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| SINGAPORE: Navitas starts up NR-X marine fuels trading platform, offers use of non-dollar currency |
| Tuesday, 09 March 2010 | |
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(EnergyAsia, March 9 2010, Tuesday) --- Following a very successful three-month trial by both bunker fuel suppliers and shipping companies, Singapore-based Navitas Resources Pte Ltd last week launched its NR-X trading platform to serve the bunker and marine fuels markets. NR-X allows suppliers and consumers from all over the world to connect and buy and sell and tender for various physical commodity markets in a safe, anonymous, and secure network. Shipping companies, who are fuel buyers, do not have to pay an annual or joining fee, and will have access to multiple suppliers at ports all around the world. In the run up to the live trading launch on March 1, NR-X promoted its early market participant supplier (EMPS) scheme which offers suppliers special commission rates for deals executed on NR-X. To benefit from the, Navitas said suppliers should sign up to NR-X before March 31 2010. Further information can be obtained at www.nr-x.com. Navitas offers use of ‘world’ currency to settle bunker trades |
| MARKETS: Crude oil broke $80 in week as hedge funds steps up attack on Euro |
| Monday, 01 March 2010 | |
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(EnergyAsia, March 1 2010, Monday) --- This article was written by Darrell Delamaide of www.OilPrice.com. The euro recovered some ground last Friday (Februady 26) amid new reports of European aid for Greece after falling to a nine-month low of $1.3440 on Thursday. Germany’s state-owned bank KfW may take part in a planned Greek bond offering this week, according to market reports. The Wall Street Journal reported on Friday that a small group of elite hedge fund traders have concluded that the euro could be headed to parity with the dollar and their bearish bets are increasing the downward pressure on the 16-nation currency. The Journal compared the situation to the hedge fund attack on the dollar in 2008. However, the trades are not expected to lead to a collapse of the currency as the attacks of George Soros on the British pound did in 1992, the paper said. Positive US economic data on Friday, including a revised fourth-quarter GDP annual growth rate of 5.9%, helped crude oil futures claw back some of Thursday’s losses and near the $80 threshold again. Nymex’s benchmark West Texas Intermediate settled at $79.66 on Friday, after topping $80 earlier in the week. In spite of crude’s difficulties in staying above $80, some analysts issued bullish prognoses for energy futures. Goldman Sachs forecast a new trading range of $85 to $95, up from the $70 to $80 of the past several months, amid supply disruptions from the North Sea and Venezuela and the impact of the Total refinery strike, which was resolved earlier last week. Other analysts, too, looked for fundamental supply and demand considerations to reassert themselves amid the currency turmoil and lift crude oil futures into a higher trading range. Oil futures prices gained more than 9% in February but remained below January’s highs. |
| CHINA: Hong Kong’s CLP starts trial of electric vehicle (EV) quick charger |
| Wednesday, 17 February 2010 | |
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(EnergyAsia, February 17 2010, Wednesday) --- Hong Kong-based renewable energy and power company CLP said it has launched the territory’s first electric vehicle (EV) quick charger, marking a new milestone in promoting a wider adoption of EVs. Over the next six months, CLP said it will conduct technical trials on the EV quick charger with hopes that the test result can further the growth of EVs in Hong Kong. By complementing the standard charging stations, CLP believes that the introduction of quick charger will provide more choices and flexibility to EV users which will ultimately help promote the use of EV in Hong Kong. The user-friendly charger offers a quick and convenient charging solution for time-pressed drivers. It takes about 15 minutes to power an EV to run 60 kilometres and 120 kilometres on just half an hour charge. Richard Lancaster, managing director of CLP Power Hong Kong Ltd, said: “CLP is committed to facilitating wider adoption of zero-emission mobility to Hong Kong. Introduction of EV Quick Charger represents a big step forward in the development of infrastructure in promoting the use of EVs in the city. CLP will continue to play an active part in the research and development of EV infrastructure in Hong Kong.” CLP earlier unveiled the first batch of 21 standard EV charging stations in Hong Kong, eight of which have been gradually in place since November 2009. The company is the largest electric utility in Hong Kong serving the business and domestic community in Kowloon, the New Territories, Lantau and most of the outlying islands. Operating a vertically integrated electricity generation, transmission and distribution business, CLP Power provides a highly reliable supply of electricity and excellent customer services to over 5.5 million people in its supply area. CLP Holdings is also investing in energy businesses in mainland China, Australia, India and Southeast Asia. It is the largest external investor in the Chinese mainland electricity industry, and a leading international private sector power company in the Asia Pacific region with a diversified portfolio of power generation from gas, coal, renewables and nuclear. |
| CHINA: Tianjin shipping summit explored tech advances, outlook for 2010 |
| Wednesday, 03 February 2010 | |
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(EnergyAsia, February 3 2010, Wednesday) --- More than 100 government officials, international executives, technical directors and maritime industry leaders attended the International Maritime and Shipbuilding Outlook Summit China 2010 was held last January 14-15 in the northeastern Chinese city of Tianjin. Ren Xuefeng, vice-mayor of Tianjin, welcomed the summit’s participants and encouraged them to strengthen their business relationships with Tianjin. Opening the event was Zhao Shangwu, director general of Tianjin Municipal Office of Port Service, who provided an introduction to Tianjin as well as north China’s shipbuilding industry outlook. Discussing dry cargo bulk markets, Philip Williams, Asia-Pacific general manager of The Baltic Exchange, likened the present oversupply of ships to the post WWII shipping market, explaining that this will even itself out in time. Michael Yuen, general manager of IMC Pan Asia, spoke on the shipping markets, pointing out the industry will always have its ‘peaks and troughs’ which we just need to ride out. Discussing Chinese industrial development policies and a forecast of the shipping market was Sun Wei, vice researcher at Integrated Transportation Research Center, NDRC. Jean Philippe Roman, technical director at Total Lubmarine, provided an overview of Total lubricants’ environmental contribution in the shipping industry, while Chen Jiaben, director of China Welding Association and secretary general of the National Shipbuilding Industry spoke on the development and innovation of welding technology shipbuilding in China. Shi Renming, managing director at ESAB, presented a paper on cutting machine applications in shipyards, while Lin Xiandong, executive deputy secretary general of The Chinese Society of Naval Architects and Marine Engineering, discussed technical advances in the shipbuilding industry. The event also heard Mao Boke, vice secretary general of Shanghai International Shipping Institute, Li Zhonggang, deputy general manager of China Ship Design & Research Center Co Ltd, and Philipho Yuan, director of Asian sales at The Maritime Executive. Other topics discussed included the use of digital shipbuilding technology in ship construction, energy-saving and emission-reduction technologies, and the outlook for the shipping industry for 2010. |
| MARKETS: US crude oil production could be impacted by storm, says AccuWeather.com |
| Friday, 15 January 2010 | |
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(EnergyAsia, January 15 2010, Friday) – US-based AccuWeather.com said crude oil production in the Gulf of Mexico could be affected this weekend by a storm with potential for conditions similar to a minimal tropical storm. “Normal oil and gas production processes could be disrupted this weekend, like the disruptions that happen when a weak hurricane strikes,” said Mr Bastardi. The storm will begin Friday afternoon (January 15) around 1pm for the western and central Gulf, moving through the eastern portion of the region on Saturday (January 16). Crude oil prices fell below $80 a barrel Wednesday (January 14, US) with warmer weather in the forecast for the eastern portion of the US through the middle of January. Analysts expect the Northeast to decrease its demand for heating oil over the next week's warming trend. However, the warming trend will come to an end by the closing of the month. “Cold temperatures will be back by the last week of January,” Mr Bastardi said. As for gasoline prices, prices are nearing a national average of $3 per gallon in the US, rising 14 cents in the last month. Some analysts expect January gasoline prices could set the precedent for the rest of 2010. |
| FUND: E+Co and Norfund to finance clean energy enterprises in developing countries |
| Monday, 11 January 2010 | |
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(EnergyAsia, January 11, Monday) --- The Norwegian Investment Fund for Developing Countries (Norfund) said it has signed an agreement with E+Co, a company that invests in clean energy enterprises in developing countries. The agreement will expand the financing resources for enterprises providing clean energy services, thereby contributing to poverty reduction, economic development and environmental sustainability. Norfund, a state-backed development finance institution, invests in businesses, helping to promote sustainable economic development and reduce poverty in developing countries. Norfund’s investment in E+Co of US$7.5 million will help increase access to clean energy services. Building on more than 15 years experience in Africa, Asia and Latin America, E+Co will use Norfund’s facility to invest in clean energy projects through its ‘market-based, enterprise-centric’ business model. E+Co works with local entrepreneurs with a special focus on small and medium-sized enterprises (SMEs). Its clients are often located in rural and semi-rural areas that are considered some of the toughest markets in the world. E+Co’s current investment portfolio includes over 150 active energy SMEs ranging from micro-hydro developers in Nepal to solar retailers in Nicaragua and efficient cook stove manufacturers in Ghana. The company’s clients have provided access to clean energy to over 5.6 million people around the world. Apart from investments, E+Co also provides individualised capacity building services to clean energy entrepreneurs. These services include initial market assessments, financial modelling and expansion planning. The goal is both to increase entrepreneurial capacity at the local level and at the same time to mitigate the risks associated with energy investments in small and growing businesses. “E+Co recognises that there is a demand for clean and affordable energy in developing countries and this demand can be satisfied by local entrepreneurs. The agreement with Norfund enables us to increase our support to local clean development entrepreneurs,” said Paul van Aalst, an E+Co director. |
| SINGAPORE: Linde Gas starts up S$25 million carbon dioxide plant on Jurong Island |
| Thursday, 31 December 2009 | |
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(EnergyAsia, December 31, Thursday) --- Linde Gas Singapore Pte Ltd, a subsidiary of German’s Linde Gas, has started up its new S$25 million carbon dioxide (CO2) plant on Jurong Island in Singapore. (US$1=S$1.4). The new plant, which is sited next to an existing Linde industrial gas plant, will utilise by-product carbon dioxide generated from the synthesis gas production process at the site, thus helping reduce carbon emissions. The company will also provide more efficient technology solutions, supply and service in a wide range of applications such as those for the food and beverage, fabrication, chemicals, pharmaceutical and water treatment industries. Sanjiv Lamba, who heads Linde’s business in South and East Asia, said: “Singapore has always been an important market for Linde and we are confident about the long term growth prospects for the industry here. With this new plant, we aim to play an even more significant role in the carbon dioxide supply chain, meeting the demands of both the local and export markets by offering faster and more efficient delivery. “Despite the economic crisis, carbon dioxide (sales) volumes have remained strong in 2009, with demand from the food and beverage industry particularly stable. Across Asia, carbon dioxide demand is expected to grow between five and seven percent per year over the next few years. We see good prospects in the fabrication and chemicals sectors, and we are leveraging Linde’s technological strength to develop a number of new applications to further grow our carbon dioxide business.” Tan Choon Shian, deputy managing director of the Economic Development Board (EDB), said: “We warmly welcome Linde as a key technological player in Singapore’s chemical industry. Linde’s two new facilities are testimony of the company’s trust and confidence in Singapore as a strategic base to grow their presence in the region. We look forward to partnering them in future collaborations to bring new and efficient solutions to customers on Jurong Island.” Tapping on the growth in demand for electronic specialty gases (ESG) in Singapore and the region, Linde has built up a supply chain facility on Jurong Island to serve as its regional distribution and storage hub. Last year, Linde Gas Singapore invested S$30 million into expanding an existing hydrogen, carbon monoxide and synthesis gas (HyCO) plant on Jurong Island to supply Lucite International Singapore Pte Ltd with carbon monoxide for their new Alpha 1 project. The Linde Group is a world leading gases and engineering company with almost 50,000 employees in its operations around 100 countries. |
| CHINA: More than 150 senior officials attended Solar Energy Technology and Investment Congress |
| Thursday, 24 December 2009 | |
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(EnergyAsia, December 24, Thursday) --- More than 150 senior Chinese government officials, international executives, industry experts and technologists attended the recently ended China Solar Energy Technology and Investment Congress in China’s Inner Mongolia. Co-organised by Noppen and the Huhhot municipal government on December 10-11, the conference focused on how the industry is driving down the cost per installed watt and the future growth of the solar energy market in China. China is the world’s largest manufacturer of solar photovoltaic panels, with roughly 40% of its market share in 2008. China’s domestic solar market is on the cusp of a boom thanks to new solar incentives announced this year cutting the cost of purchase and installation by as much as half. Huhhot’s mayor, Tang Aijun, and vice mayor, Lu Huisheng, delivered the opening speeches and welcomed the conference delegates to the city. The first presentation of the day was given by Hu Runqing of the National Development and Reform Commission on the state of solar power development, challenges and future advances. Liu Min, Huhot’s director general of Development and Reform Commission, spoke on the state’s incentive policies to encourage the development of the solar industry and the state of the solar industry in Huhhot. The keynote speaker, Frank Haugwitz, former EU Renewable Energy Manager, EU-China Energy & Environment Programme (EEP), presented details on Europe’s solar energy development and its future trend. The other speakers included Enfinity’s Zhou Jing, Dow Corning’s Gaёtan Borgers, BT Imaging’s Wayne McMillan, EUROTRON’s Bram Verschoor, FM Engineering International Ltd’s Lee Seong Hooi, Chinese Academy of Engineering’s Wen Lishi, State Power Grid Energy Research Institute’s Jiang Liping, and Institute of Electrical Engineering Chinese Academy of Sciences’ Xu Honghua. Noppen (Shanghai) Co Ltd is a leading producer of business conferences and professional training in China. |
| ASIA: Regional demand for commodities to remain strong, say SG economists |
| Wednesday, 16 December 2009 | |
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(EnergyAsia, December 16, Wednesday) --- Driven by government infrastructure spending and favourable demographics, China and India will continue to sustain demand for commodities, according to economists from French bank Societe Generale (SG). In a briefing last week, Glenn Maguire, SG’s chief economist for Asia, noted that the multi-year nature of fiscal stimulus programmes, specifically in China, would support demand for commodities for some time. He also pointed out that China and India have each developed a substantial middle-class that is propping up demand for commodity-intensive consumer products such as automobiles. China, which overtook the US in January as the world’s biggest vehicle market, bought 1.01 million cars and trucks in in November, more than double the number a year ago, according to Shanghai-based China Car Passenger Association, a research firm. Stephen Gallagher, SG chief economist for US, said demand for commodities is shifting towards Asia and away from the US due to the weakening greenback and China’s rising wealth. “What we’re seeing is a very long-term trend that the billion-plus population of China is going to be over time taking a greater share of commodities. The US consumer based on 300 million people consuming two-thirds of global commodities just doesn’t work,” he said. In its multi-asset portfolio research report, SG said that commodity markets will be characterised by stronger demand in 2010 and 2011, and predicted oil and metal prices would rise significantly next year. It projected that the price of crude oil based on WTI Nymex will average US$82.5 per barrel next year, up from an estimated US$60.9 average this year, and will reach US$87.5 per barrel by the end of 2010. WTI is hovering at around US$70 per barrel. |
| ASIA: Inflation alert as China leads the region in economic rebound |
| Monday, 14 December 2009 | |
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(EnergyAsia, December 14, Monday) --- The world should stay alert to the possibility of inflation as a commodities-hungry China continues to drive the global economic recovery, said Societe Generale’s (SG) chief economist for Asia, Glenn Maguire, at a media event last week. SG said the pick-up in auto production and demand in Asia as well as the massive infrastructure investment in China helped the region’s economy rebound. The bank added that the Asian supply chain has adjusted quickly to the pick-up in auto demand and China’s investment spending. South Korea, Taiwan, Japan, Australia and Brazil were cited as the key beneficiaries of China’s recent growth. The bank said China’s growth requires it to sharply increase its consumption and import of copper, coal, iron ore, oil and gas, and other commodities. The country’s investment policy is increasingly having a significant impact on the global capital expenditure cycle. Mr Maguire advised that the world should be vigilant to the possibility of inflation. While this looks remote under current circumstance, he warned that rising demand for food will likely push up prices, forcing Asian central banks to tighten monetary policies. While SG is optimistic the global economy no longer requires “crutches”, it also said that there are doubts as to whether the recovery is sustainable without continued massive fiscal and monetary support that have been put in place since the Lehman Brothers bankruptcy in September 2008. Mr Maquire is predicting the world economy to stage a modest but shaky recovery as governments gradually withdraw policy and monetary supports. |
