Prices Edge Up As Oil Surges Amid Syria Crisis, But Low Demand Caps Market

16th April 2018

REUTERS – Asian spot liquefied natural gas (LNG) prices rose this week, pushed up as crude oil surged amid the escalating Syria crisis. LNG prices rose by 25 cents from last week to $7.25 per million British thermal units (mmBtu), despite falling demand due to the onset of spring in the northern hemisphere. Traders said the gain was due to rising oil prices, with Brent crude futures this week hitting their highest since late-2014 due to the threat of more conflict in Syria. Although Syria is not a significant oil producer, the wider Middle East is the world’s most important...

Read More

Asia Shares Up, Oil Down As Syria Fallout Seen Limited

16th April 2018

SYDNEY (REUTERS) – Share markets started firmer in Asia on Monday (April 16) amid relief US-led strikes on Syria looked like being a one-off event that avoided a direct confrontation with Russia, weighing on oil prices and safe-haven Treasuries. EMini futures for the S&P 500 sprang 0.6 per cent higher in early trade, while Japan’s Nikkei added 0.3 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent. The United States, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison...

Read More

Delivery of World’s First LNG-Fuelled Bulk Carrier Announced

16th April 2018

The delivery of the Ilshin Green Iris, the world’s first LNG-fuelled bulk carrier, has been announced. The vessel was constructed at Hyundai Mipo Dockyard (HMD) in Korea for Ilshin Logistics and is the result of a project, announced in July 2016, to develop the first in a new generation of environmentally-friendly LNG-fuelled bulk carriers. A single MAN B&W 6G50ME-GI two-stroke engine powers the 50 000 dwt bulk carrier, which has also been verified to be in compliance with the International Gas Fuel (IGF) Code by Lloyds Register and the Korean Register. The Ilshin Green Iris has been chartered by steelmaker, POSCO, to transport...

Read More

3 Biggest Cyber Threats Faced by Financial Institutions Today & How to Avoid Them

16th April 2018

SINGAPORE: According to cybersecurity solutions provider Check Point Software Technologies, the financial sector currently faces a total of cyber threats from three main areas, namely: The SWIFT network, consumer banking malware, and information theft. In its recently-published 2018 Security Report, Check Point uses Far Eastern International Bank’s Oct 2017 US$60 million ($78.7 million) cyber theft as a prime example of how proprietary banking systems are still vulnerable to SWIFT attacks. To stay protected against the exploitation of SWIFT networks, the firm recommends that financial institutions implement not only standard security measures, but also “cutting-edge protections which will deter even the most...

Read More

Singapore Favours ‘Organic’ Policy in Move Toward Open Banking

16th April 2018

BLOOMBERG: Singapore wants its lenders to share data with financial technology and other non-bank firms, but doesn’t plan to force the issue, according to a central bank official. The transition towards “open banking” can be more successful if it takes place without the regulator mandating action, said David Hardoon, Chief Data Officer at the Monetary Authority of Singapore. “You can come and say ‘thou shall do it’ but then nothing happens effectively,” Hardoon said in a Wednesday interview. The MAS’s policy differs from the approach taken in Europe and Japan, where regulators have set deadlines for banks to give access...

Read More

Abu Dhabi Launches First-Ever Competitive Oil & Gas Bid Round

16th April 2018

The Abu Dhabi National Oil Company (ADNOC) is offering six oil and gas blocks for bidding in a first-ever competitive exploration and production bid round as part of its strategy to expand strategic partnerships in all business areas. ADNOC unveiled on Tuesday details about the competitive bid round in which companies are invited to register to bid on six blocks—two offshore and four onshore—until October this year. Based on data compiled from petroleum studies, seismic surveys, log files, and core samples from hundreds of appraisal wells, “estimates suggest these new blocks hold multiple billion barrels of oil and multiple trillion cubic feet...

Read More

Watch Out, the Robot Shipbuilders Are Coming

16th April 2018

Hyundai Heavy tests powerful robot that can curve steel plates Machines seen as crucial as industry emerges from deep slump A robot invasion is underway in one of the last labor-intensive industries — shipbuilding. In search of lower costs and speedier construction times, Hyundai Heavy Industries Co.and Daewoo Shipbuilding & Marine Engineering Co. — the world’s two largest — are embracing automation to build critical sections of their giant container ships, some of which extend 400 meters (430 yards) in length. Boosting productivity is mission critical in an industry that needs about 200 people to build one vessel and faces severe pricing pressure....

Read More

UAE Says Most Countries In Oil Cut Deal Like Idea Of Long-Term Alliance

16th April 2018

REUTERS – A majority of the OPEC and independent oil producers participating in a current deal to cut supply like the idea of a long-term producers’ alliance, the energy minister of the United Arab Emirates said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other non-OPEC producers began to cut supply in January 2017 in an effort to erase a global glut of crude that had built up since 2014. OPEC and its partners, 24 countries in all, have extended the pact until the end of 2018 and are considering a deal to prolong their alliance for...

Read More

Average spending on major upstream oil and gas projects falls to 10-year low in 2017

9th April 2018

SINGAPORE – The number of upstream oil and gas (O&G) projects sanctioned in 2017 has more than doubled over 2016, but the average capital expenditure for each major project fell to a 10-year low, data released by energy and commodities consultancy, Wood Mackenzie (WoodMac), showed. WoodMac noted that the average capex for each sanctioned major project fell to US$2.7 billion, compared to an average of US$5.5 billion for the last decade. The consultancy classifies a project that holds commercial reserves of over 50 million barrels of oil equivalent (boe) as “major”. The lower average project capex observed for 2017 is...

Read More

Singapore a regional gateway for LNG traders

9th April 2018

Singapore offers liquefied natural gas (LNG) traders a strategic location, infrastructure and a trading ecosystem that can help them unlock regional business, said Senior Minister of State for Trade and Industry and National Development Koh Poh Koon. He added that LNG use is growing in South-east Asia, while environmentally-driven policies like sulphur caps on marine fuel could add demand from shippers as bunkering fuel. Mr Koh, who was speaking at a ceremony on Saturday to mark the inaugural arrival of LNG cargo for Pavilion Energy, said conditions are primed for Singapore to take advantage of these trends. Infrastructure is being...

Read More