(EnergyAsia, June 25, Wednesday) — India is on track to boost its refining capacity to well over five million b/d by 2012 with the addition of 2.14 million b/d over the next seven years. The capacity build-up is partly driven by tax benefits for new refineries that are completed by 2012 as India aims to...
(EnergyAsia, June 25, Wednesday) — Rotary Engineering Limited, a Singapore-based provider of engineering, procurement, construction and maintenance services for the oil, gas and petrochemical industries, said it has secured two engineering, procurement and construction contracts of worth S$102 million from the Oiltanking Group. (US$1=S$1.35). Rotary’s first contract of S$60.1 million, awarded by Oiltanking Odfjell Terminal...
(EnergyAsia, June 25, Wednesday) — Abu Dhabi’s International Petroleum Investment Company (IPIC) said it plans to invest in a 250,000 b/d oil refinery in Pakistan. IPIC will hold a 74% stake in the project with Pakistan’s government owning the remaining 26% stake. IPIC is expected to soon the award of engineering contracts for the project....
(EnergyAsia, June 25, Wednesday) — Fuel rationing remains in force in Beijing, Shanghai, Guangzhou and Ningbo and other major cities in China as oil companies and users continue to cast a wary eye on supplies. Parts of the country have had to deal with severe fuel shortages most of this year as domestic oil companies...
(EnergyAsia, June 25, Wednesday) — India’s economy will slow significantly if domestic fuel prices are allowed to rise further in line with world oil prices, which have been hovering well above $130 a barrel for some weeks, analysts warn. On June 4, for the second time this year, the government raised gasoline and diesel prices...
(EnergyAsia, June 25, Wednesday) — The Indian government said it will give tax breaks to local oil companies to encourage them to invest in additional oil refining capacity. Officials declined to reveal why the incentives will not be extended to private and foreign refiners. The scheme’s beneficiaries will be the state-owned companies like Indian Oil,...
(EnergyAsia, June 25, Wednesday) — The Indonesian government said its tax revenue rose by over 47% in the first five month of 2008 to reach Rp217 trillion on the back of higher income from the sale of oil, gas and other natural resources. (US$1=Rp9,200). Thanks to record high prices, revenues from oil and gas exceeded...
(EnergyAsia, June 25, Wednesday) — Indian infrastructure company GMR has offered to take over ONGC’s stake in the proposed Rs310 billion refinery and petrochemical complex in Kakinada in Andhra Pradesh state. (US$1=Rs42). Upstream company ONGC had proposed to develop the project if the Andhra Pradesh state government had agreed to provide tax incentives worth a...
(EnergyAsia, June 25, Wednesday) — The meeting of major oil producing and consuming countries in Jeddah, Saudi Arabia on June 22 focused the world’s attention on the detrimental impact of high oil prices, and the need for “strong” policies to reverse market sentiment, said the International Monetary Fund (IMF). The meeting also ended with Saudi...
(EnergyAsia, June 25, Wednesday) — The ‘National Photovoltaic Conference 2008 (NPVC 2008)’ will be held at the Putrajaya Marriott Hotel south of Kuala Lumpur, Malaysia on August 14. The conference, in line with the national objective of promoting the use of solar energy as an alternative to fossil fuels, will provide a platform for policy (more…)
royalties worth some RM2.5 billion be paid directly to the state rather than be channelled into a special fund run by the federal government. (US$1=RM3.2). Terengganu is Malaysia’s largest oil producing state, but is also one of the country’s poorest states. It is ruled by an Islamic party that opposes a secular coalition that governs...
boost investment in energy efficiency and savings to curb their oil use and help check rising oil prices. Curbing demand and boosting energy efficiency have become an obvious policy choice as oil prices are expected to remain high. World oil supplies have remained little changed at around 85 to 86 million b/d for more than...
Countries (OPEC) are expected to derive more than US$1 trillion in oil export earnings this year on the back of soaring oil prices. The cartel generated US$647 billion export revenues last year, and will exceed the trillion-dollar mark with crude averaging US$110 a barrel, said the US Energy Information Administration (EIA). Crude has been trading...
(EnergyAsia, June 24, Tuesday) — The ‘15th Africa Upstream’ will be held at the Imax Theatre in Cape Town, South Africa from October 8 to 10. More than 70 officials and executives from government agencies, state oil companies and private companies will be speaking at the region’s largest exploration and production event. ‘15th Africa Upstream’ (more…)
(EnergyAsia, June 24, Tuesday) — ‘Design and Manufacture for Sustainable Development’ is a collection of papers from a conference held at the University of Liverpool in June 2002. Wiley has published them as a book to reflect the interchange of ideas on the theory, technology, tools and methodology on what constitutes sustainable development. It discussed (more…)
(EnergyAsia, June 24, Tuesday) — ‘Tanker Ownership, Chartering and Operations’, a course offered by the Oxford Princeton Programme, will be held in Singapore from October 8 to 10. The course, presented in association with maritime economics and business consulting firm Richardson Lawrie Associates, will cover the crude oil, petroleum products, chemicals and gas transportation sectors. (more…)
they will jointly establish the Jubail Refining and Petrochemical Company sometime in the third quarter this year. An agreement was signed in Jeddah by Abdallah S. Jum’ah, President and CEO of Saudi Aramco, and Christophe de Margerie, CEO of Total, to advance their planned construction of a 400,000 barrel per day full-conversion refinery in the...
may have caused widespread harm to some of the country’s hydropower dams. Officials have warned of potentially extensive damage but said the exact threats remained unclear. Workers are now repairing the Zipingpu dam in Sichuan province after officials had determined it was in danger of unleashing water through cracks sustained during the earthquake that struck...
billion to help the country’s lower-income households cope with the impact of soaring oil prices. Prime Minister Han Seung-soo has announced that the government plans to reimburse low-income earners for part of their fuel purchases. The subsidy could benefit an estimated 12.8 million people. The government will use last year’s surplus tax revenues and projected...
for a 150,000 b/d refinery in Sudan. The cost of the planned project at Port Sudan more than doubled as prices for steel and other materials have surged in recent years, jeopardising its commercial viability even at a time of soaring global crude oil prices. Announcing the delay, Petronas CEO Hassan Marican did not mention...
(EnergyAsia, June 23, Monday) — Oiltanking Singapore Limited has announced that it will be constructing another 120,000 cubic metres of storage capacity for clean oil products on Singapore’s oil, gas and chemicals hub on Jurong Island. The new tanks, to be added to the company’s terminal located along Jurong Island Highway by mid-2009, will boost (more…)
(EnergyAsia, June 23, Monday) — Wipro Technologies, the global IT services division of India’s Wipro Limited, said it has joined The Green Grid, a global consortium dedicated to advancing energy efficiency in data centres and business computing ecosystems. Wipro’s green IT initiatives extend from energy efficient data centres to eco-friendly product engineering designs and PC (more…)
(EnergyAsia, June 23, Monday) — Canada’s Alberta province holds as estimated bitumen reserves of almost 173 billion barrels as well as reserves of 1.5 billion barrels of conventional oil, according to the Energy Resources Conservation Board (ERCB). Last year, the province produced 482 million barrels, or 1.32 million b/d of bitumen, exceeding conventional oil production...
(EnergyAsia, June 23, Monday) — Rising fuel prices is adding to growing political instability in Malaysia, one of the developing world’s most successful economies. The inflationary effects of a shock 41% rise in gasoline prices and 63% hike in diesel ordered by the government on June 5 are adding to pressure on Prime Minister Abdullah...
(EnergyAsia, June 23, Monday) — The Indian government has warned that its fuel subsidy burden could more than triple this year to reach 2.2% of the country’s GDP as world crude oil prices threaten to rise further. Last year, India expended 0.7% of its GDP, orUS$8.7 billion, as subsidies to keep domestic fuel prices low....