crude oil from Kazakhstan at its newly built storage terminal in northwestern Xinjiang province. The company said it has invested 856-million yuan to complete the first phase of the Shanshan storage terminal located 300 km east of Xinjiang’s capital of Urumqi. (US$1=6.85 yuan). The terminal’s first phase has the capacity to store up to one...
oil storage terminal in Ningbo port in Zhenhai district in the northern coastal province of Zhejiang. The company has just completed the construction of the terminal’s two tank farms that will store up to 3.8 million cubic metres of crude oil. The smaller farm comprises 12 tanks of 100,000 cubic metres each, while the larger...
company, has brought on stream a 580,000 b/d export-oriented oil refinery at Jamnagar city in Gujarat state. Originally due to start up in June, the $6 billion plant was completed within 36 months, and will reach operating capacity by the first quarter of next year. Using the best technology, the refinery, which is 5% owned...
fuels for another year, Indonesia’s state oil and gas company Pertamina said it plans to invest at least US$200 million in 2009 to expand and upgrade two storage terminals in East Java and Sulawesi. The investment is needed to strengthen its distribution network in the face of growing competition after Pertamina beat out 27 other...
is the world’s largest oil storage terminal in Yeosu city port in South Jeolla province. The bunker terminal stores up to 50 million barrels of fuel, enough to cover 23 days of South Korea’s domestic oil need. As the nation’s ninth oil bunker terminal, it has expanded South Korea’s total storage volume to 140 million...
two-million-cubic metre crude oil storage terminal in the northwestern Chinese city of Lanzhou. (US$1=6.85 yuan). The terminal will comprise 20 tanks, each with the capacity to store 100,000 cubic metres of crude oil. The company will use the terminal to store crude oil produced by PetroChina in Xinjiang and imported from neighbouring Kazakhstan....
(EnergyAsia, December 26, Friday) — Weak oil prices and a rising supply glut has given companies and governments an opportunity to build up oil stockpile around the world. With oil trading at around US$35 a barrel, the lowest in more than four years, companies have chartered tankers to stock up more than 50 million barrels...
(EnergyAsia, December 26, Friday) — Malaysia’s federal government has agreed to let oil-rich Terengganu state establish its own sovereign wealth fund to manage its investments. The Terengganu Investment Authority (ITA) will be launched with an initial investment fund of RM10 billion backed by the state’s oil royalties. (US$1 = RM3.47). While details have yet to...
(EnergyAsia, December 26, Friday) — Kazakhstan has agreed to ship oil across the Caspian Sea to Azerbaijan from where it will be transported via the 1,770-kilometer Baku-Tbilisi-Ceyhan (BTC) oil pipeline to the Turkish port of Ceyhan for export to western Europe. Kazakh shipment volumes are expected to reach 1.2 million b/d after 2013. The move...
(EnergyAsia, December 26, Friday) — Japan‘s Nippon Oil Exploration said it is interested to join in investing in an oil refinery project in Iraq worth between US$5 and US$10 billion. The company, a subsidiary of Nippon Oil, has begun discussions with the Iraqi government which is planning to build at least four refineries with a...
(EnergyAsia, December 26, Friday) — The Baku-Tbiilsi-Ceyhan (BTC) oil pipeline has begun delivering crude oil from the Chevron-operated Tengiz field in western Kazakhstan. The giant field is located in the low-lying wetlands along the northeast shores of the Caspian Sea. Tankers are delivering the oil from Aktau port, Kazakhstan’s main sea gate in the Caspian...
(EnergyAsia, December 26, Friday) — Both China and India are expected to reduce their domestic fuel prices, the first such cut in almost two years. The price cuts will help boost their respective flagging economies which have been reeling from the negative impact of the slowdown in the US and Europe. Oil has fallen to...
(EnergyAsia, December 26, Friday) — Kuwait is under pressure to cancel a much needed 615,000 b/d refinery project. The refinery has long been part of the kingdom’s plan to boost refining capacity to 1.41 million b/d, from 930,000 b/d. The project has been dogged by allegations of corruption and incompetent management, leading to several costly...
(EnergyAsia, December 26, Friday) — The proposed merger between Japanese refiners Nippon Oil and Nippon Mining will set the stage for much-needed consolidation in the country’s battered refining industry. When completed by next October, the merger of Nippon Oil, Japan’s largest refiner, and Nippon Mining will produce the world’s eighth largest refiner. It will supply...
(EnergyAsia, December 26, Friday) — In the face of a global credit crisis, the Iranian government has announced an ambitious US$27 billion programme to build seven oil refineries by 2013. Faced with rising domestic demand, officials said the refineries would supply an additional 190 million litres per day of gasoline and 180 million litres per...
(EnergyAsia, December 26, Friday) — Caltex Australia said that some of its service stations in south-east Queensland and northern NSW are experiencing reduced gasoline and diesel supply availability. Service stations in central and northern Queensland are currently not affected. The company said the stations have been plagued by shortages of diesel and various grades of...
(EnergyAsia, December 23, Tuesday) — The Oxford Princeton Programme will be holding a workshop, ‘Fundamentals of Petroleum Refining – A non-technical introduction’, in Singapore from February 19 to 20. The programme will provide non-technical oil industry members with an introduction to petroleum refining, refinery operations and its effect on global oil and product prices. Topics...
OPEC had announced it would reduce production by a record 2.2 million barrels per day. The cartel’s 12 oil ministers made the desperate move at their meeting in the Algerian city of Oran when prices were under threat of going below $40 a barrel. They did later in the week, and rebounded back over $40...
Consortium (CPC) said they have agreed to double the pipeline’s capacity increasing from 33 million tonnes per year to 67 million tonnes. Last week, Russia’s Energy Ministry and Kazakhstan’s Energy and Mineral Resources Ministry signed a memorandum of understanding (MOU) approving the expansion. CPC said BP remains the only member which has not yet...
efforts to diversify the export of their oil and gas production into Europe and beyond. Leaders from the three nations met in early December in the Turkmen port city of Turkmenbashi to discuss their export options. While they have not yet signed up to a binding deal, the purpose of the meeting was clear:...
programme to take advantage of the recent sharp drop in oil prices. The country’s crude oil imports surged 30% in October, much of the extra purchases going into storage tanks. China’s refiners have raised their product output by only 5.5% this year so far. This divergence has prompted speculation that the government has used...
has agreed to buy up to 50.1% in local oil refiner Petron. The seller is London-based investment firm Ashmore Investment Management, which holds its Petron stake through subsidiary SEA Refinery Holdings BV. Financial terms were not disclosed but industry observers said the deal may be worth some US$660 million. State-owned Philippine National Oil Co...
use of the US dollar to pay for their bilateral trade. Russian Prime Minister Vladimir Putin said he wants the two countries to switch payments to national currencies despite the difficulties in implementing the move on account of their foreign exchange controls. Trade between the two communist giants will likely set a record of...
admitting western energy majors to do business in its country. While Russia’s Gazprom and Lukoil are already very active in the energy sector of this Central Asian nation, western companies complain that they are still being practically locked out. But given the scarcity of opportunities to find and produce new energy resources in the...
its Vung Ro refinery project to 2009. Work on the $1.7 billion project was to have begun in late 2008. Without providing an explanation for the delay, state officials said that land clearing at the 200-hectare site in Phu Yen province was still continuing. So far, the project located near a port has displaced...