(EnergyAsia, August 26, Wednesday) — Australia’s AGL Energy Limited (AGL) said its after-tax net-profit for the year to June 30 2009 rose 11.1% to A$378.8 million. (US$1=A$1.2). The result came near the top end of AGL’s upgraded full year earnings guidance of A$352 million to A$382 million. Revenue rose 6.1% to A$5.996 billion, with earnings...

(EnergyAsia, August 25, Tuesday) — The Malaysian government has thumbed down a proposal to increase prices of electricity and natural gas, possibly fearing a repeat of anti-government protests and further declines in its popularity. The proposal of the Economic Planning Unit for a 24.6% hike in the price of natural gas and a 4.9% hike...

(EnergyAsia, August 25, Tuesday) — Vinashin, Vietnam’s largest shipbuilder, has been asked by the government to draw up a new timetable for the construction of a floating oil storage depot and three oil tankers. Vinashin cited financial difficulties as a reason for delaying the completion of the project. It is already behind schedule by several...

(EnergyAsia, August 25, Tuesday) — Indian Oil Corp Ltd said it made net profit of Rs6.83 billion for the quarter ended June 2009, up sharply from Rs4.15 billion for the same quarter last year. It attributed the improved performance to inventory gains, foreign exchange gains and lower interest payment. Indian Oil’s revenue fell by more...

(EnergyAsia, August 25, Tuesday) — Ras Laffan Liquefied Natural Gas Company Limited 3 said it has completed and started up production at Train 6 at Qatar’s Ras Laffan Industrial City. The project, a joint venture of Qatar Petroleum (70%) and ExxonMobil Ras Laffan III Limited (30%), represents an expansion of the existing LNG production facilities...

(EnergyAsia, August 25, Tuesday) — US-based Fluor Corporation said it has been awarded a $16-million contract to provide front-end engineering and design (FEED) services for Santos Limited’s Gladstone Liquefied Natural Gas (GLNG) upstream project in Australia’s Queensland state. Fluor said its scope of work includes the preparation of an execution plan and cost estimate for...

(EnergyAsia, August 25, Tuesday) — Myanmar, ostracised by the West for its poor human rights record, attracted nearly US$1 billion in new investments last year, with the bulk coming from China. Working closely with the country’s military regime, Chinese firms have been rewarded for their patience and support and given access to Myanmar’s energy and...

(EnergyAsia, August 25, Tuesday) — Taiwan has officially opened its second liquefied natural gas (LNG) import terminal. State energy firm CPC launched the US$955 million terminal in the northern port of Taichung last month. The company said the project had been delayed by nearly a year due to problems with the construction of a major...

(EnergyAsia, August 25, Tuesday) — Malaysia sold less but earned more from its liquefied natural gas exports in the first five months of the year. The Department of Statistics said LNG shipments 5.3% year-on-year to 9.4 million metric tons on lower demand from Japan and South Korea, the world’s biggest consumers of the commodity. Malaysian...

(EnergyAsia, August 24, Monday) — CNPC said it expects to start up China’s largest integrated oil refinery and petrochemical projects in the Xinjiang Uighur Autonomous Region near the Kazakhstan border. The 30-billion-yuan expansion of the Dushanzi complex, which includes two 10-million-ton oil refineries and a 1.2-million-ton ethylene unit, will help meet the demand for fuel...

(EnergyAsia, August 24, Monday) —Sinopec International Petroleum Exploration and Production Corp, a subsidiary of state Sinopec, said it has agreed to pay $7.5 billion to acquire Canada-listed Addax Petroleum, making this the largest foreign takeover by a Chinese company. Sinopec easily beat out competing bids from South Korea which was also eyeing Addax Petroleum’s sizeable...

(EnergyAsia, August 24, Monday) — Two of South Korea’s major oil and gas consumers will invest a combined 3.35 trillion won in new plants to convert coal into synthetic natural gas, chemicals and liquids, with the aim of reducing the country’s reliance on fossil fuels. (US$1=1,700 won). Steelmaker POSOC will spend one trillion won through...

(EnergyAsia, August 24, Monday) — Malaysia’s energy transportation group MISC Berhad and Switzerland-based oil trader Vitol said their subsidiaries have incorporated a joint venture company, Asia Tank Terminal Limited (ATTL), to construct, commission and operate an oil terminal with a base capacity of approximately 741,200 cubic metres at Tanjung Bin in the southern Malaysian state...

(EnergyAsia, August 24, Monday) — Japanese trading house Marubeni has chartered two tankers for the rest of the year to store liquefied natural gas (LNG). Echoing the strategy of oil companies, Marubeni is planning to hold on to the cargoes in anticipation of higher LNG prices and demand in the winter season, industry sources said....

(EnergyAsia, August 24, Monday) — People in Nigeria’s troubled oil-rich Niger Delta are at risk of genocide, said analysts and local activists.   They warn of renewed military activities in the Niger Delta from both government and rebel forces. As a result of a recent major offensive, some 30,000 people were displaced, triggering a humanitarian...

(EnergyAsia, August 24, Monday) — An industry association has hailed the Australian government’s plan to launch a new energy pipeline research centre as laying “vital” foundations for the country’s low-carbon energy future. The Australian Pipeline Industry Association (APIA) said the A$17.5 million research centre will underpin the country’s energy safety and security. (US$1=A$1.2). The establishment...

(EnergyAsia, August 21, Friday) — Singapore’s main industrial landlord, JTC Corporation, has launched new soil test works on the country’s refining and petrochemical hub, Jurong Island, to prepare for further capacity expansions. It is planning to reclaim additional land from the sea, a process that could take some two years. Singapore Refining Company (SRC) is...

(EnergyAsia, August 21, Friday) — Indonesia’s plan for a new liquefied natural gas (LNG) project in Sulawesi may have to be shelved if local politicians decide it better to use the reserves for domestic consumption. A joint venture comprising Indonesian state energy firm Pertamina, Indonesia’s PT Medco Energi International and Japan’s Mitsubishi Corp have proposed...

(EnergyAsia, August 21, Friday) —- Singapore-listed marine fuels supplier Chemoil said its second quarter 2009 profit plunged 44.6% to US$12.2 million from the US$22 million reported in the same period last year. Its first half profit was down 13.2% to US$21.1 million, thanks to the better performance in first quarter profits. Its retail volumes grew...

(EnergyAsia, August 21, Friday) — Due largely to growth in Asia, the International Energy Agency (IEA) said it has revised upwards its forecasts for world oil demand for this and next year. It now expects world oil demand to rise by 1.6% or 1.3 million b/d to 85.25 million b/d in 2010, as compared to...

(EnergyAsia, August 21, Friday) — Banyan Utilities, an associated company of Singapore-listed Federal International, and Japanese chemical company Ishihara Sangyo Kaisha (ISK) are the newest players in the city-state’s local electricity market. The Energy Market Company (EMC), which operates Singapore’s wholesale electricity market, said Banyan joined the National Electricity Market of Singapore in March and...

(EnergyAsia, August 21, Friday) — As part of Singapore’s efforts to develop into an international maritime centre, the Keppel Group and SembMarine Group supported by government agencies are raising investments in their offshore and marine engineering capability. Keppel subsidiary Keppel O&M is beefing up its R&D centre, KOMtech, and expanding its team of researchers to...

(EnergyAsia, August 21, Friday) — Valero Energy Corp, the US’s largest oil refiner, may seek to acquire New Zealand Refining Co to expand outside its home market. Worried that costly new environmental regulations might crimp profitability, Valero could make a bid for Exxon Mobil Corp.’s 19% and Royal Dutch Shell’s 17% stake in the New...

(EnergyAsia, August 21, Friday) — Nigeria, the world’s eighth largest oil exporter, said its oil revenue fell by half in the first quarter of 2009 to 735.4 billion naira from year-ago levels. The government blamed the sharp drop on lower oil prices on the world markets and the recent wave of militant attacks on production...