(EnergyAsia, January 30 2012, Monday) — World crude prices could rise by as much as 30% from current levels of US$100-$110 a barrel if Iran halted its oil exports and by a “much larger” rate if the cornered Islamic regime blocked the strategic Strait of Hormuz in response to further tightening of US and EU...
(EnergyAsia, January 30 2012, Monday) — Iran may have little difficulty disposing of the 600,000 b/d of crude oil that the European Union (EU) is proposing to stop buying from July 1 as part of a tightening trade sanctions by the West against the Islamic regime. Indonesia’s Finance Minister Agus Martowardojo hinted his government may...
(EnergyAsia, January 30 2012, Monday) — Kuwait National Petroleum Co (KNPC) is interested to build a third oil refinery in a yet-to-be-identified location in Asia to add to its plans for projects in China and Vietnam. The company will partner Sinopec and possibly France’s Total to build a US$9-billion integrated refinery-petrochemical complex in China’s Guangdong...
(EnergyAsia, January 30 2012, Monday) — US major ExxonMobil said it is restructuring its business in Japan that includes selling off its downstream business to partner TonenGeneral Sekiyu KK for US$3.9 billion. As part of the takeover due for completion by mid-year, TonenGeneral will combined its manufacturing and refining operations with ExxonMobil Yugen Kaisha’s marketing (more…)
(EnergyAsia, January 30 2012, Monday) — The global economy is decelerating as shown by the 300,000 b/d decline in oil demand in the fourth quarter of 2011 that could spill over into this year, said the International Energy Agency (IEA). This is the first quarterly decline in world oil use since the start of the (more…)
(EnergyAsia, January 27 2012, Friday) — China National Petroleum Corp (CNPC) said it, Qatar Petroleum and Royal Dutch Shell have agreed to advance their plans to jointly develop a 80-billion-yuan integrated oil refinery-petrochemical complex in eastern China. (US$1=6.3 yuan). The complex which includes a 400,000-b/d refinery and a 1.2-million-tonne/year ethylene plant will be built in...
(Energy Asia, January 27 2012, Friday) — China’s import of piped natural gas from Central Asia reached 20 billion cubic meters (bcm) in early January and is on course to exceed 30 bcm by the end of the year, said China National Petroleum Corp (CNPC). As operator of the Central Asia-China pipeline, CNPC announced that...
(EnergyAsia, January 27 2012, Wednesday) — China’s oil demand growth slowed to 6.1% last year compared with 11.3% in 2010, said McGraw Hill’s energy media unit Platts. Despite signs of an economic slowdown in the second half of the year, Platts said China’s apparent oil demand for 2011 reached a record 460.65 million metric tons, (more…)
(EnergyAsia, January 27 2012, Friday) — The Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the 10 member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC), has announced record profits for the fourth quarter of 2011. The bank, in which the Qatar government has a 10% stake, said profits surged 86% (more…)
(EnergyAsia, January 27 2012, Friday) — Masdar, Abu Dhabi’s renewable energy company, and Reed Exhibitions said they will jointly hold the ‘Asia Future Energy Forum & Exhibition’ (AFEF) in Singapore from October 22 to 25 2012. AFEF 2012, “Powering Sustainable Innovation in Asia”, will discuss the region’s energy issues, challenges and opportunities. It will be (more…)
(EnergyAsia, January 26 2012, Thursday) — Following the meeting of the foreign ministers of its members in Brussels on Monday, the European Union has decided to launch new sanctions against Iran for continuing with its nuclear energy programme. In a statement, the 27-member EU said it has decided to broaden measures by targeting the sources of...
(EnergyAsia, January 26 2012, Thursday) — UK consultant Wood Mackenzie has made an initial assessment of potential implications for 2012 of the growing Iran-related tensions on the oil and gas markets following on further US and EU sanctions against Iran and its threat to close the Strait of Hormuz to shipping traffic. With further US...
(EnergyAsia, January 26 2012, Thursday) — Australia’s Liquefied Natural Gas (LNG) Ltd has awarded an engineering, procurement and construction (EPC) services contract to China Huanqiu Contracting & Engineering Corporation for its Fisherman’s Landing liquefied natural gas project in Queensland state. The companies signed the US$760 million contract for the first train, including the tank and support (more…)
(EnergyAsia, January 26 2012, Thursday) — Norway’s DNV said it has been commissioned by the Flemish government to undertake a feasibility study for the provision of liquefied natural gas (LNG) bunkering facilities at the ports of Antwerp, Zeebrugge and Ghent in Belgium. The work will consist of a market survey, a risk and safety analysis, (more…)
(EnergyAsia, January 26 2012, Thursday) — Engineering giant Foster Wheeler said a subsidiary of its Global Engineering and Construction Group has been awarded a contract by Petron Corporation to upgrade its oil refinery in Bataan in the Philippines. Foster Wheeler said it will execute detailed engineering and procurement services for the delayed coker unit (DCU), including (more…)
(EnergyAsia, January 25 2012, Wednesday) — The world’s vulnerability to further economic shocks and social upheavals is undermining the past gains of globalisation, said the World Economic Forum (WEF) in its Global Risks 2012 report, the seventh edition. It marked chronic fiscal imbalances and severe income disparity as the most prevalent risks over the next (more…)
(EnergyAsia, January 25 2012, Wednesday) — China Aviation Oil Singapore Corporation Ltd (CAO), the largest physical jet fuel trader in Asia, said it will pay a total of US$16 million to acquire two jet fuel companies from its parent company, China National Aviation Fuel Group Corporation (CNAF). CAO will pay HK$91 million or US$12 million (more…)
(EnergyAsia, January 25 2012, Wednesday) — Indonesia’s state oil and gas company Pertamina said it expects to raise its annual import of gasoline to more than 12 million kilolitres and diesel to over three million kilolitres from this year. With the nation’s fuel demand forecast to rise by more than four percent a year from...
(EnergyAsia, January 25 2012, Wednesday) — Indonesia’s state oil and gas firm Pertamina said its Pertamina Energy Services (PES) has started building a US$50 million fuel terminal on Sambu island in Riau with the capacity to store 300,000 kilolitres of fuel. Due for completion next year, the terminal will include three docks to each handle...
(EnergyAsia, January 25 2012, Wednesday) — Bangladesh has partially ended the state’s monopoly over fuel oil import by allowing independent power producers to procure supplies for their power plants. Faced with worsening power shortages, the government took this drastic decision after state-owned Bangladesh Petroleum Corp admitted that it would be unable to guarantee fuel supply...
(EnergyAsia, January 20 2012, Friday) — Royal Dutch Shell Plc and Tianjin State Farms Agribusiness Group Co will jointly develop and own a 200,000-cubic metre fuel storage terminal in the northern Chinese city of Tianjin. The newly set up Shell North China Oil Group Ltd will begin construction of the proposed 550-million-yuan terminal in mid-2012....
(EnergyAsia, January 20 2012, Friday) — EOC Limited (EOC), a Singapore-based provider of offshore services to oil and gas producers, said its FY2012 Q1 net profit surged more than 14 times to US$8.5 million over the same period the previous year. Boosted by strong performances at both its construction and production divisions, the company said revenue (more…)
(EnergyAsia, January 20, 2012, Friday) — Malaysian state energy firm Petronas said it and its partners have signed a transition agreement with the government of South Sudan for their continued operations in the country’s upstream blocks previously awarded by the government of the Republic of the Sudan. South Sudan seceded from Sudan last year. The...
(EnergyAsia, January 20, 2012, Friday) — Asian cities must focus on developing liveable, competitive, inclusive and environmentally sustainable cities supported by imporved transportation systems, said the Asian Development Bank (ADB). At a recent forum in Manila, Philippines, ADB President Haruhiko Kuroda said that with 80% of Asia’s GDP coming from urban areas, the quality and (more…)
(EnergyAsia, January 20 2012, Friday) — Engineering giant Foster Wheeler AG said subsidiary Foster Wheeler India Private Limited has won a contract to develop a new five-million-tonne/year liquefied natural (LNG) receiving terminal in Ennore city in the Indian state of Tamil Nadu by 2016. Awarded by state-owned Indian Oil Corporation Limited (IOCL), the contract’s scope (more…)