Trade between the countries fell overall last year as oil prices dropped. Japan's 2.1 trillion yen ($18.6 billion) in imports from Saudi Arabia in 2016, mostly oil and gas, dwarfed its exports of 546.3 billion yen ($4.8 billion).
The deeply troubled power industry accounts for almost one-tenth of all bank loans in India, and thus poses a threat to already weakened lenders, according to data from Morgan Stanley. What is more, like so many other industries, the power business is facing significant technological challenges as the cost of solar energy continues falling.
Exports in January expanded 13.6 percent from a year earlier, the biggest gain since October 2015, but just missing the 15.0 percent increase forecast. In December, exports rose 10.7 percent. Data from the International Trade and Industry Ministry showed exports of mining goods increased 18.8 percent on stronger demand for crude oil and liquefied natural gas.
The growing world economy will require more energy, but consumption is expected to grow less quickly than in the past - at 1.3% per year over the Outlook period (2015-2035) compared with 2.2% per year in 1995-2015.
Saudi oil giant Aramco IPO-ARMO.SE will buy an equity stake in Malaysian firm Petronas' refining and petrochemicals project in the southeast Asian country, the companies confirmed on Tuesday, investing a total of $7 billion.
China is the global leader in methanol use and has recently expanded methanol production capacity. Since the early 2000s, China’s methanol consumption in fuel products has risen sharply and is estimated to have been more than 500,000 barrels per day (b/d) in 2016.
Gazprom and CNPC broadening strategic cooperation in energy sector
The country imported 34.03 million mt of crude in January, down 6.5% from the record high of 36.38 million mt in December despite surging 27.5% on the year.
The average price of spot LNG imports to Japan contracted in January 2017 was $8.40/mn Btu, up from $8/mn Btu in December 2016, the ministry of economy, trade and industry (Meti) said February 9, their highest level for two years. But Japan's IEEJ says that prices have now peaked.
But Lee said that South Korean demand for LNG would keep falling in the short-term due to increased electricity output from nuclear and coal-fired power plants. The country is the world's second-biggest LNG importer after Japan.
Indonesia needs to invest $70 billion to $80 billion in gas infrastructure through 2030 to avoid a potential gas shortage, as domestic consumption growth outpaces supply, state-owned energy business Pertamina said Tuesday.
The executives predicted slower growth as “they forecast oil prices to take a long time to rebound to US$70 per barrel,” the point at which prices started to plunge two years ago, said Wu Yi, DNV’s business development manager for China, South Korea and Japan.
Saudi Arabia's crude oil supplies to Japan rose to a 10-year high in 2016, underlining the kingdom's strong will to defend its share in the ever competitive Asian markets.
China is committed to having talks with the parties directly involved, and in accordance with historical facts and international law to peacefully resolve the issue, and that position will not change, Wang said.
India’s leading state owned oil and gas firm Indian Oil posted a net profit of rupees 153.86bn ($2.29bn) for the nine months ended December 31, 2016, compared with a net profit of rupees 92.36bn during the corresponding period of the previous year, a jump of almost 66%.