US oil price faces 2nd decrease below zero
The US benchmark oil price could fall below zero for a second time this year, signalling that global oil stocks are nearing full capacity, says one expert. Manoon Siriwan, an independent energy expert, said a second drop below zero for West Texas Intermediate (WTI) crude may occur soon because oil storage capacity in the US is […]
Thai firms expanding presence in Vietnam despite COVID-19
Hanoi (VNA) – Vietnam has remained an attractive destination for Thai enterprises to expand their business despite the COVID-19 pandemic ravaging the region. Thailand’s Delta Electronics PCL, a global producer of power and thermal management products and solutions, earlier this month announced it will establish a new subsidiary in Vietnam in the second or third quarter of this year.
Ministry keen to build LNG stockpile while prices low
The Energy Ministry has thrown full support behind a plan by state-owned energy firms to import additional liquefied natural gas (LNG) from spot markets, where LNG has hit record low prices, in order to lower energy costs. The move aims to help businesses and homeowners struggling from the lockdown, and save the government money as it […]
Thai refinery IRPC delays $1 bln chemical project amid coronavirus outbreak
BANGKOK, April 28 (Reuters) – Thai oil refiner and petrochemical producer IRPC Pcl has delayed a 32.4 billion baht ($1 billion) petrochemical investment and cut run rates by 20% as demand for petroleum and petrochemical products falls amid the coronavirus outbreak, the company’s president said on Tuesday.
Tankers thrive while oil tanks in Singapore
SINGAPORE – Dozens of oil supertankers have dropped anchor off the coast of Singapore with no clear timetable for when they may offload millions of barrels of unwanted oil they have been chartered to carry. The Asian oil-trading hub’s onshore storage facilities are at capacity, leaving tankers of varying sizes crowding the seas to serve as floating […]
As people stay indoors, power demand drops during lockdown —Meralco
MANILA, Philippines — Demand for power sagged in service areas of the Manila Electric Co. (Meralco) in March and April after the Luzon-wide community quarantine shuttered businesses and keep people inside their homes. In a disclosure to the local bourse on Tuesday, Meralco said peak demand for power— select hours in a day when energy consumption […]
Diesel prices cut by ₱1.80/liter, kerosene by ₱2.15/liter today
Filipinos who are using diesel on their vehicles can enjoy a price rollback of ₱1.80 per liter this week if they happen to be on the road despite the extended enhanced community quarantine (ECQ) in many areas. For kerosene, which is an essential commodity for households and even for industries like aviation, the price cut will […]
Energy efficiency industry bats for inclusion in stimulus program
THE energy efficiency industry is seeking a share of stimulus incentives to encourage investment in power conservation, which is touted as an opportunity to emerge from the public health emergency with greener power infrastructure. The Philippine Energy Efficiency (PE2) Alliance said energy efficiency adoption by both the public sector and small businesses will also create jobs […]
