Page 12 - AsianOil Week 30

AsianOil
NEWS IN BRIEF
AsianOil
SOUTHEAST ASIA
KOGAS, ECV agree to co- operate in Vietnam
Korea Gas (KOGAS) and Energy Capital Vietnam (ECV) have entered into a memorandum of understanding (MoU) that provides the framework for the development of a privately-funded lique ed natural gas (LNG) regasi cation terminal, storage, gas supply system and 3,200 MW gas- red power project near Mui Ke Ga, Binh uan Province, Vietnam (Project).
e MOU contemplates KOGAS and ECV working together to optimize their e orts to meet the signi cant LNG demand growth forecasted for Vietnam. e scope of the MOU covers matters relating to cooperation and collaboration for the Project.
Commenting on the MOU, David Lewis, CEO of ECV, said KOGAS’ strong presence in the LNG business together with ECV’s position as one of the rst LNG movers in Vietnam, allows both companies to leverage each other’s strengths to bring low-cost LNG to Vietnam and help address critical energy security needs.
“ is signi cant milestone culminates a year-long e ort with KOGAS,” said Lewis. “We share similar strategic visions and ECV
is proud to have a company as prestigious
as KOGAS join a project of this importance. ey have been steadfastly dedicated and reliable the entire time and we look forward to our long-term partnership together.”
ECV has awarded KBR a contract to provide feasibility services and re ne cost estimates for the Project including detailed analysis of optimal design combinations. Completion of the study is expected to be achieved in the third quarter of 2019. ENERGY CAPITAL VIETNAM, July 23, 2019
PetroChina leases
Singaporean petroleum,
petrochemical storage
State-owned PetroChina has leased all of taking up all of Singapore Jurong Port Tank Terminal’s (JPTT) rst phase of petroleum and petrochemical storage capacity. JPTT’s phase 1 comprises 252,000 cubic metres of clean storage and petrochemicals capacity. It started partial operations on April 1.
“ e majority of the existing tanks are used for gasoline storage with the balance used
for chemical components for the blending of gasoline,” JPPT’s CEO, Ooi Boon Hoe, said on July 29. “When fully operational, the terminal will boast approximately 550,000 cubic metres of storage capacity.”
Mubadala, OMV, Chandra Asri in petchem team-up
Mubadala, OMV, Chandra Asri Petrochemical have signed a Memorandum of Understanding to explore opportunities for collaboration in the petrochemical sector in Indonesia. e signing of the agreement was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Joko Widodo, President of the Republic of Indonesia.
e agreement was signed by Mr. Musabbeh Al Kaabi, CEO of Petroleum
& Petrochemicals Mubadala Investment Company, Dr. Rainer Seele, CEO of OMV and Erwin Ciputra, President Director of PT Chandra Asri Petrochemical Tbk and PT Chandra Asri Perkasa.
e Memorandum of Understanding documents the intention to explore potential opportunities for collaboration in the area of petrochemicals in Indonesia. e companies will set up working groups to jointly
de ne a schedule for the evaluation of the opportunities.
OMV, July 24, 2019
EAST ASIA
Moody’s completes Kunlun ratings review
Moody’s Investors Service has completed a periodic review of the ratings of Kunlun Energy Company Limited and other ratings that are associated with the same analytical unit.
Kunlun Energy Company Limited’s (Kunlun Energy) A2 issuer rating incorporates a two-notch upli from the company’s standalone credit strength, based on the high level of support Moody’s expects for the company from China National Petroleum Corporation (CNPC, A1 stable). Moody’s expects CNPC to continue to provide a high level of support to Kunlun Energy in times of stress, given the latter’s integral role in CNPC’s gas business and CNPC’s track record of parental support. e standalone credit strength is underpinned by (1) Kunlun Energy’s integrated business model, including its regulated midstream and downstream gas businesses, with strong market positions and cash ow; and (2) strong demand growth in these gas businesses. However, the company’s credit pro le is constrained by (1) China’s
(A1 stable) evolving regulatory regime in the natural gas sector, including the government’s plan to reform the nation’s gas pipeline network; (2) its limited nancial capacity a er high capital spending in previous years; and (3) its volatile upstream and lique ed natural gas (LNG) businesses.
MOODY’S INVESTORS SERVICE, July 30, 2019
ENN adopts VeChainThor Blockchain
China boasts a prosperous LNG market. In 2018 alone, 280 billion cubic meters of natural gas has been consumed. With China’s coal- to-gas conversion policy and a fast-growing economy, we can expect an increasing demand for LNG in the years ahead. To
better serve the enormous Chinese market, ENN Energy Holdings Limited, one of the largest energy service providers in China,
is turning to VeChain or Blockchain for
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Week 30 31•July•2019