(EnergyAsia, June 23, Monday) — Oiltanking Singapore Limited has announced that it will be constructing another 120,000 cubic metres of storage capacity for clean oil products on Singapore’s oil, gas and chemicals hub on Jurong Island. The new tanks, to be added to the company’s terminal located along Jurong Island Highway by mid-2009, will boost (more…)
(EnergyAsia, June 23, Monday) — Wipro Technologies, the global IT services division of India’s Wipro Limited, said it has joined The Green Grid, a global consortium dedicated to advancing energy efficiency in data centres and business computing ecosystems. Wipro’s green IT initiatives extend from energy efficient data centres to eco-friendly product engineering designs and PC (more…)
(EnergyAsia, June 23, Monday) — Canada’s Alberta province holds as estimated bitumen reserves of almost 173 billion barrels as well as reserves of 1.5 billion barrels of conventional oil, according to the Energy Resources Conservation Board (ERCB). Last year, the province produced 482 million barrels, or 1.32 million b/d of bitumen, exceeding conventional oil production...
(EnergyAsia, June 23, Monday) — Rising fuel prices is adding to growing political instability in Malaysia, one of the developing world’s most successful economies. The inflationary effects of a shock 41% rise in gasoline prices and 63% hike in diesel ordered by the government on June 5 are adding to pressure on Prime Minister Abdullah...
(EnergyAsia, June 23, Monday) — The Indian government has warned that its fuel subsidy burden could more than triple this year to reach 2.2% of the country’s GDP as world crude oil prices threaten to rise further. Last year, India expended 0.7% of its GDP, orUS$8.7 billion, as subsidies to keep domestic fuel prices low....
(EnergyAsia, June 23, Monday) — Oil prices are likely to stay high for the rest of the year despite Saudi Arabia’s show of goodwill in Jeddah yesterday in agreeing to raise crude production and China’s surprise move last Friday to increase pump prices by 18% that could slowdown consumption growth. Hosting the world’s leading oil...
(EnergyAsia, June 23, Monday) — Active Power Inc, a Texas, US-based inventor and manufacturer of energy-efficient critical power systems, said it has received an order from a subsidiary of the China National Power Grid for eight of its trademarked PowerHouse containerised continuous power systems. The first two systems will be shipped in the third quarter...
(EnergyAsia, June 23, Monday) — Canasia Power Corp, a Canadian private power developer, said it is building two 660MW units of a Jawaharpur supercritical thermal power complex in Etah in India’s Uttar Pradesh state. Canasia has chosen state-owned China National Electric Equipment Corp (CNEEC) as the turnkey equipment, procurement, construction (EPC) contractor. CNEEC, a leading...
(EnergyAsia, June 23, Monday) — NYSE-listed engineering firm McDermott International Inc said a subsidiary has entered into a joint venture with a subsidiary of state-owned China Shipbuilding Industry Corporation (CSIC). A J. Ray McDermott SA unit has formed a joint venture company, Qingdao McDermott Wuchuan Offshore Engineering Company Ltd (McDermott Wuchuan), to establish a new...
(EnergyAsia, June 23, Monday) — NYSE-listed LDK Solar said it has signed a five-year contract to supply multicrystalline solar wafers to China-based Jiangxi Solar PV Corporation (JSPV). LDK Solar, a multicrystalline solar wafer manufacturer, will deliver approximately 70 MW of multicrystalline solar wafers to JSPV, a new venture created by US-based Solar PV Corporation, over...
(EnergyAsia, June 20, Friday) — Canada-based Red Hill Energy Inc said it has engaged Australia-based consulting and engineering firm Minarco-MineConsult (MMC) to prepare a comprehensive pre-feasibility study on its fully-owned Ulaan Ovoo coal project in northern Mongolia. The study will complement earlier analysis produced by US-based Behre Dolbear Inc’s scoping study and several transportation and (more…)
(EnergyAsia, June 20, Friday) — KIC Group-controlled Asia Petroleum Hub Sdn Bhd (APH) last week officially launched its new RM50 million fabrication and supply base in the southern Malaysian state of Johor. The base is designed to support the construction of APH’s RM1.5 billion petroleum hub on the nearby 100-acre reclaimed island in Tanjung Bin (more…)
(EnergyAsia, June 20, Friday) — Global Petroleum Show (GPS) 2008 set a record breaking attendance with nearly 62,000 registered attendees, making it the most attended GPS in the show’s 40-year history. About 100 countries were represented at the Calgary event in Canada’s Alberta province which attracted more than 2,000 exhibiting companies. The year’s GPS launched (more…)
(EnergyAsia, June 20, Friday) — Singapore’s KS Energy Services Limited said it has secured the first of two six-month extension from June 29 for its rig management contract with Consafe Offshore AB, a wholly-owned subsidiary of Prosafe SE for the management of the Safe Esbjerg accommodation rig. The 140-bed accommodation jackup rig is currently operating...
(EnergyAsia, June 20, Friday) — Sakhalin Energy Investment Company Ltd said it has secured $5.3 billion in project financing, the largest in Russia’s history, from the Japan Bank for International Cooperation (JBIC) and a consortium of international commercial banks. Japan’s leading financial institution will provide US$3.7 billion while the consortium will contribute an additional $1.6...
(EnergyAsia, June 20, Friday) — The International Monetary Fund (IMF) has announced it will investigate “the real and financial factors” behind the recent surge in oil and commodity prices, their volatility, and the effects on the global economy. Responding to a call by the Group of Eight (G8) major industrial nations, managing director Dominique Strauss-Kahn...
(EnergyAsia, June 20, Friday) — Representatives of 40 developing and industrialised countries have agreed to create two international investment funds that will provide innovative financing for developing countries to pursue cleaner development paths and protect themselves from the impacts of climate change. The World Bank said the agreement came last month after a two-day meeting...
(EnergyAsia, June 20, Friday) — French major Total said it has signed a memorandum of understanding (MOU) to supply liquefied natural gas (LNG) to leading Chinese oil and gas company China National Offshore Oil Corporation (CNOOC). CNOOC President, Fu Chengyu, and Total CEO, Christophe de Margerie, signed the MOU on behalf of their companies with...
(EnergyAsia, June 20, Friday) — China Technology Development Group Corporation (CTDC), a provider of renewable energy products and solutions, said it has begun building a pilot amorphous silicon (a-Si) thin-film solar energy rooftop system in China’s Fujian province. The system will be built at its production plant in the China Merchants’ Zhangzhou Development Zone (CMZD)....
(EnergyAsia, June 20, Friday) — Texas, US-based Eltek Valere has announced that it will make the Asian debut of its green product line – Flatpack2 HE – to wireless and fixed line service providers at the CommunicAsia 2008 event in Singapore from June 17 to 20. Eltek said the Flatpack2 HE DC power system is...
landing of record-high oil prices, said US commodities broker Newedge. The sharp run-up in oil prices this year have had a profound impact on the world at many levels: social, economic, political and institutional. Unlike earlier price gains, the latest hike is causing real stress, not just on refiners and consumers, but also on the...
impact on both supply and demand, said IMF chief economist Simon Johnson. “Right now the oil market is tight and there isn’t a lot of additional supply that can come on at very short notice and the market looks like it’s going to remain under pressure for some time to come,” he said according to...
climb from already high levels now, said analysts. A big decline in demand would, in turn, imply lower or negative growth and could lead to a drop in oil prices towards the end of 2008 or early 2009, according to analysts at Lehman Brothers. Demand destruction is already apparent in the US where consumers are...
stockpiles and help deal with volatile crude oil prices on the world markets. The cooperation of these large, fast growing Asian economies is crucial for the IEA in its effort to prepare countries to deal with oil emergencies. The US government has urged China, the world’s second largest oil consumer, to join the 27-member IEA,...
semisubmersible drilling tender (SSDT) for Seadrill Asia Limited. Scheduled for delivery in first quarter of 2011, the drilling tender will be built to the KFELS SSDT™ 3600E model. The KFELS SSDT™ series is designed by Keppel Offshore & Marine Limited’s R&D arm, the Deepwater Technology Group. When completed, the latest unit will join Seadrill Asia’s...