Page 15 - AsianOil Week 38

AsianOil
NEWS IN BRIEF
AsianOil
SOUTH ASIA
Rosneft to invest $850mn in Indian Vadinar refinery
Russia’s largest crude oil producer Rosneft and a consortium of investors are considering an investment of $850mn over two years
in upgrading the Indian Vadinar refinery, Reuters reported citing the announcement by the company.
Rosneft also reportedly intends to expand the presence of Nayara Energy (controls Vadinar) in the retail sector. The company in which Rosneft holds 49.13% currently operates 5,300 petrol stations in India.
The announcement is out of line with Rosneft last year pledge to investors to scale back large foreign investments.
In the meantime Rosneft’s initiative could be part of a larger dive to improve cooperation between Russia and India in the oil sector. The Minister of Oil Dharmendra Prahdan told Reuters in a separate report that India considers increasing imports of Russian oil, while four Indian oil majors plan higher investment in Rosneft’s extraction assets Vostok Oil (based on Vankor field cluster).
Previous reports claimed that Rosneft was putting its Iranian projects on hold, as Nayara Energy, one of India’s biggest buyers of Iranian oil, began cutting its imports in 2018.
SOUTHEAST ASIA
Shell’s Bukom refinery loads its first cargo of LSFO
Shell’s manufacturing site at Pulau Bukom, Singapore has loaded its first cargo of low-
sulphur fuel oil (LSFO). This is the first time Shell has made LSFO from its own upstream crude.
The cargo will be blended to a finished product, which Shell will supply to bunker customers; enabling Shell customers to be prepared for the implementation of the IMO 2020* mandate of a 0.50% global sulphur cap for marine fuels from 1 January 2020.
“As the world moves to a low emissions future, Shell is changing too,” said Hugues Bourgogne, Vice President Manufacturing Singapore / Philippines at Shell. “Working across the business, we have been preparing for the IMO 2020 implementation and we are ready
to provide our customers with the options they need to comply with the IMO specification change.”
Shell supports the IMO decision for implementation of the global 0.50% sulphur limit in 2020. As a worldwide and reliable supplier of various marine fuels and services, Shell offers a complete portfolio and customised solutions.
Shell has developed fuel product offerings to the shipping industry that include very low-sulphur fuel oil (VLSFO) supply in selected bunkering ports; high-sulphur fuel oil (HSFO) supply for ships with on-board scrubbers; and LNG.
ROYAL DUTCH SHELL, September 12, 2019
Petronas, Komipo sign LNG MoU
PETRONAS LNG Ltd (PLL) and Korea Midland Power Co. Ltd (KOMIPO) have signed a Memorandum of Understanding (MoU) to explore business opportunities in Liquefied Natural Gas (LNG) and renewable energy.
The MoU was signed on September 18 in Houston, Texas. Signing on behalf of PLL was its
Chairman, Ahmad Adly Alias while KOMIPO was represented by Park Hyung Koo, President and CEO.
Both parties intend to evaluate, discuss and conduct a study on LNG infrastructure, power business and renewable energy opportunities.
Ahmad Adly Alias, Chairman of PLL said, “This MoU with KOMIPO represents our commitment in being a reliable energy and solutions provider and we look forward to this venture with KOMIPO.”
“Through signing of the MoU, KOMIPO and PLL are able to lay the foundation for business relations in the LNG & renewable business.”
said Hyung Koo Park, President and CEO of KOMIPO.
PETRONAS, September 23, 2019
EAST ASIA
Qingdao McDermott wins
Arctic LNG fabrication
contract
McDermott International today announced that its joint venture Qingdao McDermott Wuchuan Offshore Engineering Co. Ltd (QMW) in Qingdao, China, has been awarded a large contract to provide three complex modules for the Arctic LNG 2 Project in the Yamal-Nenets Autonomous Region in Russia.
“This award recognizes QMW’s experience and excellent performance in the Arctic on
an earlier Yamal LNG project. It is further evidence that QMW is a tier one module fabricator in the LNG market. Fabrication will be completed in QMW’s mega module workshop which provides increased certainty for safety, schedule and successful project delivery,” said McDermott’s Senior Vice President Asia Pacific, Ian Prescott.
The scope includes the fabrication of three Pre-Assembled Unit Complex Process Modules. QMW will undertake fabrication engineering, partial procurement, construction and pre- commissioning scope. Fabrication for the modules is scheduled to commence at the end of 2019 and be completed in mid-2022.
McDermott defines a large contract as between USD $50 million and USD $250 million. The designation refers to McDermott’s share of the award via its joint venture. Because QMW is accounted for as an equity method joint venture, its associated backlog is not included in McDermott’s publicly reported RPO backlog (Remaining Performance Obligation backlog).
MCDERMOTT INTERNATIONAL, September 17, 2019
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