(EnergyAsia, February 4, Monday) — AEI, a company that owns and operates essential energy infrastructure businesses in emerging markets, said it has fully acquired Tongda Energy Pte Ltd, an operator of city gas companies in China, from a group of Chinese private investors. AEI also has acquired a 70% stake in a second city gas...
(EnergyAsia, February 4, Monday) — Engineering giant Foster Wheeler Ltd said a subsidiary of its Global Power Group has been awarded a contract by Harbin Power Engineering Company Ltd (HPE) for the design of two CFB steam generators for the second phase of the Cam Pha Power Plant Project in Cam Pha in Vietnam. Foster...
(EnergyAsia, February 4, Monday) — Royal Dutch Shell has fanned fears it might again reduce its oil reserve estimates after announcing last week that it would postpone the release of the data. Information on reserves, a vital indicator of the company’s long-term health, would normally be released alongside its financial results. On January 30, Shell...
(EnergyAsia, February 4, Monday) — UK’s BG Group plc said it has agreed to establish an alliance with Queensland Gas Company Limited (QGC), a leading coal seam gas exploration and production company in Australia’s Queensland state. The two companies will jointly explore and develop onshore coal seam gas acreage as well as develop domestic...
(EnergyAsia, February 4, Monday) — Singapore’s Keppel Corp said its 2007 net profit surged 50.6% to S$1.13 billion, thanks mostly to demand for its oil rig construction services. (US$1=S$1.43). Its revenue jumped 37.2% to S$10.43 billion. Keppel’s offshore and marine division, which includes oil rig and ship building as well as ship repair and conversion,...
(EnergyAsia, February 4, Monday) — Shares of Exxon Mobil and Chevron, the two largest US oil companies, slipped last Friday despite reporting record full year profits as investors focused instead on their declining oil production. Thanks to record high crude oil prices, Exxon Mobil said its 2007 net profit rose 2.8% to $40.6 billion on...
(EnergyAsia, February 4, Monday) — The Japan Bank for International Cooperation (JBIC) recently signed a loan agreement totaling up to US$3 billion with Abu Dhabi National Oil Company (ADNOC), the national oil company of the UAE’s Abu Dhabi. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the...
(EnergyAsia, February 1, Friday) — Energy and global warming will be among the key issues discussed when a delegation of US political and business women leaders meet their counterparts in several Chinese cities on March 13 to 22. Clara Lippert Glenn, President and CEO of The Oxford Princeton Programme, the world’s leading provider of education (more…)
(EnergyAsia, February 1, Friday) — Christoph Vitzthum, a senior executive at Finland’s Wartsila, has been appointed chairman of the board of directors of the World Alliance for Decentralized Energy (WADE) from January 1, 2008. WADE is an international non-profit research and promotion organization representing global companies as well as industry and environmental groups. WADE’s direct (more…)
(EnergyAsia, February 1, Friday) — Increasing demand for biofuels has squeezed palm oil supplies in Malaysia and sent prices skyrocketing to new record high, causing a mini cooking oil supply crisis.Palm oil prices in Malaysia hit a new high of more than RM3,400 per tonne in mid January. (US$1 = RM3.24).The price surge has led...
(EnergyAsia, February 1, Friday) — A day after reaching a new royalty deal with the Alberta government in Canada, Suncor Energy said its board of directors has given final approval to a C$20.6 billion investment that is expected to boost crude oil production at the company’s oil sands operation north of Fort McMurray by 200,000 barrels...
(EnergyAsia, February 1, Friday) — Singapore’s Keppel Corp said it has signed a Memorandum of Understanding (MOU) with the Qatar Investment Authority (QIA) to participate as an equity investor in a consortium to build an ecological city in China’s Tianjin city. QIA’s definitive participation is subject to further discussion.The 30 sq km eco-city site straddles...
(EnergyAsia, February 1, Friday) — The Asian Development Bank (ADB) and its development partners are setting up a facility that will provide seed capital for renewable energy and energy efficiency projects in the Asia-Pacific region amid growing energy demands and high oil prices.ADB and the UN Environment Programme (UNEP) are developing the Seed Capital Assistance...
(EnergyAsia, February 1, Friday) — CERA, the leading critic of the ‘peak oil’ theory, has come under fire for not being transparent with its analysis and data concluding that the world will not face an imminent oil production drop as the world’s main 811 producing fields are declining by ‘only’ 4.5% per year.CERA, led by...
(EnergyAsia, February 1, Friday) — China’s Suntech Power said it is participating in a solar-energy system constructed for the roof of the town hall in Genk in Belgium.The project was engineered by Netherlands-based Oskomera Solar Power Solutions (OSPS) in collaboration with Belgium-based ENECO Energie. The system consists of approximately 1,260 Suntech solar modules with a...
(EnergyAsia, February 1, Friday) — A day after reaching a new royalty deal with the Alberta government, Suncor Energy said its board of directors has given final approval to a $20.6 billion investment that is expected to boost crude oil production at the company’s oil sands operation north of Fort McMurray by 200,000 barrels per day...
(EnergyAsia, February 1, Friday) — Taiwan’s Mosel Vitelic Inc said it has signed a five-year contract to buy multi-crystalline solar wafers from China’s LDK Solar Co Ltd. The deal is worth $150 million, with delivery starting this year.Mosel, which entered the solar cell production in 2006, said the pricing is fixed for the first three...
(EnergyAsia, January 31, Thursday) — Weighed down by recent financial market turbulence and a weakening US economy, the world economy is projected to grow at a slower rate of 4.1% this year, down from an estimated 4.9% last year, said the IMF in its quarterly update. Financial market strains originating from the US subprime mess (more…)
biodiesel, said its 50,000-ton-per-year Beijing plant has started production. The plant will be raised to 100,000 tons by the fourth quarter. “We are pleased to announce the commencement of production at our Beijing plant. Construction of this plant was completed ahead of our original schedule and within our prior estimated budget. We believe this milestone...
tanks at its liquefied natural gas (LNG) import terminal in Fujian province. The company said it began construction of tanks number 3 and 4 on January 14 in response to the country’s growing demand for clean burning fuel. The two tanks will be ready by 2011. CNOOC said it expects to complete the main part of...
severe freak snow storm that has caused widespread disruptions to fuel, power and food supplies across a large part of the central and southern regions. Fearing this is turning into a political crisis, Beijing has appointed Premier Wen Jiabao to take charge of relief efforts following two weeks of harsh wintry conditions that have claimed...
Chinese subsidiary, Liaoning GaoKe Energy Group, has obtained a licensing agreement to produce and sell Fuhrlander AG’s 2.5 MW series wind turbine in China. Fuhrlander will also assist GaoKe in developing a plant in Shenyang city modeled after Fuhrlander’s plant in Germany, with completion expected in mid-2008. Fuhrlander will help ensure the wind turbines are...
Ltd (MRPL), a subsidiary of upstream giant ONGC, said its latest quarterly net profit surged 194% to Rs3.47 billion. (US$1=Rs40). MRPL said revenue for the October-December quarter rose 11% to Rs93.2 billion. Refining throughput fell 10% to 3.02 million tonnes due to a shutdown for maintenance of its secondary refining units in the last two...
trucks queue up outside fuel outlets in key cities awaiting fresh supplies. Shortages of diesel and kerosene have spread throughout the country, hitting the impoverished economy further. This week, oil traders told owners of cars, buses and trucks that fuel supplies were no longer available in most fuel outlets, forcing the nation’s major highways to...
certain types of biofuels that it claims are actually harming the environment. Green groups have successfully lobbied the EU to consider banning the use of biofuels produced from crops grown on scarce rainforests, wetlands and grasslands. The 27-member powerful EU bloc has been confronted with growing evidence that plantation owners are engaged in unsustainable environmental...