Asia > Petroleum / Mining

Petroleum / Mining in Asia

  • Puma Energy inaugurates fuel terminals in Mozambique

    SINGAPORE, 2015/11/22 Puma Energy inaugurated new bitumen and fuel terminals in Mozambique, increasing its storage capacity in the country to 275,500 cubic metres, the company said in a statement issued Tuesday. The new terminals in Matola, near Maputo, include 11 tanks that together added 115,000 cubic metres storage. The bitumen terminal is intended to help reduce Mozambique’s dependence on bitumen imports, whereas the fuel terminal was built to create a new supply line from the nations of the Southern African Development Community (SADC).
  • China's not its own master

    CHINA, 2015/11/03 Recently China has become the driving force of the NGV sector development, which made it possible to double the world NGV fleet within five years. The Russian NGV industry can't show such high rates of increase that the NGV industry leaders have. Nevertheless, alongside with constructing filling stations and purchasing equipment, large-scale preparation activities are underway presently: agreements are being concluded with the regions, the regulatory base is being improved, the industry is mastering the manufacture of NGV machinery and equipment for filling stations. Proper provisional arrangements will result in the explosive increase of the Russian NGV sector by presently by 2020. As it is known, the Russians are slow starters but they drive fast. China's not its own master
  • An oilfield development in Saudi Arabia's vast al-Rub al-Khali desert.

    WORLD, 2015/11/01 Political turmoil in the Middle East and a sharp decline in oil prices highlights the "urgency" oil exporting nations should have in adjusting their government spending plans, according to the new regional outlook from the International Monetary Fund (IMF). The IMF estimate increase in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region would be 2.5 % in 2015, down from increase of 2.7 % last year and down 0.5 % points from the fund's last predictions in May. The loss of increase momentum is largely down to the additional than 50 % decline in oil prices since June 2014 (again, a barrel of benchmark Brent crude traded at $114 a barrel, presently it costs around $48) and growing political turmoil in swathes of the region, caused by civil war and conflict.
  • Turkmenistan ready to up fuel supplies to Ukraine

    TURKMENISTAN, 2015/10/29 Turkmenistan is ready to increase supplies of the domestic fuel and energy sector products to Ukraine, implement joint cooperation projects in this area, the President of Turkmenistan Gurbanguly Berdimuhammadov said next talks with his Ukrainian counterpart Petro Poroshenko Oct.29. The Turkmen president mentioned the fuel and energy sector part the significant areas of partnership, local media reported. Speaking about trade and economic bilateral relations, President Gurbanguly Berdimuhammadov as well noted the long-term cooperation with Ukrainian companies working in the country in the construction of urban and transport infrastructure in other sectors of the economy. Today, 29 enterprises with participation of Ukrainian capital have been registered in Turkmenistan, additional than 80 investment projects worth a total price of almost $3.5 billion are being implemented.
  • The Uzbekistan-Korea Tungsten joint venture will start the construction

    SOUTH KOREA, 2015/10/26 The Uzbekistan-Korea Tungsten joint venture will start the construction of a tungsten mining and processing complex on the basis of the Sautbay field (Navoi region, the central part of Uzbekistan) in the second half 2016, one of the representatives of the Korean Shindong Resources Co., which is co-founder of the joint venture, said. He made the remarks during the international conference“Investment potential of hard minerals of Uzbekistan” held in Tashkent. The total preliminary cost of the tungsten mining and processing complex construction project is about $150 million. In August 2011, the Korean Shindong Resources Co Ltd and Uzbek National Geology Committee signed an agreement on establishing a joint venture called Uzbekistan-Korea Tungsten to develop the Sautbay tungsten deposit. The joint venture, in which the share of the Uzbek National Geology Committee is 49 %, and the share of Korean companies is 51 %, was established in 2013.
  • The Scottish oil field services company Wood Group

    KAZAKHSTAN, 2015/10/14 The Scottish oil field services company Wood Group will provide the Tengizchevroil crude storage capacity project at the Tengiz field with detailed engineering, control hardware and remote instrument enclosures in order to help increase its storage capacity. Wood Group will assume control over the work at the Tengiz field as part of a multi-million dollar arrangement, which the group had won in Kazakhstan from US civil engineering outfit Bechtel.
  • Oil output in Kazakhstan to decrease by 20,000 barrels

    KAZAKHSTAN, 2015/10/14 The Organization of the Petroleum Exporting Nations forecasted the decrease in Kazakhstan’s oil production by 20,000 barrels per day in 2015 to average 1.62 million barrels per day. As compare with its September oil market statement, OPEC predicted that Kazakhstan’s oil production will decrease by 10,000 barrels per day in 2015. OPEC said that Kazakhstan’s August output declined compared to July by a steep 86,000 barrels per day to 1.51 million barrels per day, the lowest level since October 2014. This was due to a 0.1 million barrel per day decline in Tengiz field output.
  • The price of oil fell again in the world markets.

    WORLD, 2015/10/14 The price of oil fell again in the world markets. On the New York Stock Exchange NYMEX (New York Mercantile Exchange) cost of the US Light crude oil decreased $2.60 to stand at $47.39. Price of British Brent crude oil at the London ICE (InterContinental Exchange Futures) fell $2.86 to trade at $50.17. The Marketing and Economic Operations Department of the National Oil Company of Azerbaijan said the price of a barrel of Azeri Light crude oil decreased $0.66 to stand at $53.99 on the world markets.
  • Oil and gas exploration and production company Tethys Petroleum Limited

    TAJIKISTAN , 2015/10/14 Oil and gas exploration and production company Tethys Petroleum Limited may withdraw from developing the large Bokhtar gas field in Tajikistan due to missing payments for its share of costs. Recently, the Tethys Company announced that it has not made payment for the September Cash Call in an all of over $1.28 million and an all of approximately $0.78 million for October 2015. Therefore, the Company has received a notice from the joint venture partners Total E&P Tajikistan B.V and China National Petroleum Corporation Central Asia B.V. to withdraw from the Bokhtar exploration project in Tajikistan.
  • Trans-Caspian gas pipeline, promising project for Turkmenistan

    TURKMENISTAN, 2015/10/13 Turkmenistan’s President Gurbanguly Berdimuhammadov emphasized the Trans-Caspian gas pipeline as a promising project for the country's plans to diversify Turkmen energy supplies in the direction of European markets during the last governmental conference. In his statement, Berdimuhammadov praised the role of the transnational pipelines as a real contribution to creating international energy cooperation and as an effective stabilizing factor to have a positive impact on the process of strengthening socio-political stabilization. Having the fourth major proven gas reserves in the world, Turkmenistan is actively implementing an energy strategy aimed at diversifying its supply routes to the major world markets, where the request for energy resources is growing.