(EnergyAsia, August 28 2012, Tuesday) — Buoyed by strong energy demand from emerging economies and the continued outlook for high oil prices, the marine and offshore industry contributed over S$16 billion to Singapore’s economy last year. (US$1=S$1.25). In addition, the sector provided employment for 18,000 local residents at the end of last year, up 30% (more…)
(EnergyAsia, August 28 2012, Tuesday) — Oil and gas companies will invest a record of more than US$1 trillion in exploration and production activities this year, said UK-based consultant GlobalData. In a new report, the company said exploration and production (E&P) investment spending will rise 13.4% to reach US$1,039 billion compared with last year’s US$916 (more…)
(EnergyAsia, August 27 2012, Monday) — Two major refineries in the US and Venezuela with a combined capacity of 890,000 b/d were hit by fires this month which resulted in human casualties. At least 26 people were killed and 50 injured when fire ripped through the 645,000 b/d Amuay plant in Venezuela’s Punto Fijo city...
(EnergyAsia, August 27 2012, Monday) — Vietnam’s only oil refinery has resumed operations after experiencing yet another “technical breakdown” early this month but for how long before it goes down again? Operator Binh Son Petro-chemical Refinery Co Ltd said it shut down the 130,000 b/d plant in central Dung Quat province on August 8 for...
(EnergyAsia, August 27 2012, Monday) — Singapore’s oil refiners, power plant operators, chemical producers and automobile importers will be among the companies most affected by the National Environment Agency’s (NEA) plan to raise emissions standards and improve air quality by 2020. According to environment minister Vivian Balakrishnan, the agency will be implementing measures to meet (more…)
(EnergyAsia, August 27 2012, Monday) — Shell Australia said it has opened two new tanks with the capacity to hold a combined 38 million litres of diesel at its Mackay Terminal in Queensland state. The tanks will provide extra capacity and supply security to Shell customers in the Bowen Basin and northern Queensland. The company’s (more…)
(EnergyAsia, August 24 2012, Friday) — Chinese’s State Council has approved additional spending of 2.36 trillion yuan to promote energy conservation and reduce pollution through 2016, an implicit acknowledgement that it is falling behind official target to clean up the environment. (US$1=6.36 yuan). More than 40% of that amount will be invested in energy conservation...
(EnergyAsia, August 24 2012, Friday) — China’s apparent oil demand rose 2.4% year on year in July to 38.92 million metric tons (mt), or an average 9.2 million b/d, said US energy media Platts. This is a rebound from June’s first monthly contraction in more than three years, according to the company’s analysis of recent Chinese (more…)
(EnergyAsia, August 24 2012, Friday) — Barring new geo-political threats to supply, oil prices will stay flat for the rest of the year on increased production from Libya, Iraq and the US, predicts consultant Ernst & Young. At the same time, smaller, independent oil and gas companies will struggle amid tightening credit conditions, resulting in (more…)
(EnergyAsia, August 23 2012, Thursday) — The International Energy Agency (IEA) has raised its forecast for world oil demand growth for 2012, but sharply reduced it for 2013. In its latest monthly report, the Paris-based agency said it now expects world oil demand to grow by 830,000 b/d in 2013, down from its previous forecast...
(EnergyAsia, August 23 2012, Thursday) — The Organization of Petroleum Exporting Countries (OPEC) has maintained its forecasts for global oil demand to grow by 900,000 b/d to 88.7 million b/d in 2012 and by 800,000 b/d to 89.5 million b/d next year. OPEC’s latest forecasts contrast the International Energy Agency which raised its forecast for...
(EnergyAsia, August 23 2012, Thursday) — As a result of a growing gasoline glut through 2015, Asian refineries will favour producing diesel and gasoil, said energy consulting group Wood Mackenzie. A global surplus of gasoline reduces the export opportunity for Asian refiners but the rising diesel shortage in the region’s emerging economies provides an opportunity (more…)
(EnergyAsia, August 23 2012, Thursday) — European major Shell said it is building its seventh lubricants blending plant in Nangang in the northern Chinese city of Tianjin. Due to start up in 2015 with an annual production capacity of 300 million litres, the plant can be expanded to 500 million litres at a later stage. (more…)
(EnergyAsia, August 23 2012, Thursday) — The Asian Development Bank (ADB) said it could lend Vietnam as much as US$3.8 billion to implement a new four-year partnership strategy that will focus on promoting inclusive and sustainable growth, and economic efficiency in the country. The strategy will focus support on six core sectors: agriculture and natural (more…)
(EnergyAsia, August 22 2012, Wednesday) — Despite reports of slowing demand, Chinese coal imports have risen more than 55% to 164.1 million metric tons in the first seven months of this year. According to official customs data, China imported 105.5 million metric tons for the same period period last year. Undeniably, however, its coal purchases...
(EnergyAsia, August 22 2012 Wednesday) — China Coal Energy Co Ltd said it and 15 companies have formed a consortium to invest 154-billion-yuan in a new railway network to improve the transportation of coal from mines, ports and storage centres to power plants around the country. (US$1=6.36 yuan). China Coal Energy, the country’s second largest...
(EnergyAsia, August 22 2012, Wednesday) — Indian infrastructure builder Punj Lloyd said it has secured a 3.3-billion rupee contract from the Ministry of Petroleum and Natural Gas. Punj Lloyd will provide process facilities and utility services for an underground crude oil storage cavern being constructed on the country’s west coast. (US$1=55 rupees). The cavern, sited (more…)
(EnergyAsia, August 22 2012, Wednesday) — The start of a global trade ban on Iranian crude oil led to last month’s slight drop in crude oil production by Organisation of Petroleum Exporting Countries (OPEC) members, said US energy media Platts. In a survey of OPEC and industry officials and analysts, Platts said OPEC output fell (more…)
(EnergyAsia, August 22 2012, Wednesday) — MISC Bhd, the Malaysian energy shipping firm, and Singapore’s jet fuel trader, China Aviation Oil (CAO), said they have terminated a shareholder agreement to jointly build and operate an oil storage tank terminal in the southern Malaysian state of Johor. In separate statements, MISC, which owns and operates oil (more…)
(EnergyAsia, August 21 2012, Tuesday) — China’s worsening water supply shortages will become “severe widespread crises” if it succeeds in building 16 new major coal-based centres in the country’s north-western region by 2015, said Greenpeace. According to a study that Greenpeace commissioned a Chinese Academy of Sciences agency to undertake, the new centres comprising coal...
(EnergyAsia, August 21 2012, Tuesday) — Chinese state commodities firm Sinochem Corp has started work on expanding an existing 31-million barrel oil storage terminal in eastern Zhejiang province. When completed in early 2014, the Aoshan Island terminal will become the country’s largest with the capacity store up to 50 million barrels of crude. The project...
(EnergyAsia, August 21 2012, Tuesday) — US business conglomerate GE has promoted Hisham Albahkali, previously Saudi Arabia’s executive for GE Energy, to President and CEO for Saudi Arabia and Bahrain. A Saudi national, Mr Albahkali will lead GE’s expansion in its diverse range of businesses including oil and gas, power, water, aviation and healthcare in (more…)
(EnergyAsia, August 21 2012, Tuesday) — Jaya Holdings, a Singapore-based offshore energy services company, said it has appointed George Horsington as President of Business Development. Mr Horsington, 38, who has held senior management positions with UK’s Swire Pacific Offshore Operations Ltd, will join Jaya on September 6 to take charge of all areas of business (more…)
(EnergyAsia, August 17 2012, Friday) — Under pressure from slowing domestic demand and rising imports, the world’s leading coal producing country will raise output by just 3.7% this year, down from 8.6% last year and 9% in 2010. The National Development and Reform Commission (NDRC), China’s main economic planning agency, has set a new coal...
(EnergyAsia, August 17 2012, Friday) — Thai state energy firm PTT said it is preparing to invest 100 billion baht to support the government’s plan to raise the country’s strategic oil stockpile from 43 days to 90 days of consumption. At a recent forum on oil risk management in Bangkok, a senior company official said...