(EnergyAsia, May 18 2011, Wednesday) — The Organisation of the Petroleum Exporting Countries (OPEC) has failed to make good its promise to raise production to make up for the loss of supply from war-torn Libya, according to US energy media Platts. In a survey of OPEC and oil industry officials and analysts, the McGraw-Hill subsidiary (more…)
(EnergyAsia, May 16 2011, Monday) — Longwei Petroleum Investment Holding Ltd (LPH), a New York-listed company engaged in storing and distributing oil products in China, has announced its plan for financing the acquisition of the fuel storage assets of Haujie Petroleum Co Ltd in China’s northern Shanxi Province for RMB700 million (US$1=RMB6.5). LPH had earlier (more…)
(EnergyAsia, May 16 2011, Monday) — With domestic natural gas reserves in decline, coal will be the fuel of choice for power generation in Southeast Asia by 2030, said Scotland-based consulting firm Wood Mackenzie. In a report titled “Can coal deliver to Southeast Asia?”, Graham Tyler, the firm’s Head of South East Asia Gas and (more…)
(EnergyAsia, May 16 2011, Monday) — Halcyon Group, a Singapore-based energy and resources company, expects to be listed on the Catalist board of the Singapore Exchange through a reverse takeover of building materials supplier NH Ceramics worth S$133.78 million. (US$1=S$1.25). Halcyon Energy Corporation, which provides offshore and marine engineering services, will issue shares to NH...
(EnergyAsia, May 16 2011, Monday) — Saudi Arabia is looking to increase the number of working oil rigs to fulfil its promise to raise long-term oil production capacity to 12.5 million b/d. After a meeting with oil service companies in late March, state-run oil giant Saudi Aramco has begun laying out plans to increase the...
(EnergyAsia, May 16 2011, Monday) — It now costs more for motorists to fill up in Shanghai than any city in the US. The retail prices of gasoline in Shanghai city recently surged past 8.44 yuan per litre, exceeding the 7.9-to-8.3 yuan per litre price range in parts of the US. (US$1=6.5 yuan). Chinese fuel...
(EnergyAsia, May 16 2011, Monday) — Two of China’s three state-owned majors said higher crude prices and production boosted their first-quarter financial performances. CNOOC Ltd, China’s main offshore oil and gas producer, said increased production and sales raised its January-March quarter revenue by 59% to 48.5 billion yuan from year-ago levels. (US$1=6.5 yuan). The Beijing-based...
(EnergyAsia, May 16 2011, Monday) — Buoyed by growing bilateral ties between the two countries, Indian companies are investing heavily in Indonesia’s coal industry. In January, the two governments pledged to double bilateral trade to US$25 billion by 2015 as they began talks on boosting trade and investments. Coal India, the country’s biggest miner, could...
(EnergyAsia, May 13 2011, Friday) — Australia’s QR National said it will invest A$185 million to expand its Goonyella coal rail network to support a major expansion of the Hay Point coal terminal near Mackay town in Queensland state. The project includes an electricity feeder station as well as track duplication. QR National said the...
(EnergyAsia, May 13 2011, Friday) — China’s National Energy Administration (NEA) has sharply raised its forecast for the country’s electricity demand growth for 2011 to 12% from 9%. With the economy expected to grow by 9% for the year, the NEA said Chinese electricity consumption will rise to 4.69 trillion kilowatt hours. In its previous...
(EnergyAsia, May 13 2011, Friday) — Even China’s growth machine is feeling the sting of rising energy prices. The world’s second-largest economy said its April electricity output fell by 4.3% from March as surging coal prices led to a cutback in power production. Still, April’s power output of 366.4 billion kilowatt-hours was up 12% from...
(EnergyAsia, May 13 2011, Friday) — The global energy boom will continue after a brief slowdown as a result of the March 11 earthquake, tsunami and nuclear disaster in Japan, said analysts. Any decision by China, India, South Korea and Russia to abandon or even delay down their programme to develop nuclear power for energy...
(EnergyAsia, May 13 2011, Friday) — Indian companies are investing heavily in Indonesia’s coal industry Coal India, the country’s biggest miner, could invest as much as US$3 billion to develop a coking coal mine, steel plant and a seaport on Kalimantan Island, said Indonesian officials. Privately-owned GMR Energy, which acquired the PT Barasentosa Lestari (PTBSL)...
(EnergyAsia, May 13 2011, Friday) — Arch Coal Inc, one of the biggest coal producers in the US, said it has established a new subsidiary, Arch Coal Asia-Pacific Pte Ltd, with Renato Paladino as president of the Singapore-based operations. Mr Paladino, who will be responsible for Asia-Pacific regional business development, marketing and sales of thermal (more…)
(EnergyAsia, May 13 2011, Friday) — The economies of the Caucasus and Central Asia (CCA) are expected to grow by less than six percent in 2011, down slightly from 6.5% in 2010, the International Monetary Fund (IMF) said in its latest economic outlook for the region. The CCA region includes Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, (more…)
(EnergyAsia, May 12 2011, Thursday) — Synthesis Energy Systems Inc (SES), a Nasdaq-listed global energy and gasification technology company serving the energy and chemicals industries, said it has secured an agreement for a US$83.8 million cash investment from China Energy Industry Holding Group Co Limited (China Energy). SES said the investment will be used to (more…)
(EnergyAsia, May 12 2011, Thursday) — Australia’s Environmental Clean Technologies Limited said it has secured a joint venture agreement (JVA) and a ‘parent company guarantee’ (PCG) from its partner, TinCom of Vietnam, giving practical effect to their previously announced licence agreement. The companies’ joint venture company, Victoria Coldry Pty Ltd, is now licensed to construct...
(EnergyAsia, May 12 2011, Thursday) — China’s lawmakers are seeking an overhaul of the country’s law to expand insurance coverage of workers and staff employed in coal mines. Based on the proposed amendment, the compensation under the work-related injury insurance policy will expand to include expenses on rehabilitation and long-term care, according to Shi Xiushi,...
(EnergyAsia, May 12 2011, Thursday) — Rising international prices may slow down or even reduce China’s coal demand growth in coming months. Consumers are expected to switch to domestically-produced coal, which is cheaper than imports. The trend was already established in the first quarter when Chinese coal imports fell 26.4% on year to 32.4 million...
(EnergyAsia, May 12 2011, Thursday) — US-based Arch Coal said it has agreed to acquire rival International Coal Group for US$14.60 a share in a friendly all-cash deal valued at US$3.4 billion. Both listed on the NYSE, the companies said the enlarged entity will become the nation’s second largest supplier of metallurgical (met) coal for...
(EnergyAsia, May 12 2011, Thursday) — US-based Peabody Energy Corp said strong coal demand in the US and Asia boosted prices and raise its first-quarter profit by almost a third. The St. Louis-based company’s net income increased to US$176.5 million, or US$0.65 a share, from US$133.7 million, or US$0.50 cents, in the same quarter last...
(EnergyAsia, May 12 2011, Thursday) — Another three billion affluent people sounds like a huge economic opportunity and an advancement of the human condition, but it’s a nightmare scenario for any planner worried about the planet’s environmental sustainability and resources supply. The Asian Development Bank (ADB) has released a report predicting that an additional three...
(EnergyAsia, May 11 2011, Wednesday) — India’s Adani Enterprises said it has agreed to acquire the Abbot Point Coal Terminal in Australia for US$2 billion, extending its reach into the coal business in Australia. Subsidiary Mundra Port & Special Economic Zone concluded the deal and plans to invest US$750 million to expand the port in...
(EnergyAsia, May 11 2011, Wednesday) — Australians are displaying an ambivalent attitude towards China’s rapid economic growth, according to a poll conducted by the Lowy Institute for International Policy. Around 75% of Australians polled believe China’s rise has been positive for their country. At the same time, about 44% of the 1,002 people surveyed consider...
(EnergyAsia, May 11 2011, Wednesday) — Australian environmentalists are worried that a proposed project to convert coal seam gas to liquefied natural gas (LNG) for export to China may damage a major source of freshwater in Queensland state. The Great Artesian Basin, a major source of water for farmers and communities in inland Queensland, could...