Oil headed for a second weekly gain on forecasts for accelerating crude demand and as US Gulf Coast refineries continued to recover from Hurricane Harvey.Futures were little changed in New York, up 4.8 percent for the week, after trading Thursday above 50 dollars for the first time in five weeks and closing at the highest since July.
As ASEAN (Association of Southeast Asian Nations) celebrates its 50th anniversary, the region has witnessed immense growth in terms of its economy and human population which has contributed to the rising demand for energy. In recent years, the ACE (ASEAN Centre for Energy) has been working on promoting the use of renewable energy throughout the region.
Saudi Arabia raised oil pricing for October sales to Asia, increasing its lighter grades for a second consecutive month, in an indication the world’s largest crude exporter sees strengthening demand in its biggest market.State-owned Saudi Arabian Oil, known as Saudi Aramco, increased its official pricing for Arab Light crude to Asia by 55 cents to 30 cents a barrel more than the regional benchmark, it said Monday in an emailed statement.
China’s move to create the world’s biggest power company is expected to be the first such government-managed mega-merger by the largest energy consumer.The newly created China Energy Investment Corp. - a combination of Shenhua Group Corp., the nation’s largest coal miner, and China Guodian Corp., one of its top-five power generators - may be the first of multiple consolidations, which Wood Mackenzie Ltd.
US mining giant Freeport-McMoRan said Tuesday it had agreed to divest a 51 percent stake in its Indonesian unit, bringing an end to a fierce standoff with the country's government over mining rights.The agreement will allow the firm to continue operating its vast copper and gold mine in Indonesia's Papua province until 2041, but requires it to build a smelter and to give the government a majority stake in the operation."We have agreed to increase Indonesian owners from the curr
Cambodia on Wednesday signed a deal with a Singaporean energy company to develop its first-ever oilfield, the latest move in the impoverished country's much-delayed plan to become an oil-producing nation.KrisEnergy signed the agreement with the government in the capital Phnom Penh to develop an offshore field in the Gulf of Thailand which they hope will produce 8,000 barrels a day by 2020.Energy Minister Suy Sem hailed the signing as a "historic event" and said the nation would
The United States on Tuesday announced new import duties on biodiesel imports from Argentina and Indonesia, which officials said received improper government subsidies.The action was spurred by complaints from a coalition of US producers who said the imports constituted unfair competition."The US values its relationships with Argentina and Indonesia but even friendly nations must play by the rules," Commerce Secretary Wilbur Ross said in a statement.The Trump administration has aggr
The Philippines is seeking investment from China and Japan for $135 billion worth of power projects that President Rodrigo Duterte’s government is ready to fast-track.The Southeast Asian nation has held discussions with China, Japan, Russia and other countries about helping it boost generation capacity by 43 gigawatts in the coming decades to stabilize its power supply as the economy expands, according to Energy Secretary Alfonso Cusi.
It’s the end of an era for Noble Group Ltd. Some three decades after its founding, and from a perch among the world’s top commodity traders, the company is abandoning its global ambitions and falling back to its Asian roots in a last-ditch effort to survive.Noble is selling its North American gas & power unit to rival Mercuria Energy Group Ltd. and is seeking buyers for its global oil liquids business as it grapples with losses of as much as $1.8 billion in the second quarter.
Malaysia’s state-owned energy company Petroliam Nasional Bhd (Petronas) took a wise step in canceling the US$29 billion Canada liquified natural gas (LNG) project and dispose of 10% in Petronas LNG 9 Sdn Bhd (PL9SB) to Thailand’s national company and partner.Petronas and its partners took this move after a careful and total review of the Canada LNG project amid changes in market conditions.Petronas’ Executive Vice President and CEO Upstream Mohd Anuar Taib said the oil firm is disappointed th
Petroliam Nasional Bhd.’s decision to back out of a giant gas-export project on Canada’s Pacific Coast is the latest hit to the country’s energy sector -- and to Prime Minister Justin Trudeau’s plan of balancing energy exports and climate action.The Malaysian state-run oil and natural gas producer cited an "extremely challenging environment" of low prices and other changes in declining to proceed with the liquefied natural gas project, which Trudeau approved last year after sweeping
Malaysia’s Petroliam Nasional Bhd (Petronas) has decided not to proceed with the US$29 billion liquefied natural gas (LNG) terminal project at Port Edward in British Columbia, Canada due to the prolonged depressed global oil prices.Petronas’s Executive Vice President and CEO Upstream Mohd Anuar Taib said the decision was made by Petronas and its partners after a careful and total review of the project amid changes in market conditions.“We are disappointed that the extremely challenging enviro
