Please log in to view all of our premium news stories.
| MARKETS: CME ClearPort marked seven years of OTC clearing last month |
| Monday, 13 July 2009 | |
|
(EnergyAsia, July 13, Monday) --- Chicago, US-based CME ClearPort marked its seventh anniversary last month serving as the clearance house for over-the-counter trades in 700 energy, metal and agricultural commodities around the world. Offering financial integrity and security for traders, CME ClearPort now has 10,000 registered users around the world. OTC market participants want to know they can count on the creditworthiness of their business partners. CME ClearPort was launched as a clearing service for OTC natural gas products on May 31, 2002 in response to market demand after the Enron crisis. As market participants increasingly came to appreciate the security, value and savings that central clearing brought to their businesses, the number of contracts and the types available grew each year. Last year, 141 new contracts were offered for clearing through CME ClearPort. This year, more than 100 additional contracts have been added to the contract slate, and others will be announced as the year continues. Javier Loya, chairman and CEO of OTC Global Holdings, said: “We have used CME ClearPort in our business since its inception in 2002. We have become one of the largest users of CME ClearPort because of the value it adds to our customers’ business. “CME ClearPort has adapted to market needs and the service allows our counterparties to transact with all other counterparties registered to CME ClearPort without setting up private credit agreements or ISDA agreements. “The capital efficiencies and depth of market provided through CME ClearPort Clearing has helped our business grow.” Chris Mudry, chief risk officer at Mercuria Global Energy Solutions, said: “CME ClearPort offers a flexible, scalable post-trade clearing solution. We appreciate the counterparty risk mitigation the service provides.” Building on the heritage of CME, CBOT and NYMEX, CME Group serves the risk management needs of customers around the globe. |
| SINGAPORE: CDL unveils Asia Pacific’s first carbon neutral building |
| Friday, 10 July 2009 | |
|
(EnergyAsia, July 10, Friday) --- One of Singapore’s largest real estate companies, City Developments Limited (CDL), is increasing its profile as a green developer with the launch of a certified carbon-neutral building, possibly the first in the Asia Pacific region. The newly-completed 11 Tampines Concourse office block was given its green status by UK-based Carbon Neutral Company (CNC) at a ceremony officiated by Mah Bow Tan, Singapore’s Minister for National Development, on Wednesday. The 124,000-sq ft building is the first in Singapore to be constructed with a wide range of recycled materials for its structural building components including copper slag, recycled concrete aggregates (RCA) and ground granulated blast furnace slag (GGBS). It uses natural day-lighting in the atrium and lift lobbies, and incorporates an innovative, indoor non-compressor fresh air cooling system for smart temperature and humidity control. The building uses water as a cooling agent instead of ozone-depleting chemical refrigerants to cool incoming outdoor air through a natural heat exchange process. Together, these features are expected to result in energy savings of over 620,000 kWh per year, for the 108,000 lettable square feet complex, resulting in the lowering of the building’s carbon footprint, said CDL. CDL added that it will reduce the building’s carbon emissions to “net zero” by offsetting some 6,750 tonnes of carbon dioxide equivalent (CO2-equivalent) for 2009. The amount of CO2-e offset through this exercise represents the total estimated 5,243 tonnes of CO2-e generated during the construction phase and 1,507 tonnes of CO2-e for the first year of operations. The building’s carbon emissions will be measured and offset on an annual basis, estimated to be approximately 1,500 CO2-e per year. Designed and built with environmental sustainability in mind, Tampines Concourse was awarded the BCA Green Mark GoldPlus this year. Kwek Leng Joo, CDL’s managing director, said: “This voluntary initiative reaffirms our commitment to reduce our carbon footprint. For many years now, we have been consciously monitoring and taking deliberate efforts to reduce our carbon emissions as part of our environmental, health and safety policy. “Carbon offsetting is relatively new in this part of the world and being the first to foray into uncharted territory, we hope to encourage more Singapore corporations to take a stronger stand in tackling climate change. In addition to Tampines Concourse, we have also embarked on neutralising the carbon emissions of our corporate office operations. Going carbon neutral is in line with CDL’s overall corporate social responsibility (CSR) commitment.” John Keung, CEO of the Building and Construction Authority (BCA), said: “Sustainable construction through the use of recycled materials is an excellent strategy for Singapore’s continuing journey of sustainable development. It serves the twin objectives of prolonging the lifespan of our Semakau Landfill and also provides an alternative to natural materials that have to be imported. “CDL’s holistic approach to environmental friendliness, especially in its use of sustainable construction methods and materials, has ... made Tampines Concourse ... an example and benchmark for the rest of the building industry.” Andrew Tan, chairman of the Energy Efficiency Programme Office and CEO of the National Environment Agency, said: The journey to attaining carbon neutral status The process of attaining carbon-neutral development status was facilitated by The CarbonNeutral Company, one of the world’s leading carbon offset and carbon management companies with a proven track record of working with 300 large organisations and 200 carbon offset projects across six continents. Underpinned by a well-recognised standard known as the carbon neutral protocol, every tonne of carbon sold by The CarbonNeutral Company is guaranteed such that, any shortfall is made up for in the unlikely situation of a project failure. Managing director Jonathan Shopley said: “We are privileged to be working with CDL as they extend their leadership position on sustainability by taking Tampines Concourse CarbonNeutral®. This means CDL plays its part in a solution to tackle climate change as they chart a course for profitable growth while reducing Green House Gases (GHG) emissions to net zero. “Businesses in Singapore now have a viable alternative to demonstrate their commitment to the environment by locating in Tampines Concourse.” In the case of Tampines Concourse, the estimated CO2 emissions generated during the construction and annual operational phases have been measured and will be offset by the purchase of carbon credits which will fund carbon offsetting projects in Asia through The CarbonNeutral Company. For 2009, the carbon credits CDL has purchased under this exercise will fund three projects in China including one renewable energy project (Guizhou Hydro Power Project in China) and two resource conservation projects (Fujian Landfill Project and Jilin Methane Power project in China). All three projects have been verified to the international voluntary carbon standard (VCS) and are pre-clean development mechanism (CDM) projects. Without the injection of carbon finance, these projects would be unviable. Beyond generating climate benefits, these projects also bring about social benefits such as employment and training opportunities, as well as improving the quality of life for the local community. Given the continual development of new carbon offsetting projects in Asia, CDL said it will maintain a flexible approach evaluating its portfolio of carbon offsetting projects on an annual basis, throughout the building’s lifetime. |
| MARKETS: World’s largest oil companies to invest over US$375 billion despite weak demand concerns |
| Wednesday, 01 July 2009 | |
|
(EnergyAsia, July 1, Wednesday) --- The world’s largest national oil companies (NOCs) and super majors are planning to invest more than US$375 billion despite concerns over weak oil demand, said consultant Ernst & Young. Andy Brogan, global oil and gas transaction advisory services leader at Ernst & Young and author of the report, said: “NOCs and the super majors continue to show a real determination to push ahead with their major capital expenditure plans this year, at least for now. 2008 was a record year for capital investment by the sector and 2009 is shaping up to be another record year. Companies are wary of finding themselves in a position where they have to play catch-up on investment when the upturn materialises.” Despite the International Energy Agency’s (IEA) expectation for oil demand to remain weak, Mr Brogan said the industry would still need to invest in boosting production capacity to offset falling output caused by natural field depletion. “Most oil and gas companies have indicated that they will spend more than half of their capital investment on upstream operations,” he said. The economic slowdown, the sharp fall in oil prices and investors’ flight from risk have left many reserve rich state-owned oil and gas companies struggling to finance projects. Some NOCs are looking at cost-cutting measures while countries such as Indonesia are introducing stimulus packages to aid the sector. Many reserve holders’ ambitions to expand overseas are also being scaled back in favour of domestic projects. However, the report found that substantial financial commitments are still being made for oil and gas projects in China and Brazil. Brazil is set to become a major producer following pre-salt discoveries by state Petrobras, which plans to invest US$28 billion in pre-salt areas as part of its US$174billion business plan to 2013 – around 90% of its total investment will be targeted at domestic projects. The investment allocated by Petrobras for 2009 represents 38% of the planned US$91billion expenditure by South American NOCs this year, according to the report, with Asian NOCs collectively to invest more than US$98 billion, almost half (US$42 billion) of which has been allocated by China’s CNPC. By comparison the capital expenditure of NOCs in Africa, CIS and the Middle East is a fraction of that of their Asian and South American counterparts. The report calculated that the NOCs of Africa announced US$21 billion of investment this year compared to US$36 billion for the CIS and US$29 billion for the Middle East. It is these regions that face potential budget shortfalls which could lead them to seek out foreign investment in order to maintain or boost their oil production levels. “When the NOCs had easy access to capital they were in a position to dictate terms with their IOC partners, but the volatility in financial markets means that IOCs with sufficient liquidity will be able to offer potential partners not only technological and operational expertise but also access to much needed capital,” said Mr Brogan. “In the long-term, the overall structural issues surrounding location of reserves and achievable levels of production have not changed. When the global economy recovers the same pressures evident last year will resume. Any renewed appetite from NOCs for IOC participation will be short-lived – and therefore opportunities available now should not be wasted.” |
| SINGAPORE: August Energy concludes successful bunker course |
| Tuesday, 30 June 2009 | |
|
(EnergyAsia, June 30, Tuesday) --- August Energy Pte Ltd’s “BUNKER INDUSTRY: Trading, Pricing & Operating Risks” course held at the Suntec City in Singapore on June 24 and 25 attracted nearly 60 delegates and industry participants.
The course started with a keynote speech on opportunities for oil storage and terminal investment in the Maldives by Ahmed Muneez, managing director of Maldives National Oil Company. David Ernsberger, Platts’ senior editorial director for Asia, presented “Platts’ Role In the Bunker Trade: Pricing Issues and Risk”, explaining the intricacies of how the company sets spot prices and how these are used to price term contracts. Government guidance for the bunkering industry was provided in succession by Gerald Loh, assistant director for the marine services department of the Maritime and Port Authority of Singapore (MPA), and Ang Seow Lian, assistant director at the Corrupt Practices Investigation Bureau (CPIB). Giving an “Overview of the Bunker Industry in Singapore: Key Issues”, Mr Loh said the Singapore bunker sales rose 2.6% in the first five months of 2009 compared with the same period last year. Mr Ang spoke on “CPIB Updates: Safeguarding the Bunkering Industry”, providing valuable insights into the government’s efforts to fight corruption and malpractices in the bunker industry. Yeo Ek Meng, vice president of clearing and commodities business at the Singapore Exchange Ltd (SGX), spoke on “The Perspective of the Clearing Exchange” while Tim Reid, a partner at insolvency and restructuring experts Ferrier Hodgson, spoke on “Preparing for the Coming Downturn in the Shipping Trade.” Operating and technical issues were then handled by Tan Lay Thok, a member of the technical committee for bunkering at SPRING Singapore, and Yee Peng Fei, principal consultant at Transportation & Logistics Managers Pte Ltd. Mr Tan explained Singapore’s new SS-600 standards while Mr Yee presented the previously established “Quality Management for Bunker Supply Chain (SS 524:2006).” Day Two started with Mr Muneez presenting “Maldives: Opportunities for Bunkering Business”, showcasing oil storage business opportunities in his country. Government support for Singapore companies promoting exports was featured by Angeline Chan, head of transport and logistics at IE Singapore, through her speech on “IE Singapore Updates: Expanding Overseas in Turbulent Times”. Emphasising the course’s theme of risk management were Jennifer Ilkiw, director for Asia Pacific at IntercontinentalExchange Inc (ICE), presenting: “Clearing and Risk Management for the Bunkering Industry”, and John Phillips, credit manager at Chemoil International Pte Ltd with his talk on “The Perspective of the Bunker Trader.” Greg Leck, vice president of business development at Triple Point Technology Inc, discussed “The Use of Risk Management Tools and Software”. Johnson Chan, head of structured trade finance for North Asia at OCBC Hong Kong and vice chairman of the Hong Kong Energy and Minerals United Associations, presented “Financial and Trading Risks Facing the Bunker Trade” while David Anderson, deputy regional manager for Asia-Pacific at Zurich Insurance Company, discussed “Using Credit Insurance to Manage Risk in Volatile Times.“ The final speaker, Paul Butler, regional manager for the Pacific Rim Region at fuel storage terminals specialist HMT Pte Ltd, delivered an expert paper on, “Storage Terminals and the Oil Trade”. He provided delegates with technical details and an update on the growing demand for storage terminals for the oil industry. Tham Heng Mun, managing director of event producer August Energy closed the conference by sharing with the delegates a brief preview of the coming events the company is preparing for the rest of 2009. Several of the sessions were moderated by Ng Weng Hoong, editor of EnergyAsia. More information on these can be found at the company’s blog www.bunkercafe.blogspot.com. |
| SINGAPORE: JEC promises bigger, better show at Composites Asia 2009 |
| Monday, 29 June 2009 | |
|
(EnergyAsia, June 29, Monday) --- Paris, France-based JEC group, organiser of the JEC Composites Asia conference and exhibition, has promised to stage a bigger event in Singapore this year to build upon the success of last October’s show. Despite the current economic situation, JEC said it expects the number of exhibitors and delegates would likely increase for the upcoming event. To date, seven national pavilions including Australia, Taiwan, India, Japan, China, South Korea and France have been confirmed. JEC said Singapore-based companies had the second highest representation as exhibitors at last year’s event. The JEC Asia event 2009 is supported by A*Star (Agency for Science, Technology and Research), National University of Singapore (NUS), the Building and Construction Authority (BCA), the Land Transport Authority (LTA), STB (Singapore Tourism Board) and EDB (Economic Development Board). Since 2002, Asia’s economy has experienced high growth rates of around eight percent per year. In 2000, the region represented 25% of the global composites consumption. Currently, it represents 42% and is expected to reach 50% in 2013. With major growth markets in China and India, along with Middle East, Malaysia, Vietnam, Indonesia as well as Australia, Japan and South Korea, the Asia Pacific composites market is valued at 18 billion euro. (US$1=0.70 euro). JEC, which promotes the use of composite materials worldwide, informs and connects 250,000 composite professionals through a comprehensive service package. Composites are a combination of at least two structurally different, non-miscible materials whose individual properties combine and become complementary creating a heterogeneous material with improved overall performance. An example is carbon fibers which are commonly used in the aviation industry. |
| UK: ‘20th World Oil Forum 2009’ to be held from July 13 to 15 |
| Friday, 26 June 2009 | |
|
(EnergyAsia, June 26, Friday) --- The ‘20th World Oil Forum’, a flagship programme in the Global Pacific & Partners worldwide event portfolio, will be held in London, UK from July 13 to 15. The forum will focus on critical world oil and gas issues, shifting geopolitics in energy, and issues affecting future exploration and development for corporate players and state oil companies involved in the developing worlds of Africa, Asia, Latin America, Middle East and Russia. The forum will discuss world oil geopolitics, the main corporate players, state agencies, the world’s upstream sector, and the future of independent companies in the upstream sector. Speakers include Duncan Clarke (Global Pacific & Partners), Jean-Arnold Vinois (Austria’s Energy Community Secretariat), Peter van Leeuwen (Ministry of Foreign Affairs, The Netherlands), Robert Amsterdam (Amsterdam & Perloff), Farzam Kamalabadi (Future Trends), Ivan Sandrea (International E&P), Jim Pearce (Addax Petroleum), Mike Watts (Cairn Energy Plc), Abdulhadi M Amesh (Mellitah Oil & Gas BV), Nelson Narciso (Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis), Salah Hassan Wahbi (Sudapet, Khartoum), Armando Zamora (Agencia Nacional De Hidrocarburos), Mehdi Varzi (Varzi Energy), Cindy Gray (Global Resources – Oil & Gas, Toronto Stock Exchange), Andrew Moorfield (Lloyds TSB Coporate Markets), Lance Crist (International Finance Corporation), Christopher Moyes (Moyes & Co), Bert van der Toorn (ING Wholesale Bank), David Lyons (Capital Partners Worldwide), Jeff Waterous (Global Union Ventures), Bijan Khajehpour (Atieh Group), David Fyfe (International Energy Agency), Peter Odell (Erasmus University Rotterdam), Lindsay Parson (National Oceanography Centre), Sarah Wykes (Heinrich-Böll-Foundation), Jeff Waterous (Global Union Ventures), António Costa Silva (PARTEX Oil & Gas), Galib Virani (Afren), Jeff Hume (East Africa Exploration Limited), Ray Shaw (Bandanna Energy,Sydney), and Rick H Schmitt (Africa Oil Corporation). For more information on ‘20th World Oil Forum’, please contact This e-mail address is being protected from spam bots, you need JavaScript enabled to view it |
| SINGAPORE: Oxford Princeton to hold shipping course on July 16 and 17 |
| Friday, 26 June 2009 | |
|
(EnergyAsia, June 26, Friday) --- The Oxford Princeton Programme will be holding a shipping course, ‘A practical understanding of commercial risks in laytimeand demurrage’, in Singapore on July 16 and 17. The course aims to provide delegates with an understanding of the commercial risks associated with laytime and demurrage in shipping charter parties and oil sales and supply agreements and the problems of ensuring compatibility between the two contracts. Emphasis will be placed on how to avoid potential problems from the outset, how to limit risk and exposure and ultimately save money through the efficient handling of claims and avoidance of costly legal proceedings. The course will highlight differences between major charter parties and the problems encountered between shipping and oil sales contracts. The course is presented in association with maritime economics and business consulting firm Richardson Lawrie Associates Ltd. Jacqueline Richardson, founding partner of Richardson Lawrie Associated Ltd, will be conducting the course. |
| MALAYSIA: FPSO Summit 2009 to be held in Kuala Lumpur from August 17 to 19 |
| Friday, 26 June 2009 | |
|
(EnergyAsia, June 26, Friday) – The second annual FPSO summit will be held in Kuala Lumpur, Malaysia from August 17 to 19. More than 30 FPSO owners and operators will be sharing strategies in dealing with newbuilds and projects in conversion. Speakers will provide critical insights into shifting LNG tankers to floating LNG (FLNG) or floating storage regasification unit (FSRU) to commercialise gas fields in remote locations. The event will also provide access to several service providers that will be able to make a cost-benefit analysis on risers, mooring systems, topside design and construction and holistic project management for vessels. Last year’s conference attracted more than 200 delegates and organiser Strategic Business Networks said the number might double this year as more players in the offshore value chain are expected to attend. |
| SINGAPORE: ‘Economic Assessment Techniques Used in Oil and Gas Industry’ to be held from July 7 to 1 |
| Thursday, 25 June 2009 | |
|
(EnergyAsia, June 25, Thursday) --- The ‘Economic Assessment Techniques Used in Oil and Gas Industry’ course, organised by NeoEdge Pte Ltd, will be held in Singapore from July 7 to 10. Modules covered include economic analysis and evaluation, data collection and assessment, probabilistic techniques, project assessment, the opportunity cost of capital, fiscal aspects of investments, and mergers and acquisitions. The course will also provide delegates with an opportunity to examine and discuss various case studies. Industry experts Anthony Way and Yvonne Barton from UK’s Energy Contract Company will be facilitating the course. |
| CHINA: Dow Chemical sets up global business and innovation hub in Shanghai |
| Thursday, 25 June 2009 | |
|
(EnergyAsia, June 25, Thursday) – US specialty chemicals company Dow Chemical Company said it has launched a new business and innovation hub in Shanghai, China to serve the Asia Pacific region. With over 500 engineers and scientists working in more than 80 labs, the centre will develop innovative solutions for the constructions, transportation, energy, water, electronics and personal care industries. Dow said the centre would bring together under one roof, corporate research and development expertise with its market-focused application development capabilities – an integration that delivers products and solutions across markets, technologies and molecules. This is an arrangement that is a first for Dow. “Launching the Shanghai Dow Centre is a great way to celebrate 30 years of Dow in China,” said Jim McIlvenny, Dow’s senior vice president of emerging economies. “While the economic environment continues to be challenging, we have great faith in the future of China. Indeed, this new centre speaks well to our long-term commitment to use innovation to support the growth of China and the Asia Pacific region as a whole.” The company said the research and development facility has a customer innovation centre that would enable Dow to work alongside customers to turn market opportunities and new ideas into profitable solution. The centre enables scientists to develop innovations that lead to more energy efficient buildings, improved safety and fuel consumption in automobiles, broader access to clean water, and the newest breakthroughs in electronics and appliances, delivering solutions to world challenges. |
