(EnergyAsia, August 6 2010, Friday) — Kuwait could play an important role in helping BP stay in business as it is considering buying over some of the UK major’s assets as well as increase its shareholding in the company. The assets include oil and gas producing fields in the Middle East and Asia. State-owned Kuwait...
(EnergyAsia, August 6 2010, Friday) — By Claude Salhani for Oilprice.com. Whoever said “it’s all about the economy, stupid,” got it only partially right. It is indeed all about the economy, or at least half of it is about the economy. The rest is about a country’s national interest. Typically, nations act or react...
(EnergyAsia, August 6 2010, Friday) — The Vitol Group said it is in “exclusive negotiations” with Shell Oil Products Africa for the potential acquisition of the Anglo-Dutch major’s downstream businesses in 19 countries on the continent, subject to final negotiations and regulatory and final company approvals. Vitol said it will make the acquisition in partnership...
(EnergyAsia, August 5 2010, Thursday) — Singaporean marine contractor Coretech Resources Pte Ltd has contracted subsea specialist Sub-Atlantic Asia Pacific (AP) to enhance its growing remotely operated vehicle (ROV) fleet with their first general purpose inspection class. The contract will see Sub-Atlantic supply a 600m free swimming Super Mohawk system on an expedited delivery schedule...
(EnergyAsia, August 5 2010, Thursday) — Greenpeace said its lates investigation have found that Sinar Mas, Indonesia’s largest palm and pulp group, is still destroying the rainforest and failing to keep its promise to protect the country’s forests and peatland. Greenpeace called Sinar Mas “one the most notorious destroyers of Indonesia’s rainforests,” after publishing new...
(EnergyAsia, August 5 2010, Thursday) — Germany’s HMS Bergbau AG and Indonesia’s and P.T. Nusa Alam Lestari (NAL) said they have signed an exclusive marketing cooperation to export high and mid-calorific value coal from Sumatra Island. The companies agreed to extend their long-term and exclusive cooperation to include NAL’s new mine developments in Muara Bungo...
(EnergyAsia, August 5 2010, Thursday)— Looking to capitalise on rising demand from China and India, Indonesia’s third-biggest coal miner PT Indika Energy said it plans to increase its output by nearly a third through acquisitions. Indika’s main mining unit, PT Kideco Jaya Agung, is expected to produce 29 million tons of the company’s projected total...
(EnergyAsia, August 5 2010, Thursday)— Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) are seeking to use part of the strategic crude oil storage that India is building as a buffer against supply disruptions. Indian Strategic Petroleum Reserve, a wholly-owned subsidiary of Oil Industry Development Board (OIDB), is building an underground...
(EnergyAsia, August 4 2010, Thursday) — China has dislodged the US as the world’s biggest energy user, according to the International Energy Agency (IEA) and BP, in the latest sign that Asia’s red-hot economy has yet to cool. China consumed 2.25 billion oil-equivalent tons of crude, coal, natural gas, nuclear power and renewable sources last...
(EnergyAsia, August 4 2010, Friday)— China’s state-run Zhong Ping Energy Chemical Group and the Wuhan municipal government said they are jointly investing up to 800 million yuan in a coal reserve facility in Hubei province. (US$1=6.77 yuan) The five-million-ton storage facility will help stockpile more than 50 days’ worth of coal supply for Wuhan,...
(EnergyAsia, August 4 2010, Wednesday) — Bureau Veritas SA, the world’s second largest group in conformity assessment and certification services in the fields of quality, health and safety, environment, and social responsibility (QHSE), said it has launched a Green Rating Composite Index which will equip vessel charterers and regulators with a tool to compare the...
(EnergyAsia, August 4 2010, Wednesday) — Roll-Royce Group Plc, a UK-based global provider of integrated power systems for use on land, at sea and in the air, said it recently secured from state-owned PetroChina Company Ltd a contract to supply gas turbine compressor systems for a new natural gas pipeline extending from Western China to...
(EnergyAsia, August 4 2010, Wednesday)— Kuwait Petroleum International Lubricants (KPIL) has started up operations of 24 new oil storage tanks to replace old ones on the site of its Antwerp lubricant blending plant in Belgium. Operating under the Q8Oils brand, the company said the new tanks, with a total storage capacity of 36 million litres,...
(EnergyAsia, August 4 2010, Wednesday) — Iraq has hired Foster Wheeler for a four-year project to expand its oil export capacity but there are questions whether the government is capable of protecting its oil facilities with the impending withdrawal of US forces in the Arabian Gulf by end-2011. Iraq has committed to boosting production capacity...
(EnergyAsia, August 4 2010, Wednesday) — BP is likely to stay out of supplying fuel to Iranian passenger planes as it continues efforts to placate the US over the disaster caused by its oil leak in the Gulf of Mexico. The company made the move just days after US President Barack Obama signed sanctions prohibiting...
(EnergyAsia, August 4 2010, Wednesday)— Chinese state oil firm CNPC is no longer involved in the US$40 billion proposal to develop Indonesia’s Natuna natural gas reserves, according to state oil and gas company Pertamina. CNPC, the parent of PetroChina, was among eight companies named by the Indonesian government in 2008 that could be interested to...
(EnergyAsia, August 4 2010, Wednesday) — St Louis, US-based Peabody Energy said it and China’s Winsway Coking Coal Holdings Ltd have agreed to set up a joint venture firm, Peabody-Winsway Resources, to operate in Mongolia. Winsway, a leading supplier in China of imported high-quality coking coal and the largest offtaker of Mongolian coking coal, purchased...
(EnergyAsia, August 3 2010, Tuesday)— Facing a worsening natural gas shortage as a result of rising domestic consumption, the Indonesian government is seeking to reduce exports to Singapore. The Indonesian government said its representatives are expected to soon meet their Singapore counterparts to renegotiate earlier gas sales agreements between the two countries. The...
(EnergyAsia, August 3 2010, Tuesday) — Iran said it has invited Chinese companies to participate in several oil and gas projects, including the construction of new refineries and condensate splitters worth a total of US$23 billion. The two countries have deepened economic ties and cooperation at a time when the Islamic regime is facing growing...
(EnergyAsia, August 3 2010, Tuesday) — Showing little fear of reprisals from the West, China and India are continuing, if not, stepping up trade ties with Iran, as it faces increasing isolation from the global financial system owing to its refusal to halt its nuclear programme. Chinese state refiner Sinopec recently raised the possibility of...
(EnergyAsia, August 3 2010, Tuesday) — The Asian Development Bank (ADB) has upgraded its economic forecast for developing Asia after first-quarter data showed broad-based growth driven by buoyant exports, strong private demand, and sustained stimulus policy effects. In a special assessment of the region, ADB said it now expects developing Asia to grow by an...
(EnergyAsia, August 3 2010, Tuesday) — Proponents of a planned first grid connected demonstration of a conventional geothermal play in Australia’s Victoria state are hoping to raise capital and proof-of-concept to launch a trial 12-megawatt power supply into the state’s grid within three years. At last month’s Paydirt 2010 Resources Victoria Conference in Melbourne, Mark...
(EnergyAsia, August 3 2010, Tuesday)— Angola expects to raise its oil production from under 1.8 million b/d now to two million b/d from 2012 when it starts producing from new deepwater fields over the next two years. The country, which rivals Nigeria as Africa’s biggest oil producer, could hit its full production capacity in 2011...
(EnergyAsia, August 3 2010, Tuesday) –China is planning to form 20 large coal mining groups as part of an industry consolidation plan to improve efficiency and productivity while reducing its accident rates. To be implemented under the country’s 12th five-year plan for the coal industry, the programme will aim to whittle down the number...
(EnergyAsia, August 2 2010, Monday) — Vietnam has started building a new sea port in Kien Giang province with a 12-million-tonne coal terminal as its centrepiece when it starts up in 2013. The US$800 million project to develop Nam Du port by Tan Tao Group will stimulate the economy of the Mekong Delta areas. Working...