New oil refineries to quadruple Vietnam capacity 2023
Vietnam’s total oil refining capacity will nearly quadruple by 2023 as two new refineries go on stream, market data provider Fitch Solutions reports. The Dung Quat refinery in the central province of Quang Ngai operated by the state-owned PetroVietnam’s subsidiary Binh Son Refinery Limited (BSR) remains the sole facility now, with a crude oil processing […]
DoE to launch new energy contracting round this week
THE Department of Energy (DoE) is hoping that a new round of contracting will spur more petroleum exploration ventures and close the resource development gap with regional neighbors. The DoE will launch the Philippine Conventional Energy Contracting Program (PCECP) on Thursday. DoE Secretary Alfonso G. Cusi said his office was “aggressively pursuing” the implementation of […]
Banks, petrol help market end positive
HÀ NỘI – Banks and petroleum companies drove the Vietnamese stock market up on Friday while caution still weighed on overall sentiment ahead of the US-China talks at the G20 summit. The benchmark VN Index on the Ho Chi Minh Stock Exchange inched up 0.12 per cent to close at 898.19 points. The southern market […]
Amid oil price scare, minister says Malaysia not too dependent on crude revenue
KUALA LUMPUR, Nov 16 — Minister of Finance Lim Guan Eng insisted today that Putrajaya’s finances will not be affected if oil prices drop. This comes amid concerns over the commodity’s near-term prospects as uncertainties dog the global economic outlook for next year. Oil accounts for up to 14 per cent of next year’s Budget […]
Singapore shares slip as oil tumbles, Malaysia edges up
Weak crude oil prices weigh on rig-builders, petroleum services firms KUALA LUMPUR (Nikkei Markets) — Singapore shares fell Wednesday as investors grappled with lower crude oil prices that weighed on rigbuilders and other firms servicing the industry in a broadly weak market. Malaysia eked out tiny gain. The Straits Times Index closed down 0.3% at […]
Indonesia interested in OPEC membership again, but needs to cut its oil imports first
Net oil importer Indonesia could reactivate its OPEC membership if it can successfully raise its crude oil production and reduce consumption by boosting the amount of biofuels used in its transportation sector, an official said Monday. “If we can increase our production, we are more than happy to rejoin,” secretary general of Indonesia’s National Energy […]
Vietnam’s Ca Tam oil field to start production Jan 15 – sources
HANOI, Nov 13 (Reuters) – Vietsovpetro, a Vietnam-Russia oil joint venture, will start crude oil production at the Ca Tam field offshore southern Vietnam from Jan. 15, three sources with knowledge of the matter said on Tuesday. Ca Tam is the first new field to be brought into production in Vietnam in years after a […]
Singapore Marine Fuel Sales at 5-month High
Singapore marine fuel sales in October climbed 3 percent on year to a five-month high of 4.125 million tonnes, according to data released by the Maritime and Port Authority of Singapore (MPA) on Tuesday. The latest sales volumes were 0.3 percent higher compared to September, it showed. The higher October sales volumes reflect a slight […]
Myanmar plans first oil and gas bids since 2014
New bids for oil and gas exploration and development rights on a series of blocks, along with reforms to joint-venture requirements, are expected to stoke renewed interest in Myanmar’s energy sector and boost investment inflows. On August 30 the Ministry of Electricity and Energy (MoEE) announced it would be opening fresh rounds of bidding for […]
DOE wants moratorium on oil exploration in West Philippine Sea lifted
Energy Secretary Alfonso Cusi said Wednesday it is imperative for the government to lift the moratorium on exploration works in the disputed areas in the South China Sea in order for the possible joint oil and gas exploration deal with China to move forward. The Philippines and China are negotiating for the exploration deal which […]