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Wednesday, July 18, 2018

MARKET INFORMATION

Korean government plans to lower oil dependence to under 50% - Energy Asia

The Korean government is aiming to push the country’s dependence on oil to below 50% of its overall energy needs by 2010. Oil now supplies 52.2% of the country’s energy needs. The Minister of Commerce, Industry and Energy Chang Je-shik has ordered his officials to look into ways of developing alternative energy sources and natural gas as fuels of choice. The ministry has predicted that other developed economies will also make efforts to reduce their dependency on oil.

Foreign carriers are set to take 70% of China’s oil import from 2003 – LayCan

Foreign carriers are set to take 70 per cent of China’s oil import trade in 2003 and after, according to a report from the Japan Maritime Research Institute. In a report for the Japanese Shipowners’ Association it said China’s annual crude imports are expected to increase from 70M tonnes last year to 80M tonnes in 2003 and 100M tonnes in 2005. To meet the required 2005 import volume, China will need to secure 231 VLCC voyages. Cosco is scheduled to take delivery of three VLCC newbuildings starting in December 2002 and plans to charter another five, the report said. But with eight VLCCs, its share of the oil import trade in 2005 will be below the 40 per cent mark. That means Cosco will make only 72 of the 231 VLCC voyages needed in that year, with foreign carriers providing 160-170 sailings, said the report.