Category: Asia

Petronas turns to $2.7 billion fourth-quarter loss on oil slump

Petronas won’t generate enough cash from operations this year to cover capital spending and dividend commitments, said Vikas Halan, a Singapore-based vice president at Moody’s Investors Service Inc., estimating the shortfall to be at least 10 billion ringgit.  More »

India: 7 arrested for stealing, leaking energy documents

The men were caught leaving the ministry building Tuesday after authorities acted on a tip that some individuals were stealing and leaking documents from the ministry.  More »

China considering merging state-owned oil companies

The country’s leaders have asked government economic advisers to study the possible mergers, the Wall Street Journal said, citing unidentified officials familiar with the research.  More »

China finds sizable natural gas field in South China Sea

The Lingshui 17-2 gas field was discovered 150 kilometers south of China’s southernmost island of Hainan, and the Ministry of Land and Resources has approved it as a large-scale find.  More »

Venezuela’s Asia tour backfires as crude extends slump

Venezuelan government lobbying to prop up prices is falling on deaf ears among other OPEC members that are prepared to let prices fall to a level that undermines a U.S. shale boom.  More »

Record oil tankers seen sailing to China amid stockpiling signs

There are 83 very large crude carriers bound for Chinese ports, according to shipping signals from IHS Maritime.  More »

Why Texas is now home to bargain-hunting Japan oil buyers

Their move into Houston illustrates the challenge for OPEC as the highest American output in more than three decades lures the group’s traditional customers and benchmark prices tumble.  More »

Exxon: North America to be energy exporter by 2020

The company’s forecast outlined an about 35 percent growth in energy demand across the world through 2040, driven mostly by a growing population and the rise of an energy-hungry middle class in developing countries.  More »

Global gasoline prices don’t look the same as in the U.S.

Weak global demand and a flood of cheap oil from North American producers are sending the price of gasoline plummeting, but the savings won’t look the same around the globe as they do in the U.S.  More »

China winning in OPEC price war as hoarding accelerates

The nation’s efforts to boost reserves may increase its imports by as much as 700,000 barrels a day in 2015.  More »

Phillips 66 to sell refining stake in Asia for $635M

Phillips 66 is ending its ties to its refining business in Asia with a deal announced Wednesday to sell its 47-percent stake in a Malaysian refinery for $635 million in cash.  More »

US-China climate deal aims to prod others to act

“This is, in my view, the most important bilateral climate announcement ever,” said David Sandalow, a former top environmental official at the White House and the Energy Department.  More »

China seen overtaking U.S. as world’s biggest oil user

Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said.  More »

Russia, China add to $400 billion gas deal with accord

Russian oil firm OAO Gazprom is negotiating the supply of as much as 30 billion cubic meters of gas annually from developments in West Siberia to China over 30 years.  More »

Shale boom redraws oil routes as Alaska ships to Korea

South Korea received this month a shipment of Alaskan oil for the first time in at least eight years and may buy more.  More »
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