Asia

Petronas unveils new leadership team, 1,000 positions redundant

March 01, 2016 | Asia, Company Operations, Management

Kuala Lumpur, Malaysia | – Malaysian National oil firm, Petronas, is putting in exhaustive efforts to re-deploy about 1,000 affected employees, deemed redundant, due to a group-wide transformation. “Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months,” it said in a statement today. The move marks the beginning of a total group-wide transformation geared towards making it more resilient and focused to thrive both in the current and future industry …

China launches new oil and gas trading platform

July 01, 2015 | Asia, Commodities & Oilprice

Beijing, China | – A new trading platform for oil and gas was launched in China on Wednesday, state media reported, as the world’s largest energy consumer looks to extend its influence over global commodity pricing. The Shanghai Petroleum and Natural Gas Exchange (SHPGX), which is registered in the Shanghai free trade zone, will initially only handle natural gas transactions during a test run. “We expect (gas) trading volumes at SHPGX would range from 5 billion cubic meters to 6 billion cubic meters in second …

China sends four oil rigs to South China Sea amid regional tensions

June 24, 2014 | Asia, Rigs & Vessels

Beijing, China | – China has sent four more oil rigs into the South China Sea in a sign that Beijing is stepping up its exploration for oil and gas in the tense region, less than two months after it positioned a giant drilling platform in waters claimed by Vietnam. The announcement comes at a time when many countries in Asia are nervous at Beijing’s increasing assertiveness in the potentially energy-rich waters, where sovereignty over countless islands and reefs is in dispute. Coordinates posted on …

Chinese oil rig finishes first phase of drilling in waters claimed by Vietnam

May 27, 2014 | Asia, Drilling / Completions, Rigs & Vessels

Hong Kong, China | – A giant Chinese oil rig has finished its first round of drilling in South China Sea waters also claimed by Vietnam and moved to another site in the area, the rig’s operator, China Oilfield Services Ltd (COSL), said on Tuesday. In a statement, COSL said exploration would still take place off the Xisha islands, China’s name for the disputed Paracel chain, suggesting the rig was not moving far. In early May, the rig was deployed between the Paracel islands and …

China, Russia sign landmark $400 billion gas deal

May 21, 2014 | Asia, Budget & Investment, LNG & LPG

Shanghai, China | — China and Russia on Wednesday inked a historic 30-year gas deal valued at USD 400 billion, ending the decade-long natural gas supply talks between the two neighbours, Chinese and Russian state media reported. Announced after meetings between Chinese President Xi Jinping and Russian President Vladmir Putin at an Asia security conference, the 30-year gas deal gives China a new energy source and Russia a diplomatic boost in the face of sanctions and condemnation for its annexation of Crimea and aggressive actions …

Russia, China yet to clinch agreement on gas supply deal

May 20, 2014 | Asia, Economy

Shanghai, China | – China and Russia have not yet clinched a price agreement on a long-awaited multi-billion dollar gas supply contract, a Russian government official said on Tuesday, amid growing urgency for the Kremlin to seal a deal as it comes under pressure from Western nations over the crisis in Ukraine. Russian President Vladimir Putin is on a two-day to China and expectations have run high in recent months for both parties to ink a gas supply contract for Gazprom to supply China National …

China, Russia on verge of multibillion-dollar gas deal

May 16, 2014 | Asia, Budget & Investment

Beijing, China | – China plans to sign a multibillion-dollar deal to buy Russian gas during a visit by President Vladimir Putin next week despite US pressure to avoid undermining sanctions on Moscow over the Ukraine crisis. Washington has appealed to Beijing to avoid making business deals with Russia, though American officials acknowledge the pressing energy needs of China, the world’s second-largest economy. Negotiations that began more than a decade ago had stalled over price. But analysts say Moscow, isolated over its role in Ukraine, …