VPower, CNTIC form JV to operate Myanmar emergency power plants
Hong Kong-listed VPower Group has set up a 50-50 joint venture with a Chinese state firm to develop three power plants in Myanmar as part of the government’s bid to stop power cuts this year. VPower, which enjoys close links with investment bank CITIC, and state-owned China National Technical Import & Export Corporation (CNTIC) will […]
Wärtsilä signs 5-year maintenance deal for 200MW Cambodian power plant
Technology company Wärtsilä has signed a five-year power plant maintenance agreement covering the Electricite du Cambodge (EDC) C7 power plant, located close to Phnom Penh in Cambodia.
Wärtsilä to deliver equipment for two LNG-fuelled power plants in Myanmar
Wärtsilä has announced that it will deliver the equipment for two LNG-fuelled power plants being urgently installed in Myanmar on a fast-track basis. During summer last year, Wärtsilä claims that the Yangon area of Myanmar saw power cuts of up to six hours a day. In order to avoid this situation happening again, the Myanmar […]
Weak demand, govt incentives drive PGN profit down 88 percent
Gas distributor PT Perusahaan Gas Negara (PGN) saw its net profit fall 87.6 percent year-on-year (yoy) to US$6.72 million in the first half of the year as a result of weak energy demand and government gas incentives. The publicly listed company’s revenue fell by 17.9 percent yoy to $1.47 billion in the January-June period, dropping […]
Welltec bags well intervention deal with Petronas
Danish offshore energy technology firm Welltec has won an exclusive three-year contract from Malaysian energy major Petronas. Under the agreement, Welltec will become the sole provider of downhole conveyance and powered mechanical services in both East and West regions of Malaysia. “It’s a great team effort that has led to the award of this exclusive […]
What Will It Take for Cambodia to Actually Strike Oil and Gas?
A new set of international companies are optimistic about Cambodia’s nascent oil and gas industry, but they are investing in an extractive business that has proven costly and yielded only delays, not yet profit. The Canadian-listed gold mining company Angkor Gold announced this year that it would start exploring oil and gas blocks onshore in […]
Widodo’s re-election could prompt Shell’s exit
Investment Coordinating Board chairman Thomas Lembong points to Indonesia’s “scariest macro-economic graphic,” showing an energy trade balance where oil and gas production keeps falling, fuel imports keep rising – and the country which was once the world’s largest exporter of liquified natural gas (LNG) becomes a net importer by 2020-21. “I can’t begin to tell […]
Will lower LNG prices bring down local energy costs?
FOR most of the first quarter, the price of liquefied natural gas (LNG) has been languishing at less than US$3 per million British thermal unit (mmBtu), lower than the past six-month average of US$3.30. The low price was driven by the huge supply coming from Australia and the US, as well as lower-than-expected demand as […]
Winners and losers among Singapore companies in current oil surge
BRENT crude oil prices are up more than 30 per cent this year and holding – but it won’t be a case of a rising tide lifting all boats. While the rally stirs hope for investors tracking the oil and gas sector, high oil prices are a concern for consuming companies in the aviation and […]
With $20 billion investment, Brunei’s oil and gas workforce to grow from 20,000 to 35,000
Brunei’s oil and gas industry is expected to hire 15,000 more people over the next few years with $20 billion in investment into downstream projects including a petrochemical refinery and fertilizer plant. Deputy Minister of Energy, Manpower and Industry Dato Seri Paduka Awg Hj Matsatejo Sokiaw said that the first phase Hengyi Industries’ oil refinery and […]