(EnergyAsia, November 20 2014, Thursday) — Singapore and Malaysia should cooperate to jointly create a location and pricing service to serve the fast-growing liquefied natural gas trade (LNG) in Asia, said the CEO of Singapore’s state-owned Pavilion Energy Pte Ltd. Seah Moon Ming said Asia urgently needs transparent LNG pricing and price discovery that are...
(EnergyAsia, November 19 2014, Wednesday) — Japan’s trade ministry has given Abu Dhabi an expanded and extended lease to store crude oil for free at a terminal on one of the Asian country’s southwestern islands.
(EnergyAsia, November 18 2014, Tuesday) — India’s Adani Group said it has secured agreements from the Indian government and Australia’s Queensland state to support its proposed US$7 billion investment to develop the Carmichael coal mine and rail and port infrastructure.
(EnergyAsia, November 17 2014, Monday) — Chinese firms are slowing down their oil stockbuilding in response to expectations that their nation’s economy will grow at a slower pace while oil prices could decline further after hitting a four-year low last week.
(EnergyAsia, November 14 2014, Friday) — The oil markets continued crashing late into Thursday in the New York with North Sea Brent settling well below support at US$80 a barrel while US WTI broke through US$75. Brent settled at US$77.83, down US$2.46 from the previous day, while WTI was hovering at around US$74.42 in late...
(EnergyAsia, November 14 2014, Friday) — The state gas companies of Turkmenistan, Afghanistan, Pakistan, and India have established a company that will build, own and operate a planned 1,800-km pipeline linking the four countries, said Asian Development Bank (ADB) which was appointed project adviser last November. The Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline will be equally owned...
(EnergyAsia, November 13 2014, Thursday) — Malaysian state energy firm Petronas said it will fully own Malaysian Refining Company Sdn Bhd (MRC) when it completes the buy-out of its US partner’s 47% stake for US$635 million in cash. Petronas will take full control of MRC’s 170,000 b/d refinery in Melaka state on the west coast...
(EnergyAsia, November 12 2014, Wednesday) — Having invested a total of US$73 billion in upstream assets over the last three years, Chinese state-owned firms now control around seven percent of global crude oil production of over 93 million b/d, said the International Energy Agency (IEA).
(EnergyAsia, November 11 2014, Tuesday) — Utilities representing nearly 95% of India’s 78,000MW of coal-fired power capacity have secured feedstock through supply contracts with state-owned Coal India Limited (CIL), said the Coal Ministry.
(EnergyAsia, November 10 2014, Monday) — India’s coal imports are expected to continue rising through the decade to feed the country’s growing power demand that is being helped by the protracted weakness in the fuel’s price. Amid slumping demand and oversupply around the world, thermal coal prices are holding near a five-year low with little prospects of recovery in the near-term.
(EnergyAsia, November 7 2014, Friday) — One of the world’s largest bitumen terminals with the capacity to store 74,000 tonnes of the petroleum product for paving roads officially started up in Malaysia’s Johor state this week. Puma Energy, a Singapore-based global integrated midstream and downstream energy company, said it held an opening ceremony for the...
(EnergyAsia, November 6 2014, Thursday) — Crude’s relentless drive to test new lows was briefly interrupted on the overnight New York markets by unconfirmed fears of a terror attack in Saudi Arabia and a smaller-than-expected buildup in US crude stocks. US WTI touched a low of US$76.46 a barrel while North Sea slumped to US$81.63...
(EnergyAsia, November 5 2014, Wednesday) — As part of its reform programme to solve India’s domestic energy crisis, the six-month-old government to Prime Minister Narendra Modi is planning to speed up
(EnergyAsia, November 4 2014, Tuesday) — Malaysia’s state-owned energy firm Petronas has signed an agreement with a subsidiary of Singapore’s Keppel Corp for the annual supply of one million tonnes of liquefied natural gas (LNG) for 10 years. The Singapore firm said Keppel Infrastructure Holdings Pte Ltd (Keppel Infrastructure) signed the heads of agreement through...
(EnergyAsia, November 3 2014, Monday) — Singapore, the world’s largest port for supplying shipping fuels, plans to add cleaner-burning liquefied natural gas (LNG) to the list by 2020, said its transport minister. Speaking at an industry event, Lui Tuck Yew said Singapore might even offer LNG as a bunkering fuel before that as it plans...
(EnergyAsia, October 31 2014, Friday) — Having crashed nearly 30% since June, world oil prices may still have room to fall further as global supply is rising while demand growth is slowing down rapidly, suggests the International Energy Agency (IEA).
Brent is trading near a four-year low, having fallen below US$83 a barrel this week after hitting a high of over US$115 in June.
(EnergyAsia, October 31 2014, Friday) — Responding to lower expectations for global economic growth, the US Energy Information Administration (EIA) has reduced its forecasts for both oil demand and supply for 2015 in its latest monthly report. However, it raised its forecast for this year’s global oil supply from its previous report in September.
(EnergyAsia, October 30 2014, Thursday) — Maintaining its outlook for the global economy, the Organisation of Petroleum Exporting Countries (OPEC) has also retained its latest forecasts for world oil demand and supply for 2014 and 2015 unchanged from its previous report in September. In its October report, the cartel said it expects the world to...
(EnergyAsia, October 30 2014, Thursday) — Two of the world’s largest liquefied natural gas (LNG) importers in Japan said they will team up to demand better prices and terms from suppliers as the country remains far from reviving its idled nuclear power plants that used to generate 30% of its electricity.
(EnergyAsia, October 29 2014, Wednesday) — Against the odds, the International Monetary Fund (IMF) has predicted that the world’s most politically volatile region will experience faster economic growth over the next two years. The fund expects the combined economies of the Middle East, North Africa, Pakistan and Afghanistan to grow by 2.7% this year and...
(EnergyAsia, October 28 2014, Tuesday) — Malaysia’s state energy firm Petronas is pushing ahead with its proposed US$16-billion refinery-petrochemical complex in Johor state, further dimming the prospects for its troubled proposed liquefied natural gas (LNG) terminal in western Canada. Last week, PRPC Utilities and Facilities Sdn Bhd, a secondary Petronas subsidiary, awarded an engineering, procurement...
(EnergyAsia, October 27 2014, Monday) — Indonesia is preparing to meet an increase in domestic natural gas consumption through new supply contracts and BP’s award of a major contract for the US$12 billion expansion of the Tangguh liquefied natural gas (LNG) project in West Papua province. In the country’s largest domestic LNG deal, energy regulator...
(EnergyAsia, October 27 2014, Monday) — With domestic crude production at their highest levels since 1986, the US raised its export of domestically produced crude oil in July to a 57-year high of 401,000 b/d, a figure that far exceeds Australia’s entire production. This together with a “modest” volume of Canadian crude that the US...
(EnergyAsia, October 24 2014, Friday) — In a bold move to solve India’s worsening decade-old domestic energy crisis, the five-month-old government of Prime Minister Narendra Modi has made a surprise move to free up the domestic coal sector by allowing international firms to develop and mine the country’s sizeable deposits. The Coal Mines (Special Provisions)...
(EnergyAsia, October 23 2014, Thursday) — UK hedge fund TCI has sold off its entire 1.8% stake in Coal India Limited after failing in its repeat attempts to reform one of the world’s largest coal mining firms. According to local press reports, the firm sold off its remaining 160,000 shares last week that was part...