(EnergyAsia, September 24 2012, Monday) — National Iranian Offshore Oil Company (NIOOC) plans to raise its crude oil storage capacity to 8.1 million barrels by next September. The company’s managing director, Mahmoud Zirakchianzadeh, told local reporters that it will complete the expansion in two phases, with six million barrels to be ready by next March,...
(EnergyAsia, September 24 2012, Monday) — Indian oil companies are holding on to their hard won battle to raise diesel prices by an unprecedented 12% on September 13. Strikes and street protests have erupted in cities across the country over the past week in a repeat of the angry mass protests against last May’s 10%...
(EnergyAsia, September 24 2012, Monday) — In sharp contrast to Canada’s uncertain attitude, Australia is eager for China to take on increased equity and role in developing the country’s natural gas reserves. Negotiations, supported by Australian officials and industry executives, are underway for Chinese companies to acquire a part of the Browse liquefied natural gas...
(EnergyAsia, September 21 2012, Friday) — Singapore’s lubricants trade is expected to reach a record of more than S$9 billion this year, double the value of three years ago. (US$1=S$1.2) According to official trade data, Singapore handled nearly 2.5 million tonnes of lubricant feedstock, oils and grease worth more than S$4.58 billion for the first...
(EnergyAsia, September 21 2012, Friday) — Shareholders of stagnated Canadian upstream company Nexen Inc have voted overwhelmingly in favour of a proposed C$15.1 billion takeover by state-owned China National Offshore Oil Company (CNOOC). Of the votes cast, 99% of Nexen’s common shareholders and 87% of preferred shareholders accepted CNOOC’s offer of C$27.50 a share, representing (more…)
(EnergyAsia, September 21 2012, Friday) — The International Energy Agency (IEA) has raised its forecasts for world oil demand to grow by 800,000 b/d for both 2012 and 2013. In its latest monthly oil report, the Paris-based agency said it now expects world oil demand to grow to 89.8 million b/d in 2012 and 90.6...
(EnergyAsia, September 20 2012, Thursday) — Thailand’s oil companies have been spared for now the burden of having to boost their stockpiles from 36 days of consumption to 43 days as set out by the Energy Ministry. The Thai government has set out a target for the industry to raise their mandatory crude and products...
(EnergyAsia, September 20 2012, Thursday) — Latin American demand will push ultra low-sulphur diesel premiums against North Sea Brent crude to a four-year-high of US$30 mark in the fourth quarter, but, “the party will not last,” predicts US-based consultant ESAI. In its latest Global Transport Fuels Outlook report, ESAI said the region’s diesel deficit will (more…)
(EnergyAsia, September 20 2012, Thursday) — Kitimat LNG Partners is claiming front-runner status in developing and marketing liquefied natural gas (LNG) from British Columbia province in Western Canada for export to Asia. Briefing reporters in Singapore last week, Doug Adams, the Perth, Australia-based vice president of Apache LNG Pty Ltd who is marketing Kitimat’s future...
(EnergyAsia, September 19 2012, Wednesday) — Australian miners are still in shock over last week’s announcement by the conservative Queensland state government to raise coal mining royalties from October 1. Just six months after sweeping to power on a wave of public anger against the previous Labor Party-led government, the Liberal National Party stunned its...
(EnergyAsia, September 19 2012, Wednesday) — Mozambique, one of the world’s poorest countries, is in a strong position to cash in on its rich natural gas reserves, but it will need to first invest heavily in strengthening its legal system and building its infrastructure. According to natural resources consulting firm GlobalData, the East African country (more…)
(EnergyAsia, September 19 2012, Wednesday) — Uzbekistan has begun diversifying its natural gas export from Russia with the start-up of pipeline sales to China in August. The volume and terms of export have not been disclosed but could be a source of concern for Uzbek citizens who have been hit by heating fuel shortages during...
(EnergyAsia, September 19 2012, Wednesday) — India’s total oil import bill surged more than 43% to a new high of 7,263.9 billion rupees in the last financial year to March 31 2012. (US$1=55 rupees). Officials blame the declining value of the rupee, increased oil prices and India’s growing fuel consumption for the record oil bill....
(EnergyAsia, September 18 2012, Tuesday) — POWER-GEN Asia, the region’s premier conference and exhibition for the power generation, transmission and distribution industries, will open at the IMPACT Exhibition & Conference Centre in Bangkok, Thailand on October 3. Delegates, exhibitors and participants will have three days of opportunities to make deals as well as discuss issues (more…)
(EnergyAsia, September 18 2012, Tuesday) — Greenpeace said it “cautiously welcomed” the Japanese government’s decision to phase out nuclear energy use by 2030 but warned the country remains exposed to disaster for another 18 years. The government has announced plans to expand the country’s production and consumption of renewable energy under its landmark new ‘energy (more…)
(EnergyAsia, September 18 2012, Tuesday) — Five months after starting construction of their oil storage project in the southern Malaysian state of Johor, engineering group Dialog and Dutch oil and chemical storage firm Royal Vopak are setting their sights on building a liquefied natural gas (LNG) terminal near the same location. The proposed US$1.3 billion (more…)
(EnergyAsia, September 18 2012, Tuesday) — Consulting group PIRA has given another reason for energy-hungry Asia to treat with caution all those rosy forecasts about being supplied with cheap natural gas from the US. According a new report by the New York firm, natural gas demand for trucks and fleet vehicles in the US could...
(EnergyAsia, September 17 2012, Monday) — Crude oil prices will face near-term weakness, but will recover to average more than US$100 a barrel next year, said consultant Wood Mackenzie. At last week’s APPEC 2012 conference in Singapore, Alan Gelder, the company’s head of downstream research, said the oil market would be influenced by two trends (more…)
(EnergyAsia, September 17 2012, Monday) — Has Indian upstream company ONGC Videsh made the right move paying a total of US$1 billion for a 2.72% stake in mature Azerbaijan oilfields, and 2.36% interest in an oil pipeline? Analysts are asking this question after the subsidiary of state-owned ONGC announced it would be using the bulk (more…)
(EnergyAsia, September 17 2012, Monday) — Six months after predicting that the US could overtake Russia and Saudi Arabia to become the world’s largest oil and liquids producer, Citi has dampened hopes for an energy-surplus world with a new report that says Saudi Arabia could have no oil left to export by 2030. The reports...
(EnergyAsia, September 17 2012, Monday) — World oil prices closed last week sharply higher with WTI crude breaking US$100 for the first time since early May and Brent at more than US$117 after the US Federal Reserve promised to launch another round of stimulus. The oil markets have also been driven all week by escalating (more…)
(EnergyAsia, September 14 2012, Friday) — Germany’s specialty chemicals company LANXESS began construction of its 200-million-euro neodymium-based performance butadiene rubber (Nd-PBR) plant on Singapore’s Jurong Island early this week. When completed in the first half of 2015, the 140,000 metric tons/year plant will be the largest of its kind globally, producing raw materials for use (more…)
(EnergyAsia, September 14 2012, Friday) — Mongolian coal miner SouthGobi Resources Ltd fired CEO Alexander Molyneux on September 12 as the fall-out continues over a failed takeover attempt of the company by Aluminum Corp of China Ltd or Chalco. Last week, state-owned Chalco called off its C$925 million takeover bid after months of trying unsuccessfully (more…)
(EnergyAsia, September 14 2012, Friday) — More regulations around the production of natural coal seam gas in New South Wales (NSW) state will cause project delays and increase operating costs, the Australian Petroleum Production & Exploration Association (APPEA) said. While it is aimed at ensuring a safe and secure gas industry, the state government’s NSW...
(EnergyAsia, September 14 2012, Friday) — Australia’s coal industry said the government’s decision to remove the fixed carbon floor price is a small step in the right direction, but does not address what it says are the fundamental flaws in the national carbon pricing scheme that damages the industry’s competitiveness. The Australian Coal Association (ACA) (more…)