Asian new year update

China

CNOOC are planning on shutting down operations at the Huizhou refinery for maintenance. The facility will be offline for one month for an overhaul towards the end of this year. During the overhaul, the facility will be shut down in sections and will see a drop in daily production of 20 000 bpd.

Sinochem Group has purchased a majority share in Hongrun Petrochemical Co. refinery is based in Weifang City, Shangdong province. Sinochem now have the controlling share of the facility and will formally take control of the whole plant by the end of this year.

China has approved the construction of a refinery in the country by Venezuelan company PDVSA. This will be the first facility constructed by a Venezuelan company in China. The facility will process Latin American crude and will cost approximately US$ 8.7 billion.

Zhang Guobao, head of the National Energy Administration of China has announced government plans to increase Chinese refining capacity by 20%. This will be a 5 year plan to help meet the rises in domestic demand.

India

Reliance Industries Ltd is currently in discussions to construct an LNG terminal on the east or west Indian coast. The US$ 1.2 billion facility will help meet domestic demand.

Vietnam

Technip SA has been chosen to help construct Vietnam’s second refinery. Other companies chosen to help in the construction of this new facility includes JGC Corp. of Japan and Spain’s Tecnicas Reunidas. The construction contract awarded to the group of companies is worth approximately US$ 5 billion.

The Dung Quat refinery, Vietnam’s first, has been officially inaugurated. The ceremony was carried out on 7^th January, two years after the facility was brought on stream. Prime Minister Nguyen Tan Dung officiated at the event.

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