to tap the financial clout of sovereign wealth funds (SWFs) to help build a massive liquefied natural gas (LNG) project in Papua New Guinea (PNG). The consortium, which includes Australia’s Santos and PNG’s Oil Search Limited, could be seeking as much as $10 billion in debt funding to pay for construction, financing, interest and operating...

stakes in some oil refining and petrochemical projects in China, India and Vietnam. While it has expressed interest, KPC has also indicated there is no guarantee the talks will lead to a decision to invest. KPC is looking for partners to build integrated oil refining-petrochemical complexes. While confident about the prospects of such projects in...

double its oil refining capacity to more than 900,000 b/d with the construction of a new 417,000 b/d plant by 2013.   The project is still in the planning phase, with the engineering and design phase expected to be ready by a year from now. Its cost is still being studied.  Speaking at a recent...

Exchange has designated its petrochemical terminal at Nansha, Guangdong as a physical delivery storage facility for the settlement of fuel oil futures contracts. At the same time Platts, a leading international energy information supplier announced the plan to designate the Group’s 239,783-dwt floating storage unit (FSU), Titan Chios, located in Malaysian waters near Singapore, as...

and Tropicana Trading DMCC have signed an agreement to jointly invest in a US$200 million “world class” oil products storage facility at the Jebel Ali’s Techno Park in Dubai. With an initial 570,000 cubic metres capacity, the facility will store gasoline, gasoil, diesel, jet fuel and fuel oil, as well as offer blending services. Located...

There is no publication today due to a public holiday....

said it has formed a joint venture with its Indian distribution partner to establish a battery assembly and sales operation in Bangalore city. The joint venture has been approved by the Indian government and will be managed by its partner, B. R. Ganesh. The company will assemble Ultralife’s power solutions products and manage local sales...

been rising rapidly, driven by the region’s economic growth but by subsidies that encourage the wasteful use of energy. Oil giant Saudi Arabia has been forced to import refined oil products to meet demand. Its domestic demand surged 15.3% to reach 1.56 million b/d in 2007, according to Washington DC-based consultants PFC Energy. Since 2001,...

cargoes from western markets into the Far East were buyers are prepared to pay higher prices. Analysts estimate Qatar, the world’s largest LNG exporter, could divert as much as 25% of its LNG cargoes from the west to Asia. This could affect volumes of up to 15 tonnes per year by 2015. Spot LNG prices...

(EnergyAsia, March 20, Thursday) – Singapore’s marine fuel trader Chemoil Energy said it will add 500,000 to 600,000 cubic metres to its new jointly owned Middle East terminal in Fujairah by 2010. When completed, the terminal, a joint venture with Gulf Petroleum Supplies, will have the capacity to store 650,000 cubic metres. Chemoil is using...

joint operating agreement (CDOA) to develop a massive US$10 billion liquefied natural gas (LNG) project in Papua New Guinea. The agreement covers issues related to governance, upstream operations, pipeline arrangements and gas liquefaction.   The signatories include operator ExxonMobil (41.6%), Oil Search (34.1%), Santos (17.7%), AGL (3.6%), Nippon Oil (1.8%) and Landowner interests (1.2%). The...

company, Guizhou Puzheng Mining Co Ltd, with state-owned enterprise and integrated coal producer, Jianxi Province Coal Group Company. The new company will engage in the exploration and mining of coal and other mineral resources in Guizhou and other regions in the country. China Natural Resources owns 64% of the shares while Jianxi Province Coal holds...

Agency (WBREDA) said it will be setting up a solar energy park in the Purulia district. It is targeting to attract investments of between Rs6 billion and Rs8 billion over the next two years. The projects, to be built on 120 acres of land, will generate about 30 MW to 40 MW of power. WBREDA’s...

(EnergyAsia, March 19, Wednesday) — India’s petrochemical producers will favour buying naphtha from domestic oil refiners after the government imposed a new 5% import tax on the product from last month. The refiners are also expected to reduce their naphtha exports. For the fiscal year ended 31 March 2007, India’s naphtha exports soared 60% to...

(EnergyAsia, March 19, Wednesday) — Saudi Arabia’s state energy company Aramco is selling its 40% in the Philippines’ largest oil refiner, Petron Corp, to the London-based Ashmore investment group for 22.5 billion billion peso. (US$1=41 peso). At a time of world oil supply uncertainties and record prices, the sale is seen as a blow to...

(EnergyAsia, March 19, Wednesday) — India’s demand for liquefied petroleum gas (LPG) is projected to hit 11 million tonnes this year, up from 10.2 million tonnes in 2007. The product is sold at a subsidised price of Rs21 per kg for domestic users while industry has to pay Rs58 per kg (US$1=Rs40). This price difference...

(EnergyAsia, March 19, Wednesday) — India’s state Oil Industry Development Board (OIDB) will underwrite the entire cost of building the strategic storage of crude oil, said the Ministry of Petroleum and Natural Gas. In response to rising world oil prices, the Indian government announced its decision in September 2005 to establish the country’s first strategic...

(EnergyAsia, March 19, Wednesday) — As oil and gas prices stayed near record high levels, the newly elected South Korean government said it has cut fuel taxes by 10% to help keep the economy from stagnating. The tax cut will be effective from this month. The administration of recently elected President Lee Myung-bak also granted...

(EnergyAsia, March 19, Wednesday) — India, China and Brazil must intensify efforts to improve energy efficiency to avoid further explosive growth in their energy demand and greenhouse gas emissions over the next few years, said the World Bank. The bank reckons that the three countries alone will account for well over 40% of growth in...

(EnergyAsia, March 19, Wednesday) — US major Chevron Corporation said its subsidiary, Chevron Australia Pty Ltd, plans to develop a new liquefied natural gas (LNG) project, based on its 100%-owned Wheatstone natural gas discovery in Australia. Located on the northwest coast of mainland Australia, the facility will initially include at least one five-million-ton-per-year LNG production...

security, Taiwanese lawmakers are looking into legislation to end CPC’s monopoly on importing liquefied natural gas (LNG).   Taiwan is one of Asia’s third-biggest liquefied natural gas (LNG) buyers after Japan and South Korea. The new legislation would allow LNG customers such as Taiwan Power to lease terminal capacity from state-controlled CPC. Taiwan Power could...

emerging markets, said it is providing political risk insurance for a hydroelectric power plant in Sri Lanka. This project was developed in cooperation with the Overseas Private Investment Corporation (OPIC), which will provide financing and reinsurance for the plant. Zurich is providing political risk coverage to the US sponsor of the five-megawatt hydropower plant on...

million grant for environmentalists to work with Brunei, Indonesia, Malaysia and the Philippines to draw up a plan to protect the region’s seas and rainforests which are being damaged at an alarming rate. The region is home to the Coral Triangle, which has the highest marine biodiversity in the world, as well as the Heart...

installed nuclear power capacity by 30% to just over nine million kilowatts (KW) last year. The country has a total of 11 nuclear reactors generation almost 63 billion KW in 2007, up 14.6% from 2006. However, nuclear energy accounts for only just under 2% of the country’s total energy capacity.   Beijing aims to increase...

government of Shandong province to help restructure and upgrade a number of the province’s local private refineries. The move comes as CNOOC is seeking to further expand its downstream refining business to help meet the country’s soaring oil demand growth. In return, CNOOC and other state oil companies are lobbying Beijing to lift its prices...