(EnergyAsia, November 19, Wednesday) — Kazakhstan is tapping its oil wealth to protect its fragile economy and banking system from the fallout of the global financial crisis. The government of Prime Minister Karim Masimov said it is ready to prop up banks and make sure that commitments to international and domestic investors are being met....

(EnergyAsia, November 19, Wednesday) — Finland’s Wärtsilä said it has opened a new office and workshop in Port Moresby, the capital city of Papua New Guinea, to service power plant installations in the region’s gold, copper and silver mining industries, as well as regional marine applications in the fisheries and offshore oil and gas sectors....

(EnergyAsia, November 19, Wednesday) — Singapore Petroleum Company Limited (SPC) said its wholly-owned subsidiary, SPC E&P Upstream Pte Ltd, has signed a production sharing contract (PSC) to explore the Mahakam Hilir block in Indonesia’s East Kalimantan. The PSC was signed by Indonesia’s state authority, the Badan Pelaksana Kegiatan Usaha Hulu Minyak Dan Gas Bumi or...

(EnergyAsia, November 19, Wednesday) — Indonesian upstream support company Apexindo Pratama Duta Tbk said its shareholders have approved the acquisition of a floating production storage offloading (FPSO) unit. It did not disclose details including the acquisition cost and the FPSO’s supplier.   At a recent extraordinary general meeting in Jakarta, the company said shareholders holding...

(EnergyAsia, November 19, Wednesday) — France’s Alstom SA said it expects to win around $2 billion in hydropower equipment orders from Asian customers this fiscal year ending March 2009. This was about the same as last year, said Alstom’s Hydro Power President Philippe Cochet. Speaking in Vadodara town in India’s Gujarat province where he opened...

  (EnergyAsia, November 19, Wednesday) — The Abu Dhabi National Energy Company PJSC (Taqa), a listed company on the Abu Dhabi Securities Exchange, said its wholly owned subsidiary, Taqa Bratani Limited, said it has signed a contract with Wood Group Engineering (North Sea) Ltd, a subsidiary of John Wood Group PLC, to provide operating and...

equivalent of six Saudi Arabias, to meet its growing oil appetite by 2030, said the International Energy Agency (IEA). In its latest World Energy Outlook (WEO) 2008 report, the IEA described current global trends in energy supply and consumption as “patently unsustainable — environmentally, economically, socially.” The Paris-based agency has forecast that world primary demand...

in manufacturing and metal-forming, said they have signed an agreement which opens the way to the creation of a joint venture company to be set up in India. The new company will manage the whole process from engineering and manufacturing to selling and commissioning state-of-the-art 600 MW to 800 MW supercritical turbine island power plant...

Dubai Mercantile Exchange (DME), the Middle East’s leading energy futures and commodities exchange, have announced that DME’s contracts will exclusively trade electronically on the CME Globex® platform from the first quarter of 2009. The final decision is subject to DME board approval. The CME Globex platform offers virtually around the clock access to the broadest...

third quarter operating profit excluding exceptional items rose 18% to 80.8 million euro. Its year-to-date profit for the first nine months of 2009 climbed 14% to 237.6 million euro. (US$1=0.7 euro). Its worldwide capacity rose by 200,000 cubic metres (cbm) to 26.6 million cubic metres as a result of acquisitions in Asia and North America...

back of the American housing bubble, setting off a chain reaction leading to the collapse of Wall Street and recession in the world’s leading economies, said a US study group. Although housing prices are in decline almost everywhere, price declines are generally far more severe in far-flung suburbs and in metropolitan areas with weak close-in...

to operate and maintain a power plant at the Attock oil refinery site near Rawalpindi in Pakistan. The 156 MW plant, which was supplied and installed by Wärtsilä to Attock Gen Ltd, will start commercial operations this year. Wärtsilä has operations and maintenance contracts in three other power plants in Pakistan, supplying a total of...

Aliyev has quickly moved to strengthen his grip on Azerbaijan, the small but oil-rich Central Asian nation in the Caucasus. The results were never in doubt as he romped home against negligible opposition to claim almost 89% of the vote. Mr Aliyev became president in 2003 when he took over from his father. Both father...

Central Asia, may be shifting its allegiance towards Russia and Iran, and away from the US and the West, analysts say. Wedged in between competing interests in Iran, Turkey, Russia and the US, the country of 8.3 million people of mostly Shitte Muslims has so far played a delicate balancing game. However, when the Baku-Tbilisi-Ceyhan...

third-largest oil company, has received approval from the government to build a crude and oil products terminal, and port project in Huizhou.   The one-billion-yuan project will have the capacity to handle 300,000 tonnes of crude and a berth to accommodate large crude carriers. The project is part of CNOOC’s plan to beef up its...

metallurgical coking coal to make coke for China’s steel manufacturer, said its third quarter net income surged more than 94% year-on-year to $6.5 million. Revenue was up 82.7% to $74.1 million. Based in Taiyuan city in Shanxi province, Puda Coal said it sold 603,000 metric tons of cleaned coal, up 22.6% from the third quarter...

on the Isola Corallo, a Rotterdam-bound tanker in Dumai, Indonesia’s main palm oil export port, last week. In taking action, Greenpeace has demanded that the Roundtable on Sustainable Palm Oil (RSPO), which meets in Bali this week, to take urgent action against member companies who destroy forests and peatlands. The RSPO is an association created...

procurement, construction and operations firm, said it has signed a strategic alliance agreement with Petronas Technical Services Sdn Bhd, a subsidiary of Malaysian state-owned oil and gas firm Petronas. The two companies will work together to improve environmental management practices and technology including the implementation of management practices and technology solutions to meet Petronas’s corporate...

energy projects through 2030 to keep up with its growing demand as oil prices more than triple to $200, said the International Energy Agency in its latest forecast. Calling the world’s energy system at a crossroads, the agency starts off with a warning: “Current global trends in energy supply and consumption are patently unsustainable —...

Exporting Countries (OPEC) pumped an average 32.26 million barrels per day (b/d) of crude oil in October, according to a Platts survey of OPEC and oil industry officials. This is a 210,000 b/d decline from the September level of 32.47 million b/d. Excluding Iraq, production from the 12 members hitherto bound by output agreements fell...

Singapore exchange, the company said in clarifying comments made by managing director Lionel Lee in an interview with Bloomberg TV. Mr Lee issued the clarification on behalf of Ezra’s board after he had told Bloomberg that the company was considering buying back stocks and delisting its shares which have slumped from a record high of...

of agricultural, metals, minerals and ores and energy products, has reported record revenues of $29.3 billion and $9.4 billion for the nine months and third quarter periods, respectively, ended September 30, 2008. Revenue growth continues to be well diversified with each of our four business segments reporting revenue increases of between 65% and 110% compared...