South & Central Asia
Petronas’ PFLNG Satu produces first LNG offshore Malaysia
Petronas’ first floating LNG facility, the PFLNG Satu, has produced first drop of the chilled fuel from the Kanowit gas field offshore Sarawak, Malaysia. Designed to last up to 20 years without dry-docking, the 365-meter long PFLNG Satu is expected to be able to produce 1.2 million tonnes of LNG per
Oil prices experiencing structural, not cyclical change, survey says
The persistent oil price volatility is not a cyclical change, but rather a structural one. This is according to a survey conducted by Sea Asia 2017, where more than two-thirds of respondents said it wasn’t a cycle. The results of the survey come at a time when the maritime industry faces its toughes
CIMC Offshore attracts $145M investment
China International Marine Containers (CIMC HK) has agreed to sell a 15 percent interest in CIMC Offshore to Future Industry Investment Fund, also based in China. The investment fund has been set up by the government of China to invest in major projects in the advanced manufacturing industry, aiming
SapuraKencana posts rise in quarterly profit
Malaysia’s SapuraKencana Petroleum has posted a rise in net profit for the third quarter ended October 31, 2016. Profit after tax was RM 157 million ($35.4 million), up from RM 129 million ($29.1 million) in the corresponding quarter of 2015. The company CEO Shahril Shamsuddin said third quarter was
Thai energy committee approves PTT’s LNG agreement with Petronas
A draft agreement for a long-term LNG supply between PTT and Malyasia’s Petronas has been approved by the Thailand’s energy policy committee on Thursday.
Report: Asian LNG prices rise above $8/mmBtu
Prices for liquefied natural gas (LNG) have increased to their highest since mid-2015 in Asia, boosted by plans by OPEC and Russia to cut crude oil production. Spot prices for Asian LNG increased 50 cents from last week to around US$8.1 per million British thermal units (mmBtu), Reuters reported on
SapuraKencana Books Higher Profit
SapuraKencana Petroleum has seen its profits increase some 22 percent in the third quarter ended October 31, 2016, on new contract wins, lower tax, and no impairment charges when compared with the corresponding period in 2015. Despite about 24 percent drop in revenue, the company recorded profit of
Asia Maritime Pacific, Sono Shipping Merge Ops
Hong Kong’s shipping firm Asia Maritime Pacific decided to expand its business in the Atlantic market as it merged operations with US-based Sono Shipping. According to the terms of the merger, effective December 7, 2016, the duo will join forces under the name Asia Maritime Pacific (AMP). “The merge
Kogas November sales jump
South Korea’s Kogas, the world’s largest corporate buyer of LNG, reported a 32.5 percent jump in gas sales during November in comparison to the same month last year.
UniSite: Look Back at Business in 2016
UniSite Group, a Chinese company involved in dredging, land reclamation, offshore projects, marine, mechanical engineering and green remediation projects, took an active part in a lot of projects all over the world in 2016. During the first quarter of 2016, UniSite supplied a significant amount of s
Jera makes first LNG purchase from lower 48 U.S. states
Japan’s Jera, the joint company of Tepco and Chubu Electric and the largest importer of liquefied natural gas said it has made its first purchase from the U.S. mainland.
Report: India’s Reliance to win Bangladesh LNG power project
Bangladesh has reportedly chosen India’s Reliance Power to build a LNG-based power plant project that includes a floating storage and regasification unit. The award would be announced during Prime Minister Sheikh Hasina’s visit to India in mid-December, Platts reported on Wednesday. The Ministry of