Asia/Pacific
IEA urges fix of renewable energy subsidies
Governments offering financial incentives to renewable energy generation technologies must do more work to make this support more cost effective, the International Energy Agency said Wednesday. Problems can be avoided by quickly adapting subsidy policies as technologies evolve and their costs fall, said the agency.
Reliance, BP form JV for India natural gas business
Reliance Industries and BP said Friday they've formed an equal joint venture, called India Gas Solutions, for sourcing and marketing natural gas in India. They added that Reliance and BP will provide equal amount of equity to fund the new company.
Technip wins EPC deal on Thailand elastomer plant
Michelin Siam Co. awarded Technip with a lump sum turnkey engineering, procurement and construction (EPC) contract for a new elastomer composite plant to be built in Thailand. Technip’s operating center in Bangkok, Thailand will execute the contract, which is scheduled to be completed in early 2013.
Japan, Russia agree to boost ties, eye LNG project
Japan and Russia signed a memorandum of understanding Saturday aimed at boosting economic relations between the two countries in broad areas including energy, high technology and health care. The two ministers also agreed to work together in a project to build a liquefied natural gas plant in Vladivostok, Russian Far East, for natural gas produced in the island of Sakhalin.
BASF to move dispersions, pigments headquarters to Hong Kong
BASF plans to move the global headquarters of its dispersions and pigments division to Hong Kong, the company said on Monday. The portfolio of the dispersions and pigments division includes pigments, resins, dispersions and additives such as photoinitiators, light stabilizers and formulation additives.
IEA lowers China’s oil demand forecast
The International Energy Agency has slightly lowered its 2012 forecast for Chinese oil demand due to an anticipated slowdown in that country's economy, but revised up its forecast for India's oil demand next year by the same amount. China's gross domestic product in the third quarter rose 9.1% from a year earlier but was down from a 9.5% growth in the second quarter and 9.7% in the first.
Sinopec confirms deal with Galp Energia to buy 30% of Brazil assets
China Petrochemical Corp. said Friday that it has signed an agreement to buy a 30% stake in the Brazilian unit of Portuguese oil company Galp Energia SA for $3.54 billion. Galp's assets in Brazil include four deep-water blocks in the Santos Basin, it said.
DuPont says 2011 Asia-Pacific sales to grow 20% amid rising populations
DuPont’s East Asia president Carl J. Lukach told investors at the CLSA Asia Forum that his company is on track to generate approximately 20% sales growth this year in Asia Pacific, versus 2010 revenues of $7.3 billion. Lukach said new product and market innovations in China, India, Japan and ASEAN are driven by macro-economic factors and demographic shifts, especially a growing middle class in the region.
Heraeus opens Asia photovoltaics hub in Singapore
Heraeus, a world leader in developing front and back-side silver pastes for crystalline solar cells, on Friday hosted the grand opening for its Asian photovoltaics center in Singapore. The center will be Heraeus’ latest full-service facility complete with research and development, manufacturing, sales and technical service capabilities, the company said.
SABIC chief meets Chinese delegations, notes high commitment to China ops
Saudi Basic Industries Corp. (SABIC) hosted senior Chinese official He Lifeng – vice party secretary of the Tianjin city government – on Friday at its headquarters in Riyadh, offering what the company said was a strong sign of support for its growing business profile in China.
- 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
