(EnergyAsia, June 3, Tuesday) — Abu Dhabi’s investment arm Mubadala Development Company said it is expanding into Southeast Asia’s oil and gas sector after completing the takeover of upstream company Pearl Energy from Aabar Petroleum last month. The transaction is part of Mubadala’s strategy to become an active operator in the international exploration, production...
(EnergyAsia, June 2, Monday) — The decline in Saudi crude production can now be added to the growing list of reasons to explain why oil prices have more than doubled since early last year. Saudi Aramco, the world’s largest state-owned oil company, said its crude output fell by a significant 4.3% to around 3.11...
(EnergyAsia, June 2, Monday) — India’s Tata Power is making a US$500 million investment into shipping to try control logistic costs and increase its flexibility in obtaining coal supply for its power plants. A Tata-controlled Singapore-based special purpose vehicle, TPC Energy Asia, is currently preparing to buy or charter nine ships to transport coal...
(EnergyAsia, June 2, Monday) — PetroChina Company Ltd said it has promoted executive director Zhou Jiping, 51, to president and vice-chairman. Jiang Jiemin, the former president, retains his post as chairman. Mr Zhou, an upstream veteran with 25 years of experience, has spearheaded the company’s overseas expansion. Zhao Zhengzhang, formerly general manager of PetroChina’s...
(EnergyAsia, June 2, Monday) — Goh Chye Boon has been named CEO of the Sino-Singapore Tianjin Eco-City (SSTEC), the joint venture company between Singapore and Chinese consortiums building a sustainable city in the industrial city of Tianjin. His appointment was announced by Keppel Corporation, the leader of the Singapore consortium. Mr Goh was the...
(EnergyAsia, June 2, Monday) — Following a worldwide tender process, Santos said it has chosen Malaysia’s state energy company, Petronas, one of the world’s largest LNG producers, to be its 40% partner in the development, operation and marketing of the company’s proposed Gladstone LNG (GLNGTM) project. Petronas said it will make an initial cash...
(EnergyAsia, June 2, Monday) — The UK has launched a training institute to help address the oil and gas industry’s long-term demand for skills in the North Sea and beyond. The dedicated oil and gas academy is the result of the merger of oil and skills body, OPITO, and the Offshore Training Foundation. For...
(EnergyAsia, June 2, Monday) — Ocean Power Technologies (Australasia) Pty Ltd (OPTA), a subsidiary of Ocean Power Technologies Inc (OPT), and Griffin Wave Power Ltd, a subsidiary of Griffin Energy Pty Ltd, said they have agreed to jointly develop, construct and operate a wave power station off the coast of Western Australia state. Griffin...
(EnergyAsia, June 2, Monday) — Australia’s Origin Energy Limited said it has rejected an improved takeover offer of A$13.6 billion from UK’s BG Group plc. The latest offer values Origin at A$15.50 per share, up from A$14.70 previously. (US$1=A$1.04). Since receipt of the first proposal on April 29, Origin said it has commissioned advice...
(EnergyAsia, May 30, Friday) — Singapore-listed marine fuels company Chemoil said its first quarter net profit fell by around 87% to US$2.32 million despite a strong surge in revenue and sales volume compared with the same period last year. The company attributed the profit decline to a worldwide drop in marine fuel prices in January...
(EnergyAsia, May 30, Friday) — China National Petroleum Corp’s (CNPC) has agreed with Nippon Oil to use spare capacity at the Japanese refiner to make oil products for the growing Chinese market. The deal includes giving CNPC access to Nippon Oil’s 115,000 b/d refinery in Osaka. If everything goes to plan, CNPC will, from April...
(EnergyAsia, May 30, Friday) — Iran’s national tanker company, NITC, has booked another 270,000-ton Very Large Crude Carrier (VLCC) supertanker to store its crude oil. The country already has 13 VLCC with a floating storage capacity of over 28 million barrels of oil. However, Iran is reportedly seeking additional tankers to add to its floating...
(EnergyAsia, May 30, Friday) — India’s northern states are beginning to experience diesel shortages, with downstream oil firm Bharat Petroleum reporting growing delays in supplying its retail outlets. The shortages have coincided with the arrival of more diesel-powered vehicles on the roads and growing demand from industry which is using diesel as a cheaper alternative...
(EnergyAsia, May 30, Friday) — The International Air Transport Association (IATA) said world air traffic growth continues to slow under the weight of rising fuel prices and weak economic conditions. Air passenger demand in March increased 5.8% with load factors at 77.7% while freight traffic grew 3.2% compared to the same month in the previous...
(EnergyAsia, May 30, Friday) — Forced to sell fuel at below market prices, India’s state-owned oil retailers warn they will run out of money to pay for crude imports as early as July unless the government allows them to sharply raise prices. The government has long ignored the industry’s warnings for years that they cannot...
(EnergyAsia, May 30, Friday) — IndianOil Corp (IOC) said a refining subsidiary, CPCL, has reported an “impressive” financial performance for the financial year ending March 31 2008. CPCL said its FY2007 net after-tax profit rose by nearly 99% to Rs.11.23 billion compared with Rs5.65 billion the previous year. (US$1=Rs42). Revenue rose by more than 12%...
(EnergyAsia, May 30, Friday) — China’s Trina Solar said it has signed a long-term polysilicon supply agreement with Jupiter Corporation Ltd, an affiliate of DTK Industries (Qingdao) Co Ltd. Qingdao DTK will supply Trina Solar with virgin polysilicon sufficient to produce approximately 650 MW of solar modules in aggregate over six years. Delivery of polysilicon...
(EnergyAsia, May 29, Thursday) — The Vietnamese government has issued a licence to a Kuwaiti-Japanese joint venture that is planning to build a US$6.2 billion refinery in the country. The 200,000 b/d plant, due to start up in 2013, will be located in the Nghi Son Economic Zone in the northern province of Thanh Hoa,...
(EnergyAsia, May 29, Thursday) — Thai Oil, Thailand’s largest refiner, suffered a 35% drop in first-quarter profit, pulled down by its petrochemicals business and lower refining margins at its 275,000 b/d plant. First-quarter profit was 3.87 billion baht, down from 5.9 billion baht in the 2007 first quarter (US$1 = Baht31.14). A shutdown at its...
(EnergyAsia, May 29, Thursday) — The Sri Lankan government has confirmed it will not let retail fuel prices rise to reflect the increasing cost of crude oil on the world markets. Oil companies led by state-owned downstream player Ceylon Petroleum Corporation (CPC) will be forced to write off large losses. So far this year, CPC...
(EnergyAsia, May 29, Thursday) — Malaysia’s estimated oil reserves of three billion barrels could run out in about 10 years on current production and consumption trends, putting pressure on the government to make much better use of oil revenues while they last. Seeking to raise domestic oil prices as they are now heavily subsidised, Domestic...
(EnergyAsia, May 29, Thursday) — Kuwait National Petroleum Company (KNPC) plans to invest up to 5 billion dinars to upgrade and expand two of its refineries. (US$1=0.26 dinar). The company is due to launch tenders calling for upgrading the Mina Abdullah and Mina Al-Ahmadi refineries this August. KNPC aims to add 200,000 b/d of capacities...
(EnergyAsia, May 29, Thursday) — India could soon face a nationwide fuel supply squeeze as cash-strapped oil retailers are planning to reduce sales to limit losses in the country’s price-controlled market. Under orders from the government not to raise retail prices, the country’s main downstream companies IOC, HPCL and BPCL are threatening to reduce supplies...
(EnergyAsia, May 29, Thursday) — Technip, Chiyoda and Fluor said their Australian joint venture, known as TCF, has been awarded by Woodside Energy Ltd (WEL) services contracts to build two proposed liquefied natural gas (LNG) developments in Australia. The two separate contracts cover an onshore plant development study, as part of the selection process of...
(EnergyAsia, May 29, Thursday) — ExxonMobil could be looking to sell off an oil refinery, a chain of about 800 retail outlets, two fuel terminals and part of its marketing business in Australia. According to local media reports, the US major had been in talks with Anglo Dutch Shell in recent months to take over...