Singapore’s petroleum company Coastal Oil to exit market
SINGAPORE: Singapore petroleum company Coastal Oil Singapore Pte Ltd has entered liquidation as of Dec. 13, according to the Accounting and Corporate Regulatory Authority. The company has decided to wind up but no other information was available. Coastal Oil declined to comment when contacted. Coastal Oil is a subsidiary of Hong Kong-incorporated Coastal Holdings and […]
Shell Singapore appoints new country chairwoman
SINGAPORE, Dec 13 (Reuters) – Shell Singapore, a unit of Royal Dutch Shell, has appointed a new country chairwoman who will assume the position from January next year, the company said in a statement on its website. Aw Kah Peng, who is currently general manager for Shell’s chemicals intermediates business in Asia Pacific, will succeed […]
ERC poised to reconfirm Glow ruling
PTT’s Global Power Synergy wants to obtain Engie Group’s Glow Energy Plc, but regulators have turned down the proposal on anti-trust grounds. The Energy Regulatory Commission (ERC) is likely to adhere to its recent resolution to derail a takeover effort made by PTT’s unit Global Power Synergy Plc (GPSC) for Glow Energy Plc. ERC chairman […]
PV Oil to sell State’s stake
A PV Oil technician in Thừa Thiên-Huế pumps fuel into petrol tanks for distribution. — VNA/VNS Photo Huy Hùng Viet Nam News HÀ NỘI — PetroVietnam Oil Corporation (PV Oil), the second-largest petrol dealer in the country, will sell the State’s stake in a package deal instead of splitting it into different small sales, news […]
Indonesia’s Pertamina appoints SK, Hyundai for $4 bn refinery upgrade
JAKARTA: Indonesia‘s Pertamina on Monday said it had appointed South Korea’s SK Engineering & Construction and Hyundai Engineering & Construction as engineering and construction contractors for its Balikpapan refinery upgrade. The $4 billion project will be jointly undertaken by Indonesia’s PT Pembangunan Perumahan Tbk and Rekayasa Industri, Ignatius Tallulembang, director of large projects at the […]
Malaysia agrees to extend its oil output cut by six months
KUALA LUMPUR, Dec 8 (Reuters) – Malaysia will extend its oil production cuts by another six months after the agreement between OPEC and other oil producers to reduce global supply ends this year. OPEC and non-OPEC producers agreed at a meeting in Vienna on Friday to a new level of production cuts from January to […]
Argentina announces $2.3 bln joint shale oil project with Malaysia’s Petronas
Argentina’s state-controlled energy company YPF and Malaysia’s Petronas are forming a joint venture to invest $2.3 billion over the next four years in the country’s Vaca Muerta shale oil fields, the president’s office announced on Tuesday. State-owned Petronas will have an equal stake in the project through its subsidiary Petronas E&P Argentina SA, the presidency […]
Singapore reforming spread near 8-year low on gasoline overhang, poor blend demand
Singapore — The Singapore reforming spread, which measures the difference between FOB Singapore 92 RON gasoline and the FOB Singapore naphtha derivative, tanked to a near eight-year low of $6.58/barrel at 0830 GMT close of Asian trade Tuesday, pressured by thin blending demand thanks to a chronic oversupply of gasoline. The reforming spread was last […]
UPDATE 1-Asian gasoline refining margins crash to loss-making 7-year lows
SINGAPORE, Dec 5 (Reuters) – Singapore’s refinery margins for making gasoline have fallen to their weakest levels in seven years – so low that churning out this key motor fuel has become a loss-making business. Seen as a benchmark across Asia, Singapore margins for 92 RON gasoline against Brent crude oil GL92-SIN-CRK hit minus $1.44 […]
Kingdom petrol price spike looms
Retail petrol prices in the Kingdom continued to fall on Monday amid an increase in crude oil prices in the international market. This follows the renewal of a pact between two top oil producers to cap output and the temporary trade cease fire between the US and China. A Ministry of Commerce statement released on […]