(EnergyAsia, November 23, Monday) — The Philippines’ largest oil refiner Petron Corp has demanded that the government remove the import tariff on crude as its 180,000-b/d plant could no longer compete against larger and more efficient producers in the region. Reeling from the a recent government decision to freeze pump prices, the refiner warned it...

(EnergyAsia, November 23, Monday) — Brazil’s state oil and gas company Petrobras said it has concluded agreements for a $10-billion loan over 10 years from the China Development Bank Corporation (CBD). Petrobras said that talks had been underway since May 2009 for the use of the money to fund its 2009-2013 business plan. CFO Almir...

(EnergyAsia, November 23, Monday) — IHS Cambridge Energy Research Associates (CERA) has released another study affirming its position that the world will not face an imminent oil supply crunch, but could be challenged beyond 2030 on account of geopolitical barriers and credit availability to upstream investments. Against a rising tide of authoritative voices expressing concerns...

(EnergyAsia, November 23, Monday) — GE and China’s Shenhua Group Corporation said they have agreed jointly develop an industrial coal gasification project that would combine GE’s expertise in gasification and cleaner power generation technologies with Shenhua’s expertise in building and operating coal gasification and coal-fired power generation facilities, to advance “cleaner coal” technology solutions in...

(EnergyAsia, November 20, Friday) — Malaysia’s Shell Refining Company has reported a lower gross and net loss of RM9.7 million and RM35.4 million respectively for the third quarter. (US$1=RM3.4). Its loss in the third quarter of last year was RM287 million. The company suffered a steep drop in gross refining margins, lower refinery production and...

(EnergyAsia, November 20, Friday) — Tapping into growth in Asia and in renewable energy, US-based GE Energy Financial Services said it has loaned $50 million to Indonesia’s biggest geothermal power producer, a 220-megawatt emissions-free plant set in a volcanic region of tea and quinine plantations. The loan for the Wayang Windu plant, near the town...

(EnergyAsia, November 20, Friday) — Norwegian shipping group Stolt-Nielsen is delaying construction of a chemical storage tank terminal in Jurong Island in Singapore until it receives firm commitments from clients to use the facility. The company had announced plans to build the terminal early last year, with completion due for for end-2009. Ten oil and...

(EnergyAsia, November 20, Friday) — The oil refining industry of the six-member Gulf Cooperation Council region is expected to increase its world market share on expectations of continued active government support. The GCC members include UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. In a report, Moody’s said it had a ‘stable’ outlook on the...

(EnergyAsia, November 20, Friday) — Trafigura Beheer BV, the international commodities trading company, said it recently secured US$700 worth of syndicated revolving credit facility, exceeding its target of US$505 million. “Following strong support from institutions in the Asian markets, the facility was considerably oversubscribed and signed at an increased amount of US$700 million. The facility...

(EnergyAsia, November 19, Thursday) — Origin Energy Limited, Australia’s leading integrated energy company, said it has agreed to acquire Woodside Energy Ltd’s 51.55% interest in the Otway gas project for A$712.5 million. (US$1=A$1.18). Managing director Grant King said: “The transaction includes production licenses which contain the Thylacine and Geographe fields and adjacent exploration permits, together...

(EnergyAsia, November 19, Thursday) — Oman Oil Company (OOC) and Abu Dhabi’s International Petroleum Investment Company (IPIC) will launch a detailed study into the feasibility of building an integrated oil refinery and petrochemical complex at Oman’s Duqm port. Last month, Ahmed Al Wahaibi, OOC’s CEO, and Khadem Al Qubaisi, IPIC’s managing director, signed a memorandum...

(EnergyAsia, November 19 Thursday) — Singapore’s SembMarine has announced plans to build a fully-integrated shipyard on a 206-hectare reclaimed site off Tuas View on the far-western end of the island state. The new yard, to be developed in phases, will offer a centralised “one-stop solutions” hub for ship repair and conversion, shipbuilding, rig building and...

(EnergyAsia, November 19, Thursday) — Singapore-listed Rotary Engineering Ltd said its net profit after tax and minority interest (PATMI) dropped 11% from S$31.6 million to S$28.1 million for the first nine months of the year. Its revenue were up 9% to S$404.9 million over the same period last year. (US$1=S$1.38). For the third quarter, its...

(EnergyAsia, November 19, Thursday) — China’s second-largest refiner, PetroChina, has accelerated its oil storage tank building programme, adding 1.5 million cubic meters or about 9.5 million barrels of product capacity in the first nine months of this year. In the same period, the subsidiary of state-owned oil and gas giant CNPC also completed preliminary work...

(EnergyAsia, November 19, Thursday) — Finland’s Wartsila said it played a key role in building Nishat Power Ltd’s new 200MW power plant at Jambar Kalan in Pakistan’s District of Kasur. Wartsila said it was responsible for the plant’s engineering, procurement and project management, which included supplying 11 Wartsila 18V46 generating sets, each with a rated...

(EnergyAsia, November 19, Wednesday) — Leaders of the world’s main economies have dashed hopes for a climate deal to be reached at next month’s global summit of 192 countries in Copenhagen, Denmark. At last week’s Asia Pacific Economic Cooperation meeting in Singapore, the US spoke for the world’s leading polluters when it said it would...

(EnergyAsia, November 18, Wednesday) — Saudi Aramco and Japan’s Sumitomo Chemical have completed the first phase of their joint petrochemical complex in the Red Sea port city of Rabigh. The partners upgraded and expanded Aramco’s existing Rabigh oil refinery. Aramco will supply the crude oil, ethane and butane feedstock, and will market the plant’s refined...

(EnergyAsia, November 18, Wednesday) — One of India’s worst oil disasters at an Indian Oil Corporation storage depot in Rajasthan state has caused the death of 12 people and injured at least 200 people. On October 29, a massive fire broke out at the Sitapura industrial area on the outskirts of Jaipur city, causing an...

(EnergyAsia, November 18, Wednesday) — Indian state-run firms have formed a special purpose vehicle to invest in overseas coal resources to meet the country’s rising demand for the fuel. Coal Minister Sriprakash Jaiswal said that Coal India, Steel Authority of India, steel firm Rashtriya Ispan Nigam and National Mineral Development Corp have established International Coal...

(EnergyAsia, November 18, Wednesday) — Downstream oil company Longwei Petroleum Investment Holding Ltd said it has raised $14.8 million from a private placement to finance the construction of an oil depot facility in Gujiao City in China’s Shanxi province The Taiyuan, Shanxi-based company said it sold 13.5 million series A convertible preferred shares and warrants...

(EnergyAsia, November 18, Wednesday) — Singapore’s Sembcorp Marine said it achieved a record net profit of S$145 million for its third quarter with revenue surging 33% to S$1,520 million compared with the same period last year. (US$1=S$1.38). On a nine-month basis, its turnover was up 27% to S$4,382 million while operating profit rose 43% to...

(EnergyAsia, November 18, Wednesday) — Saudi Aramco and its joint venture partners, Fujian province, Sinopec and ExxonMobil, last week celebrated the full commercial operation of their integrated refining and ethylene joint venture project in Fujian province in China. The complex is China’s first integrated refining and petrochemical facility with foreign participation. The consortium has tripled...

(EnergyAsia, November 17, Tuesday) — The consortium developing Papua New Guinea’s natural gas reserves has signed a long-term contract to export two million tonnes of liquefied natural gas (LNG) to China. The ExxonMobil-led PNG LNG group said it signed a heads of agreement with Unipec Asia Co Ltd, a subsidiary of China Petroleum & Chemical...

(EnergyAsia, November 17, Tuesday) — Oil prices are likely to stay supported despite fears of rising stockbuilds in crude and products around the world, said broking firm Newedge. Persistently strong oil prices, ironically, have attracted continued buying, aided by the growing belief that the world economy has bottomed out after last year’s crash and expectations...

(EnergyAsia, November 17, Tuesday) — BP and China National Petroleum Corporation (CNPC) said they have signed a technical service contract with Iraq’s state-owned South Oil Company (SOC) to expand production from the Rumaila oilfield, near Basra in southern Iraq. The signing follows the partners’ successful bid for contract in Baghdad in June. The consortium led...