(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) — 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) — 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) — 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) — Organisation of Petroleum Exporting Countries (OPEC) members will have little room to boost oil production over the next five years, US consulting firm Energy Security Analysis Inc (ESAI). In its latest five-year forecast of the global crude oil markets, the Wakefield, Massachusetts firm said the call on the cartel’s (more…)
(EnergyAsia, August 17 2012, Friday) — The Asian Development Bank (ADB) has urged China to initiate comprehensive fiscal, economic and legal measures to achieve ambitious targets for reducing pollution while growing the economy. While praising China’s green progress including its increased investment in environmental infrastructure, greater focus on achievable targets, and strengthened accountability and enforcement, (more…)