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Friday, 16 October 15
INDONESIA REJOINING OPEC DESPITE BEING A NET IMPORTER OF PETROLEUM - EIA
.jpg) The Organization of the Petroleum Exporting Countries (OPEC) notified Indonesia that it plans to accept the country's request to reactivate its membership at the next OPEC meeting in December.
According to EIA, once it rejoins, Indonesia will regain its status as the only Asian member of OPEC and the only member that is a net importer of petroleum and other liquids.
OPEC, founded in 1960, currently has 12 members, but membership has always been fluid—Ecuador suspended its membership in 1992 and rejoined in 2007; Gabon joined in 1975 and terminated its membership in 1995.
Indonesia originally joined OPEC in 1962 but suspended its membership at the beginning of 2009. OPEC does allow for associate membership, but currently all 12 members are full members.
EIA further says, Indonesia's decision to suspend its OPEC membership was prompted by growing internal demand for energy, declining crude oil and condensate production in mature fields, and limited investment to increase production capacity. Indonesia had become a net importer of petroleum and other liquids by 2004 after domestic demand exceeded production, as Indonesia's production of petroleum and other liquids has been on a general decline since the mid-1990s. Indonesia produced about 790,000 barrels per day (b/d) of crude oil and condensates in 2014, the third-lowest level among OPEC countries.
According to OPEC's statute, the organization allows as a member any country that is a substantial net crude oil exporter, has similar interests to the organization, and is accepted by three-fourths of the full members. Although Indonesia is a net oil importer, the country continues to export crude oil and condensates. Because Indonesia is an archipelago, geographic distances between its domestic oil production and demand centers encourage both imports and exports. Despite its growing oil demand, Indonesia's oil and natural gas sectors continue to be an important part of the country's economy. Indonesia imports oil products, particularly gasoline, as a result of insufficient refining capacity to meet the growing demand for oil products.
Indonesia said that rejoining OPEC will strengthen its cooperation with oil-producing countries, provide greater access to crude oil supplies, and allow the country to be a link between energy producers and consumers. Indonesia currently buys crude oil and petroleum products through third parties or traders and wants direct access to long-term crude oil supply contracts through negotiations made between the national oil companies of OPEC members.
Indonesia anticipates more crude oil imports will be needed to meet domestic demand from refining capacity additions. Indonesia is planning a number of upgrades and expansions to existing refineries slated to become operational within the next decade. Indonesia has also proposed to build four new refineries, each having a capacity of 300,000 b/d. Because Indonesia struggles with the level of investment needed to offset oil and natural gas production declines and a lack of adequate infrastructure, it hopes to attract investment in both its upstream and downstream sectors from OPEC members. Indonesia is currently in discussions with several OPEC countries about crude oil supply deals and investments in refinery projects
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Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
Wednesday, 07 October 15
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS DOWN 21 PER CENT COMPARED WITH THE SAME PERIOD IN 2014 - EIA
Coal Supply
Lower U.S.’s domestic coal consumption and reduced exports contribute to a forecast decline of 89 million short tons (M ...
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- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
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- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
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- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
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- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
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- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
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- The University of Queensland
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- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
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- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
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- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
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- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
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- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Tata Chemicals Ltd - India
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- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
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- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
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- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
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- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
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- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
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- Australian Commodity Traders Exchange
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- Neyveli Lignite Corporation Ltd, - India
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- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
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- The State Trading Corporation of India Ltd
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- Price Waterhouse Coopers - Russia
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- Medco Energi Mining Internasional
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- Larsen & Toubro Limited - India
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