(EnergyAsia, May 29 2013, Wednesday) — The Philippines’ main oil refining and retailing company said it has started building storage facilities in three provinces to support growing local fuel demand as it prepares for the eventual closure of the country’s traditional storage and distribution hub in Pandacan in Manila city. Petron Corp expects to complete...

(EnergyAsia, May 29 2013, Wednesday) — China’s April oil demand rose by 2.1% to 9.66 million b/d, or 39.54 million metric tonnes, its lowest level last August, said US energy media Platts. In an analysis of just-released official government data, Platts said Chinese oil consumption fell compared with March’s average of 9.77 million b/d. For the...

(EnergyAsia, May 28 2013, Tuesday) — Saudi Arabia’s economy will face headwinds over the next two years on account of lower oil production, rising inflation and reduced fiscal and current account surpluses, said the International Monetary Fund (IMF). The kingdom’s GDP growth is expected to slide to 4.4% this year and 4.2% in 2014 after...

(EnergyAsia, May 28 2013, Tuesday) — Canada’s Federal Court has ruled on several points in favour of a government decision to allow a coal mining company to hire 201 temporary foreign workers from China deemed to have special skills not available among Canadians. The decision brought to a close a high-profile bitter battle brought on...

(EnergyAsia, May 27 2013, Monday) — Papua New Guinea’s vision for an export-oriented liquefied natural gas (LNG) industry has been further enhanced by Exxon Mobil’s interest to expand its presence following on Osaka Gas’s decision to pay US$204 million for a 40% stake in natural gas assets. Exxon Mobil, which expects to start exporting LNG...

(EnergyAsia, May 23 2013, Thursday) — Citadel Capital, an Egypt-based leading investment company in Africa and the Middle East, said its subsidiary, Mashreq Petroleum, has secured a 25-year concession agreement to build and operate an independent oil storage terminal in the Suez Canal, making it the first in the country. Mashreq Petroleum’s agreement with the...

(EnergyAsia, May 23 2013, Thursday) — The US Energy Information Administration (EIA) has slashed its forecasts for global oil demand growth over the next two years amid signs of slower economic growth in China, India and emerging Asia and possible further weakening in the Euro-zone. In its latest May forecast, the EIA expects world oil...

(EnergyAsia, May 22 2013, Wednesday) — Russian upstream company Rosneft will build on two major agreements with ExxonMobil and Japanese trader Marubeni last month to become a global liquefied natural gas (LNG) company. With the open support of Russian President Vladimir Putin, Rosneft and ExxonMobil unveiled plans for a US$15 billion plan to develop and...

(EnergyAsia, May 22 2013, Wednesday) — The world’s oil demand will grow by a total of 6.1 million b/d between 2013 and 2017 for an annual average gain of 1.22 million b/d, predicts the International Energy Agency (IEA). The size of increase over the five-year period represents a significant mark-up over the agency’s recent forecasts...

(EnergyAsia, May 22 2013, Wednesday) — Boosted largely by North America’s surge, oil production outside of the Organisation of Petroleum Exporting Countries (OPEC) is expected to rise by 980,000 b/d to 53.96 million b/d in 2013, the cartel said. In its latest monthly report for May, OPEC said North America’s oil production would account for...

(EnergyAsia, May 21 2013, Tuesday) — China is expected to add 245 million barrels of new capacity to its strategic oil stockpile building programme by 2015, lending support to the global markets, said the International Energy Agency (IEA). In an earlier forecast last year, the Paris-based agency had expected the world’s second largest oil consumer...

(EnergyAsia, May 21 2013, Tuesday) — Malaysia, the world’s second largest liquefied natural gas (LNG) exporter, has allocated RM8.1 billion to expand its first import and regasification terminal in the western Malacca state over the next five years. (US$1=RM3). Faced with rising domestic energy demand, state-owned Petronas has found itself in a curious position to...

(EnergyAsia, May 21 2013, Tuesday) — Sinopec Engineering, a unit of China’s largest oil refiner, raised HK$13.944 billion or nearly US$1.8 billion by selling 1.328 billion shares in an initial public offering in Hong Kong last week. (US$1=HK$7.76). Priced at HK$10.50 each, shares of the engineering and construction company were 29 times subscribed, with retailer...

(EnergyAsia, May 20 2013, Monday) — Japan could be importing lower cost liquefied natural gas (LNG) from the US as early as 2017 following the Department of Energy’s latest decision to approve additional exports to friendly countries that do not have free trade agreements with Washington DC. The department announced last week that it had...

(EnergyAsia, May 20 2013, Monday) — China National Petroleum Corp (CNPC) will expand the capacity of its Third West-East gas pipeline when it completes an 817-km link with the capacity to carry 15 billion cubic metres of natural gas a year. The company said it began building the 13.4-billion yuan pipeline linking Ji’an city in...

(EnergyAsia, May 17 2013, Friday) — Iran Oil Terminal Company (IOTC) said it plans to build a 20-million-barrel oil storage terminal in Jusk on the coast of the Oman Sea. Managing director Seyyed Priouz Mousavi said the company has completed engineering studies on what would be Iran’s second largest oil terminal if it succeeds in...

(EnergyAsia, May 17 2013, Friday) — India’s leading state upstream company ONGC is steeling itself for defeat in its bid to acquire oil and gas stakes in Kazakhstan and Mozambique. The debt-laden company appears to be losing New Delhi’s support for its proposed US$5 billion take-out of ConocoPhillips’ 8.4% stake in the giant Kashagan oil...

(EnergyAsia, May 16 2013, Thursday) — The Sri Lankan government is seeking local participation in the operation of the increasingly important Trincomalee oil storage terminal in the northeastern corner of the island. Indian Oil Corp bought a one-third stake in Ceylon Petroleum Storage Terminals Ltd in 2003 on the understanding that its subsidiary, Lanka IOC...

(EnergyAsia, May 16 2013, Thursday) — China is preparing to import more oil from Mexico and Kazakhstan, and natural gas from Turkmenistan. Mexico’s state-owned Pemex last month signed a two-year agreement with Sinopec for the supply of 30,000 b/d of crude oil, while CNPC will raise oil imports from Kazakhstan’s KazMunaiGas and natural gas from...

(EnergyAsia, May 15 2013, Wednesday) — The US government has more than doubled its estimate of the size of undiscovered technically recoverable shale oil reserves as well as tripled those of natural gas and natural gas liquids in the nation’s central northwestern region. The US Geological Survey (USGS) said the region holds 7.38 billion barrels...

(EnergyAsia, May 15 2013, Wednesday) — The Chinese government has ordered the of shut-down of all coal mining operations in southwestern Sichuan province after an explosion at the Taozigou mine killed 28 workrs and injured 18 others. The incident underlines the poor safety record at Chinese coal mines which has prompted the provincial government to...

(EnergyAsia, May 14 2013, Tuesday) — The Indian government has agreed to a further sale of its Coal India Limited (CIL) shares, paring down its holding from 90% to 80%. An Inter-Ministerial Group (IMG) has approved the sale of more than 600 million shares that it hopes will contribute at least 180 billion rupees to...

(EnergyAsia, May 14 2013, Tuesday) — The Australian Coal Association (ACA) has accused Greenpeace of threatening the nation’s economy and future prosperity by trying to destroy the coal industry In hitting out at the green lobby’s “unrelenting campaign” which includes civil disobedience, Nikki Williams, said “the Australian people have not given Greenpeace a veto over...

(EnergyAsia, May 13 2013, Monday) — India’s coal-induced energy crisis is evolving into a political disaster for the ruling Congress Party after two Cabinet ministers resigned over corruption issues. Law Minister Ashwani Kumar was put to the sword after allegations he had tried to influence a key report by the Central Bureau of Investigation (CBI)...

(EnergyAsia, May 13 2013, Monday) — South Korea’s Samsung C&T Corp said it has secured a US$483 million order from the Mongolia Railway Authority to build a network of 217 km of rail infrastructure that will largely serve the coal industry in the landlocked country bordering Russia and China. Samsung C&T said the infrastructure comprising...