Page 14 - AsianOil Week 24

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NEWS IN BRIEF
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a key sustainability benefit for the Indian market.”
“Demand for Metallocene polyethylene resins provides signi cant growth opportunities within the Indian PE market, particularly for higher-end applications
that require Metallocene’s superior lm performance attributes which are unmatched by conventional polyethylene resins,” stated Mr. B. C. Tripathi, Chairman & Managing Director, GAIL.
UNIVATION TECHNOLOGIES, June 17, 2019
SOUTHEAST ASIA
LT eyes LNG investment
e Philippines’ LT Group is preparing to invest around $1.5bn in an LNG import terminal and 1,000 MW thermal power plant (TPP).
LTG Distillery Operations’s head, Gerry Tee, said on June 15 a power division would team up with a foreign partner to develop the various on its 38-hectare Pinamucan property in Batangas for two years.
“LT Power...I forgot the exact name.
It’s a new company that will partner with a foreign company. We will have a partner. I am under nondisclosure agreement, though. Our partner will talk with the Department of Energy [DOE]. ey are foreign, but not Chinese. Once they apply with the DOE,
we will announce. ey are LNG experts,” BusinessMirror quoted Tee as saying.
He added: “We can compete. It’s a big pie. Our advantage is we own the land and we are close to the substation at transmission lines. We know that Malampaya is depleting soon so we want to take this opportunity to expand and utilize the land.”
Pertamina considers bond sales
Indonesia’s state-owned Pertamina may hold a bond issue this year on the back
of improving investor sentiment towards emerging markets, the company’s CFO said on June 17
“If the market condition remains good, as it is these days, we will probably enter the market,” Reuters quoted Mansury as saying. e executive did not disclose how much Pertamina was looking to raise from the sale.
Pertamina has set a 2019 capex target
of $5.5bn-$5.7bn, while pro ts have been estimated at $1.5bn-$2bn. e company’s last dollar-denominated bond sale in November raised $750m.
Petronas launches mobile refuelling service
Petronas Dagangan has introduced Malaysia’s rst mobile refuelling service, a er a successful pilot project was launched in October 2018.
e pilot focused on supplying diesel to eet vehicles at business customers’ premises and has delivered more than 1 million litres
of fuel. Now that the pilot phase is completed, the service – dubbed ROVR– will now include commercial customers.
Petronas’s eet of vehicles consisted of one 4,000-litre and three 11,000-litre trucks during the pilot, but it will use 3,000-litre capacity trucks for commercial consumers.
EAST ASIA
HHI wins VLGC order from KSS Line
South Korean shipbuilder Hyundai Heavy Industries (HHI) has reportedly won an order up to two 86,000 cm VLGCs from tanker operator KSS Line.
Splash 24/7 said the contract includes
a rm order for one ship, with delivery scheduled for 2021, as well as the option for a second vessel.
e news service quoted unnamed sources as saying the rst ship carried an order value of $76m and that it had been chartered by a Spanish energy trader.
Daqing Oilfield reports power theft
Chinese police reportedly arrested a man at the end of May for illegally tapping a power line at Daqing Oil eld.
e individual was siphoning power via
an electricity cable laid through a sh pond in order to mine Bitcoin, e Next Web reported on June 14.
e police used a drone to track the power cable to a standalone container that held 20 Bitcoin mining machines. Daqing Oil eld claims the the amounted to more than $7,000.
Shanghai oil futures close lower
e Shanghai International Energy Exchange’s crude oil futures for July delivery closed down 0.3 yuan ($0.04) to 426 yuan ($61.7) per barrel.
e exchange traded 319,928 lots of eight listed crude oil futures contracts, with a turnover of 136.78 billion yuan ($19.8bn)
AUSTRALASIA
Evol LNG wins supply contract for WA gold mine
Adaman Resources’ Kirkalocka gold mine in Western Australia has awarded a long-term LNG supply contract to Evol LNG.
Under the deal, Evol will build, own, operate and maintain an LNG storage and regasi cation facility at the mine that uses a modular design. e design will allow for fast installation and will allow for future capacity expansion. Supplies are to begin arriving from September.
Kirkalocka Gold will use the supplied gas to feed Zenith Energy’s 14.5-MW power plant. Evol LNG and wholesale manager Nick
Rea said: “LNG produces 25 percent less CO2 emissions than diesel, and during the initial six years of operation, the mine will avoid 50,000 tonnes of greenhouse gas emissions by fuelling its power station with LNG instead of diesel. is is the equivalent of keeping around 3,000 cars o the road.”
Adaman Resources CEO Craig Bradshaw added: “Based on the current diesel price, we estimate our energy costs to be reduced by more than $13 million during the rst six years of operation.”
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Week 24 19•June•2019