(EnergyAsia, October 15 2012, Monday) — Events over the last two years have enabled the world’s disparate regional natural gas markets to become more “interconnected”, with implications for price, said consultant Wood Mackenzie. In a presentation on the gas market outlook to 2020, Noel Tomnay, Wood Mackenzie’s Head of Global Gas Research, predicts increased competition (more…)
(EnergyAsia, October 15 2012, Monday) — India and Japan, two of Asia’s largest natural gas consumers and importers, said they will jointly undertake research into liquefied natural gas (LNG) pricing with the view to making them more affordable and equitable. The global natural gas markets are significantly skewed along regional lines, with Asia paying as...
(EnergyAsia, October 12 2012, Friday) — Already hit by weak demand, Asia’s coking coal markets will face more uncertainty from mid-2013 when China starts up major rail infrastructure to transport the fuel from mines in the northern and interior regions to markets along the coast. According to Goldman Sachs’ commodities analyst Julian Zhu, the Erdos-Caofeidian...
(EnergyAsia, October 12 2012, Friday) — Wrecked by infighting amid fraud allegations and slumping coal prices, Indonesia’s coal mining giant Bumi Plc held its board meeting in Singapore this week to try sought out differences between its three main powerful partners. The meeting was attended by British-born financier Nat Rothschild, who owns a 12% stake...
(EnergyAsia, October 12 2012, Friday) — Myanmar has the potential to triple its per capita income and become a middle-income nation by 2030 through growing its economy at annual rates of 7% to 8% if it continues to implement sweeping reforms, said an Asian Development Bank (ADB) study. Consultant GlobalData made a similar pitch for (more…)
(EnergyAsia, October 12 2012, Friday) — Two Malaysian firms and one from Indonesia have signed a memorandum of understanding to jointly supply coal to TNB Fuel Services (TNBF) Sdn Bhd, a subsidiary of Malaysian power producer Tenaga Nasional Berhad (TNB). The Malaysian firms, Aditia1Energy Sdn Bhd and Southdale Resources Sdn Bhd, will team up with...
(EnergyAsia, October 11 2012, Thursday) — India has made its first tentative venture into the booming US shale gas business with two state-owned firms jointly acquiring a 30% stake in a Colorado asset for US$82.5 million. Oil India Ltd (OIL) will own the larger 20% stake and Indian Oil Corp (IOC) the remaining 10% in (more…)
(EnergyAsia, October 11 2012, Thursday) — Thailand’s largest coal miner Banpu will appeal against the ruling by the country’s Civil Court’s that it must pay a massive 29.5-billion baht in damages to a local businessman over a failed joint venture in Laos. (US$1=30 baht). The ruling came after a protracted five-year legal battle initiated by...
(EnergyAsia, October 11 2012, Thursday) — The Australian government has approved a plan by India’s GVK and its local tycoon partner Gina Rinehart to expand an export terminal as part of its proposed US$10 billion development of the Alpha coal project in Queensland state. With the approval for the expansion of the Port of Abbott (more…)
(EnergyAsia, October 11 2012, Thursday) — The following is an edited portion of a larger country report on Indonesia by the International Monetary Fund (IMF) released in August. “Indonesia has benefited from China’s rise mostly through commodity trade. Indonesia has not become part of the Asian manufacturing supply chains, but has emerged as the top...
(EnergyAsia, October 10 2012, Wednesday) — Germany’s Oiltanking GmbH said it has agreed to fully acquire Singapore-based Helios Terminal Corporation Private Limited and its holding company Chemoil Storage Limited subject to regulatory approvals. Commissioned in 2008, Helios’ terminal on Jurong Island has the capacity to hold 503,000 cubic metres (cbm). It is equipped with blending facilities and a finger (more…)
(EnergyAsia, October 10 2012, Wednesday) — Keppel Offshore & Marine Ltd, the Singapore-based world leading oil rig builder, has announced several new appointments in its senior management following the death of its former marine managing director Nelson Yeo last month. Replacing him is Michael Chia, 59, who will oversee Keppel O&M’s marine division which includes (more…)
(EnergyAsia, October 10 2012, Wednesday) — Reliance Industries Limited (RIL), India’s largest privately owned energy company, said it has agreed to increase its crude oil import from Venezuela’s state-owned PDVSA to between 300,000 b/d and 400,000 b/d for 15 years. PDVSA currently supplies around 270,000 b/d of heavy crude oil to Reliance’s two refineries in (more…)
(EnergyAsia, October 10 2012, Wednesday) — Australia’s Great Barrier Reef, home to one of the world’s richest marine life reserves, has lost half its coral cover since the mid-1980s and will lose a further half within a decade as a result of continuous pollution and neglect, the country’s scientists have warned. A detailed joint study...
(EnergyAsia, October 9 2012, Tuesday) — Environmental Clean Technologies (ECT) Limited, an Australian firm focused on commercialising clean coal and iron-making technologies, has informed shareholders that it has been granted patent coverage for its Coldry technology in Europe. “We are in receipt of notification that our European Patent application has now been issued as a (more…)
(EnergyAsia, October 9 2012, Tuesday) — Vietnam is bracing for a round of energy-induced inflation after the government allowed state mining monopoly Vinacomin to raise coal prices for power generation by up to 40% from September 15. Power companies led by state Electricity Vietnam (EVN) have complained that they will be hit with an unexpected...
(EnergyAsia, October 9 2012, Tuesday) — Australia’s Origin Energy Limited has announced it has successfully secured A$2.4 billion of syndicated bank loan facility with terms of four and five years maturing between October 2016 and October 2017. (US$1=A$0.98). The company’s executive director for finance and strategy, Karen Moses, said: “Origin continues to receive strong support (more…)
(EnergyAsia, October 9 2012, Tuesday) — Two major oil refineries in China and India will remain shut for the next few weeks after suffering human casualties in industrial incidents late last month. China Petroleum & Chemical Corp or Sinopec said three workers were killed in an accident at its 300,000 b/d refinery in the northern...
(EnergyAsia, October 8 2012, Monday) — Boosted by huge sales increases to China and Europe, US coal exports surged 39.1% to 37.53 million short tons (mmst) in the second quarter compared with the same period last year, said the Energy Information Administration (EIA). China became the largest market for US coal in the second quarter (more…)
(EnergyAsia, October 8 2012, Monday) — Not only will CNOOC succeed in acquiring Canada’s Nexen Inc, it will also confound the doubting Thomases by growing its new subsidiary into a successful international oil and gas player from its expanded Calgary base, predicts Ernst & Young’s lead oil and gas consultant for Canada. Speaking to EnergyAsia...
(EnergyAsia, October 8 2012, Monday) — BP said it has agreed to sell off all its interests in purified terephthalic acid (PTA) production in Malaysia to India’s Reliance Global Holdings Pte Ltd for a total of US$230 million. The agreement covers the UK major’s 100% equity in BP Chemicals (Malaysia) Sdn Bhd (BPCM) located in (more…)
(EnergyAsia, October 8 2012, Monday) — China’s coal miners are reducing operations as they face growing financial and environmental pressures, and worsening water shortages in the main coal belt in the northern and central regions. Inner Mongolia autonomous region, which holds the country’s largest coal reserves, has closed down nearly 900 coal mines since 2005...
(EnergyAsia, October 5 2012, Friday) — Vietnam’s electricity supply crisis could worsen after Prime Minister Nguyen Tan Dung accepted a controversial proposal by two ministries to reduce the export tax rate on coal from 20% to 10%. The ministries of finance, and industry and trade, appear to have won the protracted battle to reduce the...
(EnergyAsia, October 5 2012, Friday) — Mongolia has got it wanted: stop what it considers is China’s attempt to tighten a grip on its strategic coal mining sector, potentially one of the world’s largest. Aluminum Corp of China (Chalco) appears to have given up on buying into Mongolia’s coal industry after ending an agreement to...
(EnergyAsia, October 5 2012, Friday) — UK’s BG Group said it has agreed to sell its majority interest in India’s Gujarat Gas Company Limited (GGCL) for 24.6 billion rupees or $470 million to GSPC Distribution Networks Limited, a subsidiary of Gujarat State Petroleum Corporation. The agreement, which is subject to regulatory approval, involves the sale (more…)