(EnergyAsia, April 8, Tuesday) — Canadian bank CIBC has given a hot tip on how consumers can offset the impact of US$100 oil: buy energy stocks. While consumers feel pain at the pumps, $100 oil hasn’t quite impacted the price of energy stocks, and that signals a hidden opportunity for investors, notes a new CIBC...
(EnergyAsia, April 8, Tuesday) — Imposing a carbon tax on Chinese imports may be the only way developed nations will be able to achieve real cuts in global greenhouse gases, says a new report from CIBC World Markets. The research report notes that while governments in developed nations are taking painful steps to cut greenhouse...
(EnergyAsia, April 8, Tuesday) — Developing Asian economies will register solid growth in 2008 despite a coincident slowdown in major industrial economies, surging food and fuel prices and a simmering credit crisis in the US, said the Asian Development Bank (ADB) says in a new major report. Its flagship annual publication, Asian Development Outlook 2008 (more…)
(EnergyAsia, April 8, Tuesday) — Invensys Process Systems said it has won a substantial contract from the Saudi Electricity Company (SEC) to provide plant performance and monitoring solutions for use on one of the country’s most critical power plants. The PP8 plant is based in Central Province and is one of two power stations that...
(EnergyAsia, April 8, Tuesday) — NYSE-listed Yingli Green Energy Holding Company Limited, a world leading vertically integrated photovoltaic (PV) product manufacturer, said it has signed its sales contracts with Korean buyers. Korea Electric Power Industrial Development Corporation (KEPID), a renewable energy company, will purchase 1.3 MW of PV modules from Yingli while Kaycom Corporation, a...
(EnergyAsia, April 8, Tuesday) — Puda Coal Inc, a supplier of high grade metallurgical coking coal in China, said it has signed a new contract to supply up to 120,000 metric tons (MT) of cleaned coking coal to Yanzhou Liming Coke and Coal Distribution Ltd. The coal is used to make coke for the purposes...
(EnergyAsia, April 7, Monday) — Continental Airlines, Boeing and GE Aviation are planning to conduct a joint biofuels demonstration flight in the first half of 2009 to identify sustainable fuel solutions for the aviation industry. Continental is the first major US carrier to announce plans to highlight technological advancements in sustainable biofuels that can help (more…)
(EnergyAsia, April 7, Monday) — With funding support from the Asian Development Bank (ADB), India’s national power grid operator is embarking on an ambitious $2.54 billion dollar plan to expand the country’s power transmission grid and link stable clean energy supplies to areas suffering shortages. ADB said it is extending a $600 million loan to...
(EnergyAsia, April 7, Monday) — NYSE-listed LDK Solar Co Ltd, a leading manufacturer of multicrystalline solar wafers, said it has signed a 10-year contract which is a blend of “take-or-pay” linked with market-based pricing to supply multicrystalline solar wafers to India-based Moser Baer Photo Voltaic Limited (MBPV), a subsidiary of Moser Baer India Limited (MBI)....
(EnergyAsia, April 7, Monday) — Signet Solar, a US-based producer of solar modules for power generation, plans to invest up to US $2 billion in India over a seven-year period starting next year. The company will start begin its Indian presence with a major production facility near Chennai to start up in 2009. The plant...
(EnergyAsia, Apriil 7, Monday) — NYSE-listed Yingli Green Energy Holding Company Limited, a world leading vertically integrated photovoltaic product manufacturer, said it has completed installing the Solar Villar De Cañas 2 Project in Cuenca. The company was also the sole supplier of 9.5 MW of PV modules for the project to Control y Montages Industriales...
(EnergyAsia, April 7, Monday) — Vancouver, Canada-based Hanwei Energy Services Corp said it has completed and delivered the first four 1.5 megawatt turbines to Daqing Deta Electric Co Ltd, which will be installed by the end user, Heilongjiang Ruihao Energy Technology Co Ltd this month. The turbines will be installed using the three blade sets...
By Sophie Nappert * Background (EnergyAsia, April 7, Monday) — The policies adopted by the Russian Federation in dealing with its energy resources, notably in its gas pricing dispute with Ukraine and, more recently, its draft law on foreign investment in strategic industries , are the subject of worldwide publicity and comment. Russia has signed (more…)
(EnergyAsia, April 7, Monday) — China’s government plans to establish a ministry for environmental protection to raise its anti-pollution efforts. The current State Environment Protection Administration will be upgraded to ministerial rank and be given more resources and staffing. Giving the move a cautious endorsement, Greenpeace China said: “We hope the promotion will also give...
(EnergyAsia, April 7, Monday) — NYSE-listed Suntech Power Holdings Co Ltd, one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, and Nitol Solar Ltd, an independent polysilicon producer, have agreed to expand the terms of their existing seven-year polysilicon supply agreement from 2009 to 2015. Nitol has agreed to “substantially” increase the...
(EnergyAsia, April 7, Monday) — Australian resources giant BHP Billiton said it has approved the North West Shelf’s North Rankin gas compression project which is designed to recover remaining lower pressure gas from the North Rankin and Perseus gas fields. BHP Billiton has its US$850 million share of the project’s expenditure. The project comprises a...
(EnergyAsia, April 4, Friday) — The Lubrizol Corporation has launched a 10-year phased investment plan to upgrade and increase global capacity in its additive business. This will be achieved through an extensive debottlenecking program at its existing facilities and a greenfield investment in China.To meet the evolving demands of the global lubricant and fuel additives (more…)
(EnergyAsia, April 4, Friday) — Australian engineering firm WorleyParsons is acquiring the Heerema Group’s INTEC Engineering BV division, a leading international deepwater and arctic engineering and project services company.In a joint statement, the companies said the agreement also provides for an ongoing business relationship for WorleyParsons and INTEC to provide engineering services to the Heerema (more…)
(EnergyAsia, April 4, Friday) — J. Ray McDermott SA said its subsidiaries were recently awarded an EPCI contract by Chevron Thailand Exploration and Production for the Platong Gas II project in the Gulf of Thailand.The contract encompasses engineering, procurement, fabrication and installation of a central processing platform with a float-over deck weight of approximately 19,000...
(EnergyAsia, April 4, Friday) — Singapore-listed KS Energy Services Limited said it is selling off an oil rig, KS Venture, for US$43 million to focus on its core business is sold on an its core business to provide energy services to the world oil, gas and petrochemical industries.This rig is funded by internal resources and...
EnergyAsia, April 4, Friday) — China’s consumption of renewable fuels is forecast to reach the equivalent of 300 million tonnes of coal by 2010, accounting for some 10% of the country’s energy mix that year.The 2010 level will nearly double the country’s 2005 consumption of 166 million equivalent tonnes of coal.China’s renewables potential includes hydropower...
(EnergyAsia, April 4, Friday) — A consortium involving Belgium’s SUEZ Energy International, and Japan’s Mitsui, has been declared preferred bidder for an independent power and water project in the industrial city of Ras Laffan on Qatar’s northeast coast.The consortium has a 40% stake in the $3.7 billion project, with the remainder split between state-owned Qatar...
(EnergyAsia, April 4, Friday) — Singapore’s Swiber Holdings Limited, a niche service provider in the offshore oil and gas industry, said it has successfully raised S$100 million in the domestic bond market, under its multicurrency medium term note (MTN) programme.The bonds have a maturity of three years, and are split equally between a floating rate...
(EnergyAsia, April 4, Friday) — China’s state energy giant Sinopec has received over 12.3 billion yuan in government subsidies to help cover its most recent refining losses. (US$1=7 yuan).The subsidy marks the third year that Sinopec receives such support from Beijing.Sinopec cannot pass on high crude oil costs to customers due to price caps on...
(EnergyAsia, April 4, Friday) — China will continue to fill up its strategic petroleum reserves (SPR) despite the possibility of higher oil prices, with no specific schedule or timelines for completion.Speaking to reporters, Zhang Guobao, vice minister and economic planner, said the government will keep a close watch on oil prices, and will try to...