(EnergyAsia, October 15 2010, Friday) — The upstream subsidiary of Malaysia’s state oil company, Petronas, has awarded a RM2.4 billion contract for the engineering, procurement and construction of a large oil and gas terminal to a group linked to Sarawak Chief Minister Taib Mahmud’s family, drawing criticism and opposition from local politicians. (US$1=RM3.08). Samsung-Naim JV,...
(EnergyAsia, October 15 2010, Friday) — Vietnam is finding out the hard way that the refining business isn’t for everyone. The government remains snowed under by operational issues involving the existing Dung Quat refinery, while financing and partnership challenges are holding up progress on the proposed Nghi Son project. Like most fast-growing Asian economies, the...
(EnergyAsia, October 15 2010, Friday) — Indian Oil Corp (IOC) will need to import another three million tonnes of crude oil a year after completing the expansion of its refinery in Panipat in Haryana state in November. The 12-million-ton-a-year refinery in northern India will be expanded to process to 15 million tons to help meet...
(EnergyAsia, October 15 2010, Wednesday) — Singapore is developing its liquefied natural gas terminal (LNG) in phases, starting with an initial capacity to handle over nine million tons with the potential to rise to as much as 12 million tons if the need arises. Due to start up in 2013, the terminal’s capacity already exceeds...
(EnergyAsia, October 15 2010, Wednesday) — China’s natural gas demand could triple over the next 10 years, thanks to increased activity in the industrial, commercial and residential sectors, according to energy consulting firm FACTS. In a recent report, FACTS projects China’s gas demand could reach 25.3 billion cubic feet per day by 2020 compared with...
(EnergyAsia, October 14 2010, Thursday) — Vietnam is expected to become a net coal importer within five years as it builds more coal-fired power plants to meet rising domestic demand for electricity. The Southeast Asian nation could see its coal exports decline by three to five million tons a year through 2015 if it meets...
(EnergyAsia, October 14 2010, Thursday) — Singapore-listed Mirach Energy said it has begun producing coal at an open-pit mine in Samarinda, the capital of the Indonesian province of East Kalimantan. The mine produces sub-bituminous coal of caloric value 5100-5300 Kcal/kg, also known as steam coal, that is generally used for power generation. The 100-hectare contract...
(EnergyAsia, October 14 2010, Friday) — ICE Futures Europe said it is planning to introduce new coal options contracts to complement its world‐class suite of coal price risk management tools. The new products, which will consist of monthly options contracts for Rotterdam, Richards Bay and Newcastle, will be launched on November 8. These will consist...
(EnergyAsia, October 14 2010, Thursday) — Engineering giant Foster Wheeler AG said a subsidiary of its Global Power Group has been awarded a contract by Japan’s Marubeni Corporation to design and supply two pulverised coal steam generators for the Nghi Son 1 power project for Vietnam Electricity (EVN). The project is located in the central...
(EnergyAsia, October 14 2010, Tuesday) — New Delhi-based power company NTPC Ltd is looking to acquire majority stakes in two coal mines in Indonesia, which has emerged as a key supplier of coal to India. The two mines in Sumatra and East Kalimantan could hold a total of up to 1.8 billion tons of coal...
(EnergyAsia, October 14 2010, Thursday) — Exxon Mobil Corporation said it has started producing from the Odoptu field at the Sakhalin-1 project off the coast of northeastern Russia. Operated by subsidiary Exxon Neftegas Limited (ENL) on behalf of the five-company international Sakhalin-1 consortium, the field is expected to add up to 11 million barrels to...
(EnergyAsia, October 14 2010, Thursday) — The Chinese government has thrown its support behind the country’s first coal price index, which it hopes will enable the industry to hedge its production and trade. State agency National Development and Reform Commission said the weekly Bohai-Rim Steam-Coal Price Index (B SPI), which is intended to reflect coal...
(EnergyAsia, October 13 2010, Wednesday) — State-owned Coal India expects to raise as much as 140 billion rupees through an initial public offering that could become the biggest sale ever by an Indian company. (US$1=44 rupees). The company has been given approval by regulators to proceed with the sale of more than 631 million shares...
(EnergyAsia, October 13 2010, Wednesday) — Pulled from different directions by governments, environmental lobbyists and business groups, the global shipping industry is struggling to agree on measures to reduce greenhouse gas emissions from new vessels. The International Maritime Organisation (IMO) said its committee on marine protection could not reach a consensus over technical and operational...
(EnergyAsia, October 13 2010, Wednesday) – Thanks in part to China’s demand for coal and iron ore, Australia posted a record high trade surplus in June. According to the Bureau of Statistics, the country’s trade surplus reached A$3.54 billion in June, with exports up 7% on year to A$26.7 billion and imports flat at A$23.1...
(EnergyAsia, October 13 2010, Wednesday) — Engineering giant Foster Wheeler AG said a subsidiary has signed a 20-year agreement with The Saraswati Industrial Syndicate Ltd to provide an advanced technology license for wall-fired subcritical and supercritical pulverised-coal (PC) steam generators to be sold in India. The terms of the agreement were not disclosed. The contract...
(EnergyAsia, October 13 2010, Wednesday) — Asia will continue to lead the global recovery over the short term, with the region expected to grow by 8% this year, but the main challenge for Asian policymakers remains managing the exit from stimulus policies, said economists at the International Monetary Fund (IMF). Despite the turbulence in financial...
(EnergyAsia, October 13 2010, Wednesday) — The Malaysian government is looking to build two 1,000-megawatt coal-fired power generation plants in Peninsular Malaysia to meet increased power demand by 2015. The decision, announced by Energy, Green Technology and Water Minister Peter Chin Fah Kui, follows the decision to cancel the controversial proposal to build a costly...
(EnergyAsia, October 13 2010, Wednesday) — The Asian Development Bank (ADB) said it has sold US$232.2 million worth of clean energy bonds to support its renewable energy and energy efficiency projects in the Asia Pacific region. The bond comprises four tranches: four-year bonds denominated in Australian dollars, four-year and seven-year bonds in Brazilian real, and...
(EnergyAsia, October 12 2010, Tuesday) — Hong Kong-listed Yanzhou Coal Mining Co Ltd is aiming to boost its coal reserves with a 6.649 billion yuan bid for a 51% stake in Inner Mongolia Haosheng Coal Mining Ltd. (US$1=6.7 yuan). Yanzhou said it will gain control of 838.4 million tons of coal resources when it completes...
(EnergyAsia, October 12 2010, Tuesday) — Merger and acquisition activities in Australia’s coal industry are expected to decline after peaking last year, said analysts. With Centennial and Felix Resources recently joining the list of acquired firms, Australia has only a handful of potential targets left including Whitehaven Coal Ltd, Macarthur Coal Ltd and Aquila Resources...
(EnergyAsia, October 12 2010, Tuesday) — Noble Group, the Hong kong-based global supply chain manager of bulk commodities, said it has appointed Crispin Collier to the newly created post of senior vice president for nuclear fuels. A graduate of The University of Cape Town and The Harvard Business School, Mr Collier started his business career...
(EnergyAsia, October 12 2010, Tuesday) — Helped by increased coal profits, Mechel OAO, a leading Russian mining and steel group, said it made a net income of US$120.8 million for the first half of 2010, turning around from a US$471.4 million loss in the same period last year. Revenues surged 76.1% to US$4.33 billion over...
(EnergyAsia, October 12 2010, Tuesday) — The Babcock & Wilcox Company, a US-based engineering firm, said its Beijing-based subsidiary has signed a contract to build two 1,000 MW ultra-supercritical coal-fired boilers for a large power plant project in Zhoushan in China’s Zhejiang province. Babcock & Wilcox Beijing Company Ltd (BWBC), a joint venture between Babcock...
(EnergyAsia, October 12 2010, Tuesday) — Maybank IB is sticking with its ‘sell’ recommendation for Malaysian power company Tenaga Nasional Berhad on account of uncertain tariff outlook caused by “benign” coal prices. The research house has issued a target price of RM7.50 compared with the stock’s recent trade of around RM9 per share. (US$1=RM3.1). In...