counting in offshore vessels as global oil demand has fallen in the wake of the economic crisis. Iran has also been forced to take up storage in terminals in the Netherlands and Japan. As the second-largest oil producer in the Organisation of Petroleum Exporting Countries (OPEC), Iran is hurting from the sharp fall in oil...
(EnergyAsia, January 2, Friday) — The Oxford Princeton Programme will be holding the ‘Fundamentals of Energy Futures’ workshop in London, UK on January 26. The same course will be held in Singapore on May 18. This introductory course on energy futures, contracts and markets is a highly interactive workshop which includes a trading simulation and (more…)
(EnergyAsia, January 2, Friday) — UK-based KBC Advanced Technologies plc (KBC) said it has been appointed technical consultant for a major project for Hyundai Oilbank (HDO) in South Korea. KBC will be providing front-end engineering design (FEED) supervision services over the course of the 10-month contract for Hyundai Oilbank which is undertaking a multi-billion dollar (more…)
(EnergyAsia, January 2, Friday) — The United Arab Emirates (UAE) is planning to upgrade two of its refineries in Ruwais and Jebel Ali to meet its growing oil demand. The upgrade of the 400,000 b/d Ruwais plant is expected to be completed in late 2011 while the Jebel Ali project will be completed later this...
(EnergyAsia, January 2, Friday) — China has set up a national centre to manage the country’s strategic petroleum reserves (SPR). Reporting to the National Development and Reform Commission (NDRC), the centre will decide on when to release or refill the oil stockpiles, and monitor supply and demand in China and the world. The SPRs bases...
(EnergyAsia, January 2, Friday) — Engineering giant Foster Wheeler Ltd said its subsidiary, Foster Wheeler International Corporation (Thailand branch), has been awarded contracts to help build a new chemicals facility at Banchang, near Map Ta Phut in Thailand. Foster Wheeler said it has also been awarded a contract for overall services support. The contracts were...
(EnergyAsia, January 2, Friday) — Thai upstream company PTT Exploration and Production Public Company Ltd said its wholly owned Australian subsidiary has agreed to fully acquire Coogee Resources Ltd (CRL), a privately held upstream company based in Western Australia for $170 million in cash. PTTEP said CRL had net debt of approximately US$243 million as...
(EnergyAsia, January 2, Friday) — Russia and Europe have been jockeying hard for the oil and gas riches in the Caspian Sea over the past year, but the real winner may be China. Despite intense wooing, neither Turkmenistan nor Azerbaijan have acceded to Russian offers to buy their natural gas at market prices. Russian gas...
(EnergyAsia, January 2, Friday) — An integrated series of solutions will be required to manage increases in global energy demand and greenhouse gas emissions that will result from population growth and economic expansion, Exxon Mobil Corporation said in releasing its updated Outlook for Energy: A View to 2030. The Outlook for Energy is developed annually,...
(EnergyAsia, January 2, Friday) — Japanese trading house Itochu Corp said it and US oilseed processing giant Bunge Group will invest $800 million to build a bioethanol plant in Tocantins in northern Brazil. Due to begin operating in 2010, the plant has the capacity to crush up to 4.2 million tons of sugar cane, starting...
(EnergyAsia, January 2, Friday) — British major BP is making progress in exiting from its complicated shareholding and business in the Caspian Pipeline Consortium that owns and operates a pipeline delivering Kazakh and Russian crude to a terminal on the Black Sea. Last month, it agreed to sell its 19% stake in a joint venture...
oil stockpile despite growing public complaints that its retail stations are frequently out of supplies. Ironically, the number of complaints has risen since oil prices began their sharp descent from July when crude reached a record of more than $147 a barrel in early July. CPC, the island’s main oil company, has been reluctant to...
(EnergyAsia, December 30, Tuesday) — This article, written by DNV is a Norway-based global provider of risk management services to enhance business performance, has been edited for publication. Norway’s DNV said it is now developing a standard methodology for characterising, selecting and qualifying proper sites for geological storage of carbon dioxide – both offshore and (more…)
up to the proposed Nabucco line to deliver oil and gas from the Caspian region, thereby reducing Europe’s dependence on Russia. The project has the support of the European Union and the US which are increasingly worried by Russia’s stranglehold on energy supplies to its neighbours and the West. Turkmenistan is an important piece in...
Admin@EnergyAsia.com. (EnergyAsia, December 30, Tuesday) — Oxford Princeton’s ‘Energy Risk Management’ will be held in London, UK from January 28 to 29, and in Singapore from May 20 to 21. The course will provide delegates with a forum on how to maximise hedging efficiencies and limit price risk exposure. Delegates will learn to build (more…)
Uygur could be turned into a national strategic petroleum reserve (SPR) base, said analysts. Built, owned and operated by CNPC subsidiary Xinjiang Oilfield Corp, the terminal in Shanshan county in eastern Xinjiang will have the country’s largest storage capacity of eight million cubic metres when it is fully built up over a 32-hectare site...
Moscow to form the Gas Exporting Countries Forum. The new cartel will include the world’s leading five natural gas producers, Russia, Iran, Qatar, Venezuela and Algeria, which control two thirds of the world’s reserves and 42% of total production. Russia, Iran and Venezuela are firmly in the anti-West camp. “Gas OPEC” will be headquartered...
prices will fall as world production will rise by 30% by end-2009. The Houston-based firm, which tracks and analyses LNG markets, said 2.8 trillion cubic feet of new LNG production capacity will come onstream in the first half of 2009, if all projects remain on schedule. “While 2009 will start slow, we expect a 30%...
the recent sharp decline in crude oil prices on international markets. Oil prices are hovering around $37 a barrel, down from their peak of more than $147 in July. Traders said that China has already pumped some 7.3 million barrels of Saudi crude into the Huangdao base, near Qingdao city on its east coast. ...
presence in Peru’s energy industry. The South American country already accounts for more than 60% of SK’s total crude oil reserves of 510 million barrels. Underlining Peru’s growing importance to the Korean firm, group chairman Chey Tae-won has made several visits to Lima to meet with senior officials including Peruvian President Alan Garcia to discuss...
started production ahead of schedule, said engineering giant Foster Wheeler Ltd which helped design and build the plant. Foster Wheeler said the work was undertaken by the UK and Singapore subsidiaries of its Global Engineering and Construction Group. The new 120,000-tonne-per-year plant, which is already running at capacity, will supply customers in Asia where demand...
Oil Corp, and rival Nippon Mining Holdings will yield as much as 60-billion-yen in cost savings by 2013. (US$1=90 yen). The companies said they will trim a massive combined 400,000 b/d in surplus refining capacity or a fifth of their combined capacity by April 2012. That would equal to around eight percent of Japan’s total...
Singapore’s Keppel Offshore and Marine Limited, said it has decided to terminate the MPU heavy lifter project and start the scrapping process of the concrete hull. The company said it chose this course after evaluating all possible options on the cancelled 140-million euro order. (US$1=0.71 euro). MPU Offshore Lift ASA had ordered the construction of...
(EnergyAsia, December 29, Monday) — The ‘Bulk Materials Handling Asia’ (BMH 2009) conference will be held at the M Hotel in Singapore from February 16 to 19. BMH Asia 2009 is the first event in the region that caters to the mining, cement, agriculture, fertiliser, chemical, ports, bulk logistics, coal fired power plant companies as (more…)
in ranges like the Himalayas are melting faster and weather systems becoming more extreme, in part, due to the combined effects of man-made ‘Atmospheric Brown Clouds’ (ABCs) and greenhouse gases in the atmosphere, said the UN Environment Programme (UNEP). In a report, the agency said these are among the conclusions of scientists studying a more...