(EnergyAsia, December 9 2014, Tuesday) — The world’s first floating liquefied natural gas (FLNG) plant has undocked at a Chinese shipyard, said China’s Wison Offshore & Marine and US Black & Veatch which collaborated to build the project for their client EXMAR, a Belgium-based shipping firm. The companies celebrated the undocking of the Caribbean FLNG...
EnergyAsia, December 8 2014, Monday) — US-based WGL Midstream Inc has agreed to supply natural gas to the local subsidiary of state-owned GAIL India Limited for the production of 2.5 million tonnes/year of liquefied natural gas (LNG) from the export-oriented Cove Point terminal now under construction in Maryland state. WGL Holdings, a Washington DC clean...
(EnergyAsia, December 5 2014, Friday) — German oil, chemicals and gas storage company Oiltanking GmbH has named Koen Verniers to lead the company’s eastern operations while Daan Vos will have responsibility for the western half from January 1. Koen Verniers, currently acting as President of Oiltanking Asia Pacific Pte Ltd, will be managing director for...
(EnergyAsia, December 2 2014, Tuesday) — Indonesia’s Adaro Energy said it and China’s Shenhua have signed a memorandum of understanding (MOU) to develop a 2x300MW coal-fired power plant in East Kalimantan. The project represents the Indonesian coal miner’s first venture into the power industry. Through their subsidiaries, the two companies will establish a joint venture...
(EnergAsia, December 1 2014, Monday) — Oil prices are hovering at a five-year low after OPEC announced the retention of its current production ceiling of 30 million b/d through to its next meeting in 2015. Following the end of the cartel’s bi-annual meeting in Vienna last week, US WTI crude futures settled at US$66.15 a...
(EnergyAsia, November 28 2014, Friday) — The US Energy Information Administration (EIA) expects oil prices to remain under selling pressure after slashing its latest forecast for 2015 global demand while raising the supply outlook. In its November report, the agency said it expects Brent crude oil spot prices to average US$83 per barrel in 2015,...
(EnergyAsia, November 26 2014, Wednesday) — The weakest oil market in four years is having no impact on the Organisation of Petroleum Exporting Countries’ (OPEC) views on the world economy and oil supply-demand balances. For the fourth consecutive month, OPEC has kept unchanged its forecasts for the world economy to grow by 3.2% this year...
(EnergyAsia, November 21 2014, Friday) — Singapore Exchange (SGX) said it will begin offering petrochemical swaps and futures contracts from December 2 in response growing demand from industry players to hedge their trading positions. The exchange said it will introduce a set of five petrochemical derivatives tools in two phases, starting with the SGX Platts...
(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 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 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 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 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 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 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 21 2014, Tuesday) — Russia’s largest energy firm, Rosneft, said it and China National Petroleum Corporation (CNPC) have agreed to expand their strategic partnership by venturing into liquefied natural gas projects, and accelerating the joint construction of a long-delayed oil refinery in China and development of upstream projects in Russia. Rosneft CEO Igor...
(EnergyAsia, October 20 2014, Monday) — PacificLight Power Pte Ltd (PLP) said it has secured Singapore’s largest project to earn carbon emissions credits following the registration of its S$1.2 billion power plant under the UN’s clean development mechanism to fight climate change. (US$1=S$1.27). The company owns and operates the 800MW state-of-the-art combined cycle gas turbine...
(EnergyAsia, October 16 2014, Wednesday) —- Caltex Australia said it has completed the two-year conversion of its 58-year-old oil refinery at Kurnell in Sydney into the country’s largest fuels import terminal this week. With the loss of the 124,500-b/d refinery, Caltex, half-owned by US major Chevron, will be left with only the Lytton plant in...
(EnergyAsia, October 15 2014, Wednesday) — Nearly five months after signing a world-record US$400 billion agreement to sell natural gas to China National Petroleum Corp (CNPC), Russia’s Gazprom said it is advancing on technical and banking arrangements towards implementing the deal from 2019. On Monday, the two state-owned companies announced they had signed a technical...
(EnergyAsia, October 13 2014, Monday) — India’s state-owned International Coal Ventures Private Limited (ICVL) has completed its acquisition of European miner Rio Tinto’s coal assets in Mozambique. Rio Tinto said the US$50 million sale, announced on July 30, was completed following the fulfilment of all conditions needed for regulatory approvals. The assets, which the firm...
(EnergyAsia, October 10 2014, Friday) — Faced with the possibility of having to cancel its proposed C$9-to-C$11 billion liquefied natural gas plant in Canada, Malaysia’s state energy firm Petronas said it is “encouraged” by high-level talks with British Columbia provincial government leaders. This week, the company’s President and CEO Shamsul Azhar Abbas held several meetings...