Asia/Pacific
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.
European refinery shutdowns open doors for Indian diesel exports
Indian refiners are likely to increase their presence in Europe's diesel market as smaller, less complex European refineries come offline amid weak refining margins.
Philippines' Petron to invest in ExxonMobil Malaysia downstream operations
Petron said its board has approved a plan to invest in US-based ExxonMobil's downstream oil business in Malaysia, an initial overseas foray for the Philippines' largest oil refiner by capacity and sales. Petron has yet to finalize the size of the investment and the stake.
BASF, Sinopec complete second phase of Nanjing petrochemical venture
German chemical company BASF said Tuesday it completed the $1.4 billion second phase of its petrochemical joint venture in Nanjing, BASF-YPC Co., with Sinopec. The second phase included expansions of existing plants and construction of new facilities.
UOP lands phenol technology deal in South Korea
Honeywell’s UOP has been selected by South Korea’s Kumho P&B Chemicals to provide technology to produce key petrochemicals for the manufacture of plastics. The new units, expected to start up in 2013-2014, will produce 900,000 metric tons of cumene and 300,000 metric tons of phenol annually.
Inpex, Total seal LNG sales from Australia project
Inpex and Total have finalized sales agreements with customers in Japan and Taiwan for their proposed Ichthys gas-export project in northern Australia. The initial agreements were converted into binding sales and purchase agreements at a signing ceremony in Melbourne Tuesday.
- U.S. labor board judge rules Exxon's Texas refinery union lockout was legal 11/28
- U.S. crude stocks fall, gasoline and distillate inventories rise 11/28
- Maersk could use 15%–20% alternative fuels for its fleet in 2030 11/28
- Germany's BSW pushes to restore Russian oil to Schwedt refinery, seeks regional legitimacy 11/28
- Asia likely to benefit from cheaper Canadian, Mexican oil if Trump imposes tariffs 11/28
- Singapore distillates stocks tick up for fifth week 11/28
