(EnergyAsia, July 30 2010, Friday) — Indonesian state oil and gas company PT Pertamina is expected to open a 50,000-kilolitre fuel terminal in Bau-bau in Southeast Sulawesi next year, and a 200,000-kilolitre terminal in Tanjung Uban on Bintan Island in 2012. The company recently started up a 150,000-kilolitre fuel storage terminal in the East Java...

(EnergyAsia, July 30 2010, Friday) — The governments of China and Qatar will soon be building on their recently signed memorandum of understanding to further cooperate in energy and finance, marking closer ties between China and the Arab world. Qatar is seeking to deepen partnerships with China, in particular the oil and gas business, said...

(EnergyAsia, July 30 2010, Friday) — Consultant Wood Mackenzie has this advice for those seeking to sell liquefied natural gas (LNG) to China: secure your contracts now before global output of unconventional gas, in particular shale from China, starts surging. In a new study, “Race for Supply – the Future of China’s Gas Market”, Wood...

  (EnergyAsia, July 30 2010, Friday) — Dalian Port (PDA) Co, operator of China’s largest crude-oil and second largest container terminal, said it has reopened two oil berths and may open a third as it continues to battle control a massive oil spill following a pipeline explosion on July 16. The Dalian Xingang oil port...

(EnergyAsia, July 29 2010, Thursday) — Taiwan’s privately owned Formosa Petrochemical Corp (FPCC) said it suffered a loss of just NT500 million from a fire that damaged a residual desulphuriser at its Mailiao oil refinery on July 25. (US$1=NT$32). There were no human casualties and the blaze was quickly brought under control as the company...

(EnergyAsia, July 29 2010, Thursday) — Indian Oil Corporation Ltd, the country’s largest refiner, has largely blamed the high cost of subsidising fuel for its March-June 2010 loss of Rs33.88 billion as compared to a Rs36.83 billion profit for the same quarter last year. (US$1=Rs46). The loss surprised most analysts who had been expecting the...

(EnergyAsia, July 29 2010, Thursday) — The Middle East will have less oil to export in the coming years as its energy demand, led by oil-fired power generation, continues to surge, said consultant Wood Mackenzie. In a special report, it expects the region’s oil demand to surge 114% from 2008 to 2030, due largely to...

(EnergyAsia, July 29 2010, Thursday) — Financially squeezed BP is expected to divest its estimated US$1 billion stake in Russia’s largest oil producer, Rosneft, as part of an attempt to help pay for damages caused by the oil leak in the Gulf of Mexico. Russia’s deputy prime minister, Igor Sechin, said his government would consider...

(EnergyAsia, July 29 2010, Thursday) — The Gulf of Mexico oil disaster could dent the outlook of Keppel Corporation Limited’s most important business, its offshore and marine segment, which provides the Singapore firm the bulk of its profits and revenue. While second quarter net profits rose 9.4% to S$347.3 million over the same period last...

(EnergyAsia, July 29 2010, Thursday) –-The Lagos state government, the Nigerian National Petroleum Corp, and a consortium of Chinese investors known as China State Construction Engineering Corp.  (CSCEC) have signed an agreement to invest US$8 billion in building a new 300,000 b/d oil refinery in the African country. The project, located within the Lekki Free...

(EnergyAsia, July 29 2010, Thursday) — Indonesia is expected to maintain its position as one of the world’s largest coal exporters despite a recent government announcement that it wants to sharply reduce production to curb the country’s greenhouse gas emissions and conserve reserves. Indonesian mines have been kept busy by the rising appetites of large...

(EnergyAsia, July 29 2010, Thursday) — BP has raised the estimated bill of its Gulf of Mexico oil disaster to US$32.2 billion and named American Robert Dudley to replace its British chief executive Tony Hayward from October 1. In taking a pre-tax charge of $32.2 billion including the $20 billion escrow compensation fund previously announced,...

(EnergyAsia, July 28 2010, Wednesday) — Global coal consumption did not grow in 2009, as strong demand increases in China and India were offset by a steep decline in the developed economies and the former Soviet Union (FSU) states, said BP. In presenting BP’s Statistical Review of World Energy 2010, chief economist Christof Ruhl said...

(EnergyAsia, July 28 2010, Wednesday) — With a few oil deals and a high-profile meeting of their energy leaders in Moscow, Russia has thrown a timely lifeline at Iran’s increasingly isolated regime sinking under the weight of economic sanctions and fears of Western military attacks. As speculation grew that US and Israeli forces were preparing...

(EnergyAsia, July 28 2010, Wednesday) — State and private investors are expected to develop a total of 13 million cubic metres of oil storage capacity in China’s northwestern Xinjiang Uygur Autonomous Region over the next few years. This includes the second phase construction of national strategic storage bases in Dushanzi and Shanshan which is expected...

(EnergyAsia, July 28 2010, Wednesday) — Buoyed by higher-than-planned oil and liquefied natural gas (LNG) shipments, Sakhalin Energy, operator of Russia’s only LNG plant, said it made an unexpected profit of US$582 million last year. The company, a joint venture between OAO Gazprom, Royal Dutch Shell and two Japanese firms, said in a presentation to...

(EnergyAsia, July 28 2010, Wednesay) — China’s apparent oil demand in June rose 10% to another record high of 36.74 million metric tons (mt) or about 8.98 million b/d, according to an analysis of official data by said energy media Platts. The June demand figure eclipsed the previous high of 36.48 million mt established in...

(EnergyAsia, July 28 2010, Wednesday) —German’s Oiltanking and Dupré Logistics of the US said they have established an equal joint venture company, Oiltanking-Dupré, in Houston, Texas, to serve the petroleum coke industry. The new company to be headed by vice president Rick Adams will combine Oiltanking’s worldwide network with Dupré’s experience in dry bulk handling....

(EnergyAsia, July 28 2010, Wednesday) — Andatee China Marine Fuel Services has agreed to pay RMB3.64 million in cash for a 52% stake in Hailong Petrochemical, a China-based company engaged in retail and wholesale of fuel oil and petrochemical products.(US$1=RMB6.77). Andatee, an independent company which produces, stores, distributes, purchases and sells blended marine fuel oil...

(EnergyAsia, July 27 2010, Tuesday) – JX Holdings Inc, Japan’s largest oil company, is considering teaming up with state PetroVietnam to invest a combined 800 billion yen in two oil refinery projects in Vietnam. (US$1=88 yen). JX Holdings is looking to participate in the proposed 100-billion yen expansion of PetroVietnam’s refinery in Dung Quat to...

(EnergyAsia, July 27 2010, Tuesday) — Indonesia may reduce its gas exports to Singapore to meet surging domestic demand, Energy and Mineral Resources Minister Darwin Zahedy Saleh said.   The government is planning to renegotiate an existing contract for the export of natural gas from South Sumatra and Natuna to Singapore with the aim of...

(EnergyAsia, July 27 2010, Tuesday) — A deluge of reports and summit meetings in recent months suggests that some governments and researchers are starting to take the peak oil theory seriously. The theory does not state that the world will run out of oil supplies, but that it will face a rapid decline in easily...

(EnergyAsia, July 27 2010, Tuesday)— Russia’s record oil shipments to Asia are eating into the Middle East’s share into this increasingly important region. South Korea and Japan are leading the way in buying and consuming oil from their northern neighbour, helping to make it the world’s largest oil exporter. Competition between the Middle East and...

(EnergyAsia, July 27 2010, Tuesday) — Korea National Oil Corporation (KNOC) plans to stockpile another two million barrels of crude oil this year to add to the 1.4 million barrels already purchased. The state-owned company also plans to invest about 2.4 trillion won to develop new terminals with the capacity to store 36.9 million barrels,...