FACTS Global Energy

Singapore, Singapore

FACTS Global Energy

Singapore, Singapore
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Zhang L.,FACTS Global Energy | Wu K.,East-West Center
Oil and Gas Journal | Year: 2010

China is moving quickly on construction of its Phase II strategic petroleum reserve and FACTS Global Energy believes most SPR Phase II sites will come on stream by 2012-13, doubling China's SPR capacity. The rapid expansion of Chinese crude oil storage capability, coupled with the robust growth in oil demand, will considerably increase China's demand for crude imports. The government will likely allow some flexibility in operating the SPR sites and may be experimenting with different methods of running the program as a whole. Similar to the filling of Phase I sites, NPRC will approach crude purchases for the Phase II sites strategically and only buy when it perceives prices to be low. Crude oil storage remains under the strict control of Chinese state-owned companies. China currently has five bonded crude storage sites.


Wong S.C.,FACTS Global Energy | Fesharaki S.,FACTS Global Energy
Oil and Gas Journal | Year: 2010

Global LNG trade dynamics will shift again in 2010-11, largely on the back of recovering Asian LNG demand. LNG imports into the Americas will grow during the same period as terminals in the region, especially in the US, continue to absorb flexible LNG not required by some markets in Asia and Europe. Despite the possibility of lower Spanish LNG imports Europe as a whole will import LNG in 2010 compared with last year as such countries as Italy and the UK receive higher amounts of Qatari megatrain volumes. Japan, global leader in LNG consumption, saw LNG imports in 2009 deteriorate by 6.8% to 64.6 million tons. The global economic slump not only dented industrial sector gas demand but also reduced gas use in the power sector amid lower overall electricity demand. Gas use in the power sector was also weal or due to improved nuclear utilization rates and hydropower output.


Adibi S.,FACTS Global Energy
Oil and Gas Journal | Year: 2010

Constraints in project financing and technical capabilities in developing its gas fields will restrict gas export availability from Turkmenistan for new potential customers such as Europe for the next 5 to 10 years. Turkmenistan holds the world's fourth largest natural gas reserves, after Russia, Iran, and Qatar. Turkmenistan agreed in July 2009 to increase gas exports to Iran, to roughly 1.4 bcfd from previous contractual volumes of 800 MMcfd. Turkmenistan started gas exports to Iran in 1997 when it completed the 40-inch OD pipeline from Korpedzhe, Turkmenistan to Kurd Kui, Iran. Construction of the first of two parallel 42-inch OD gas pipelines from Turkmenistan to China through Uzbekistan and Kazakhstan finished in November 2009, with the second line under construction for completion in 2011-12. China will meet 4.6% of its natural gas demand with Turkmen supplies in 2010, increasing to nearly 15.4% in 2015.


Lee I.,FACTS Global Energy
Oil and Gas Journal | Year: 2010

The South Korean refining industry is facing various challenges despite showing signs of recovery in late 2009. Among the biggest difficulties South Korean refiners face is sluggish domestic demand for petroleum. After peaking at 2.328 million b/d in 1997, oil demand including non-refinery feedstock is hovering between 2.2 million b/d and 2.3 million b/d. One reason to expect slow demand growth is an already flat population that will begin to decline towards the end of the decade. Biofuel requirements are another threat to South Korean refiners, with South Korea requiring a 15% blending of bio diesel into auto diesel in January 2009 and a 2% biodiesel requirement taking effect in January 2010. South Korean refineries have started making significant investments in upgrading to produce light, clean products as part of their strategy to overcome the challenges.


Zhang L.,Facts Global Energy | Kumar P.,Facts Global Energy
Oil and Gas Journal | Year: 2010

Massive growth in Chinese and Middle East petrochemical capacities and prospects of intense competition for Asian markets from Middle East producers are prompting significant change in Asia's petro-chemical industry. Already an important player in the global ethylene market, Asia is adding capacity rapidly, with about 43.8 million tons per year of ethylene capacity having been in place at year-end 2009. China will be responsible for 54% of the new capacity 2010-15. China had 13.9 million tpy of ethylene capacity in place at year-end 2009. Of the 8.7 million tpy capacity the country will add through 2015, 42% will be achieved in the next 2 years. China's naphtha demand will grow at 14% per year 2009-15 and will overtake South Korea to become Asia's largest naphtha consumer by year-end 2011. Taiwan's naphtha consumption pattern has been similar to South Korea's from 2001, but the growth rate was less pronounced.


Zhang L.,FACTS Global Energy | Wu K.,FACTS Global Energy
PetroMin | Year: 2010

The Chinese oil and gas companies have expanded their portfolios in the overseas oil and gas assets aggressively during the financial crisis. Compared to its own production and consumption, China's overseas equity oil plays a role that is not at all trivial. Overseas oil equity production in 2008 was about 24% of China's total crude imports, 23% of China's domestic oil production, and 12% of China's oil consumption, although less than 50% of the equity production is transported back to China. The Chinese companies have committed billions of dollars into developing large oil fields in the Middle East and other regions and will continue their aggressive investments in oversea oil and gas assets. An update on China's overseas oil and gas investment activities since late 2008 is presented.


Zhang L.,FACTS Global Energy
Oil and Gas Journal | Year: 2011

Around 8 million b/d of new refining capacity are forecast to be added from the start of 2010 to yearend 2020 in Asia-Pacific. China's refining capacity will reach more than 15 million b/d by 2020, while India will overtake Japan by 2012 to become the second largest refiner in Asia. India will add 715,000 b/d of crude distillation unit (CDU) capacity 2010-15 and 460,000 b/d between 2016 and 2020, accounting for 15% of total expansion in Asia-Pacific. Since mid-2009, there has been talk about plans for refinery closures in the region, especially in Japan. The refiners have indicated a list of likely closures, amounting to 1.4 million b/d between 2010 and 2015. China is also renewing its effort to close some of its local refineries. The NDRC has released new policies since early 2009 to target local refineries.

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