(EnergyAsia, November 30, Monday) — Major oil exporters around the world particularly Latin America and the Middle East are showing keen interest to follow Saudi Aramco’s move to adopt Argus Media’s crude indices as the basis of pricing crude oil, traders said. Venezuela, Iran and Russia are among those leading the discussion to consider a...
(EnergyAsia, November 30, Monday) — Malaysia’s Pristine Oil Capital Sdn Bhd said it will start building the country’s first independent oil storage tank in Pulau Besar, off the west coast state of Melaka, in the second half of next year. South Korea’s Samjung TCN and MSK Corporation Sdn Bhd, the main contractors, are expected to...
(EnergyAsia, November 26, Thursday) –– Senoko Power, a leading Singapore power company acquired by an international consortium, said it has secured a S$2.35 billion debt facility to refinance a bridging loan that was used by shareholders to acquire the power company from Temasek Holdings (Private) Ltd in September 2008. (US$1=S$1.38). The facility comprises a S$2.2...
(EnergyAsia, November 26, Thursday) — Shell Eastern Petroleum (Pte) Ltd and Qatar Petroleum International (QPI) have signed a series of agreements in which QPI will acquire a stake in two Shell Chemicals joint ventures in Singapore. Under the agreement, which will be completed at the end of the year, Shell said it will sell part...
(EnergyAsia, November 26, Thursday) — Finland-based ship power system integrator Wartsila said it has signed a contract with India’s Pipavav Shipyard to develop 12 offshore supply vessels (OSVs). The contract stipulates that Wartsila is to design the vessels to be built by Pipavav for delivery to Oil and Natural Gas Corporation Ltd (ONGC), India’s largest...
(EnergyAsia, November 26, Thursday) — The following is an edited version of an article by Philip H. de Leon of www.OilPrice.com. Nabucco is a proposed 3,300-km natural gas pipeline spanning Central Asia and eastern Europe with a capacity to carry 31 billion cubic meters (bcm) per year that would reduce Europe’s dependency on gas supplied...
(EnergyAsia, November 26, Thursday) — India’s Bharat Petroleum Corp (BPCL) said Oman Oil Co will raise its current 2% stake in a 120,000-b/d oil refinery in central India to 26%. The jointly owned BPCL-Bharat Oman Refineries Limited (BORL) is building the refinery in Bina in the Indian state of Madhya Pradesh. The company is investing...
(EnergyAsia, November 26, Thursday) — Saudi Aramco is looking to increase its interest in China’s downstream oil sector with talks underway to acquire a stake in Qingdao Refining & Chemical Co Ltd which owns and operates a 200,000 b/d oil refinery in east China. The company is a joint venture between three Chinese companies, Sinopec...
(EnergyAsia, November 25, Wednesday) — PetroChina aims to boost the oil storage capacity of its northern China branch by 6.55 million barrels or more than one million cubic metres over the next three years. The state-owned refiner did not disclose the cost of the investment which will expand the company’s national oil logistics and network....
(EnergyAsia, November 25, Wednesday) — The outlook for state-owned Coal India Ltd’s (CIL) impending initial public offering (IPO) has brightened considerably since it was permitted by the government to raise coal prices by an average of 11% on October 16. The price hikes will add an estimated 460 billion rupees to the mining company’s net...
(EnergyAsia, November 25, Wednesday) — On the back of a successful progamme stockpiling crude oil, China is now looking into storing liquefied natural gas (LNG) along the country’s long coastal line. Since early this year, CNOOC Gas and Power Trading and Marketing Limited, a subsidiary of state-owned CNOOC, has begun a feasibility study on developing...
(EnergyAsia, November 25, Wednesday) — India’s Paradip Port Trust has signed an agreement tapping Essar Paradip Terminals to construct and operate a deep-draught coal berth that will allow the port to handle an additional 10 million tonnes of coal per year. The 40.88-billion rupee coal berth will be developed in 36 months. Paradip is located...
(EnergyAsia, November 25, Wednesday) — NYSE-listed Occidental Petroleum Corporation said it, Mubadala Development Company and the National Oil and Gas Authority of Bahrain (NOGA) have jointly established the Tatweer Petroleum-Bahrain Field Development Company to will develop hydrocarbon reserves in the Bahrain Field. The company will operate under the Development and Production Sharing Agreement signed in...
(EnergyAsia, November 25, Wednesday) — Indian and Chinese coal importers are suffering large losses from failing to hedge freight costs. Some estimates put the losses incurred by the importers for not hedging coal linked to the benchmark API4 physical price index at US$10 a tonne. One Indian trader has lost in a month what it...
(EnergyAsia, November 25, Wednesday) — Affordable and reliable energy supplies necessary to rebuild the global economy require policies that encourage investment, expand international trade and promote technological innovation, said ExxonMobil’s chairman and CEO, Rex W. Tillerson. Speaking at the Asia-Pacific Economic Cooperation (APEC) CEO’s Summit, he said energy is critical to economic development, and despite...
(EnergyAsia, November 24, Tuesday) — State-owned China National Petroleum Corp (CNPC) has unveiled plans to invest 200 billion yuan in the resource-rich Xinjiang Uyguar autonomous region between 2010 and 2015. (US$1=6.83 yuan). Zhou Jiping, CNPC vice president, said the investments in the restive region would focus on oil, gas and chemicals projects, ranging from production...
(EnergyAsia, November 24, Tuesday) — Capital spending on offshore oil development projects will reach $190 billion over the next five years, according to Lloyd’s Register. The maritime classification society and risk management company expects floating offshore installations (FOI) to account for up 35% of the spending over the period as more oil explorers venture into...
(EnergyAsia, November 24, Tuesday) — Cairn India said it has concluded an initial agreement to supply crude oil from its newly producing Mangala field in Barmer, Rajasthan state to a refinery owned and operated by Reliance Industries Limited (RIL) in Jamnagar in Gujarat state. The crude oil will be shipped by tankers. The agreement had...
(EnergyAsia, November 24, Tuesday) — Singapore’s Energy Market Authority (EMA) has launched a pilot project to develop a national “Intelligent Energy System” (IES) that will test a range of smart grid technologies to enhance the capabilities of the power grid infrastructure. The IES pilot project seeks to develop and test the following components of a...
(EnergyAsia, November 24, Tuesday) — The Asia Pacific region must invest between $7 trillion and $9.7 trillion in the energy sector from 2005 to 2030 to meet its rapidly growing demand for energy, according to a new report released by the Asian Development Bank (ADB). The “Energy Outlook for Asia and the Pacific” projects the...
(EnergyAsia, November 24, Tuesday) — China Investment Corp (CIC) has set aside US$110 billion to invest abroad, focusing on commodity and property firms both as a hedge against impending inflation and as an outlet to dispose of the country’s large holding of foreign exchange reserves. The Chinese sovereign wealth fund’s chairman said he expects inflation...
(EnergyAsia, November 23, Monday) — The following is an edited version of the speech, “Electrification of Singapore’s land transport”, by David Tan, deputy chief executive of the Energy Market Authority at the ‘Plug-in Singapore 2009’ conference last Friday. The conference was part of the Singapore International Energy Week hosted by the EMA. “Electric vehicles (EVs)...
(EnergyAsia, November 23, Monday) — The Sri Lankan government has started work oon a new $360-million oil storage complex at the strategically located Hambantota Port on the southeastern tip of the country. The complex will comprise 14 tanks to store bunker fuel, aviation fuel and liquefied petroleum gas, while a 15-storey administrative building will provide...
(EnergyAsia, November 23, Monday) — Singapore is in a strong position to play a key role in developing and serving the carbon trade as well as help companies expand their clean development mechanism activities in Asia, said its Senior Minister of State for Trade and Industry, S. Iswaran. At last month’s Carbon Forum Asia, he...
(EnergyAsia, November 23, Monday) — Kazakhstan’s state oil company KazMunaiGas and the State Oil Company of Azerbaijan (SOCAR) have agreed to cooperate on developing oil and gas projects. The state oil companies recently signed an agreement to conduct a joint feasibility study on a Trans-Caspian oil infrastructure project, and would consider establishing a company to...