Asian Countries Rush to Stockpile Oil, Accelerate Renewables Amidst Iran War
Asian countries are racing to raise their oil stockpiling capacity, complete a regional power grid and speed up renewables in response to supply risks laid bare by the Iran war.Southeast Asia has been worst hit by the energy impact as 80% of the oil transported through the Strait of Hormuz from the Gulf flowed to the region before the Iran war began."The most advanced efforts are support for the development of oil stockpiling systems in each country and regional joint stockpiling on (a) voluntary basis," nine Southeast Asian nations said in a…
IEA chief: Electrification is the best way to go despite AI investment jitters
The International Energy Agency chief stated on Thursday that the'shift towards electrification' was firmly supported?by capital market despite ongoing challenges with?grid capacity and affordability. When asked about the risks of excessive investment in power infrastructure and concerns regarding artificial intelligence investments being slowed down due to fears of existential risk, IEA executive director Fatih Birol responded that electrification is "not a garden of roses" but said that the direction was clear. He told reporters in Seoul that…
JERA expands its trading portfolio, and expects to sell more LNG overseas
The head of JERA's new global LNG unit stated that the company expects to sell more natural gas outside Japan in the next two-year period as it expands its trading portfolio. This will help to safeguard energy security from volatile power demand. JERA Global Energy Solutions (JERA-GES), the Singaporean entity that was launched in July of this year, is looking to balance the seasonal fluctuations in Japan’s LNG demand. It will do so by expanding its client base beyond Japan and adding greater flexibility to its portfolio. The Japanese market is still volatile. Sayyed stated that we expect the future introduction of renewable energies to make peaks and troughs even bigger.
US-based GE Vernova and Thailand's B.Grimm Power Sign Deals for Gas Turbine Supply
The companies announced on Tuesday that GE Vernova, a U.S. energy technology company and B.Grimm Power of Thailand have signed two agreements for partnering?on power production and?energy infrastructure in Southeast Asia. GE Vernova announced that it had signed a first agreement to supply a gas generator and turbine for a project of a gas-fired plant in Malaysia. The project is owned and developed by B.Grimm Power. Harald Link of B.Grimm Power told reporters on the sidelines the Gastech Conference that the turbines would be delivered next year. He added that the power plant would be located in Perlis, Malaysia.
Thailand's PTT is looking for new LNG sources such as Oman and Canada.
PTT, Thailand's largest gas company, is seeking new sources of?liquefied, natural gas, such as Oman and North America, as well as West Africa, to diversify their portfolio in the face of a?geopolitical upheaval. In Southeast Asia, the?largest?LNG importer relies on spot supply to meet half of its demand. Thailand increased its imports of US LNG this year, after the Iran War closed the Strait?Hormuz, which was Qatar's largest supplier. Bandhit Thamprajamchit is the chief operating officer for PTT's upstream oil and gas business. On the sidelines the Gastech Conference.
Thailand invests in rooftop solar to protect against LNG price shocks
Akanat PROMPHAN, Thailand's Energy Minister, said that the country will assist 1 million households in installing 5 gigawatts of rooftop solar panels by year-end to protect citizens from soaring energy prices caused by the Iran War. This move is financed through a 200 billion Baht ($6.01billion) emergency energy transition fund. It's the third major Asian importer of liquefied gas to use rooftop solar as a hedge against rising prices after the Philippines, and Bangladesh. Government data from the six months to June shows that renewables, including solar, account for about 10% of Thailand’s electricity generation. Gas, on the other hand, accounts for over 60%.
Eneos' global ambitions are tested by the Japanese oil giant.
Eneos Holdings is a top Japanese refiner, with a large cash reserve and declining domestic demand. It's currently expanding its overseas footprint and testing its ability of managing assets and diversifying revenue sources. Eneos is looking to expand its fuel business, as it believes that diversification in the core fuel sector will be more profitable than its previous loss-making venture into renewable energy. In May, it announced its $2 billion plus purchase of Chevron’s downstream assets across Asia. This included a 50% stake of Singapore Refining Company which operates a refinery that can process 290,000 barrels per day.
Bangladesh textile sector reconsiders energy sources after gas crisis
Bangladesh exports around 80% and generates 13% of GDP through its textile industry. Gas is used heavily in the wet processing of clothes, such as dyeing, washing and finishing. Bangladesh has been experiencing a gas shortage for a number of years due to a decline in local production and an increase in import costs. Qatar, the largest LNG exporter in the world, has announced that its LNG supply to Bangladesh is being cut back due to Iran's closeness of the Strait of Hormuz as well as Iran's "bombing" of Qatari LNG facilities. According to Petrobangla, a fire last month at one of Bangladesh’s two LNG terminals reduced supply to less than half the demand. Mohd.
The rising price of diesel and supply shortage has caused Southeast Asian palm harvesting to be disrupted.
The?harvesting of palm oil on Southeast Asia's Borneo and Sumatra islands is being disrupted by rising fuel prices and shortages in supply. This forces smallholders, who are the main producers of edible?oil around the world, to reduce their fruit collection. El Nino is expected to reduce rain and lower yields in the top producing countries of Indonesia and Malaysia. Fuel shortages have hit Sumatra farmers in Indonesia, according to industry officials. Napolean R Ningkos, of the Sarawak Dayak Oil Palm Planters Association, said that financial constraints would make it impossible for smallholders in Sarawak to harvest their crops.
Canadian Solar opens US Solar Cell Factory in Indiana
Canadian Solar has opened a new solar cell manufacturing facility in Indiana. The company claims that this will fill a major gap in U.S. Solar Manufacturing by producing an important component?that's largely produced in Asia. The U.S. wants to??build? a domestic supply chain for solar energy through tax incentives and other trade measures that aim to reduce dependence on imports. China controls around 80% of global solar supply chains. The U.S. manufacturing division of Canadian Solar, CS PowerTech is investing nearly $1 billion in the U.S. and will employ over 1,200 workers once production reaches 'full capacity' by early next.
Eni CEO: Energy sector shifting investment to Latin America and Southeast Asia
Eni's chief executive said that the oil and gas industry is diversifying its investments to?Southeast Asia? and Latin America?to counter the?prolonged?disruption?of shipping flows?in the Strait of Hormuz. Claudio Descalzi, Eni's Claudio, said at an Eni hearing before a parliamentary panel that the risk to the Middle East will still be greater than it was. * Russia and the Gulf region including Iran will not be able to contribute significantly to energy product supply for a while, Descalzi stated. And even when they return to the market, things will look completely different.
Vietnam plans to build more coal-fired power plants, as the Iran War complicates LNG plans
The government of Vietnam said that it is looking at building more coal-fired power plants to meet its energy needs. This comes as the 'Iran war' complicates the?slow growth of LNG facilities. Southeast Asia's manufacturing hub seeks to increase its power generation capacity in order to support the fast-growing economy. It is focusing on renewables, LNG and other sources of energy. In a Wednesday statement, the government stated that the Middle East conflicts have had a negative impact on the security of LNG supply. This has created a need for energy security. It may add more coal to its national energy plan.
Myanmar to restart controversial $3.6 billion dam project supported by China
Two sources familiar with the comments of Khet Htein, head of state administration, have confirmed that Myanmar's new Government aims to complete in eight years an infamous $3.6 billion project at Myitsone, located in northern Kachin State. The comments were made after former junta leader and now president Min Aung Hlaing, returned from a trip to China?last week. China has been trying to build a massive hydropower plant in the northermost region of the war-torn nation. Htet Paing Htoo is a Kachin State Parliament member. He said that construction work was suspended in 2011 due to rare public protests over a large hydropower project, which would have been Myanmar’s largest.
Shell anticipates a 65% increase in global LNG demand between 2050 and 2050
Shell's annual report said that the global demand for liquefied gas is expected to increase by 65% by 2050. This will be driven by Asia, as many countries are looking to lower-emission alternatives than coal, and data centres drive up power demand. In its 2026 LNG outlook, the world’s largest LNG trader said that global demand will likely reach 700 million metric tonnes a year. The report stated that the LNG trade, which was expected to reach 422 million tonnes in 2025, would increase in 2026. Since the Middle East conflict began, the severe disruption…
Solar Manufacturing Group seeks US Trade Probe of Korea Cell Imports
According to a petition seen, three solar panel manufacturers urged U.S. officials to investigate imports of cells from South Korea, claiming that producers such as Hanwha’s?Qcells were using them to evade U.S. tariffs for Chinese products. Canadian Solar, SEG, and Heliene all have solar panel factories in the United States. The group American Manufacturers for Energy Resilience is seeking an anti-circumvention investigation into South Korean solar cell imports. The 'building blocks' of solar panels or modules that convert sunlight to electricity are cells. Tariffs may be applied to goods that are processed in third-country countries, even if the processing is minor.
China's refined oil exports to Australia in May rose from April despite restrictions
China's gasoline, diesel, and?jet-fuel exports to major destinations in Southeast Asia and South Asia increased from April, but they were still a significant amount less than one year earlier because of?export restrictions imposed due to the Iran War to protect domestic supply. Customs data released Saturday shows that refined oil products exported outside Hong Kong and Macau increased 40% in April but fell 69% in the same period of last year. Export curbs don't apply to refuelling international ships or planes. Or exports to Hong Kong or Macau where the levels remained steady.
Eni and Petronas establish joint gas venture in Southeast Asia
After signing an agreement for investment in November, Eni of Italy and Petronas of Malaysia have created a joint venture that combines energy businesses throughout Indonesia and Malaysia. This move is part Eni's "satellite strategy" to separate specific assets and develop them independently with the assistance of a partner. In a joint announcement, the companies stated that the new company named Searah will begin with a production base of more than 300,000 barrels per day and aim to reach 500,000 boe/d within three years. It will have a portfolio of 19 assets for?gas production and development, with 14 in Indonesia and 5 in Malaysia.
Indonesia coal export shake-up rattles miners, traders
Indonesia's plan for coal exports to be routed through a state firm has alarmed traders and miners, who are concerned about its viability at a time of?increased coal demand due to liquefied gas (LNG), supply disruptions caused by the Iran War. The President of Indonesia Prabowo Subianto announced on Wednesday that all exports, including coal, palm oil, and ferroalloys, must go through the state-owned Danantara Sumberdaya Indonesia. This move is intended to increase revenue and stabilize the rupiah, but has nonetheless caused investor anxiety. Southeast Asia accounts for half of global electricity-grade coal trade.
MPOC: Crude palm oil price to remain around $1.110/ton by June.
The Malaysian Palm Oil Council stated that the price of crude palm oil is expected to remain at around 4,400 Ringgit ($1,110), per metric ton, in June. This is because global biofuel policies are supporting demand and weather risks increase supply uncertainty. The MPOC stated that the recent biofuel developments in America have improved palm oil's competitiveness on major markets. Malaysia will begin producing biodiesel next month with a blend of 15% palm oil, called B15. Meanwhile, Indonesia plans to increase its mandatory level of palm oil in biodiesel from 40% to 50% by July.
Seraya considers selling or listing offshore wind company Cyan, CIO reports
Seraya Partners, a Singapore-based investment firm, is considering a dual track process for Cyan Renewables, its offshore wind services company. This could lead to a sale of the company or an IPO. According to a person with knowledge of the situation, Cyan, a Singapore-based marine service company that focuses on renewables, may be worth as much as $2 billion. Infrastructure-focused private equity firm Seraya Partners is assessing strategic options for Cyan after receiving several offers to acquire the company, said James Chern, managing partner and chief investment officer, as strong demand for vessels and a limited global supply push up valuations ?across the sector.