(EnergyAsia, June 22, Monday) — Bosicor Pakistan Limited said it will be investing $500 million in downstream projects over the next two years to become a leading oil company in the country. At a media briefing, chairman Amir Abassciy said Bosico will expand its refining capacity as well as invest in oil storage and petrochemical...
(EnergyAsia, June 22, Monday) — The Asian Development Bank (ADB) has launched an “Energy for All Partnership” that aims to provide access to modern energy to an additional 100 million people in the Asia-Pacific region by 2015. More than 800 million people in the region have no access to energy, and nearly 1.8 billion people...
(EnergyAsia, June 19, Friday) — US ConocoPhillips, state KazMunayGas (KMG) of Kazakhstan and Abu Dhabi’s Mubadala Development Company PJSC have signed agreements to jointly explore and develop the Nursultan Block located in offshore Kazakhstan. KMG will hold a 51% interest in the subsoil use contract with the remaining 49% shared equally between ConocoPhillips and Mubadala....
(EnergyAsia, June 19, Friday) — The world’s proved oil reserves fell by 0.24% last year for its first drop in a decade, said UK major BP. Reduced reserves in Russia, Norway and China more than offset increases in Vietnam, India and Egypt to pull down global proved reserves fell by three billion to 1.258 trillion...
(EnergyAsia, June 19, Friday) — Indonesian coal miner PT Tambang Batubara Bukit Asam is targeting to raise revenues by 20% this year. The increase would be the result of improved coal prices, as well as higher sales volumes, officials said. Last year, it reported revenues of 7.216 trillion rupiah, compared with 4.12 trillion rupiah in...
(EnergyAsia, June 19, Friday) — In a momentous shift in history, the developing world led by China has overtaken OECD nations in the consumption of primary energy for the first time, said BP’s latest statistical review, reflecting on last year’s market. It was turbulent year as oil prices first rose to record highs as economic...
(EnergyAsia, June 19, Friday) — Australian mining giant BHP Billiton said it will retrench the entire 450 workforce at the Haju coal mine in Central Kalimantan in Indonesia after deciding it did not fit with the company’s long-term investment strategy. The closure will also cause 250 contractors to lose their jobs. BHP Billiton said it...
(EnergyAsia, June 19, Friday) — Indonesia is expected to produce 240 million tonnes of coal this year, about 9% to 9.6% below earlier forecast of 260 to 265 million tonnes. Coal company executives and analysts cited slowing demand in explaining the shortfall. In the first quarter, exports fell by over 11% to around 45 million...
(EnergyAsia, June 19, Friday) — China has begun building a pipeline to import crude oil to its northeastern region from Russia’s Siberian city of Skovorodino. The 960-km pipeline will carry Russian crude oil to refineries in China’s oil hub of Daqing city in Heilongjiang province. Russia has committed to supplying 15 million tonnes per year...
(EnergyAsia, June 19, Friday) — The world airlines industry will lose US$9 billion this year after dropping $10.4 billion in 2008, said the International Air Transport Association (IATA). Last year was a tale of two halves, with skyrocketing oil prices dominating the first six months and global recession and economic collapse the story of the...
(EnergyAsia, June 18, Thursday) — Thailand’s state energy firm, PTT, expects to report improved first-quarter results with oil prices now firmly recovered off their lows from last December. In the fourth quarter of 2008, PTT suffered a 22 billion baht loss. (US$1= 34baht). Oil prices have more than doubled since then as government stimulus measures...
(EnergyAsia, June 18, Thursday) — India should aim to become an international oil storage hub, building on its role as a regional refining hub, said a top energy official. Oil secretary RS Pandey said India should attract international traders and oil producing countries to invest in crude oil storage terminals. This would give India access...
(EnergyAsia, June 18, Thursday) — Indian officials have expressed their concern with China’s role in the Sri Lankan government’s recent military defeat of the 26-year-old Tamil separatist rebellion. India is worried that China’s decisive support for Colombo is part of a long-term strategy to extend its political and military influence in the Indian Ocean. Sri...
(EnergyAsia, June 18, Thursday) — World crude oil prices continued to advance last week, marching past the psychologically significant $70 per barrel level, a more than doubling in value in just four months, said oil media Platts. Benchmark crude oil prices WTI and Brent peaked last Thursday at $72.68 per barrel and $71.79 per barrel....
(EnergyAsia, June 18, Thursday) — China National Aviation Fuel Group Corp said it will be building new oil products tanks in Shanghai city, adding 140,000 cubic metres of capacity by 2010, and 300,000 cubic metres two years later. The company has had to relocate its fuel storage terminal operations from Longhua in southwest Shanghai for...
(EnergyAsia, June 18, Thursday) — Silver Spring Networks, a leading smart grid network solutions company, said it has been selected by electrical distributors CitiPower and Powercor Australia to provide the network to support the rollout of a government-mandated advanced metering infrastructure (AMI) programme. Silver Spring Networks will provide network infrastructure, devices, software and a variety...
(EnergyAsia, June 18, Thursday) — BHP Billiton, the world’s largest mining company, said it will reduce its annual metallurgical coking coal prices for 2009 by 58% in response to falling demand from steelmaking customers. The Melbourne, Australia-based firm said it has concluded contracts with key global customers, which include Nippon Steel Corp. and JFE Holdings...
(EnergyAsia, June 17, Wednesday) — The World Bank has downgraded its forecast for the global economy this year, predicting it will contract by 3% as opposed to the previous -1.7% estimate, and poor countries will take the brunt of “multiple waves of economic stress”. Painting an increasingly bleak picture, World Bank Group President Robert B....
(EnergyAsia, June 17, Wednesday) — Countries seeking to increase the use of renewable energy sources for generating electricity will have to overcome the same costly challenge now faced by the UK. The country must upgrade its ageing national electricity grid to cope with the large quantity of electricity generated by wind, wave and solar energy....
(EnergyAsia, June 17, Wednesday) — Chinese wind turbine manufacturer, Xinjiang Goldwind, has won a contract to supply a 750 kilowatt (KW) wind turbine to the Dabancheng wind power project. Xinjiang Wind Energy Liability Co Ltd, the largest shareholder of the project, awarded the contract for the RMB147 million project. (U$1 = RMB6.82). In related news,...
(EnergyAsia, June 17, Wednesday) — Indonesia’s state power utility, PT PLN expects its coal consumption to rise more than 30% to 30 million tonnes next year as it starts up several large power plants. PLN President Director Fahmi Mochtar told the recent Coaltrans Asia conference in Bali that it will hasten the construction of 10,000MW...
(EnergyAsia, June 17, Wednesday) — Keppel Shipyard, a unit of Singapore’s Keppel Offshore & Marine Limited, said it will build a safety training complex dedicated to further equip its entire 14,000 workforce with safety knowledge and competencies. The plan, probably long overdue, was unveiled at the launch of Keppel Group’s “Safety Starts with Me –...
(EnergyAsia, June 17, Wednesday) — Papua New Guinea’s Petromin has enlisted China National Offshore Oil Corporation (CNOOC) to help with the financing and development of a planned liquefied natural gas (LNG) project. Petromin, Papua New Guinea’s national oil and mining firm, holds a stake in the Liquid Nuigini gas field and associated LNG project. The...
(EnergyAsia, June 17, Wednesday) — Yantai Raffles Shipyard Limited (YRS), the largest builder of semi-submersible drilling rigs in China, said its net profit fell by 25.1% to S$26.9 million last year. (US$1=S$1.45). It attributed the decline to provision for losses of S$10.8million sale investments, net foreign exchange losses of S$11 million and S$30.9 million of...
(EnergyAsia, June 17, Wednesday) — The developer of the first eco-business park in China’s Tianjin city said it expects to create over 15,000 white-collar jobs and attract RMB2 billion worth of investments when the project is fully developed by 2015. (US$1=RMB6.82). Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) said several Singapore companies have...