(EnergyAsia, May 28, Thursday) — Green Power Conferences will be holding its ‘Carbon Markets Asia’ event in Kuala Lumpur, Malaysia on June 23 and 24. The event will bring together leading international players to discuss the progress made to date on carbon trading. The speakers will analyse Asia’s role in the global carbon markets and (more…)
(EnergyAsia, May 28, Thursday) — Ezra Holdings Limited, a leading Singapore-based integrated support and marine services provider in the offshore oil and gas sector, said it has raised about S$92.4 million from the private sale of 78 million new ordinary shares at S$1.185 each. (US$1=S$1.145). These new shares represent 13.4% of Ezra’s existing issued ordinary...
(EnergyAsia, May 28, Thursday) — The US is thinking of turning over security for a key offshore Iraqi oil platform, the Al Basrah Oil Terminal, to the Iraqi navy later this year. The Iraqi navy has already been put in control of the Khawr al Amaya Oil Terminal. Oil production at the two terminals accounts...
(EnergyAsia, May 28, Thursday) — Indonesian coal miners PT Adaro Energy and PT Indo Tambangraya Megah (ITM) expect to see improved results this year on the back of stronger coal demand and prices. Adaro is targeting a double-digit growth in revenues and profits for 2009. It expects to produce between 42 and 45 million tonnes...
(EnergyAsia, May 27, Wednesday) — Qatar seems to have lost its interest in taking part in an OPEC-style natural gas cartel which includes as members 16 of the world’s largest gas producers. Qatar is the world’s largest exporter of liquefied natural gas (LNG). Without its participation, plans for a cartel of gas-exporting countries cartel are...
(EnergyAsia, May 27, Wednesday) — In the latest twist involving the court-ordered closure of the Pandacan oil depots in Manila, city authorities have decided to allow oil majors Chevron, Petron and Shell to continue using the depots. The decision by Manila’s city council contradicted an earlier ordinance that had called for the depots’ closure on...
(EnergyAsia, May 27, Wednesday) — India’s Reliance Industries Ltd (RIL) plans to merge its businesses with subsidiary Reliance Petroleum (RPL) by buying over all its shares. To implement the transaction, RIL will issue almost 70 million of its share to RPL shareholders. Following the deal RIL will have 3.7 million shareholders while its equity capital...
(EnergyAsia, May 27, Wednesday) — China consumed 31.47 million metric tons of oil in April, up a strong 4% from the corresponding month of 2008, said energy media group Platts in an analysis of official data. The data means Chinese demand showed its first year-on-year increase in six months last month. The country’s apparent oil...
(EnergyAsia, May 27, Wednesday) — China consumed 31.47 million metric tons of oil in April, up a strong 4% from the corresponding month of 2008, said energy media group Platts in an analysis of official data. The data means Chinese demand showed its first year-on-year increase in six months last month. The country’s apparent oil...
(EnergyAsia, May 27, Wednesday) — This is an edited version of a commentary by Steven Kopits, managing director of energy consultant Douglas-Westwood in New York. In seeking to explain the run-up in oil prices from 2004 to 2008, commentators often turn to ‘speculation’ as the primary cause. While speculation — or at least a kind...
(EnergyAsia, May 27, Wednesday) — The ‘12th Asian Oil, Gas and Petrochemical Exhibition (OGA) 2009’ will be held in Kuala Lumpur Convention Centre in Malaysia from June 10 to 12. Organisers Malaysian Exhibition Services said the event – the largest in the OGA series – has attracted more than 1,000 participating companies and will showcase (more…)
(EnergyAsia, May 27, Wednesday) — CWC Group will be holding the ‘Next Generation LNG – Asia Pacific’ conference at the Pan Pacific Hotel in Singapore from June 29 to July 1. LNG Asia aims to provide a platform for participants to network and develop relationships with key LNG players from the region and around the (more…)
(EnergyAsia, May 27, Wednesday) — OPEC is quietly undergoing a shift ahead of the group’s ministerial meeting next week as members move from an outward, big-picture focus on global market conditions and group production targets to internal potentially divisive issues as bean-counting methodology for assessing member country production and the internal allocation of quotas, said...
(EnergyAsia, May 26, Tuesday) — Singapore has called off a much anticipated tender to appoint an operator for its proposed underground oil and petrochemicals storage cavern project on Jurong Island. The decision by state land agency JTC Corp came on the heels of reports that oil and petrochemical firms operating on Jurong Island are delaying...
(EnergyAsia, May 26, Tuesday) — PetroChina said it has increased its storage capacity for refined oil products in the country’s northwest by 360% over the past four years. The company raised its storage capacity in the region to 1.7 million cubic metres at end of 2008, up from less than 380,000 cubic metres in 2005....
(EnergyAsia, May 26, Tuesday) — For the ninth consecutive month, the International Energy Agency (IEA) has reduced its forecast for world oil demand this year by 200,000 b/d to 83.2 million b/d. The latest forecast is based on expectations for the world GDP to shrink 1.4% this year, with no recovery seen until well into...
(EnergyAsia, May 26, Tuesday) — Petrobras, Brazil’s state oil and gas giant, said it could be in line for more credit from China Development Bank (CDB) after concluding a loan deal with the bank for US$10 billion for 10 years. Petrobras said the loan will be used to finance its massive $174.4 billion plan to...
(EnergyAsia, May 26, Tuesday) — The Sinopec Group wants to build a refinery and an associated crude oil storage terminal in China’s southern Guangxi province. The company, which ranks as Asia’s largest refiner, has submitted plans to build the unit at Beihai on the Gulf of Tonkin. The capacity of the refinery was not disclosed...
(EnergyAsia, May 26, Tuesday) — PetroChina plans to raise RMB100 billion in new debt to help finance key projects. (US$1=RMB6.82). The money will go towards mostly spending on exploration, refining and infrastructure projects abroad. The company, which just announced a US$1 billion acquisition of a 45.5% stake in Singapore Petroleum Company, is also targeting projects...
(EnergyAsia, May 26, Tuesday) — Petronas International Corporation Ltd (PICL), a wholly owned subsidiary of Malaysia’s state oil and gas firm Petronas, has signed an agreement with Malaysian shipping giant MISC Bhd and UK’s Mustang Engineering Ltd to form a joint-venture company to provide floating liquefied natural gas (LNG) engineering solutions and services worldwide. The...
(EnergyAsia, May 26, Tuesday) — International law firm Herbert Smith said it advised Huaneng Power International, one of the largest listed power producers in China, on the acquisition of a stake in two power companies from its parent companies at a total cost of RMB2.348 billion. (US$1=RMB6.83). The transfer agreements for Huaneng Group and Huaneng...
(EnergyAsia, May 25, Monday) — PetroChina is raising its exposure in Singapore with the proposed cash acquisition of a 45.51% stake in Singapore Petroleum Company for S$1.47 billion. (US$1=S$1.45). PetroChina, which already owns a 35% stake in Singapore storage firm Universal Terminal, will acquire the SPC shares from Keppel Oil and Gas Services Pte Ltd, (more…)
(EnergyAsia, May 25, Monday) — The South Korean government and international oil companies could be stockpiling as much as 40 million barrels of crude oil in the country by next year. A national stockpiling programme operated by state Korea National Oil Corp (KNOC) has attracted the participation of France’s Total, Norway’s Statoil, China’s Unipec and...
(EnergyAsia, May 25, Monday) — The stage is being set for a sharp rebound in oil prices as energy demand in China and India continues to grow rapidly while oil companies are further reducing investments after having cancelled at least $170 billion worth of projects to boost supply, said the International Energy Agency (IEA). In...
(EnergyAsia, May 25, Monday) — International law firm Herbert Smith said it advised China National Offshore Oil Corporation (CNOOC) and its affiliates on a project development agreement with the UK’s BG Group pertaining to the sale of liquefied natural gas (LNG) from the Queensland Curtis coal bed methane LNG Project in Australia (QCLNG). BG Group...