Asia/Pacific
Methanex secures gas supply deal, plans restart of New Zealand methanol plant
Methanex says it plans to restart the second methanol plant at its Motunui site in New Zealand. The company signed a 10-year agreement with New Zealand-based Todd Energy to supply natural gas for up to half of the 1.5 million tpy of capacity at the Motunui site.
IEA lowers forecast for China oil demand, output
The IEA said Wednesday that it would slightly lower its 2012 forecast for Chinese oil demand and output due to a slowing domestic economy and the unexpected decline of both onshore and offshore production. But China's crude runs may remain high due to new refineries in Yinchuan and Beihai.
BP unveils global energy outlook through 2030, boosts demand estimate
Global energy demand will continue to grow over the next 20 years, albeit at a slowing annual rate, fueled by economic and population growth in non-OECD countries, BP said in its Energy Outlook 2030 report. The demand projection is up 1.2% from the year-earlier estimate.
Foster Wheeler lands engineering deal for Petron refinery upgrade in Philippines
Foster Wheeler says it has been awarded a contract by Petron for the company’s refinery upgrading project in Bataan, Philippines. The delayed coker unit will have a design capacity of 37,500 bbl per stream day and is a key part of the refinery upgrade.
UAE, China ink energy cooperation agreements
United Arab Emirates said Tuesday that its Abu Dhabi National Oil Co., or ADNOC, signed an energy cooperation agreement with China National Petroleum Corp., or CNPC. The agreement aims to enhance cooperation in areas such as petrochemicals, technical services, engineering and construction services.
Oil India plans to buy up to $200mn in US, Australia shale gas assets
State-run Oil India plans to buy shale gas assets worth up to $200 million and is scouting for potential acquisitions in the US and Australia as it seeks to gain expertise in the field ahead of India's plans to auction blocks in the country, a senior executive said Monday. India is seeking to tap into its shale gas resources to meet rising gas demand from power plants and factories.
China coal to lose competitiveness versus imports by 2015 - study
China's domestic coal production is poised to lose competitiveness against imports by 2015, a shift that may prompt its state companies to buy overseas coal assets and ship in vast amounts more foreign coal. At present, costs are evenly spread whether China is importing or exporting coal.
Inpex, Total approve $34bn Australia LNG project
Inpex and Total have given the green light to build one of Australia's most expensive energy projects at an estimated cost of $34 billion over the next five years. The deal demonstrates that international energy companies remain prepared to place bold bets on an anticipated surge in demand from Asia for fuels that burn cleaner than coal, in spite of ongoing global economic jitters.
Chevron warns of weakening downstream results
Chevron expects 2011 fourth-quarter downstream earnings to be down significantly from the third quarter amid lower margins and refinery input volumes. In the US, Gulf coast refining margins fell substantially in the fourth quarter compared to the third quarter, the company said.
Samsung lands EPC contract for clean diesel unit at Qatar refinery
South Korea's Samsung Engineering has been awarded an engineering, procurement and construction contract for a clean diesel-producing unit at the Qatargas-operated Laffan refinery, as the Gulf state looks to increase refined product exports. The project will come on-stream in the 2014 first quarter.
- XRG to expand its global chemicals reach with takeover of Covestro 11/21
- U.S. FERC explores blanket authorizations for LNG projects 11/21
- thyssenkrupp Uhde selected by Dangote Fertilizer Ltd. to license four urea granulation units in Nigeria 11/21
- Indian and Chinese refineries are moving to comply with U.S. sanctions on Russia 11/21
- Dynamis Power Solutions awards Baker Hughes with significant order for gas turbine technology to support mobile power for oil and gas applications 11/21
- China's first coal-to-chemicals project with green hydrogen starts commercial operations 11/20
