Tuesday, November 20, 2018

South Korea News

China Becomes Top Natural Gas Importer

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China has overtaken Japan to become the world's top importer of natural gas, as Beijing's crackdown on pollution boosts its demand for the more environmentally friendly fuel, while the restart of nuclear reactors…

China LNG Growth Not Slowing -Woodside

(Photo: Woodside Petroleum)

China's appetite for liquefied natural gas (LNG) has not slowed, but its purchases have been spread more evenly, avoiding last year's sudden spike to meet winter demand, Australia's top independent LNG producer…

Asia-Pac Offshore Wind Capacity to Rise 20-fold in a Decade: Wood Mackenzie

Image: Orsted, Taiwan

Asia-Pacific's offshore wind capacity will rise 20-fold to 43 GW in 2027, said new research from global natural resources consultancy Wood Mackenzie. Future offshore wind prices will be competitive with traditional thermal prices…

FSU Delivered to Bahrain LNG

(Photo: Teekay LNG)

Teekay LNG’s first floating storage unit (FSU) has been delivered to charterer Bahrain LNG.The vessel Bahrain Spirit was delivered from the shipyard in South Korea at the end of August, before going on hire on September 19…

Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions

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Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about…

New U.S. LNG Projects, Enough to Double Exports, on Verge of Launch

Photo courtesy of Kinder Morgan

New U.S. liquefied natural gas terminals with enough capacity to double U.S. exports have either begun commissioning their facilities or are waiting for approval from the energy regulator, a review of their documents showed this week.Although long planned…

Oil Rises as U.S. Sanctions on Iran Squeeze Supply

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Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel…

Saudi Aramco to Invest in China

In the presence of senior Vice President of Downstream Abdulaziz al Judaimi and Governor Yuan Jiajun ( R5), Vice President of International Operations Said Hadrami and Vice Givernor Zhu Congjiu signed the memorandum of understanding between Saudi Aramco and People’s Government of Zhejiang to acquire a share of Zhejiang Petrochemical’s new refinery project on the International Petroleum and Natural Gas Enterprises Conference (IPEC) 2018 in Zhoushan, east China’s Zhejiang province. Photo:  Saudi A

Saudi Aramco recently signed an MoU with Chinese Zhejiang provincial government during the 2nd International Petroleum and Natural Gas Enterprises Conference (IPEC), to acquire a share of Zhejiang Petrochemical’s new refinery project.Abdulaziz Al Judaimi, Sr.

Poland Sees First Nuclear Power After 2030

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Poland expects its first nuclear power plant to start operating after 2030 as the country aims to cut its use of coal in producing electricity, Deputy Environment Minister Michal Kurtyka said.The east European country…

Oil Markets Face Unprecedented Uncertainty

Fatih Birol (Photo: IEA)

Oil markets are entering an unprecedented period of uncertainty due to geopolitical instability and a fragile global economy, the head of the International Energy Agency said on Tuesday.Concerned about an emerging…

Rising U.S. Shale Exports Turn WTI into 24-hour Benchmark -CME

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Rising U.S. crude oil exports to Europe and Asia have had a knock-on effect in the futures market, turning the U.S. West Texas Intermediate contract into a near-24 hour benchmark, exchange operator CME Group said.

Oil Falls by $2 After Saudi Arabia Reassures Market on Supply

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Oil prices fell more than 2 percent on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran's crude exports that start next month.Benchmark…

Water at Fukushima Site is Still Radioactive

(Photo: Tepco)

The owner of the Fukushima nuclear plant, destroyed by an earthquake and tsunami more than seven years ago, said water treated at the site still contains radioactive materials that for years it has insisted had…

Saudi Aramco Signs Deals Worth USD 34 bln in Oil and Gas

Image: Saudi Aramco

Saudi Aramco signed 15 Memoranda of Understanding (MoUs)  and strategic and commercial collaborations valued at more than US$34 billion with 15 international partner companies and entities from eight countries…

Oil Up as U.S. Imposes Sanctions on Iran

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Oil prices recovered some ground on Monday after five days of heavy losses as the United States imposed a range of punitive sanctions on Iran, aiming to curb exports by the Islamic Republic, including its sales…

US Crude Oil Exports to China Stalled

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The development that saw no U.S. seaborne exports of crude oil to China in August has continued into September, according to BIMCO. This is despite crude oil not being a part of the ‘official trade war’.“The trade war between the U.S.

Next-wave LNG Race Hits Hurdles in US-China Trade War

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The delay of a U.S. Gulf Coast liquefied natural gas (LNG) export project has crystallized fears that the U.S. trade battle with China is hampering efforts to line up buyers needed to move ahead with multi-billion…

Oil Prices Fall as Global Supply Rises

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Oil prices fell for a third day on Wednesday on evidence of rising global supply despite the imposition of U.S. sanctions next week that are already curbing Iranian crude supply.Benchmark Brent crude oil was down 40 cents at $75.51 a barrel by 1410 GMT.

Babcock Delivers World's Largest LNG Bunker Supply Vessel

Image: Lloyd's Register

Babcock International is celebrating the completion of its ‘first of its kind’ and the world’s largest liquefied natural gas (LNG) bunker supply vessel, M.V. Kairos, as it is delivered to Babcock Schulte Energy…

US Grants Temporary Iran Oil Waivers to Eight Countries

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The United States has granted exemptions to eight countries allowing them to temporarily continue buying Iranian oil, Secretary of State Mike Pompeo said on Monday, as Washington reimposed sanctions on Iran's banking, energy and shipping industries.Some of the