COP29: Which are the main issues at the UN Climate Summit in Baku
The U.N. Climate Summit COP29, which will take place in Baku on November 15th, has been called the "climate financing COP" because its main goal is to decide how much money each year should be allocated to help developing countries deal with climate-related expenses. This discussion may be difficult following the reelection of Donald Trump as former U.S. president on Tuesday. A climate denier, Trump's campaign…
GIC and Macquarie are interested in selling a $2 billion stake in EDC Philippines, according to sources
Two sources familiar with the matter have confirmed that Macquarie and GIC are considering selling their roughly 30% stake in Energy Development Corp. (EDC) of the Philippines, a deal which could bring in $2 billion. Sources who declined to identify themselves because the discussions are private said that they were in preliminary discussions with advisors, and that no decisions had been taken. EDC is the Philippines largest renewable energy company with a capacity installed of 1,480.19 Megawatts.
Malaysian PM: Petronas exploration in South China Sea to continue
Anwar Ibrahim, Malaysia's prime minister, reiterated on Tuesday that the state-owned energy company Petronas would continue to conduct oil exploration in Malaysia's Exclusive Economic Zone (EEZ) of the South China Sea despite China's objections. He told the parliament that this includes exploration activities for Petronas Kasawari Gas Development off Sarawak State on Borneo. Anwar stated, "We will continue to discuss with all countries.
Sources say that India's Adani Group is planning 10 GW of overseas hydroelectric projects
Four sources familiar with Adani Group's plans said that the group plans to build ten gigawatts worth of hydroelectric projects overseas in the next few years. This will help the conglomerate achieve its goal of achieving net zero carbon emission by 2050. The billionaire Gautam Adani announced that his group, which includes businesses ranging from rice to concrete, would invest $100 Billion over the next decade in developing green energy capabilities…
Southeast Asia is expected to increase coal trade as China nears its peak
Industry officials predict that Southeast Asian countries like Vietnam and Philippines will boost coal consumption and trade in this decade even as China, the top consumer, is approaching its peak demand. In a speech at the Coaltrans Asia Conference, Priyadi, the Chairman of the Indonesian Coal Miners Association, said that the Association expects China and India's coal imports to reach a peak in 2025. This will end the growth in the global seaborne trade volume for the polluting fuel.
Southeast Asia is expected to increase coal trade as China nears its peak
Industry officials predict that Southeast Asian countries like Vietnam and Philippines will boost coal consumption and trade in this decade even as China, the top coal consumer, is approaching its peak demand. In a speech at the Coaltrans Asia Conference, Priyadi, the Chairman of the Indonesian Coal Miners Association, said that the Association expects China and India's coal imports to reach a peak in 2025. This will end the growth in the global seaborne trade volume for the polluting fuel.
Malaysia won't stop South China Sea exploration, despite China protests says PM
Anwar Ibrahim, Malaysia's Prime Minister, said that the country would not stop oil and gas exploration on the South China Sea in spite of Beijing's claims that Malaysia had infringed on its territory. Anwar, who is currently in Russia on an official visit, stated that Malaysia's exploration was within its own territory, and it wasn't meant to be provocative towards China. Anwar stated in a Vladivostok televised…
Sources say that the Philippines' largest oil import storage company is seeking a strategic investor.
Two people familiar with the matter have confirmed that the owners of Philippine Tank Storage International want to bring in a strategic investor for the company, which runs the largest petroleum import storage facility of the country. One person said that Singapore's Keppel infrastructure Trust and the Philippine conglomerate Metro Pacific Investments Corp. (MPIC) were weighing a deal which could value the asset up to $500,000,000. Keppel Infrastructure Trust declined to comment. MPIC declined to comment.
Jordan LNG terminal awarded to AG&P consortium
A company statement said that the Singapore-based Atlantic, Gulf and Pacific, as part of a group, was awarded a contract for building an LNG terminal onshore in Jordan. The onshore Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah terminal will be constructed at the Port of Aqaba and will have a capacity of 720 millions standard cubic feet per daily (mmscfd). AG&P sent a statement on Wednesday evening stating that the terminal would be finished, delivered, and commissioned within 22 months.
Philippines fishermen fear solar farm on lake could hurt their income
Alcones, a member of a group that opposes the government's plans to install solar panels on top of Laguna de Bay, the largest source of freshwater fish in the country, to meet the growing demand for electricity, is opposed to this plan. "Laguna Lake provides income and life to fishermen who have not finished school, like us. "It also provides many displaced workers with an alternative source of income by fishing," said Alcones a 55-year old father of two, who lives near Laguna Lake.
The Top 10 Offshore Wind Energy Trends to Watch in 2023
The drivers for global offshore wind growth look good for 2023. Global offshore wind is forecast to grow from over 60 GW at the end of 2022 to 240 GW by 2030 and over 410 GW by 2035. But the sunny outlook must be balanced with some building dark clouds. As we prepare for the new year, let us look at ten factors that will shape the offshore wind sector in 2023.1. Solid foundations: Optimism for the supply chain…
ADNOC, AG&P Agree FSU Lease for Philippines First LNG Terminal Launch in July
The logistics arm of state oil firm Abu Dhabi National Oil Company (ADNOC) will supply a floating storage unit to LNG logistics company AG&P to launch the Philippines' first LNG import terminal in July, the companies said on Wednesday.Singapore-based Atlantic, Gulf & Pacific International Holdings (AG&P) signed an 11-year charter agreement, extendable by four years, to convert ADNOC Logistics & Services (ADNOC…
IKM Ocean Design wins Contract for Submarine Cable Installation
FiberHome Phils., Inc. has awarded IKM Ocean Design AS a detailed design contract for cable routing, installation and protection engineering of around 650km submarine communication cables in the Philippines, which is focusing on the need to expand and upgrade the telecommunication services and the establishment of new submarine cable systems in the Philippines.The planned cables is between 12 of the main islands of Philippines…
Acteon Inks Deal to Support Philippines LNG Import and Regasification Terminal
Acteon secured an integrated project with Atlantic, Gulf & Pacific Company (AG&P) for the development of a liquefied natural gas (LNG) import and regasification terminal in Batangas Bay, called Philippines LNG (PLNG). The contract was signed and will be managed by the Acteon Integrated Solutions (AIS) team.The project scope for AIS includes the local transportation and installation of jacket structures to form the LNG berth…
Shell to Slash Jobs and Capacity at Major Singapore Refinery
Royal Dutch Shell will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce its carbon emissions.The refinery on Pulau Bukom, a small island in the Southeast Asian city-state, can process 500,000 barrels per day (bpd) of oil and is Shell's largest wholly-owned refinery worldwide.The move brings the total refining capacity cuts by Shell in recent months to 571…
Philippines Says No to New Coal Projects. Puts Focus on Gas
The Philippines has stopped accepting new proposals for coal-based power projects to encourage investment in other energy sources like natural gas and renewables, the government's energy chief said on Wednesday.The moratorium on endorsements for greenfield coal-powered plants comes as the government aggressively pursues natural gas as a major source of energy, not just for power generation but also industrial…
Philippines: Shell's Hydrogen Project Resumes as Covid-19 Restrictions Eased
Pilipinas Shell Petroleum Corp said on Wednesday it has resumed construction of an integrated hydrogen manufacturing facility at its Tabangao refinery in the Philippines, after being hampered by the coronavirus lockdown.Restrictions on movement have been eased in Philippine provinces and cities with low coronavirus cases to help restore business activity in the Southeast Asian economy.The local unit of Shell had…
Gastech Postponed for 2021
Gastech, one of the world's largest gas, LNG and energy industries events has been postponed for 2021 due to the COVID-19 pandemic.The event was expected to take place in Singapore in September this year, however, the organizers have now decided to delay the event to September 13 to 16, 2021.Organizers dmg events said the decision had been based on concerns around the global pandemic, accessibility and for the wellbeing of speakers, delegates, exhibitors and visitors.
Chevron Cuts Spending, Says Asset Sales Lift Profits
Chevron Corp on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits.Global fuel demand has crashed by a third while many people shelter at home for an indefinite period. Major oil companies have largely reported losses as an oil glut and a shortage of storage space sends prices to historic…
Chinese Seismic Vessel Returns to Waters off Vietnam Amid Virus 'Distraction' Charges
A Chinese ship embroiled in a standoff with Vietnamese vessels last year has returned to waters near Vietnam as the United States accused China of pushing its presence in the South China Sea while other claimants are pre-occupied with the coronavirus.Vietnamese vessels last year spent months shadowing the Chinese Haiyang Dizhi 8 survey vessel in resource-rich waters that are a potential global flashpoint as the United States challenges China's sweeping maritime claims.On Tuesday…
