(EnergyAsia, February 26, Thursday) — State-owned Development Bank of the Philippines (DBP) said it has signed a memorandum of understanding (MOU) with Constellation Energy Corporation, Foundation Markets and Enerasia Renewable Corporation to explore possible joint undertakings in the development of viable new and renewable energy (NRE) projects in the country.DBP president and CEO Reynaldo G....
(EnergyAsia, February 26, Thursday) — Continued investment spending by Middle Eastern oil exporters is cushioning the impact of the global financial crisis on the entire region, said the International Monetary Fund (IMF).Speaking in Dubai recently, IMF Middle East and Central Asia Department Director Masood Ahmed said the economies of the Middle East, North Africa, Afghanistan...
(EnergyAsia, February 26, Thursday) —- Engineering giant Foster Wheeler AG said that its Milan-based subsidiary, Foster Wheeler Italiana SpA, has been awarded a contract for the front-end engineering design (FEED) and technical services for a new gasification island, based on Shell technology, in South Korea. The contract was awarded by Doosan Heavy Industries & Construction...
(EnergyAsia, February 26, Thursday) — Australia’s science and technology agency CSIRO has launched a trial as a member of the Victorian Organic Solar Cell Consortium (VICOSC) to develop flexible, large area and cost-effective printable plastic solar cells.The three year A$12 million VICOSC solar cell project is 50% funded by the Victoria state government through an...
(EnergyAsia, February 26, Thursday) — US major Chevron Corp said its seven-well exploration and appraisal programme for the Wheatstone and Iago fields in northwest Australia has proved that they hold enough natural gas reserves to support a two-train Wheatstone liquefied natural gas (LNG) and domestic gas project.In late 2008, Chevron had announced plans to locate...
(EnergyAsia, February 26, Thursday) — Downstream company Caltex Australia Ltd said plunging oil prices and production sank its 2008 net profit fell by 95% to A$34 million from A$646 million in 2007. (US$1=A$1.55). The unplanned shutdown of its two refineries knocked 10% off its production of gasoline, diesel and jet fuel. World oil prices plunged...
(EnergyAsia, February 25, Wednesday) — Russia’s Sakhalin Energy aims to produce six million tonnes of liquefied natural gas (LNG) from its new export terminal on the Russian Far East island in this year. According to the Russian energy ministry, the terminal, which starts up next month with a first export cargo, would operate at around...
(EnergyAsia, February 25, Wednesday) — Shell Guam, a unit of the Anglo Dutch major, said it is selling its four-million-barrel oil storage terminal in Agat to Tristar Terminals Guam Inc. The sale is expected to be completed in a few months, subject to administrative and permit requirements. While citing Guam’s “good long-term prospects”, Shell said...
(EnergyAsia, February 25, Wednesday) — World oil output could fall by as much as 30 million b/d by 2015, analysts at Merrill Lynch said. In a special report, the world will have to deal with sharply lower oil supplies as a result of declining production rates, the rapid depletion of older fields, low investment levels...
(EnergyAsia, February 25, Wednesday) — OPEC member countries have delayed developing at least 35 projects to raise oil production in response to current weak market conditions. The cartel’s secretary general Abdullah al-Badri said the recent sharp plunge in oil prices, weakening demand and the global credit crisis have dampened members’ interest in expanding capacity. Oil...
(EnergyAsia, February 25, Wednesday) — State energy firm Korea National Oil Corp (KNOC) expects to land a contract for a massive oil project in Iraq. The company said it would work alone on the eight oil blocks in Iraq’s northern Kurdish region after failing to after efforts at forming a consortium with other Korean companies...
(EnergyAsia, February 25, Wednesday) — Singapore-listed Federal International (2000) Ltd last week announced that it had won a US$64.4 million contract with First Calgary Petroleums Ltd–Sonatrach Spa (FCP-Sonatrach) for a 428-km line pipe for the development of the Menzel Ledjmet East oil and gas field in Algeria. Federal, a service and procurement specialist provider for...
(EnergyAsia, February 25, Wednesday) — Three Japanese firms, Mitsubishi Heavy Industries Ltd (MHI), Mitsubishi Materials Corp (MMC) and Mitsubishi Corp (MC), and France’s Areva have signed an agreement to jointly establish a new company to provide nuclear fuel fabrication services. The yet-to-be-named company will provide nuclear fuel fabrication services, development, design, manufacturing and sales services....
(EnergyAsia, February 25, Wednesday) — Suntech Power Holdings Co Ltd, a world leading manufacturer of photovoltaic (PV) cells and modules, said it recently paid $8.1 million for a minority stake in Asia Silicon Co Ltd. Earlier, Suntech has entered into an agreement to purchase high purity polysilicon from Asia Silicon for up to $1.5 billion...
(EnergyAsia, February 25, Wednesday) — China’s patient pursuit of a long-term oil supply deal with Russia has paid off as cash-strapped Moscow agreed last week to provide 300,000 b/d for 20 years in exchange for an urgent $25-billion loan. The deal, the largest energy transaction between the two countries, was hailed as a major breakthrough...
(EnergyAsia, February 24, Tuesday) — Thailand’s state energy firm Thai Oil said it has shelved plans to upgrade its oil refinery due to the impact of the global economic slowdown. The company faces difficulty raising capital for its proposed US$2 billion upgrade, and has no guarantee the investment will pay off in view of reduced...
(EnergyAsia, February 24, Tuesday) — World oil production will soon peak at 89 around million b/d, the CEO of French oil major Total said. According to Christophe de Margerie’s latest pronouncement, the world will not be able to produce more than 89 million b/d, down sharply from his earlier forecasts for a 93 million b/d...
(EnergAsia, February 24, Tuesday) — GE Energy said it has signed a contract worth nearly $1 billion to supply more than 30 Frame 7EA gas turbines for the Saudi Electricity Company’s (SEC) Riyadh Power Plant 10 (PP10). This project, the latest in a series of GE contracts for SEC power projects, will add 2,000 megawatts...
(EnergyAsia, February 24, Tuesday) — Malaysia’s Johor state government said it has set aside nearly 405 hectares of land in Kota Tinggi town for the construction of a multi-billion-ringgit downstream oil complex. The project will consist of oil storage and blending facilities to be developed by a consortium involving a local and a US company,...
(EnergyAsia, February 24, Tuesday) — Finland’s Wartsila and Japan’s Mitsubishi Heavy Industries Ltd (MHI) said they have signed a 10-year renewal of an existing co-operation agreement for the sale, manufacture and servicing of Wartsila’s low-speed marine diesel engines. Mitsubishi is the longest-standing member of the Wartsila family of low-speed engine licensees. The renewal was signed...
(EnergyAsia, February 24, Tuesday) — The build-up of oil stocks in offshore floating structures and vessels is putting a lid on world oil prices, said traders and analysts. They estimate that traders have built up more than 80 million barrels of crude oil in tankers in the US Gulf and elsewhere in anticipation of higher...
(EnergyAsia, February 24, Tuesday) — With the signing of five landmark infrastructure deals earlier this month, China has positioned itself to play a larger role in the economy of oil-rich Saudi Arabia. The deals, including a $1.8-billion mono-rail project, were signed during President Hu Jintao’s visit to the kingdom. The other agreements covered energy, mining,...
(EnergyAsia, February 24, Tuesday) — The race between demand destruction and supply reduction will largely set the direction for where oil markets are headed this year. For now, demand destruction is winning, pushing WTI crude prices down to around $40 per barrel. For more than nine months last year, WTI held above US$100, peaking at...
(EnergyAsia, February 24, Tuesday) — Swiss-based Vitol Group, one of the world’s largest physical oil trading conglomerates, earlier this month announced that it has divested its 10% stake in Vopak Horizon Fujairah Ltd (VHFL) which owns a 1.5-million-cubic metre oil storage facility in Fujairah, UAE. Vitol said it realised an “attractive return” from the sale...
(EnergyAsia, February 24, Tuesday) — President Dmitry Medvedev has launched Russia’s first liquefied natural gas (LNG) plant built by Sakhalin Energy Investment Company Limited (Sakhalin Energy). The LNG plant is the heart of the Sakhalin II Project, one of the largest integrated oil and gas projects in the world. The innovative and challenging Sakhalin II...