News Clipping Archive - Page 1142 of 1235

Oil & Gas

Petroleum firms set out cautious plans for 2019

26 January 2019

–

Vietnam

HÀ NỘI — Plummeting oil prices in the fourth quarter of 2018 have negatively affected the production and business efficiency of enterprises.

This has increased caution and forced them to set prudent plans for this year.

PetroVietnam Oil Corporation (PV Oil), the second-largest petrol dealer in the country, plans to earn revenue of VNĐ49 trillion (US$2.1 billion), equivalent to 86 per cent of last year’s target. Profit is expected to be VNĐ440 billion, equal to 78 per cent compared to 2018.

Cao Hoài Dương, General Director of PV Oil, told news website ndh.vn on Wednesday that in 2019, PV Oil had set sustainable production and business targets because it could not predict the price of oil.

Dương said on December 31 last year, oil prices fell to US$50.21 per barrel, down by $36 or 42 per cent compared to the year-peak of $86.2 per barrel, recorded on October 6, 2018. Therefore, in December alone, PV Oil lost VNĐ140 billion.

“The steep drop in oil prices from the fourth quarter of last year has pushed the domestic business market into chaos,” said Đỗ Mạnh Bình, Head of the Planning Department of PV Oil.

In the first quarter of this year, the firm still faces difficulties due to the increase of environmental protection taxes on diesel and petrol by VNĐ1,000 to VNĐ4,000 per litre, meaning that if PV Oil sold imported petrol at the end of 2018, they will lose VNĐ1,000 per litre. In January this year, PV Oil lost about VNĐ100 billion.

According to Nguyễn Xuân Huyên, Chairman of Bình Sơn Refining and Petrochemical JSC (BSR), a subsidiary of Việt Nam National Oil and Gas Group (PetroVietnam, PVN) and operator of the $3 billion Dung Quất Oil Refinery in the central province of Quảng Ngãi, the fluctuation of oil price harmed all oil refineries in the world, including traders and distributors.

The company’s business was also strongly affected by oil prices since October last year. Its gross profit in the fourth quarter of 2018 witnessed a loss of VNĐ812 billion, which made the company’s after-tax profit fall VNĐ1 trillion.

BSR has not released its business plans for 2019.

Meanwhile, the Việt Nam National Petroleum Group (Petrolimex) has not yet officially announced its business results in 2018. However, according to Phạm Văn Thanh, Chairman of Petrolimex’s Board of Directors, the total revenue of the firm in 2018 was estimated at VNĐ190 trillion.

Consolidated profit was estimated at VNĐ5 trillion, 5 per cent higher than 2017. Thanh said the group expected to maintain a high dividend payout of 25 per cent to 30 per cent. — VNS

Electricity/Power Grid

Meralco targets completion of New Clark City network in time for November SEA Games

26 January 2019

–

Philippines

MANILA, Philippines — Manila Electric Co. (Meralco) is targeting to complete the initial part of its power distribution network in New Clark City by the first half in time for the Southeast Asian Games (SEA) in November.

The consortium of Meralco, Marubeni Corp., Kansai Electric Power Co. Inc. and Chubu Electric Power Co. Inc. secured a contract from the state-run Bases Conversion and Development Authority (BCDA) to provide power distribution services in New Clark City in Tarlac.

However, the power contract has yet to be awarded to Meralco and its partners.

The consortium is already working on the detailed planning for the distribution network, said Meralco senior vice president Alfredo Panlilio.

“We’re forming a team. It’s not officially awarded yet, but we’re getting ready. We’re working ahead because we know the timelines are very tight,” he said.

While there’s not much demand expected in New Clark City this year, the consortium needs to be able to lay down the initial ground work to be able to supply power service when the country hosts the SEA Games in November.

Meralco is looking to complete the first wave of infrastructure by June, Panlilio said.

“We’re still completing the detailed planning. But the main load we’re expecting is the SEA Games, that’s before the end of the year,” he said.

Meralco will also have to file for an application for the capital expenditure program for New Clark City.

The BCDA earlier set the power distribution ceiling rate for New Clark City at P1.25 per kwh.

The Meralco-Marubeni consortium made a power distribution rate offer of P0.6188 per kilowatt hour (kwh) for the project, beating the P0.9888 per kwh bid of the Aboitiz-Kepco consortium of Olongapo Energy Corp. and Kepco Philippines Holdings Inc.

The New Clark City is envisioned to be the country’s first smart, disaster-resilient, and sustainable city.

Because of its strategic location in Northwest Luzon, the New Clark City is being positioned as one of the solutions to decongesting Metro Manila as several government agencies will be relocated there.

The New Clark City is one of the priority projects in the government’s infrastructure plan. It spans 9,450 hectares and is estimated to house up to 1.12 million people.

The first phase of the development, covering 60 hectares, will feature the National Government Administrative Center, where at least 21 government offices are currently being considered for relocation to Clark.

It will also house a world-class sports comple, which is currently under construction in time for the 2019 Southeast Asian Games.

Meralco operates Clark Electric Distribution Corp. (CEDC), the sole electric distribution company in the Clark Special Economic Zone in Pampanga.

It is the country’s largest power distributor and its franchise area covers Metro Manila, Bulacan, Cavite and Rizal, as well as certain areas in Batangas, Laguna, Pampanga and Quezon.

Electricity/Power Grid

Electricity supply disrupted for nearly 1.5 hours in parts of Singapore

26 January 2019

–

Singapore

SINGAPORE – A power outage that lasted about one and a half hours hit parts of Singapore on Saturday afternoon (Jan 26).

Residents in Bishan, Toa Payoh and Shunfu reported that electricity in their homes was cut, and lifts and traffic lights were also affected.

An update on electricity provider SP Group’s Facebook page at 3.19pm said that electricity supply was fully restored at 2.58pm. The disruption started at 1.30pm, affecting parts of Ang Mo Kio, Bishan, Sin Ming and Thomson, and electricity supply was progressively restored from 1.46pm.

SP Group said its officers were immediately activated and its priority was to restore electricity supply as quickly and safely as possible.

A preliminary investigation found that the incident was related to a fire at a substation in Bright Hill.

The Singapore Civil Defence Force (SCDF) said that it was alerted to the fire in Bright Hill Road at about 1.30pm. An equipment-related fire at the site was extinguished by the SCDF, and a firefighter was taken to Singapore General Hospital for smoke inhalation.

The Straits Times understands that the fire was extinguished in under 10 minutes, and the firefighter was conscious and stable.

A spokesman from the Energy Market Authority (EMA) said the energy regulator takes a serious view of electricity supply disruptions.

The spokesman added that EMA will work with the energy industry to take appropriate measures, so as to minimise the risk of such a disruption from taking place again.

EMA, SP Group and SCDF are investigating the incident.

Shunfu resident Jane Oh told The Straits Times in Mandarin that she was buying eggs at a provision shop on the ground floor when the blackout happened.

She also said that staff from the town council came by at around 2pm to check on the situation and make sure no one was still trapped inside the lifts as electricity was gradually restored.

“I started hearing the emergency alarm being rung in the lift, and realised that people were trapped inside, and the blackout had affected at least the whole block.”

She said that the power went out at around 1.30pm, and was restored at around 2pm.

An elderly couple, who were leaving after visiting their daughter on the 10th storey, was trapped in the lift, said Ms Oh, 56, a freelance teacher.

“The lift had already reached the first floor, then the power was cut, trapping them inside. When the lift started working again at around 2pm, the auntie told us that she didn’t want to take the lift anymore and told us not to take it too,” she added.

“But I live on the 13th storey and don’t have enough energy to climb so many stairs. Another resident was also sitting at the void deck with many bags of groceries waiting for lift services to be restored,” said Ms Oh. She added that this was her first time experiencing an electricity supply cut in over 20 years of living in Shunfu.

Mr Eddie Osman Zaieuddin, 42, said the whole of Block 303 Shunfu Road where he lives had no power. “I saw the essential services maintenance unit at my block trying to reset the lift,” said Mr Eddie, who is self-employed.

His power was cut at around 1.40pm and restored at 2.05pm.

Freelancer Mohamad Syahid Arif, 38, was getting ready to head out from his second-floor home at Block 97 Toa Payoh Lorong 3 when the outage occurred.

“There was totally no power. The lift was also not working. I could hear that there was someone stuck in the lift, pressing the emergency button,” he said.

Mr Syahid also said that while he could not contact Bishan-Toa Payoh Town Council through its emergency hotline, it was responsive when he messaged the town council via Facebook.

He said: “It was quite calm, and there wasn’t much chaos.” In his case, the power outage started at around 1.25pm and ended at 1.50pm.

Around 4.30pm, a spokesman for the town council said that no one was injured during the outage, and that electricity supply has resumed across the GRC. The spokesman also described the situation as “calm and managed”.

Residents in other areas such as Bishan Street 22 and Sin Ming Avenue were still experiencing disruptions to their electricity supply after 2pm.

On social media, Twitter user Fyra Hilspears said that electricity had been cut in Bishan.

“Lifts, traffic lights and electrical appliances are down,” she wrote.

Others

AC Energy raises $225 million from maiden green bonds

26 January 2019

–

Philippines

MANILA, Philippines — AC Energy Inc., the energy platform of the Ayala conglomerate, has successfully raised $225 million from its maiden green bond issuance which will bankroll its renewable energy portfolio expansion.

The inaugural US dollar-denominated senior green bond issuance has a five-year tenor and a coupon of 4.75 percent per annum, priced at 99.451.

AC Energy Finance International Ltd., a wholly-owned subsidiary of AC Energy, issued the bonds, a drawdown from the recently established $1 billion medium term note program.

The bonds will be listed on the Singapore Exchange Securities Trading Ltd. (SGX-ST).

“We are very pleased to see the success of our maiden green bond. This will enable AC Energy to scale up its renewable energy investments in the region,” said AC Energy chairman Fernando Zobel de Ayala.

“We are very encouraged by the strong reception among bond investors within the current volatile environment. This reflects confidence in AC Energy’s capability to execute its plans and meet investor expectations,” AC Energy chief financial officer Cora Dizon said.

The bonds have received certification under the Climate Bonds Standard (CBS) from the Climate Bonds Initiative (CBI), and will be the first publicly syndicated CBI-certified dollar-denominated green bond in Southeast Asia.

The CBS certification provides assurance that proceeds from any issuance of bonds will be used to finance projects and assets that are consistent with delivering a low-carbon and climate resilient economy.

AC Energy’s green bond framework sets out well-defined guidelines for use of proceeds for renewable energy projects, with comprehensive monitoring and reporting commitments.

In 2018, AC Energy generated 2,800 gigawatt-hours (GWh) of attributable energy, of which 48 percent was from renewable sources.

AC Energy’s 2025 goal is to reach 5GW of renewable energy capacity, with renewables contributing at least 50 percent of total energy output.

Based on its equity interest in power generation businesses, it owns approximately 1.7 GW of generation capacity in operations and under construction.

HSBC acted as sole global coordinator, Bank of America Merrill Lynch acted as sole green structuring agent, and BofAML, CLSA and HSBC acted as joint bookrunners and joint lead managers, with the participation of BDO Capital, BPI Capital Corp., and China Bank Capital as domestic managers.

Oil & Gas

Completion of institutions needed to develop oil and gas sector

25 January 2019

–

Vietnam

Hanoi (VNA) – Politburo member and head of the Party Central Committee’s Economic Commission Nguyen Van Binh on January 25 stressed the need to complete institutions for the development of the oil and gas sector.

During a working session with leading officials of the Vietnam National Oil and Gas Group (PetroVietnam), Binh asked the group to review the implementation of the Politburo’s Resolution No.41 on orienting the Vietnam Oil and Gas Development Strategy by 2025 with a vision to 2035 to submit to the Politburo to issue a new resolution so as to cope with challenges and overcome difficulties facing the group, as well as the entire sector.

For difficulties in dealing with projects and businesses with bad performances, the group should seek a correct approach and quickly make proposals towards the promulgation of specific policies, he suggested.

After three years implementing Resolution No.41, PetroVietnam has well carried out disseminations and put forward several action plans and programmes to institutionalize the resolution’s content, he noted.

The group has gained remarkable achievements in business and production. Restructuring work has met requirements, and equitisation has been carried out drastically and effectively, with PetroVietnam Oil Corporation, PetroVietnam Power Corporation and Binh Son Refining and Petrochemical JSC (BSR) equitized in 2018.

To fulfill its set targets for 2019, PetroVietnam is striving to increase oil and gas reserves of 10-15 million tonnes of oil equivalent, pump 12.37 million tonnes of oil, and produce 1.58 million tonnes of nitrogenous fertiliser, 21.6 billion kWh of electricity and 10.35 million tonnes of gasoline.-VNA

Others

Philippines’ largest green office building to rise in Cebu

25 January 2019

–

Philippines

CEBU CITY — Green developer ArthaLand Corp. is bringing a new brand of sustainable development in Cebu, as the company builds the country’s largest “green” office building, the Cebu Exchange.

Top executives unveiled the company’s newest marketing campaign dubbed as “Business in Harmony.” It showcases the Cebu Exchange as a masterpiece of sustainable development, a well-balanced ecosystem of green office technologies, plush amenities and a diverse retail mix where businesses and individuals can thrive in harmony.

“In constructing a building, there are a lot of moving parts—the developer, architect, contractor, interior designer,” said Leo Po, executive vice president and treasurer for Arthaland, during a recent press briefing in Cebu City.

“In building this massive and innovative project, we’re working together not just to build a beautiful building but also a sustainable one that will help save energy and water,” said Po.

Chris Narciso, executive vice president for ArthaLand, presenting the country’s first-ever “Consolidated Leasing Solutions by ArthaLand,” before a full-house of guests at the Seda Hotel, Cebu Business Park, Cebu City. Released

ArthaLand noted that Cebu Exchange is a holistic, sustainable and highly connected work environment where harmony is not just a way of life, but a way of doing business.

The company is on track to complete the office project at the gateway of the Cebu IT Park.

The Cebu Exchange, which will have a gross floor area of 108,500 square meters and a net sellable area of 88,300 square meters, is equivalent to three office buildings combined.

“Once completed, it will have more than 12,000 people working in it, which is a massive number of people. That’s why we’re calling it our biggest and our best project to date,” Po noted.

The 39-storey building will be divided in three zones. The low zone, from the 9th floor to the 15th floor, is designed for business process outsourcing (BPO) locators. The mid zone, composed of the 16th to 29th floor, is expected to house large companies and more BPOs. While the high zone, comprising of the 30th to 39th floor, will serve as headquarters of companies as well as small corporate offices.

Chris Narciso, executive vice president for Business Development and Leo Po, executive vice president and treasurer, posing before a model of Arthaland’s Cebu Exchange, the country’s largest “green” office building. Released

The building’s basement floors until the 8th floor will also serve as retail spaces and will feature a fitness center, health maintenance organization (HMO) clinics, dental clinics, banks, co-working spaces, groceries and restaurants, among others.

ArthaLand’s innovation isn’t only confined to building designs, but to client services as well. The country’s first-ever “Consolidated Leasing Solutions by ArthaLand” guarantees hassle-free leasing services to both buyers and tenants, making everything from negotiation to documentation and property management seamless and hassle-free.

The Cebu Exchange is registered with both the US Green Building Council (USGBC) and pre-certified for the Leadership in Energy and Environmental Design (LEED).

The project is also registered with the Philippine Green Building Council (PhilGBC) and is expected to earn the Building for Ecologically Responsive Design Excellence (BERDE) certification.

The 39-storey building will be divided in three zones. The low zone, designed for business process outsourcing (BPO) locators. The mid zone, to house large companies and more BPOs. While the high zone, will serve as headquarters of companies as well as small corporate offices. Released

“This building is a testament to sustainability. We are the only developer embarking on dual certification with the USGBC and PhilGBC. This shows that we think global but act local. We are bringing a world-class building to this wonderful city,” Po pointed out.

The Cebu Exchange will have several environmentally sustainable and resource-efficient design features.

These include low-voltage lighting, water-saving plumbing systems, water recycling system, a materials recovery facility, energy saving airconditioning system, its own septage treatment plant, optimized building envelope, and a terrace garden and sky park, among others.

The Cebu Exchange had previously earned several awards, namely becoming one of the Best Office Developments in Asia. The office project was also honored as the Best Green Feature Development during the first Japan International Property Awards 2018 in Tokyo.

Meanwhile, ArthaLand was awarded as one of the Best Boutique Developers in Asia and the Best Boutique Developer in the Philippines during the PropertyGuru Asia Property Awards Grand Finals 2018.

Oil & Gas

Workshop focusses on UK oil and gas assets decommissioning

25 January 2019

–

Brunei Darussalam

A FOUR-DAY Decommissioning and Restoration Workshop, hosted by the Ministry of Energy, Manpower and Industry (MEMI) in collaboration with the British High Commission in Brunei Darussalam for oil and gas industry assets, held at the Prime Minister’s Office (PMO) building, concluded yesterday. Permanent Secretary (Energy) at the MEMI Haji Azhar bin […]

Oil & Gas

RPT-Indonesia embarks on overhaul of oil, gas law to halt output slide

25 January 2019

–

Indonesia

* Indonesia’s oil production has plunged in past years

* Fuel imports cost Indonesia $17.6 billion in 2018

* Energy is an election campaign topic in Indonesia

By Fergus Jensen and Wilda Asmarini

JAKARTA, Jan 24 (Reuters) – Indonesia’s government is planning revisions of its oil and gas law with President Joko Widodo this week responding to a proposal initiated by parliament, calling for a plan to revive the ailing sector and boost the country’s energy independence.

Widodo this week met with his senior cabinet members to craft a response to parliamentary proposals for a new law submitted in December.

The revisions should provide momentum for regulatory reforms to make the oil and gas sector more efficient, transparent, straightforward, sustainable and provide added value to the national economy, Widodo said according to a statement from the cabinet secretary issued late on Wednesday.

Formerly an oil exporter and member of the Organization of the Petroleum Exporting Countries, Indonesia’s crude output has plunged while its fuel demand has surged, making the country reliant on imports of gasoline and diesel.

The slump in oil and gas output has followed years of regulatory uncertainty. Recent pressure from the government on state-owned energy producer PT Pertamina to take over assets from oil majors like Chevron and Total has stoked concerns among foreign energy investors about the security of their projects.

Indonesia has struggled to revamp its last set of oil and gas laws passed in 2001 and a parliamentary committee finally proposed a new law to the full body in December.

Issues surrounding the oil and gas sector have long been a source of tension with foreign investors, and resolving these matters has proven challenging for Widodo, who is running for re-election in April.

“The aim of this revision must not only be to push to increase oil and gas production, but also to support the strengthening of national capacities, strengthening domestic industries and investment in our human resources in the oil and gas industry,” according to a statement on the cabinet secretary’s website.

Among the changes the parliament proposed and which Widodo and his cabinet will discuss with them is the creation of a new oil and gas business entity that will also serve as a regulator, called BUKMigas, according to a draft of the law reviewed by Reuters.

That agency will take over from the current upstream regulator SKKMigas and the downstream regulator BPHMigas.

In addition to its regulatory role, BUKMigas will also be able to undertake work in oil and gas exploration and production. However, BPHMigas will still maintain oversight of pipeline fuel and gas transportation.

LIST OF PROBLEMS

For the first time, Indonesia would have a state petroleum fund, bankrolled with revenue the government makes from oil and gas production as well as levies and bonuses, according to the draft.

More talks about the proposed law will be held between Widodo’s government and the parliament. Late on Wednesday, Energy and Mineral Resources Ministry Legal Bureau Chief Hufron Asrofi told reporters that the government is compiling a list of problems with the current draft for discussion.

According to a note on Indonesia’s oil and gas policy published this week by Fitch Solutions Macro Research, much work is still needed to attract investment to the oil and gas sector.

“When viewed in the context of intensifying competition for foreign direct investments across South and Southeast Asia, Indonesia remains at risk of falling behind, despite its impressive reserves profile and large market, if the tightening state grip over the sector is not loosened.”

News Clipping

Chris Narciso, executive vice president for ArthaLand, presenting the country’s first-ever “Consolidated Leasing Solutions by ArthaLand,” before a full-house of guests at the Seda Hotel, Cebu Business Park, Cebu City. Released

Chris Narciso, executive vice president for Business Development and Leo Po, executive vice president and treasurer, posing before a model of Arthaland’s Cebu Exchange, the country’s largest “green” office building. Released

The 39-storey building will be divided in three zones. The low zone, designed for business process outsourcing (BPO) locators. The mid zone, to house large companies and more BPOs. While the high zone, will serve as headquarters of companies as well as small corporate offices. Released

LIST OF PROBLEMS

User Dashboard

Back To ACE

User Dashboard