia. Member countries are appointed to host the conference on a rotational basis. (more…)
(EnergyAsia, September 26, Friday) — ‘StocExpo Asia’ will be held at the Suntec International Convention and Exhibition centre in Singapore from October 15 to 16. StocExpo Asia 2008 will focus on the oil, gas and chemicals storage sector in the Asia Pacific. The conference is recommended for terminal managers, commercial and business development managers, inspection (more…)
will help avert a meltdown in the world’s financial system but will inflict higher inflation and higher interest rates on the economy, said Canada’s CIBC World Markets. “While the cost of taking another path will never be known, the cost of the one chosen is clear enough,” said Jeff Rubin, chief economist and chief strategist...
(EnergyAsia, September 26, Friday) — ‘China Coal Markets Conference 2008’ will be held at the Kempinski Hotel in Beijing, China from October 9 to 10. China is a key player in the world coal markets today. Rising domestic prices have caused anxiety to spread in the international coal community as to whether Beijing will curtail (more…)
cracking unit at its 220,000 b/d Chiba refinery near Tokyo. (US$1=107 yen). The upgrade, to be completed by 2011, will boost the refinery’s naphtha and propylene output by 260,000 kilolitres per year at the expense of heavy fuel for which demand has declined. The refinery’s fluid catalytic cracking unit has a capacity of 45,000 b/d....
Sonatrach, with an extension to May 2011. The arrangement is for the stockpiling 4.6 million barrels of crude oil. Under the deal, South Korea has first rights to buy the stockpiled crude oil in the event of an emergency leading to an oil shortage. The country has joint stockpile deals with a number of other...
southern port of Yeosu to six million barrels by 2011. The project is aimed at positioning South Korea as a major oil storage hub in Northeast Asia. The joint venture partners include run Korea National Oil Corp. (KNOC), refiner SK Energy, GS-Caltex, Oiltanking Asia Pacific and Glencore Singapore. KNOC, which holds a 29% stake, plans...
2015 if all expansion projects are realised, consultants Proleads said in a new study. According to the research firm, world oil production could hit 108 million b/d by 2015, up from 87 million b/d now, with about half of the incremental production coming from the GCC region. Prolead’s analysis is based on tracking nearly 300...