(EnergyAsia, April 28, Monday) — South Korean oil company SK Energy said it has completed the building of a 60,000 b/d residue fluid catalytic cracking (RFCC) unit, raising its upgrading capacity to 162,000 b/d. Built at a cost of two trillion won, the new unit will produce gasoline and diesel from high-sulphur fuel oil when...
(EnergyAsia, April 28, Monday) — Dubai Supply Authority (DUSUP) said it will develop a floating liquefied natural gas regasification facility at the DP World Jebel Ali Terminal. The agency added that it has appointed Royal Dutch Shell as adviser, project manager and main LNG supplier when the terminal starts up in 2010. The new facility...
(EnergyAsia, April 25, Friday) — Nasdaq-listed A-Power Energy Generation Systems Ltd said it has signed a contract with National Power Supply Co Ltd, a subsidiary of Advance Agro Public Co Ltd, a large Thai-based conglomerate, to develop a 300 MW distributed power generation system worth $150 million for a large paper mill project located about...
(EnergyAsia, April 25, Friday) — The UN Environment Programme has recognised seven individuals for their leading roles in the battle against global warming and encouraging the world economy to become greener and leaner. This year’s winners of the 2008 Champions of the Earth were honoured at a special event in Singapore. They include Prince Albert...
(EnergyAsia, April 25, Friday) — Singapore Petroleum Co Ltd said its first quarter net profit fell 121 to S$98.5 million quarterly net profit on total revenue of S$2.7 billion, which was 41% higher than the same quarter of 2007. (US$1=S$1.35). SPC said that rising oil prices appear not to have dampened demand for refined petroleum...
(EnergyAsia, April 25, Friday) — Singaporean motorists have been hit with another price hike at the pumps this week, with gasoline up an average S$0.03 and diesel S$0.05 a litre. The increases are the ninth consecutive climb since last July. Caltex began the latest round of increases on Tuesday and was soon followed by the...
(EnergyAsia, April 25, Friday) — Exxon Mobil plans to implement a US$400 million upgrade at its Thai Esso refinery at Chonburi with completion in 2011. Esso Thailand is also preparing to raise 14.3 billion baht in an initial public offering to reduce its debt load and take advantage of reduced taxes for companies that list...
(EnergyAsia, April 25, Friday) — Taiwan state oil company CPC has enough oil in reserves to supply the country’s fuel needs for two months. Its stockpiles of gasoline will last 64 days while it has enough diesel for 75 days of use. Taiwan’s demand for gasoline and diesel has continued to climb over the past...
(EnergyAsia, April 25, Friday) — Ceylon Petroleum Storage Terminals Ltd (CPST) is building up its capacity to serve the country’s growing bunker fuel market and to improve supplies to ships calling at Colombo port. As part of the expansion programme, five tanks at the diesel and kerosene tank farm at Muthurajawela north of Colombo are...
(EnergyAsia, April 25, Friday) — The Indonesian government is pegging its fuel subsidises for the current fiscal year’s revised state budget to Rp 127 trillion, almost triple the previous allocation of Rp 42 trillion.(US$1 = Rp9,100). The government said it has been forced to revise the allocation to adjust to soaring international oil prices. The...
(EnergyAsia, April 25, Friday) — Clean Globe International (CGI), a member of the oil spill response company Lamor Group, has expanded its operations in Russia by acquiring a 26% share in environmental services company Ecoshelf Ltd. Specialising in oil spill response, waste management and other environmental protection services, Ecoshelf Ltd is a 10 year old...
(EnergyAsia, April 24, Thursday) — India’s two largest private oil companies said they are planning to expand their refining capacities. Reliance Industries Limited (RIL) is looking to add another 34 million tonnes of capacity to its 33-million-tonne-per-year refining complex in Gujarat state. The investment would come on top of RIL’s plans to build a 27-million-tonne-per-year...
(EnergyAsia, April 24, Thursday) — AREVA T&D India said it has received orders to provide services and equipment for Essar Power’s power plant projects in Gujarat and Madhya Pradesh states in India. The projects have a total value of Rs4.80 billion. (US$1=Rs40). The orders were made by from Essar Constructions (India) Limited, said France’s AREVA....
(EnergyAsia, April 24, Thursday) — FSL Trust Management Pte Ltd said it has acquired two crude oil tankers from Turkey’s Geden Lines for a total of US$140 million. The vessels have been concurrently leased back to the seller for a lease term of 10 years. Geden is Turkey’s largest shipping company with a total of...
(EnergyAsia, April 24, Thursday) — Sinopec is planning to build a new 300,000 b/d refinery in Zhejiang province in eastern China. The project – still subject to approval by the central National Development and Reform Commission – will likely be built in conjunction with an ethylene cracker. Meanwhile, rival China National Offshore Oil Corp (CNOOC)...
(EnergyAsia, April 24, Thursday) — Using up to $100 million in seed capital, the Asian Development Bank (ADB) is helping to establish five private sector funds with a total target investment of up to $1.2 billion in clean energy projects in Asia. The MAP Clean Energy Fund, China Environment Fund III, GEF South Asia Clean...
(EnergyAsia, April 21) — Venezuela is considering the feasibility of investing in a massive refining-petrochemicals complex in India. The oil feedstock for the project could come from a 200,000 b/d field in Venezuela’s Orinoco region in which India’s upstream company ONGC Videsh expects to take a stake. Venezuela has claimed that its Orinoco heavy oil...
(EnergyAsia, April 24, Thursday) — The shipping industry is worried that an attack on a Japanese VLCC reportedly by a rocket propelled grenade launched from a small boat off the coast of Aden in Yemen could pose a new and disturbing threat to the world’s oil supply lines. On April 21, the NYK company said...
(EnergyAsia, April 24, Thursday) — Hongkong-based CLP said it recently celebrated the phase 1 completion of its Fangchenggang (FCG) power station in China’s Guanxi province. It is the first large-scale infrastructure power project completed since the announcement of the state-approved Beibu Gulf Economic Zone Development Plan. Being one of the largest foreign invested power projects...
(EnergyAsia, April 23, Wednesday) — The European Federation of Energy Traders (EFET) and globalCOAL said they have launched the publication of the EFET Coal Credit Annex on their company websites. The annex provides pro-forma documentation for credit enhancement of physical coal transactions conducted under the SCoTA® – globalCOAL’s Standard Coal Trading Agreement. The annex is...
(EnergyAsia, April 23, Wednesday) — The International Energy Agency (IEA) said it expects 2008 world oil demand to grow by 1.3 million b/d or 1.5% over last year. Total demand will rise to 87.2 million b/d, about 310,000 b/d lower than forecast last month due to the prospect of slower economic growth. The IEA said...
(EnergyAsia, April 23, Wednesday) — The Asian Development Bank (ADB) said it has disbursed a $200 million loan to support the privatisation of the state-owned Masinloc coal-fired power plant in the Philippines – which will promote competition in the electricity market and improve environmental standards. Located about 250 km north of Manila, the Masinloc plant...
(EnergyAsia, April 23, Wednesday) — Australia is set to import up to 70% of its refined fuel requirements by 2030, raising the spectre of energy security risks, said the managing director of Caltex. According to Des King, rising import volumes would lead to the shutdown of at least two of Australia’s seven refineries. ...
(EnergyAsia, April 23, Wednesday) — China National Petroleum Corp (CNPC) plans to run its refineries at full capacity to meet market demand during the second quarter. At the same time, the oil major will put off maintenance and reduce inventories to boost supplies. During the first quarter, CNPC said it boosted products output by 6%,...
(EnergyAsia, April 23, Wednesday) — Singapore-listed Straits Asia Resources (SAR) Limited said it will be split into two companies to separately focus on the coal and metals businesses. The decision came after Australia-listed majority shareholder, Straits Resources Limited (SRL), conducted a strategic review of its group structure, and concluded the split would “unlock value” for...