(EnergyAsia, February 24 2012, Friday) — China’s CNOOC Limited and France’s Total said they have completed their purchases of one-third stakes in three exploration sites in Uganda owned and operated by UK’s Tullow Oil plc. The two companies paid a total of US$2.9 billion for their stakes in Exploration Areas (EA) 1, 2 and 3A....
(EnergyAsia, February 23 2012, Thursday) — Japan’s Mitsubishi Heavy Industries, Ltd (MHI) said wholly-owned subsidiary Mitsubishi Heavy Industries Environmental & Chemical Engineering Co Ltd (MHIEC) has established a Chinese unit in Beijing on February 1. MHIEC Environment (Beijing) Co Ltd (MHIECC) will market its environmental services to China’s waste incineration plants and sewage sludge treatment...
(EnergyAsia, February 23 2012, Thursday) – Chubu Electric Power Co, Japan’s third- largest utility, has agreed to buy a total of eight million metric tons of liquefied natural gas (LNG) from BP Plc over 16 years starting 2012. Drawing from the global portfolio of the UK major, BP Singapore Ltd will supply an average 500,000...
(EnergyAsia, February 23 2012, Thursday) — The International Energy Agency (IEA) sees world oil demand for 2012 growing by just 800,000 b/d, down from its previous forecast of 1.1 million b/d. In its latest monthly forecast, the Paris-based agency said slower economic growth will impact the rate of oil consumption to just 89.9 million b/d...
(EnergyAsia, February 23 2012, Thursday) — The Organisation of Petroleum Exporting Countries (OPEC) expects world oil demand to rise by 940,000 b/d or 1.07% in 2012, revised down from its previous forecast for growth of 1.06 million b/d or 1.21%. The cartel lowered its outlook for world oil demand to 88.9 million b/d in line...
(EnergyAsia, February 22 2012, Wednesday) — India’s Hindustan Petroleum Corporation Limited (HPCL) expects to complete the construction of its delayed underground oil storage terminal in Visakhapatnam port city in Andhra Pradesh state by mid-year, said Oil Minister S. Jaipal Reddy. The 1.33-million-ton terminal was to have been completed at a cost of nearly 10.4 billion...
(EnergyAsia, February 22 2012, Wednesday) — Iran may extend its oil embargo to other European countries, a day after announcing that it had stopped exporting crude to France and Britain. National Iranian Oil Company chief Ahmad Qalehbani said his country would respond to “hostile acts” by the European Union which last month announced it would...
(EnergyAsia, February 21 2012, Tuesday) — China is targeting to raise its annual refining capacity to 600 million metric tonnes or 12 million b/d under the government’s 12th Five-Year plan ending 2015. According to the Ministry of Industry and Information Technology, the government is also looking to raise China’s annual ethylene production capacity to 27...
(EnergyAsia, February 20 2012, Monday) — Kulevi Oil Terminal, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), said it is building a second railway link to improve the transportation of oil between the Chaladidi and Kolkheti stations, both located in Georgia. Work on the 5.6 km electrified line is half completed to expand...
(EnergyAsia, February 17 2012, Friday) — Sinopec Group has started operations at its 20-million-barrel strategic crude oil storage base in Hebei province in northern China. Built at a cost of 2.62 billion yuan, the new terminal in Caofeidian comprises 32 tanks each capable of storing up to 100,000 cubic metres of crude. (US$1=6.3 yuan). ...
(EnergyAsia, February 17 2012, Friday) — The Lanka India Oil Company said it plans to invest US$300 million by 2016 to upgrade its Trincomalee terminal to serve Sri Lanka’s growing fuel demand. Managing director K.R. Suresh Kumar said that in preparation for the project on the country’s east coast, the company has begun a year-long...
(EnergyAsia, February 16 2012, Thursday) — Calling them a “disaster waiting to happen”, the government of Malaysia’s Penang state wants Esso and Shell to move their fuel depots from a heavily trafficked location near a ferry terminal and a bus centre. The government and the companies are in talks to find a long-term solution after...
(EnergyAsia, February 16 2012, Thursday) — Indonesian state oil and gas firm Pertamina said it plans to invest 18-trillion rupiah through 2014 to build infrastructure to boost natural gas supply and encourage domestic consumption. (US$1=9,200 rupiah). Nearly 59% of that will be invested in building an import-oriented floating storage regasification unit (FRSU) in Central Java...
(EnergyAsia, February 16 2012, Thursday) — The Indonesian government is planning to invest nearly 78 trillion rupiah in nine major nationwide projects to boost natural gas supply to meet rising domestic consumption. (US$1=9,200 rupiah). The projects are expected to be completed by 2018 to help offset the country’s declining energy self-sufficiency, according to regulator BPH...
(EnergyAsia, February 16 2012, Thursday) — ExxonMobil has begun a technical study into upgrading the power supply system at its ageing 80,000 b/d Altona refinery in Australia’s Victoria state. The company suffered unspecified financial losses when the 63-year-old plant located near Melbourne city was disabled for at least a day after it was struck by...
(EnergyAsia, February 15 2012, Wednesday) — Adani Power’s first quarterly loss reflects the growing threat of increasingly scarce and costly coal supply to India’s power-short economy. With coal generating more than 60% of the country’s electricity, the Indian economy has been held back by worsening power outages and brown-outs as utilities are forced to reduce...
(EnergyAsia, February 15 2012, Wednesday) — Winsway Coking Coal Holdings said its 60/40 venture with Japan’s Marubeni Corp Ltd has received Hong Kong Stock Exchange approval to acquire Canada’s Grande Cache Coal for C$1 billion. (US$1=C$1). The acquisition of the Calgary-based miner will only be completed after the Hong Kong-listed company puts it to a...
(EnergyAsia, February 14 2012, Tuesday) — China’s Shenhua Group is planning to build an eight gigawatt (GW) coal-fired power plant in Beihai port city in the Guangxi Zhuang Autonomous Region. The region’s economy has suffered in recent years from a double blow of frequent droughts and power shortages that has disrupted normal business and living...
(EnergyAsia, February 14 2012, Tuesday) — Russian Railways (RZhD) said it will support the Indonesian government’s plan to invest US$2.4 billion in developing a major railway project in infrastructure-challenged Borneo Island. RZhD will contribute its expertise in the studies to determine the project’s technical and economic feasibility to deliver coal, rubber, palm oil and other...
(EnergyAsia, February 14 2012, Tuesday) — A consortium led by Huaneng Power International Inc, China’s largest listed power company, expects to complete the construction of the first phase of a coal distribution terminal in Guangdong province’s Shantou Port by the end of next year. The company said it has been approved by the country’s highest...
(EnergyAsia, February 13 2012, Monday) — China’s Huaneng Power International Inc said it has completed trials at two of its power plants at the end of last year. The company declared successful trials for its 600MW coal-fired generating unit 2 of its 80%-owned Shanxi Huaneng Zuoquan power plant and Phase I of its wholly-owned Jiuquan...
(EnergyAsia, February 13 2012, Monday) — Mongolia’s coal officials said the industry faces the twin challenges of reducing its dependence on China and increasing its export earnings from the commodity. Last year, it produced 33 million tons of coking coal, and exported 23 million tons of that to China, according to the Mongol Coal Association. Executive...
(EnergyAsia, February 10 2012, Friday) — A ranking US politician wants to put the brakes on the bandwagon pushing for natural gas exports to Asia by declaring his intention to introduce legislation to keep domestically produced natural gas in the country. Representative Ed Markey, the (D-Mass.), the Ranking Member of the Natural Resources Committee and...
(EnergyAsia, February 9 2012, Thursday) — China, the world’s largest coal producer and consumer, has also claimed the title of leading importer. Last year, its coal import rose 10.8% to 182.4 million tonnes, enabling it to overtake long-time leader Japan which purchased 175.2 million tonnes. Guangxi Zhuang autonomous region, which accounted for 15% of China’s...
(EnergyAsia, February 9 2012, Thursday) — State-owned China Power International Development Limited (CPI) and its recently formed joint venture with China Coal Energy Co Ltd are proceeding on schedule to build and operate a coal-fired power plant in northern China’s Shanxi province. CPI, which holds an 80% stake in China Power Shentou Power Generating Company,...