(EnergyAsia, June 23, Monday) — Oil prices are likely to stay high for the rest of the year despite Saudi Arabia’s show of goodwill in Jeddah yesterday in agreeing to raise crude production and China’s surprise move last Friday to increase pump prices by 18% that could slowdown consumption growth. Hosting the world’s leading oil...

(EnergyAsia, June 23, Monday) — Active Power Inc, a Texas, US-based inventor and manufacturer of energy-efficient critical power systems, said it has received an order from a subsidiary of the China National Power Grid for eight of its trademarked PowerHouse containerised continuous power systems. The first two systems will be shipped in the third quarter...

(EnergyAsia, June 23, Monday) — Canasia Power Corp, a Canadian private power developer, said it is building two 660MW units of a Jawaharpur supercritical thermal power complex in Etah in India’s Uttar Pradesh state. Canasia has chosen state-owned China National Electric Equipment Corp (CNEEC) as the turnkey equipment, procurement, construction (EPC) contractor. CNEEC, a leading...

(EnergyAsia, June 23, Monday) — NYSE-listed engineering firm McDermott International Inc said a subsidiary has entered into a joint venture with a subsidiary of state-owned China Shipbuilding Industry Corporation (CSIC). A J. Ray McDermott SA unit has formed a joint venture company, Qingdao McDermott Wuchuan Offshore Engineering Company Ltd (McDermott Wuchuan), to establish a new...

(EnergyAsia, June 23, Monday) — NYSE-listed LDK Solar said it has signed a five-year contract to supply multicrystalline solar wafers to China-based Jiangxi Solar PV Corporation (JSPV). LDK Solar, a multicrystalline solar wafer manufacturer, will deliver approximately 70 MW of multicrystalline solar wafers to JSPV, a new venture created by US-based Solar PV Corporation, over...

(EnergyAsia, June 20, Friday) — Singapore’s KS Energy Services Limited said it has secured the first of two six-month extension from June 29 for its rig management contract with Consafe Offshore AB, a wholly-owned subsidiary of Prosafe SE for the management of the Safe Esbjerg accommodation rig. The 140-bed accommodation jackup rig is currently operating...

(EnergyAsia, June 20, Friday) — Sakhalin Energy Investment Company Ltd said it has secured $5.3 billion in project financing, the largest in Russia’s history, from the Japan Bank for International Cooperation (JBIC) and a consortium of international commercial banks. Japan’s leading financial institution will provide US$3.7 billion while the consortium will contribute an additional $1.6...

(EnergyAsia, June 20, Friday) — The International Monetary Fund (IMF) has announced it will investigate “the real and financial factors” behind the recent surge in oil and commodity prices, their volatility, and the effects on the global economy. Responding to a call by the Group of Eight (G8) major industrial nations, managing director Dominique Strauss-Kahn...

(EnergyAsia, June 20, Friday) — Representatives of 40 developing and industrialised countries have agreed to create two international investment funds that will provide innovative financing for developing countries to pursue cleaner development paths and protect themselves from the impacts of climate change. The World Bank said the agreement came last month after a two-day meeting...

(EnergyAsia, June 20, Friday) — French major Total said it has signed a memorandum of understanding (MOU) to supply liquefied natural gas (LNG) to leading Chinese oil and gas company China National Offshore Oil Corporation (CNOOC). CNOOC President, Fu Chengyu, and Total CEO, Christophe de Margerie, signed the MOU on behalf of their companies with...

(EnergyAsia, June 20, Friday) — China Technology Development Group Corporation (CTDC), a provider of renewable energy products and solutions, said it has begun building a pilot amorphous silicon (a-Si) thin-film solar energy rooftop system in China’s Fujian province. The system will be built at its production plant in the China Merchants’ Zhangzhou Development Zone (CMZD)....

(EnergyAsia, June 20, Friday) — Texas, US-based Eltek Valere has announced that it will make the Asian debut of its green product line – Flatpack2 HE – to wireless and fixed line service providers at the CommunicAsia 2008 event in Singapore from June 17 to 20. Eltek said the Flatpack2 HE DC power system is...

landing of record-high oil prices, said US commodities broker Newedge. The sharp run-up in oil prices this year have had a profound impact on the world at many levels: social, economic, political and institutional. Unlike earlier price gains, the latest hike is causing real stress, not just on refiners and consumers, but also on the...

impact on both supply and demand, said IMF chief economist Simon Johnson. “Right now the oil market is tight and there isn’t a lot of additional supply that can come on at very short notice and the market looks like it’s going to remain under pressure for some time to come,” he said according to...

climb from already high levels now, said analysts. A big decline in demand would, in turn, imply lower or negative growth and could lead to a drop in oil prices towards the end of 2008 or early 2009, according to analysts at Lehman Brothers. Demand destruction is already apparent in the US where consumers are...

 stockpiles and help deal with volatile crude oil prices on the world markets. The cooperation of these large, fast growing Asian economies is crucial for the IEA in its effort to prepare countries to deal with oil emergencies. The US government has urged China, the world’s second largest oil consumer, to join the 27-member IEA,...

semisubmersible drilling tender (SSDT) for Seadrill Asia Limited. Scheduled for delivery in first quarter of 2011, the drilling tender will be built to the KFELS SSDT™ 3600E model. The KFELS SSDT™ series is designed by Keppel Offshore & Marine Limited’s R&D arm, the Deepwater Technology Group. When completed, the latest unit will join Seadrill Asia’s...

 out the main terms of a production sharing agreement (PSA) for an exploration licence in the Absheron area. Total will be the operator of the Absheron Block, with 60% interest, while SOCAR will have a 40% stake. This block is located in the Caspian Sea, 100 km from Baku, in a water depth of around...

recovery systems in China, and signed contracts for another two systems in Malaysia and Congo. One of the systems in China with an electricity output of 14MW, has just started operation while the other, a 26.8MW system, is expected to be commissioned and to start up around early August. The company said the two system...

Wulanchabu City in China’s Inner Mongolia Autonomous Region to build a 49.5MW wind farm. To implement the RMB480.5 million project, the company has signed two contracts for the purchase of 33 sets of 1,500kw wind turbine and turbine tower, and expects to sign several more. (US$1=RMB6.9). Hong Kong Energy (Holdings) Limited, formerly known as J.I.C....

on Americans to demand that automakers manufacture electric vehicles (EV) so that they can reduce dependence on fossil fuels. “Call Toyota, call GM, call Ford, call them all and tell them that you won’t buy another car until it can be plugged in and charged with electricity. Americans must demand the choice to drive cars...