(EnergyAsia, January 3, Thursday) — A new world benchmark crude futures contract, Western Canadian Select (WCS), could be available on the New York Mercantile Exchange (NYMEX) in the second half of this year. WCS is a blend of 19 streams of 250,000 b/d of heavy and bituminous crudes produced in the western Canadian province of...

(EnergyAsia, January 3, Thursday) — GE Energy said it has received its largest order ever for Jenbacher gas engines to support a major rural electrification initiative in Bangladesh. Combined, the engines will generate about 81 MW in electricity at four new power plants to support developing areas of this South Asian country. GE is supplying...

(EnergyAsia, January 2, Wednesday) — More than 50 CEOs and senior executives from Asian and international power companies will speak at the 11th Annual Asia Power & Energy Congress which will be held at the Grand Hyatt in Singapore on March 31.The event will gather international financiers, policy makers and top executives from power companies...

(EnergyAsia, January 2, Wednesday) — IFC, a member of the World Bank Group, has agreed to support Engro Energy’s combined cycle power project, which will help meet Pakistan’s increasing energy needs.The Engro Energy project includes a 217-megawatt base load plant that will be built in Pakistan’s Sindh province. The combined cycle power plant will generate...

(EnergyAsia, January 2, Wednesday) — Indonesia’s main gas distribution and electricity firms are planning to jointly build a 1.5 million tonne/year liquefied natural gas (LNG) terminal on Java island.PT Perusahaan Gas Negara (PGN) and electricity firm PT Perusahaan Listrik Negara (PLN) said the US$400 million terminal will help meet the future electricity needs of the...

(EnergyAsia, January 2, Wednesday) — Japan’s leading refiner, Nippon Oil Corp, has joined the Tokyo Commodity Exchange (Tocom) to better hedge its trades in oil products.Tocom has long been a favourite among smaller traders and speculators seeking exposure to the Japanese oil market. Until Nippon Oil’s recruitment last month, the exchange had failed to attract...

(EnergyAsia, January 2, Wednesday) — China’s successful push to develop Iran’s giant Yadavaran oil and gas field has left India feeling squeezed out of a potentially lucrative project.Last month, China’s state oil and gas giant Sinopec announced it will invest around $2 billion to develop the Yadavaran field, which holds around 18.3 billion barrels of...

(EnergyAsia, January 3, Wednesday) — China Holdings Inc, a diversified group engaged in China-based businesses, said subsidiary China Power Inc has signed a contract with the local government in China’s AnHui province to develop and construct its third biomass power plant of 50MW. The company now has a potential power capacity of 150 MW. The...

(EnergyAsia, January 2, Wednesday) — China’s state oil and gas company Sinopec will proceed to invest US$2 billion to develop Iran’s Yadavaran oil field despite objections by the US.The Chinese government has defended Sinopec’s agreement to develop the field to produce 85,000 b/d of crude within four years and to 185,000 b/d three years later.The...

(EnergyAsia, January 2, Wednesday) — Hanwei Energy Services Corp said it has started producing fibreglass reinforced plastic (FRP) wind power blades to meet its supply agreement with Daqing Deta Electric Co Ltd. Last June, Hanwei Energy signed an agreement to supply Daqing Deta RMB 1.7 billion ($232 million) worth of wind power equipment over three...

(EnergyAsia, January 2, Wednesday) — Korea Electric Power Corp (KEPCO) has acquired a 34%-stake in a US$1.34 billion coal mining and power joint venture in China.The venture, Gemeng International Energy Co in Shanxi province, aims to develop nine coal mines, acquire another 15, and build nine power plants over the next 50 years.KEPCO’s partners in...

(EnergyAsia, January 2, Wednesday) — South Korea’s GS Caltex claims it is now the world’s third largest refiner at a single location after boosting its refining capacity by 4.6% to 680,000 b/d. The company recently completed the expansion of its fourth crude distillation unit (CDU) by 10% to 300,000 b/d.GS Caltex is an equal joint...

(EnergyAsia, December 31, Monday) — Royal Dutch Shell said subsidiary Shell China Exploration and Production Company Limited has acquired a 55% equity interest in a coalbed methane (CBM) venture in Shanxi Province and will take over as operator.China’s Ministry of Commerce recently approved an agreement for Shell to acquire Verona Development Corporation’s majority equity position...

(EnergyAsia, December 31, Monday) — ICP Solar Technologies Inc, a developer, manufacturer and marketer of solar cells and products, said it has signed a two-year supply agreement with Shanghai Electric Solar Energy Co.Shanghai Electric is the largest Chinese enterprise engaged in the design, manufacture and sale of mechanical and electrical equipment. The group’s products cover...

(EnergyAsia, December 31, Monday) — Finland’s Wartsila said it has been awarded contracts by the Summit Group of Bangladesh to deliver three new gas-fuelled power plants.Each site has an output of 35 MWe. Wartsila will deliver generating sets, together with related ancillary equipment and provide supervision of the installation work. The plants will be fully...

(EnergyAsia, December 31, Monday) — The Oxford Princeton Programme will be holding a biofuels seminar in Singapore from May 12 to 14.“Biofuels – A Key Renewable Energy Option” aims to provide participants with a comprehensive overview on the biofuels industry with focus on ethanol and biodiesel. A detailed introduction on the economics, environmental and resource...

(EnergyAsia, December 31, Monday) — Origin Energy and Contact Energy said they will jointly purchase some of Swift Energy’s New Zealand oil and gas assets for approximately US$87.8 million. The acquisition is backdated to December 1 2007.The assets being acquired include two main producing areas in the onshore Taranaki Basin, some additional permits and inventory....

(EnergyAsia, December 31, Monday) — China Petroleum and Chemical Corporation (Sinopec Corp) said it is acquiring equity stakes in three oil refineries and 63 retail outlets from its parent company, Sinopec Group Company. Sinopec Corp’s wholly owned subsidiary, Sinopec Yangzi Petrochemical, will acquire equity interests in another two oil refineries from Sinopec Group.The acquisition costs...

(EnergyAsia, December 31, Monday) — Continuing the liberalisation of its oil sector, China will next offer its oil storage terminals, pipelines and port facilities to foreign investment, according to the powerful State Council.In a white paper titled, “China’s Energy Conditions and Policies”, released last week, the council said it will also seek foreign participation in...

(EnergyAsia, December 31, Monday) — Australia’s Geodynamics Ltd shareholders have approved a proposal to form an unincorporated joint venture with Origin Energy.Origin will take a 30% stake in the venture covering the South Australian geothermal tenements and associated assets of Geodynamics Ltd. Geodynamics has been using its proprietary technology to tap geothermal energy at its...

(EnergyAsia, December 31, Monday) — Benazir Bhutto’s assassination has plunged Pakistan into a full blown energy crisis as oil stockpiles plunge to the equivalent of just a few days of consumption while a widespread electricity blackout is spreading across the country as fuel oil deliveries to power plants are suspended and workers are unable to...

(EnergyAsia, December 31, Monday) — Malaysia’s state oil and gas company Petronas said it has signed three key agreements in Uzbekistan which would boost its presence and strengthen its business portfolio in the Central Asian country.Through wholly-owned subsidiary Petronas Carigali Overseas Sdn Bhd (PCOSB), the Malaysian company signed the Baisun Block production sharing agreement (PSA)...

(EnergyAsia, December 28, Friday) — US oil futures surged to a five-week high of $97.79 a barrel in late New York trade Thursday as supply and geopolitical concerns re-emerged to panic the oil markets. Pakistan was pushed towards greater political instability yesterday following the assassination of former Prime Minister Benazir Bhutto. Ms Bhutto, a powerful...

(EnergyAsia, December 28, Friday) — The Chinese government is looking to reform the way it sets prices for oil products, electricity and other resources next year. Local media reported plans for the reforms, citing Ma Kai, director of the National Development and Reform Commission (NDRC), which is China’s top economic planning agency. The government currently...

(EnergyAsia, December 28, Friday) — World oil stockpiles are expected to slip below their five-year average just as demand continues to hit another record high next year, said the International Energy Agency (IEA). In its recently monthly report, the Paris-based agency said world oil demand is expected to climb by 2.3% in 2008 after rising...