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Oil & Gas

Glencore’s Singapore head of oil takes over as LNG boss

7 December 2018

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Singapore

GLENCORE’S head of oil in Singapore Quek Chin Thean has become the new director of the company’s liquefied natural gas (LNG) division after veteran Mark Catton retired at the end of October, sources familiar with the matter said.

The move comes as the commodities trader and miner shakes up its leadership, making way for a younger generation. Another long-time employee, head of copper marketing Telis Mistakidis, is retiring this year and chief executive Ivan Glasenberg said he wants to retire by the time he is 65.

Maxim Kolupaev was formally made head of crude oil a few months ago under global head of oil and gas Alex Beard. Mr Kolupaev took up the position after former crude oil head Louis Alvarez retired in 2015.

Glencore is one of the world’s biggest oil traders with volumes of around 4.6 million barrels per day, according to its 2018 first-half results.

Mr Catton was at Glencore for nearly 30 years and headed up the company’s Singapore operations for 18 years. In 2015, he moved back to London to revamp the company’s LNG business.

Mr Quek, an ex-Goldman Sachs and BP trader, took over from Mr Catton in Singapore and has added LNG to his responsibilities.

Nathan Arentz from the gas trading division will be leading the LNG trading team out of London.

A spokesman for Glencore confirmed the moves.

Major global trading firms, like Glencore rivals Vitol, Gunvor and Trafigura, have dived into the LNG market where they see new opportunities for spot trade and in the fastest growing consumers like China, India and Pakistan.

Glencore first entered the LNG market in 2013 when it poached Morgan Stanley’s team that progressively left.

Mr Catton rebuilt the team, including bringing in two LNG traders from Noble Group in 2016.

LNG is part of Glencore’s energy portfolio, but represents a fraction of its overall business. The company does not disclose its traded LNG volumes. REUTERS

Renewables

Total goes solar

7 December 2018

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Cambodia

Total Cambodge, a subsidiary of France-based petroleum firm Total Group, has moved into the solar sector, aiming to provide sustainable energy solutions to Cambodian companies.

The result is Total Solar, a business which is now being registered with the Ministry of Commerce, after the group submitted an application last year.

“If we look at the energy sector in Cambodia, there is huge demand for solar energy. This, coupled with global trends that favour green and clean energy, made us decide to go down this road,” Mam Samath, vice president of operations of Total Cambodge, said on Tuesday.

Total Solar will provide solar energy solutions to large scale industrial projects and commercial firms, Mr Samath said, adding that the company has conducted feasibility studies for projects with several factories in the Kingdom and is already working on a 5-megawatt installation for an undisclosed company.

“More recently, we carried out studies together with the European Union that have shown that solar energy investments yield significant benefits to users and to the environment,” he said.

However, Total Solar has no plans yet to invest on installations that feed power to the national grid, Mr Samath clarified.

George Edgar, EU Ambassador to Cambodia, praised Total’s initiative.

“It is an important achievement that a European company has ambitions in sustainable development and solar energy, which saves costs and helps reduce carbon dioxide emissions,” Mr Edgar said.

To reduce costs, Total Cambodge is now installing photovoltaic panels on the roofs of its gas stations in the capital, as well as some locations outside Phnom Penh, Mr Samath added.

In August, a $12.5-million, 10-megawatt solar farm in Svey Rieng province’s Bavet city – the country’s first solar power plant – came into service, selling energy to the national grid under a 20-year power purchase agreement.

Since then, feasibility studies have been conducted for several solar farms projects in the country, with at least one gaining government approval.

Others

Nissan Leaf launched in Thailand, EV goes for RM252k

7 December 2018

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Thailand

Edaran Tan Chong Motor (ETCM) is previewing the new Nissan Leaf at the Kuala Lumpur International Motor Show (KLIMS). The premiere of the second-generation electric vehicle here falls in line with that mentioned earlier this year, when it was stated that the car was due to get its first public showing at the event.

The timeline for its Malaysian launch, however, has been revised – the car remains on course for a market debut here, but this has now been moved to sometime in the middle of 2019. Again, pricing has not been revealed, and so it remains to be seen how much it will go for when it arrives.

We had reported that the Leaf would have to be locally assembled in order to qualify for incentives under the current Energy Efficient Vehicle (EEV) scheme, and so going the CBU route will make the car a pricey proposition. Hopefully, the upcoming NAP review will offer a more positive outlook for electric vehicles, CBU or otherwise.

Measuring in at 4,480 mm long, 1,790 mm wide and 1,540 mm tall, the new Leaf features significant gains in performance and range over the first-gen model, with the car’s EM57 electric motor now producing 38% more power and 26% more torque at 110 kW (148 hp) and 320 Nm respectively.

A 40 kWh lithium-ion battery increases the operating range to around 400 km (378 km on a NEDC test cycle) from the 195 km – and later, 250 km – of the original.

In terms of charging, the automaker quotes eight hours for a full charge drawing current from a six kW source, and double that time from a three kW source. There’s also quick charging, with up to 80% fill in 40 minutes via the CHAdeMO charging socket. The max AC charge rate is 6.6 kW, or 50 kW with DC quick charge.

Tech novelties include ProPILOT single-lane autonomous driving tech, which can automatically control the distance of the car to the vehicle in front using a speed preset by the driver (between 30 km/h and 100 km/h), while steering and keeping itself centered in its lane. It also does braking to a complete stop and resuming movement too, much like the low-speed follow function in Honda’s Sensing suite.

Aside from ProPILOT park, there’s also e-Pedal, which provides the simplicity of starting, accelerating, decelerating, stopping and holding the car in position by using the accelerator pedal alone.

The Leaf is equipped with six airbags (front, side and curtain) and a Nissan Safety Shield system, which includes intelligent lane intervention, lane departure warning, intelligent emergency braking, blind spot warning, traffic sign recognition, rear cross traffic alert, intelligent around view monitor and emergency assist for pedal misapplication.

Renewables

Pay-as-you-go energy startup SolarHome raises US$10M in debt financing to accelerate Myanmar expansion

7 December 2018

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Myanmar

SolarHome, a Singapore-based company that brings pay-as-you-go solar solutions into off-grid households in Southeast Asia, has received US$10 million in debt funding from a consortium of international investors, including Crowdcredit, a cross-border crowdfunding platform based in Japan, and Trine, a Sweden-based crowdfunding platform for off-grid solar.

This follows a US$4.2 million in convertible note funding raised in 2018 from international investors, including Trirec, Insitor Impact Asia, Beenext, and a group of Singapore-based family offices.

The new funds will enable SolarHome, which claims to have installed close to 28,000 solar home systems, to accelerate expansion across Myanmar. The company aims to reach 100,000 homes with its product packages that include budget, basic and premium solar system bundles for lighting and phone charging purposes, as well as TV bundles.

“The new funding will enable us to accelerate our growth in 2019 and bring clean energy to hundreds of thousands of off-grid households in Myanmar,” said Ted Martynov, CEO and Co-founder of SolarHome.

Founded by FORUM, a Singapore-based fintech venture builder, SolarHome offers off-grid households a solar lighting system at a low-cost 24-month subscription plan, with an initial US$10 down payment, followed by daily, weekly, or monthly repayments through scratch cards or mobile money. Technology built into the system ensures that it won’t function if a payment is not made, giving lenders the confidence that they will be able to recover their investment.

In the last quarter, the company added three new premium products, with an aim to impact the overall livelihoods and financial inclusion of those living off-grid in rural Myanmar.

Others

Taiwan’s Kymco brings electric scooters to Philippines

7 December 2018

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Philippines

MANILA — Taiwanese motorcycle maker Kymco said Tuesday it hoped the government would back its electric scooter foray in the country to help cut air pollution.

The Philippines has huge potential for electric scooters, given the government’s pro-environment programs, even if electricity in the country is expensive, said Kymco Philippines President Frank Yang.

Kymco has reached out to possible supply chain partners, including gas station, for its battery charging stations and battery exchange centers, he said.

The Taiwanese firm is eyeing a 5-percent market share for electric scooters in 10 years and a proposal to build a $12 million to $18 million facility in Batangas is being studied.

Oil & Gas

Argentina announces $2.3 bln joint shale oil project with Malaysia’s Petronas

7 December 2018

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Malaysia

Argentina’s state-controlled energy company YPF and Malaysia’s Petronas are forming a joint venture to invest $2.3 billion over the next four years in the country’s Vaca Muerta shale oil fields, the president’s office announced on Tuesday.

State-owned Petronas will have an equal stake in the project through its subsidiary Petronas E&P Argentina SA, the presidency said in a statement. Petronas has not yet commented on the announcement.

The Belgium-sized Vaca Muerta deposit, located in western Argentina, is regarded as having the world’s second-largest shale gas and fourth-largest shale oil deposits.

“This investment will allow us to increase YPF’s petrol production by 30 percent by 2022, which will represent a total increase for Argentina of 15 percent,” the statement said.

The companies’ objective is to reach a production equivalent of 60,000 barrels a day by 2022, it said. Total investment could reach $7 billion within 20 years, it said.

Successive governments have targeted Vaca Muerta to reverse Argentina’s energy deficit but the plans have been hindered by a lack of infrastructure.

YPF chief executive Daniel Gonzalez told Reuters last month the company would bolster both unconventional oil and gas production by investing between $4 billion and $5 billion per year through 2022.

Petronas and YPF have already partnered in pilot exploration and production initiatives and will begin development of the unconventional fuel project in the Amarga Chica block in the province of Neuquen.

The announcement is good news for the beleaguered government of Mauricio Macri, which was forced to seek an IMF bailout earlier this year.

Macri discussed the deal in a meeting on Tuesday with YPF president Miguel Gutierrez, Finance Minister Nicolas Dujovne and Energy Secretary Javier Iguacel, the president’s statement said.

Oil & Gas

Port of Singapore’s ban on open-loop scrubbers could boost LNG-fuelled vessels

7 December 2018

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Singapore

Singapore has banned the dumping of scrubber residues to preserve the cleanliness of its port’s waters.(Image courtesy: MPA)

The Port of Singapore’s surprise decision to ban the discharge of scrubber-produced pollutants known as ‘wash water’ into its seas is likely to accelerate the use of LNG as marine fuel – especially in the Asia Pacific region – because of the importance of the port as a bunkering facility.

The announcement, which was made by the port’s chief executive Andrew Tan late last week at the Singapore Registry of Ships forum, means wash water from open-loop, exhaust gas scrubbers will be prohibited after IMO’s new emissions regulations apply from January 2020. The decision was made “to protect the marine environment and ensure that the port waters are clean,” said Mr Tan.

Under the impending regulations, those vessels fitted with open-loop systems will have to use compliant fuel while ships with hybrid scrubbers must switch to the closed-loop mode of operation.

Studies, including from the European Union’s Joint Research Centre (JRC), have found the ‘residues’ in exhaust gas wash water lead to ocean acidification. Mr Tan promised the port would provide reception facilities for scrubber residues. Simultaneously, Singapore will also put enforcement measures in place to back its ruling.

Scrubber advocacy organisation Exhaust Gas Cleaning Systems Association (EGCSA) took issue with the way Singapore made its decision, saying in a statement “The MPA provided neither scientific evidence for its decision nor was the industry invited to consultation. If there had been discussion, the Singapore MPA might have realised the high risks to human health resulting from the high toxicity of low sulphur fuels and more toxic distillates if no exhaust gas cleaning systems are used.”

Singapore’s decision comes at a time when a flurry of contracts are being signed for retrofitting every kind of scrubber, including open-loop systems, in the run-up to 2020. The most recent involves Norway’s MPC Container Ships that in early December exercised options to equip an additional five vessels with exhaust gas cleaning systems. The Oslo-headquartered group has also agreed charters for six box ships that have been retrofitted with scrubbers.

Thus, Singapore’s stance on the scrubber issue highlights once again the LNG alternative. Aside from low-sulphur fuels or gas oil, the two main options for compliant vessels are the installation of a scrubber or choosing LNG as an alternative fuel. Another factor aiding a move to LNG fuel is IMO’s announcement in November that vessels without scrubbers cannot carry non-compliant, high-sulphur fuels after 2020. As concerns over the ability of the bunkering industry to store enough LNG are settled by the promise of ports such as Singapore to be ready for 2020, more shipowners are attracted to LNG or dual-fuelled engines, particularly as the price of oil rose during 2018.

Singapore’s Maritime and Port Authority is bending over backwards to encourage the use of LNG. As the authority told an international bunkering conference in Singapore in October, Singapore is adopting several pro-LNG measures including expanding the LNG bunkering focus group from the original three members in 2014 to 11, the latest member to join being the Suez Canal Economic Zone Authority. The authority also recently joined the Sea/LNG coalition that aims to increase the global supply chain for the fuel.

“By joining Sea/LNG, the authority hopes to foster greater confidence in the availability and reliability of LNG as a marine fuel now and in the future,” the authority told the conference.

Oil & Gas

Singapore reforming spread near 8-year low on gasoline overhang, poor blend demand

7 December 2018

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Singapore

Singapore — The Singapore reforming spread, which measures the difference between FOB Singapore 92 RON gasoline and the FOB Singapore naphtha derivative, tanked to a near eight-year low of $6.58/barrel at 0830 GMT close of Asian trade Tuesday, pressured by thin blending demand thanks to a chronic oversupply of gasoline.

The reforming spread was last lower on January 5, 2011 at $5.60/b, S&P Global Platts data showed.

Much of the narrowing spread difference between the two was saddled by the weakness in the Asian gasoline market. “At the moment, gasoline [supply] is flooded in the region,” a gasoline trader said.

As gasoline suppliers were grappling with the current surplus, demand for naphtha for gasoline blending stayed thin.

Reflecting the oversupply, the FOB Singapore gasoline crack against front month ICE Brent crude oil futures narrowed to a near seven-year low of minus $1.42/b on Tuesday.

“Asian waterborne gasoline-blending demand is trivial compared to cracker demand,” the same trader added.

The Asian CFR Japan naphtha market witnessed a slight rebound, flipping into backwardation structure after nearly seven weeks of contango on the physical benchmark.

The spread between H1 February/H2 February CFR Japan naphtha rose from minus $2.50/mt on Monday to plus 50 cents/mt at Tuesday’s Asian close. The spreads between the first and third trading cycles were last in a backwardation of plus 25 cents/mt on October 16, Platts data showed.

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