(EnergyAsia, October 29 2010, Friday) — Singapore’s Rotary Engineering Limited said it has secured a US$250 million engineering, procurement and construction (EPC) contract to build a 1.1-million-cubic-metre oil storage facility in the UAE. The contract was awarded by Singapore-based oil trader Concord Energy Pte Ltd for the Fujairah oil terminal to be completed in the...
(EnergyAsia, October 29 2010, Friday) — GPSChemoil said it has secured loans totalling US$90 million to help finance the phase four construction of its storage terminal in Fujairah, UAE that will make it one of the biggest in the Middle East. Upon completion in 2012, the terminal’s capacity will be expanded from its existing 95,000...
(EnergyAsia, October 29 2010, Friday) — South Korea’s state-owned Korea National Oil Corp (KNOC) is edging closer towards acquiring and delisting British oil explorer Dana Petroleum. It recently gained the support of Dana’s shareholders to acquire an additional 34% stake after having completed the buy-out of 29.5% in September. It is offering to pay 18...
(EnergyAsia, October 29 2010, Friday) — Japan’s Marubeni Corporation and Toyo Engineering Corporation have signed an agreement with Mongol Sekiyu Corporation to look into jointly constructing a US$600 million oil refinery in the Mongolian city of Darkhan, about 200 km north of the capital city of Ulaanbaatar. Marubeni said the 44,000 b/d refinery will have...
(EnergyAsia, October 29 2010, Friday) — InterOil Corporation said its partly-owned subsidiary, Liquid Nuigini Gas Ltd, has signed an agreement with Hong Kong-based Energy World Corporation Ltd (EWC) to build a two-million-tonne-per-year (mt/y) land-based liquefied natural gas LNG plant in the Gulf province of Papua New Guinea. Liquid Nuigini Gas, which is jointly owned by...
(EnergyAsia, October 29 2010, Friday) — Greenpeace International said it has exposed an attempt by the Sinar Mas Group to cover up the destruction of Indonesia’s rainforest by its paper subsidiary, Asia Pulp and Paper (APP). Greenpeace described as “flawed” an audit conducted by ITS GLOBAL’s Alan Oxley for APP that was aimed at discrediting (more…)
(EnergyAsia, October 28 2010, Thursday) — Keppel Energy Pte Ltd, a wholly-owned subsidiary of Singapore’s Keppel Corporation Limited, said it has started construction of a 800MW unit at its natural gas-fired Keppel Merlimau Cogen plant (KMC), on Jurong Island. Expected to be completed by 2013, the S$900 million expansion project will boost KMC’s generation capacity...
(EnergyAsia, October 28 2010, Thursday) — Building on their success early this month, Taliban militia groups have threatened to launch more attacks on fuel trucks and depots in Pakistan operated by North Atlantic Treaty Organisation (NATO) troops. In a lightning raid, up to 12 Taliban gunmen damaged or destroyed 27 fuel trucks and killed a...
(EnergyAsia, October 28 2010, Thursday) — Singapore Exchange (SGX) said it will be start clearing trades for over-the-counter (OTC) Indonesian sub-bituminous coal swap contracts from November 3, making it the first exchanget to offer such a service. The extension of SGX’s OTC clearing service to the Asian coal market offers traders and physical players an...
(EnergyAsia, October 28 2010, Wednesday) — The Pakistan State Oil (PSO) said it is acquiring Pakistan Refinery Limited (PRL) as part of the government’s plan to consolidate fuel distribution operations in the country. The acquisition is expected to be completed by early 2011. The country’s largest oil marketing company with a market share of 71%...
(EnergyAsia, October 28 2010, Thursday) — Operating at full capacity, Vietnam’s only oil refinery is grappling with the challenge of limited space to store its growing stockpiles of gasoline and diesel. Managers at the 140,000 b/d Dung Quat refinery have failed to anticipate the increased import volumes ordered by end users, leading to a fuel...
(EnergyAsia, October 28 2010, Thursday) — Faced with declining domestic consumption, a rising currency and mounting financial losses, Japanese oil companies are racing to reduce their combined 4.8 million b/d refining capacity. The government has added to the industry’s burden with its recent regulation that refiners raise the rate of their heavy oil-cracking capacity to...
(EnergyAsia, October 28 2010, Thursday) — Unrest stemming from disagreements between various landowner groups and labour unrest may delay the development of the US$15 billion ExxonMobil-led liquefied natural gas (LNG) project in Papua New Guinea. Police are investigating a surprise attack in late September on LNG contractors Clough Niugini and Queensland company Curtain Brothers near...
(EnergyAsia, October 28 2010, Thursday) — Indian Oil Corp (IOC) is preparing to import an additional three million tonnes of crude oil a year to feed its newly expanded refinery near Panipat in the northern Indian state of Haryana. IOC invested more than 10 billion rupees to expand the Panipat refinery to process 15 million...
(EnergyAsia, October 27 2010, Wednesday) — Without substantiated evidence, Iran’s and Iraq’s respective claims of having higher oil reserves are unreliable and cannot be accepted, according to analysts including a former Iraqi oil minister. Iraq raised its estimate of proven oil reserves to 143 billion barrels, briefly putting it in third place in terms of...
(EnergyAsia, October 27 2010, Wednesday) — Iran has substantially boosted its oil reserves data to 150.31 billion barrels on the heels of a similar revision by Iraq earlier this month. The revisions, unsubstantiated by independent surveyors, will likely spark similar moves by other members of the Organisation Petroleum Exporting Countries (OPEC) seeking to increase their...
(EnergyAsia, October 27 2010, Wednesday) — Hong Kong-listed Brightoil Petroleum (Holding) Co Ltd has begun building an oil products storage and logistics base on the port in Zhoushan island in east China’s Zhejiang Province. The terminal is envisioned to be the largest oil products base in the Yangtze River Delta. The first phase of the...
(EnergyAsia, October 27 2010, Wednesday) — Uncertain energy policy has replaced access to reserves as the top risk facing the industry across the globe in 2010, said consultant Ernst & Young. According to its Oil and Gas Business Risk Report 2010, uncertainties in the direction of energy policy have been prolonged by the vague outcome...
(EnergyAsia, October 27 2010, Wednesday) — Industry insiders doubt Iraq’s ability to meet its ambitious goal of raising its crude exports to 12 million b/d within six years from 2.3 million at present. They said ongoing security concerns, weak finances and technical difficulties are likely to hinder Iraq from achieving its export goal. Some think...
(EnergyAsia, October 27 2010, Wednesday) — Falling domestic oil demand may prompt Japanese refiner Cosmo Oil Co to slash its 500,000 b/d refining capacity by as much as 20% by fiscal year 2013. The company is looking to close part of its operations at four refineries, a trend spreading among downstream oil companies in Japan....
(EnergyAsia, October 27 2010, Wednesday) — Gazprom Marketing and Trading (GM&T), a subsidiary of the Russian gas major, said it has agreed to purchase all primary carbon emissions certificates (CERs) from a successfully registered CDM 26 MW wind power project in China’s Fujian province. The CER purchase from the project in Zhangpu County owned by (more…)
(EnergyAsia, October 26 2010, Tuesday) — Germany’s Siemens Energy said it officially handed over units 30 and 40 of a combined cycle power cogeneration plant to Singapore’s PowerSeraya last week. The new units have a fuel efficiency rate 75% higher than the three oil-fired plants on Jurong Island that they replaced. Siemens built the turnkey, (more…)
(EnergyAsia, October 26 2010, Tuesday) — PowerSeraya Ltd, a wholly-owned subsidiary of Malaysia’s YTL Power International Bhd, has officially started up its new 800 megawatt (MW) combined-cycle power plant on Singapore’s Jurong Island. The natural gas-fired plant simultaneously generates electricity and steam to service growing demand from the over 95 petrochemical companies on the island. (more…)
(EnergyAsia, October 26 2010, Tuesday) — The Maritime and Port Authority of Singapore (MPA) said it has signed a Memorandum of Understanding (MOU) with Dubai Maritime City Authority (DMCA) to foster maritime relations. MPA said it will explore opportunities to collaborate with DMCE in planning and regulating marinas and waterways, promoting maritime environment protection, and...
(EnergyAsia, October 26 2010, Tuesday) — Unable to reach an agreement on technical details, Bahrain Petroleum Co (BAPCO) and its partners have canceled their plan to set up a US$150 million oil storage and export facilities on Bahrain’s Sitra island. BAPCO, Saudi Arabia’s Arab Petroleum Investments Corp, Bahrain’s Holding Company and Kuwait’s Independent Petroleum Group...