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  • Oil & Gas
12 November 2018

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  • Malaysia

Analysts see downside risks to the oil price rally even in 2019.

The Malaysian government has expressed plans to narrow their YoY budget deficit from 3.7% to 3.4% next year. However, analysts at Fitch Solutions stated that their forecasts remain at 3.7% as they dread that the country’s continued dependence on oil revenues pose risks to the government’s fiscal consolidation plan.

The government earlier proposed to fund its larger 2019 budget of MYR314.6b through dividends from national oil company, Petronas. Including regular payouts of MYR24.0bn, Petronas would be funding 17.2% of expenditures in 2019, highlighting Malaysia’s continued reliance on oil revenues.

“Staking fiscal consolidation on rising oil revenues is unlikely to be sustainable over the long term, and we are seeing downside risks to the oil price rally even in 2019, due to demand jitters amidst a softening global macroeconomic outlook,” Fitch Solutions said in a statement.

As of Q2, Malaysia’s public debt stands at RM984b which represents 70.7% of annual GDP which threatens the country’s economic growth. Domestic debt took the lion’s share of the total at 81.3%, and as a share of GDP, it was equivalent to 57.5% as of Q218, exceeding the government’s self-imposed domestic debt limit of 55% of GDP.

“Given that we are less optimistic on the government fiscal deficit reduction plans, we expect elevated debt to likely outlast the current government’s term (2018-2023),” Fitch Solutions added. “Additionally, we are forecasting real GDP growth to average 4.4% over 2019 and 2021, lower than the government’s projections of 5.0% (the middle of its forecast range of 4.5-5.5%), which will likely undermine direct tax revenue collections (income and corporate taxes) over the coming years.”

12 November 2018

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  • ASEAN

Singapore-based Grab today announced that it has received a $250 million investment from Hyundai Motor Group, an infusion that brings its latest round of venture capital to $2.7 billion.

In addition, Grab said it will partner with Hyundai to develop electric vehicle (EV) pilot programs across the eight countries it serves in Southeast Asia.

“As the largest fleet owner of EVs in Singapore, we are excited to establish an industry partnership with Hyundai Motor Group to drive EV adoption across Southeast Asia,” said Grab president Ming Maa in a statement. “We both share a common vision on the electrification of mobility as one of the key foundations for building an environmentally sustainable and lowest-cost transportation platform.”

Grab is on a fundraising tear this year. SoftBank is reportedly preparing to pump another $500 million into the company, according to Reuters. That’s on top of $6 billion the company has already raised, including $1 billion earlier this year from Toyota. The latest round, its Series H, is expected to top $3 billion before the end of this year, the company says.

Having acquired ride-hailing rival Uber’s assets in the region earlier this year, Grab has now fully turned its attention to becoming a single destination that will eventually offer users access to just about any service they could possibly need.

In July, the company launched GrabPlatform, an open platform that will allow partners to place their service in front of the 110 million people who have downloaded the app across 235 cities. Using Grab’s API, partners can tap into the company’s logistics and payments technology to reach this wider user base in Grab’s eight territories:  Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia.

As it seeks to transform the economies of these Southeast Asian countries, Grab hopes to use its deal with Hyundai to accelerate adoption of EVs.

“As home to one of the world’s fastest-growing consumer hubs, Southeast Asia is a huge emerging market for EVs,” said Dr. Youngcho Chi, Hyundai Motor Group’s chief innovation officer, in a statement. “With its unparalleled footprint across the region and an ever-expanding base of customers and merchants, Grab is an invaluable partner that will help accelerate the adoption of electric vehicles in Southeast Asia.”

The companies still start the first pilot program in Singapore next year, finding ways to encourage their drivers to migrate to electric vehicles. In addition, the partners want to work with local officials to address infrastructure issues, including rolling out more charging stations. Part of the challenge also involves funding research to address problems electric vehicles can encounter in the region’s hot and humid climates.

For its part, Hyundai says it hopes to double the number of environmentally friendly models it sells to 38 by 2025.

  • Renewables
12 November 2018

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  • Cambodia
Solar panels are in production in Kampong Speu province. Ahmed Ouoba/AFP

The production of more than $58 million worth of 60-megawatt solar-panels has begun in Kampong Speu province after the project was approved in May by the Council for the Development of Cambodia (CDC), provincial governor Vy Samnang said.

Developed by Schneitec Renewable Co Ltd, the project is a joint venture between Cambodian and Chinese investors and is located on 200ha adjacent to National Road 51, in Kampong Speu’ s Oudong district.

Samnang said the company started production after submitting its environmental impact assessment (EIA) to provincial authorities.

“The first [batch] of solar panels are under production after [the company] completed its EIA report. It cleared and refilled 10 per cent of [the land allotted for] its project. [It] will attract more factories to the country, especially in Kampong Speu province,” said Samnang.

This solar panel project will increase the supply of electric power and help cut costs.

The Kingdom consumed 8.15 billion kWh of electricity over the course of last year, with 20 per cent imported from Thailand, Vietnam and Laos, said a Ministry of Mines and Energy report.

By comparison, 2016 saw 7.17 billion kWh consumed, with 22 per cent of it imported. The figures amounted to a 14 per cent rise in consumption and a one billion kWh increase in local generation.

An Electricity Authority of Cambodia report showed that last year, it supplied power to about 14,000 villages or 81 per cent of all villages in Cambodia. About 3.3 million households – or 68.5 per cent of all homes – were provided with some form of electricity.

The government’s goal is for all villages in Cambodia to have access to electricity by 2020, and for at least 90 per cent of households nationwide to be connected to the grid by 2030.

  • Renewables
12 November 2018

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  • Myanmar

SMA Solar Technology is to deliver equipment including inverters to a 50MW solar project in Minbu, Myanmar.

The German firm will supply its Power Station 2000SC, a turnkey system solution equipped with two Sunny Central 1000SC-XT inverters and a medium voltage solution for the grid connection.

The plant, 500km northwest from Yangon, will go into operation in spring of 2019, supplying power for the equivalent of 20,000 Myanmar households.

“In the northern region of Myanmar where the PV project is located, the performance of the inverter capacity under extremely high temperatures is of fundamental importance. Our Sunny Central inverters can address the demand with full nominal power in continuous operation at ambient temperature up to 40 °C”, said John Susa, EVP of SMA Sales North America and APAC.

“Minbu Solar Park is the first large scale solar project in Myanmar, we need to work with reliable partners to ensure its success in performance,” said Ray Liu, Director of New Energy Department at EPC provider CTIEC (China Triumph International Engineering Group Co., Ltd.). “We know that SMA has the global experience and reliability which is necessary to minimize the risks, we chose SMA’s system technology because we were impressed by its product testing procedure and high degree of design flexibility. SMA also made a vital contribution to deliver the products within a tight construction schedule.”

  • Renewables
12 November 2018

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  • Philippines

PHILIP Morris Fortune Tobacco Corp. (PMFTC), a joint venture between Philip Morris Philippines Manufacturing Inc. and Fortune Tobacco Corp., on Tuesday inaugurated its $3.1-million solar-power plant inside its 25-hectare manufacturing facility at the First Philippine Industrial Park in Tanauan City, Batangas.

PMFTC tapped Spectrum, the renewable-energy unit of Manila Electric Co., in putting up the former’s 2.5-megawatt (MW) ground-mounted own-use solar plant. With the installation, PMFTC Inc. has become the third affiliate of Philip Morris International (PMI) in Asia to have its own solar- power plant, next to Pakistan and Indonesia.

PMI manager for environment Carlos Sanchez said the solar-power facility’s capacity “will cover 10 percent of the actual needs of the factory.”

“This is just the first phase and we are watching. We want to see, test how the production works. But it’s really easy to expand. We have space to do it. We want to make sure we invested in the right one,” Sanchez said when asked if there is a plan to expand the ground-mounted own-use solar-power facility.

This is also Spectrum’s single-largest project, said Spectrum commercial services head Robet Marlon Pereja, who added that the company has so far installed a total of 10 MW.

“It depends on PMFTC. I’m very confident the plant will achieve and even surpass the expected results. I think there’s room for expansion. This is a very large plant,” said Pereja when asked if there are discussions with PMFTC to expand the facility soon.

The solar facility can withstand a Category 5 typhoon and 8-magnitude earthquake. The electricity produced through this process is considered clean energy that does not create any additional carbon dioxide (CO2) emissions.

“The new solar-energy project also hopes to achieve PMI’s target of at least 40-percent reduction in its carbon footprint across its whole value chain by 2030. With the Batangas factory now partially powered by solar energy, the initiative is expected to reduce more than 2,000 tons of CO2 annually,” PMFTC operations director Joao Brigido said.

The solar plant was constructed in support of the Philippine government’s Renewable Energy Roadmap 2017-2040 that seeks to establish at least 20,000 MW of renewable-energy sources by 2040.

PMFTC external affairs director Varinia Elero-Tinga said the company hopes to contribute to the Philippine Government’s commitment to reduce carbon emissions by 70 percent by 2030 through this project.

Since the inauguration of the Batangas factory in 2003, PMI has grown its investments in the Philippines to include the renovation and rehabilitation of the PMFTC Inc. Marikina manufacturing facility, the establishment of a PMI regional leaf warehouse in Subic and the construction of a leaf-facility and buying station in Claveria, Misamis Oriental.

PMI is a leading international tobacco company, with a diverse work force of around 81,000 people. It manufactures six of the world’s top international 15 brands, spanning more than 180 markets.

  • Oil & Gas
12 November 2018

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  • Philippines

MANILA, Nov 7 (Reuters) – The Philippines is ready with two joint oil and gas exploration agreements to be signed with China, its energy minister said on Wednesday, and reiterated his position calling for the lifting of the ban on drilling works in a disputed area in South China Sea.

Energy Secretary Alfonso Cusi made the statement ahead of the scheduled visit by Chinese President Xi Jinping to the Philippines later this month as the two countries seek to strengthen economic ties.

One of the deals involves an exploration project between state-owned Philippine National Oil Company (PNOC) and Chinese state-owned CNOOC Ltd, located off Calamian in southwestern Palawan province, Cusi said in a news briefing.

Cusi was referring to Service Contract 57 covering an oil and gas prospect awarded to PNOC’s exploration unit, which picked CNOOC as a partner.

He did not give details about the other agreement, but said Service Contract 72, an exploration permit held by the Philippines’ PXP Energy Corp for Reed Bank, a disputed South China Sea area, is not one of the two.

China claims almost the entire South China Sea, believed to be rich in energy reserves and marine resources. Brunei, Malaysia, Vietnam and Taiwan also have claims.

“Definitely not SC 72,” Cusi said.

PXP has had talks with CNOOC for joint exploration and development for the Sampaguita natural gas prospect at Reed Bank, before the DOE suspended drilling works there in late 2014 due to the territorial dispute.

Although he refrained from giving details about issues to be discussed with Xi during the visit, Cusi reiterated his call for the lifting of the Reed Bank exploration ban.

“The issue of the lifting is being taken care of by the DFA (Department of Foreign Affairs) because of the diplomatic issue,” Cusi said. “As far as the DOE is concerned, so that we can resume exploration, we need to lift that moratorium.” (Reporting by Enrico dela Cruz; Editing by Gopakumar Warrier)

  • Renewables
12 November 2018

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  • Cambodia

PHNOM PENH (Thomson Reuters Foundation) – Cambodia will push ahead with plans to use hydropower and coal to electrify the entire country by 2020, but solar energy will play some role, especially in remote areas, an energy ministry official said on Wednesday.

The Southeast Asian nation has electrified rapidly since 2000, when only 16 percent of the population had access to power, according to the World Bank.

Today, 87 percent of villages and 73 percent of households are connected to the grid, said Victor Jona, a spokesman for the department of energy at the Ministry of Mines and Energy.

Hydropower accounts for 40 percent of the mix, while coal makes up 36 percent, with more plants being built, he said.

Power imports from neighboring countries contribute almost the entire remainder, with renewables such as solar accounting for less than 1 percent, he said.

But Jona said the government has plans to develop more clean energy, especially in hard-to-reach communities.

“We hope that solar home systems will do the role for the very remote areas, in case the grid cannot expand to them,” he said on the sidelines of a clean energy conference in the capital, Phnom Penh.

Some larger-scale solar is also being added to the mix. Jona said construction of a 60 megawatt solar plant in Kampong Speu province, west of the capital, is scheduled to be completed by the end of 2019.

A 10MW solar plant came online this year, he said,

But hydropower and coal are still projected to make up 80 percent of Cambodia’s energy needs once the country achieves full electrification, Jona said.

Coal-fired plants are under construction, and will contribute another 150MW by next year, he said.

CHEAPER SOLAR

Bridget McIntosh, the Cambodia director for Energy Lab, which works to promote clean electricity, said the country should consider adding more renewable energy to its mix, especially as the cost of solar power falls.

“It takes five years to build a coal-fired station or a dam, and in those five years, the cost of solar will continue to decline,” she told the Thomson Reuters Foundation.

“So it makes more sense to now connect solar to the grid” to meet the country’s electrification goals, she said.

Moving away from coal can also help countries meet their Paris Agreement goals to reduce greenhouse gas emissions, and help curb worsening climate impacts, including more extreme floods, droughts and sea level rise.

Cambodia has committed to a 27 percent reduction in its climate-changing emissions by 2030, 16 percent of which will be achieved by promoting clean and more efficient energy.

However, to scale up solar and other power, Cambodia must create a more welcoming regulatory environment for investment in it, said Pheakdey Heng, a founder of the Enrich Institute, a Phnom Penh-based think tank.

That might include everything from providing greater transparency in issuing and revoking energy licenses to removing barriers to adopting solar energy, adopting energy efficiency standards and providing tax incentives for clean energy use, he said.

Cambodia’s electrification so far has been largely driven by dams, and more are under consideration, including a controversial Sambor dam across the Mekong River, which is still in the “preliminary study” stage, according to Jona.

But the benefits of dams have been highly overestimated, according to a study published this week by scientists from Michigan State University.

Dams, the study said, often uproot people from their homes and damage biodiversity, while also releasing “large amounts” of climate-changing gases from rotting vegetation when water is released through spillways or passes through turbines.

  • Energy Cooperation
  • Renewables
12 November 2018

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  • Vietnam

At the event, German Consul General to Ho Chi Minh City Mr. Andreas Siegel highlighted the potential for renewable energy including wind energy of Vietnam.

According to participants, Vietnam boasts favourable conditions to develop renewable energy, including wind energy. Under a draft national renewable energy development plan of the Energy Institute of the Ministry of Industry and Trade, the country’s wind power output is expected to reach over 1,600MW by 2020 and 11,000MW by 2030.

The consul general affirmed the German enterprises would be willing to cooperate and support Vietnam in developing the industry.

Almost speakers at the seminar said that environmental pollution was caused by impact of severe climate change and exhaust emissions from greenhouse effect which has been threatening to lives of people around the globe. Therefore, the development of renewable energy, a source of clean energy is extremely important, contributing to sustainable economic and social development.

According to Mr. Berthold Breid, founder and director of Renewables Academy AG (Renac), after Fukushima Daiichi nuclear disaster occurred in Japan in 2011, the German government released policy about removing nuclear power including developing of renewable energy. Currently, Germany’s renewable energy accounts for 36 percent of all energy sources.

Vietnam has favorable conditions for the development of renewable energy, including wind energy. With the advantage of a long coastline, the S-line country could develop offshore wind power or big wind energy farms.

According to the draft plan about national renewable energy development of the Institute for Energy of Vietnam under the Ministry of Industry and Trade, the country’s wind power capacity will be expected to reach more than 1,600 MW by 2020 and this figure could be more than 11,000 MW in 2030.

Mr. Nguyen Anh Tuan, Director of the Renewable Energy Center under the Institute of Energy also shared challenges in wind power development in Vietnam as the policy has many obstacles, the regulations on technology are inadequate, land fund for wind farms is limited or transmission lines do not meet requirement, etc etc…

Ms. Vu Chi Mai, a specialist from the German International Cooperation Agency (GIZ) said that both Vietnam and Germany identified the renewable energy as one of strategical cooperation. Therefore, GIZ is ready to support Vietnam, help improvement for legal framework conditions and develop capacity and cooperation in technology so that Vietnam could strongly develop in the field of wind power in the coming time.

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