(EnergyAsia, November 5, Wednesday) — Australia’s AGL Energy Limited (AGL) said it has executed sale and purchase agreements (SPA) for all its oil and gas exploration and production interests in Papua New Guinea (PNG), which include a 3.6% interest in the liquefied natural gas (LNG) project. AGL said it will net around A$1.1 billion from...

(EnergyAsia, November 5, Wednesday) — A water utility in Philippines’ Negros province is planning to invest 200 million peso in a 100-kilowatt hydropower plant that would also serve up clean water for residents in Sagay city. (US$1=50 peso). Bruce Sharp, a director of Australia’s Burnell Research Laboratory, which is advising the utility, said the project...

(EnergyAsia, November 5, Wednesday) — New Zealand’s only refining company said it expects to make after-tax net profit of NZ$115 and $125 million for the financial year ending December 31 2008. (US$1=NZ$1.6). New Zealand Refining Company said changes in throughput and the US$-NZ$ exchange rate will also impact final results. The New Zealand Refining Company’s...

(EnergyAsia, November 5, Wednesday) — India’s diversified business group ITC said it has started up a 14 MW wind power plant in Tamil Nadu state. It is using the power from the Rs900 million plant to support its packaging and printing businesses in Chennai city. (US$1=Rs48). ITC said it will register the project as a...

(EnergyAsia, November 5, Wednesday) — The UN’s “World Food Day” last month focused on the pressing need for the world to adapt to climate change. But even before “climate change” became a political concern, the poor have been unable to deal with “climate” such as drought, storms and flooding – as a result of counterproductive...

(EnergyAsia, November 5, Wednesday) — Abu Dhabi’s Masdar has agreed to team up with E.ON and DONG Energy to invest in the giant London Array offshore windpower project. Masdar has purchased 40% of E.ON’s 50% stake, giving it a 20% stake in the project. Denmark’s DONG Energy owns the other half. The proposed wind farm,...

active Wall Street firms, oil prices could test further lows after briefly breaking US$60 a barrel in late October. Oil’s decline has been dramatic, coming off its peak of more than $147 per barrel in early July before the onslaught of bearish news took control of the world’s major economies. With no end in sight...

20% in 2009 to help make the country’s power sector more attractive to investors. Up till now, Hanoi has kept a tight lid on state-controlled electricity prices in a bid to contain inflation. Vietnam’s electricity prices are much lower than those in neighbouring countries. While this has benefitted consumers, it has also deterred investors into...

technical and specialised skill training centre of Singapore’s Keppel Offshore & Marine Limited, has enhanced its capacity to 3,500 training places per year with its new facilities in Shipyard Road. The centre will be a one-stop training facility where employees and subcontractors can register for courses, undergo training, receive certification and apply for relevant trade...

joint venture of Clough AMEC has been awarded a contract by Chevron Australia Pty Ltd to provide engineering services for its oil production facilities at Barrow Island and Thevenard Island. The facilities are located offshore Western Australia, about 1,600 km north of Perth. Clough AMEC did not disclose the contract’s value. The scope of work...

Australia’s Queensland Gas Company Limited (QGC) in an all-cash deal valuing the company at A$5.75 per share. The offer price represents an 80% premium to QGC’s closing price of A$3.20 on October 23, the last full day of trading in QGC shares prior to the two companies’ joint announcement on October 28. The offer price...

vertically integrated photovoltaic (PV) product manufacturer, said it has signed a memorandum of understanding with TÜV Rheinland (Shanghai) Co Ltd to form a strategic partnership covering a range of quality control initiatives. Under the proposed strategic partnership, TÜV Rheinland would conduct periodic factory inspections to review production, testing and calibration procedures and assist Yingli Green...

developing countries remain at risk through 2009 as a result of this year’s increases in food and fuel prices. The IMF’s updated assessment shows that the impact of food and fuel price increases on developing countries, far from diminishing, has continued to mount since its previous report last June. As of mid-September, oil prices were...

the world’s leading 250 energy companies at its 3rd annual Asia Leadership Awards dinner in Singapore. On the side, Platts senior editorial director Dave Ernsberger spoke to EnergyAsia on the state of the world oil markets today. How would you describe the mood of the oil traders at the event given the volatility of the...

China unit from January 1. The company said Mr Zhu has significant experience in leading and developing industrial business operations He last worked as country manager for Eaton Truck & Bus Components in Shanghai, a position he has held since 2005.   Mr Zhu will replace Clas-Eirik Strand, who will retire on February 28, 2009,...

between the US and China for access to oil, minerals and other raw materials. Beset by financial and economic problems, and its disastrous war in Iraq, the US has watched as China has succeeded in developing an influential political and economic in Africa. Beijing has also firmed up trade, military and cultural ties with African...

economic growth for 2008 and 2009, said the International Monetary Fund (IMF). In its latest report, Regional Economic Outlook: Middle East and Central Asia, the IMF said: “The region has continued to experience strong growth in 2008, outpacing global growth for the ninth year in a row. Growth is underpinned by high commodity prices, strong...

Limited, or LNG Limited, to proceed more cautiously with its planned liquefied natural gas (LNG) project in Gladstone in Queensland state.   The company said it needed help from potential customers or other partners in financing the A$500 million project. (US$1 = A$1.63)  Against the backdrop of the global financial and credit crisis, debt-financing and...

plans to invest S$750 million to turn its three oil-based power plants to use natural gas. (US$1 = S$1.50). The upgrades will take place over a three-year period through 2011. Lion Power will procure the gas from the new LNG terminal which is currently being built on the country’s petrochemicals hub on Jurong Island. Longer-term,...

in Vietnam, said its majority owned subsidiary, Cavico Hydropower Construction, has achieved a breakthrough on the headrace tunnel at the Dasiat hydropower project in Vietnam. The breakthrough was achieved October 18 after 27 months of work. The headrace tunnel is 1.44 miles long and 91 inches in diameter. Cavico Hydropower provided construction services and supplied...

Österreichische Industrieholding AG said it has raised its shareholding in Austria’s oil and gas firm OMV Aktiengesellschaft to 50.7% effective October 15. IPIC owns 57,485,686 shares, raising its stake from 17.6% to 19.2% of the registered capital. The consortium now hold 151,985,676 shares of OMV’s registered capital of 300,000,000 OMV shares. With group sales of...

gas supply contracts with some of the largest solar cell manufacturers in the world, “confirming its position as the number one gas supplier to this fast-growing industry.” To fulfill these new long-term contracts, Air Liquide said it will invest over 20 million euro to supply nitrogen and hydrogen from on-site generators as well as bulk...

vertically integrated photovoltaic (PV) product manufacturer, said it will assist its customers with access to project finance advisory services and potential funding solutions through cooperation with Deutsche Bank. Through this proposed cooperation, the two companies expect to provide a convenient “one-stop shop” solar project solution, offering high quality PV products and solar project financing advisory...

agreement with Prayag Green Solar Power Private Limited to develop and construct a two-megawatt solar power project in Chitrakoot in India’s Uttar Pradesh state. Clear Skies Solar said the deal has opened the way for it to execute other contracts in the region including a previously announced $20 million project to design and construct a...

to Singapore and Indonesia’s Batam Island said it has signed a new agreement to transport gas to Singapore to be followed by new deals to supply to Batam. The consortium, led by UK’s Premier Oil, is supplying the gas from the West Natuna Sea Block A production sharing contract (PSC) area. Premier Oil, the operator,...