and staff size this year in response to the tough business environment. Statoil Asia Pacific, the trading arm of Norway’s StatoilHydro ASA, has announced that it has closed its four-person oil products trading team in Singapore. French bank BNP Paribas has shut down its oil derivatives trading desk in Singapore to focus its activities in...
(EnergyAsia, November 28, Friday) — EnergyAsia recently interviewed executives from renewable energy solutions company Conergy, project management company Epeus Asia Pacific, financial institutions Chicago Mercantile Exchange and Fortis Bank and Superfund, and the Malaysian Energy Centre (PTM). These interviews were filmed and can be found on www.EnergyAsia.com. Epeus Asia Pacific, an international project management company, (more…)
(EnergyAsia, November 28, Friday) — Malaysian Prime Minister Abdullah Ahmad Badawi will launch the country’s first fully integrated plastics park to be built under the East Coast Economic Region (ECER) master plan on December 2. Sited on a 140-hectare plot, the Kertih Plastics Park (KPP) will be a hub for plastics manufacturers and service providers. (more…)
(EnergyAsia, November 28, Friday) — Singapore-based rig builder, Keppel Offshore & Marine Limited, said it has received indications from Seadrill Limited, Scorpion Offshore Ltd, and Lewek Shipping Pte Ltd that they are reviewing their options on their rig building contracts that were signed in the middle of this year. The contracts under review are for...
(EnergyAsia, November 28, Friday) — Singapore’s Keppel Offshore & Marine said it has secured four contracts worth a total of S$340 million through its subsidiaries. (US$1=S$1.51) The contracts call for the conversion of a floating storage and offloading vessel (FSO), the construction of an internal turret, the refurbishment and outfitting of a semi-submersible multi-service vessel...
(EnergyAsia, November 28, Friday) — Chevron’s Kazakhstan venture TengizChevroil is increasing shipment of crude oil through the Baku-Tbilisi-Ceyhan (BTC) pipeline from Baku to the port of Ceyhan in Turkey. The company aims to flow 98,000 b/d of crude through the BTC pipeline next year. The oil is being transported by rail from the Tengiz field...
(EnergyAsia, November 28, Friday) — The second edition of ‘Alternative Fuels: The Future of Hydrogen’ features a new chapter on fuel and energy trends. The book also addresses the many of the factors affecting energy use including the availability and desirability of various fuels, especially, hydrogen. It examines ways to align policy and technology to...
(EnergyAsia, November 28, Friday) — US-based Emerson Process Management said it has signed a long-term support and service agreement with Qatargas Operating Company Ltd. for its expanding liquefied natural gas (LNG) operations. Under the five-year agreement, Emerson will provide asset management services, advanced skills training, and a comprehensive parts management program. It has also has...
(EnergyAsia, November 28, Friday) — The Asian Development Bank (ADB) said it plans to set up a fund to help finance energy efficiency projects in the Indian state of Madhya Pradesh. The planned Energy Conservation Fund (ECF) will complement an ongoing ADB investment programme in Madhya Pradesh’s power sector aimed at reducing the power supply...
(EnergyAsia, November 28, Friday) — California, US-based Sunrise Consulting Group Inc said it has signed a letter of intent to purchase up to 60% of China’s Sunrise Solartech Co Ltd. Founded as a privately owned enterprise in March 2006 in Jiangsu province, Sunrise Solartech specialises in designing, developing, manufacturing and marketing solar energy products. The...
(EnergyAsia, November 28, Friday) — Houston, Texas-based Mustang Engineering, a subsidiary of international energy services company John Wood Group PLC, said it has been awarded the contract to provide front-end engineering and design (FEED) services for a carbon capture and storage (CCS) project in the UAE. The contract was awarded by Masdar, an Abu Dhabi...
downplayed the statistics and significance of oil depletion, said the Association for the Study of Peak Oil and Gas USA. The association hailed International Energy Agency’s (IEA) World Energy Outlook (WEO) 2008 report which “conclusively recognised” the reality of ‘peak oil’ and the magnitude and implications of large annual decline rates on the world’s annual...
Georgia’s president Mikheil Saakashvili risked a clash with Russia by invading breakaway region South Ossetia in august, analysts said. In fact, neo-conservatives around US vice president Dick Cheney may have egged Mr Saakashvili into seeking a confrontation with Russia, they said. In early August, Georgia launched a massive assault on South Ossetia in an attempt...
the start up of Kazakhstan’s Kashagan oil field to be delayed to 2013. The recent sharp decline in oil prices from a peak of $147 per barrel in early July to just $50 today is also not helping, said the project’s developers. Discovered in 2000, Kashagan in the Caspian Sea holds an estimated 12.5...
crisis is hitting global trade in refined oil products and paper contracts. One key issue is the difficulty of obtaining letters of credit to finance purchases as counter-party risks have been significantly raised since the crisis broke in recent months. Oil refiners said they might be forced to pare back production even though underlying...
of Independent Tanker Owners (Intertanko) has called on governments to provide naval and other military support such as aerial surveillance to protect seafarers and trade in the international sea lanes. The most dramatic incident took place early this month when pirates hijacked the Saudi-owned Sirius Star oil tanker was hijacked in the Indian Ocean...
wealth fund, said it has stopped the tender process for the sale of its wholly-owned power generation company PowerSeraya Ltd. Gwendel Tung, Temasek’s investment director, said: “We launched the tender process early last month based on indications of interest from investors. In light of the market conditions, we have decided not to proceed further. We...
(EnergyAsia, November 27, Thursday) — ‘Understanding Today’s Electricity Business’ presents the ‘big picture’ for those who wish to understand the industry’s operations. It provides an insight into the key players, deregulation models, electricity supply systems, profit making and risk management systems. This 216-page book details the structure of the North American electricity industry and how (more…)
photovoltaic (PV) power cells and panels at its manufacturing plant in Sydney Olympic Park in Australia at the end of March 2009. The company said it is looking to focus its operations at larger scale plants in lowest cost manufacturing countries as it seeks to drive down the cost of solar power. The BP Solar...
agreed to form a joint venture company with China’s Zhejiang Jingye Technology Co Ltd (ZJT) to manufacture and distribute power turbines in the country. The Huzhou, Zhejiang-based company will hold a 51% stake in the joint venture firm which will become the exclusive distributor of Cleanfield’s V3.5 turbines in China and will manufacture its V3.5...
sustaining the country’s economic growth, said the World Bank. In its latest quarterly China report, the World Bank said the country’s GDP will grow by around 7.5% in 2009, down from a projected 9.4% in 2008. It also forecasts that China’s export growth is likely to plunged to 3.5% in real terms compared to 11%...
(EnergyAsia, November 26, Wednesday) — The ‘Asia Power – Financing Power Projects’ conference will be held at the Royal Plaza hotel on Scotts in Singapore on January 20 and 21. Energy demand in Asia has reached record highs especially in major economies like China and India. The conference will discuss how the region can meet (more…)
(EnergyAsia, November 26, Wednesday) — Thanks to growing demand around the world, the liquefied natural gas (LNG) business is poised to become a major global industry. ‘Understanding the Global LNG Business’ provides an understanding of the industry’s fundamentals in particular supply-demand issues. The 124-page book is equipped with facts, figures and illustrations to cover all (more…)
(EnergyAsia, November 26, Wednesday) — ‘Arctic Oil and Gas – Sustainability at Risk?’, written by Aslaug Mikkelsen and Oluf Langhelle, analyses the expanding oil and gas activities in the Arctic from the perspective of sustainable development and corporate social responsibility. The book focuses on the territories of the Arctic Rim where current and future oil (more…)
(EnergyAsia, November 26, Wednesday) — Thai oil refiner Bangchak Petroleum PCL has reported a 251.6 million baht loss for the third quarter on negative refining margins and lower sales volume, compared with a 507.8 million baht profit for the same period last year. (US$1=35 baht). Its earnings per share fell from 0.45 baht for the...