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INDUSTRY NEWS

23rd April 2018

UAE's ADNOC set to start crude oil, refined products trading unit

Abu Dhabi National Oil Company is close to setting up a new crude oil and refined products trading unit, as it presses ahead with plans to build up its downstream sector.

21st April 2018

Adani Ports signs are long term regasification pact with Indian Oil for Dhamra LNG terminal

Bhubaneswar: Adani Ports and Special Economic Zone (APSEZ), India’s leading port infrastructure developer and part of the Adani Group, on April 15 said it had signed a long term agreement with Indian Oil Corporation (IOC) to provide Liquefied Natural Gas (LNG) regasification services on a use or pay basis to the state-run refiner, at its upcoming LNG import terminal at Dhamra in Odisha.

20th April 2018

Siemens unveils SF6-free gas-insulated medium-voltage switchgear

Siemens has unveiled a new medium-voltage switchgear named 8DAB 12 that doesn’t need sulfur hexafluoride (SF6) as the insulating gas.

18th April 2018

CNOOC's Tianjin LNG terminal supplies 1.76 mt between Nov- Mar

China National Offshore Oil Corp.’s (CNOOC) Tianjin LNG terminal supplied 1.76 mt of gas between mid-November 2017 and mid-March 2018, the company has said.

16th April 2018

Sudan joins queue for FSRU as it works onshore terminal

Sudanese natural gas buyer Sunagas is tendering for a floating storage and regasification unit as a quick start-up solution while it pursues a land-based import terminal project.

16th April 2018

OPEC Near Mission Accomplished as Oil Glut Vanishes, IEA says

OPEC is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation, the International Energy Agency said.

13th April 2018

Optimizing Quill and Injector Performance in Refinery Operations

There are dozens of operations in refineries where quills and injectors are used. It is important to understand the differences between a quill and an injector. The terms are often used interchangeably even though the devices are quite different.

12th April 2018

More strategic investment in Africa's ports can accelerate growth

Africa needs to take advantage of the economic potential of its ports and shipping sector if it is to realise its growth ambitions. Globally, ports are gateways for 80% of merchandise trade by volume and 70% by value. Investment in ports and their related transport infrastructure to advance trade and promote overall economic development and growth is therefore vital – particularly in emerging economies that are currently under-served by modern transportation facilities.

11th April 2018

UAE's ADNOC mulls downstream opportunities abroad with Aramco

DUBAI/NEW DELHI, (Reuters) - Abu Dhabi National Oil Co (ADNOC) is in talks with several partners, including Saudi Aramco, for possible downstream joint ventures abroad, particularly in Asia, industry sources with knowledge of the matter told Reuters.

9th April 2018

Saudi Aramco could expand in the US through developing a petrochemical plant in Texas

The state-owned Saudi Arabian Oil Company Saudi Aramco has announced potential plans to expand in the US.

6th April 2018

Oil Traders will find Middle East power struggle harder to ignore

In the past 14 days Saudi Arabia, the world’s largest oil exporter, has faced a barrage of missiles aimed at its capital city, an attack on a supertanker hauling 2 million barrels of crude, and a second missile launch aimed at oil storage tanks on its Red Sea coast.

6th April 2018

Dubai Trader Plans Fujairah Fuel Oil Treatment, Storage Facility to cope with IMO 2020 rules

April 6, 2018 [Hellenic Shipping News] - Dubai-based Earth Wealth Energy plans to build a 360,000 cu m fuel oil storage and treatment facility at the port of Fujairah in readiness for International Maritime Organization’s 0.5% cap on sulfur content in bunker fuels from 3.5% currently from January 1, 2020, the company said.

6th April 2018

Samsung Engineering Awarded Two Downstream EPC Contracts

April 6, 2018 [Tank News International] - The Abu Dhabi National Oil Company (ADNOC) has signed two Engineering, Procurement and Construction (EPC) contracts totalling $3.5bn between its ADNOC Refining arm and Samsung Engineering.

5th April 2018

Houthis fire missile at Saudi Aramco tanks

DUBAI: Yemen’s armed Houthi movement launched a missile at storage tanks belonging to oil giant Saudi Aramco in Saudi Arabia’s southwestern Jizan province Wednesday, said Yemeni state news agency Saba, which is controlled by the group.

5th April 2018

Bahrain's Bapco Approaches Banks for Multi-Billion Refinery Expansion

DUBAI, April 5 (Reuters) - State-run Bahrain Petroleum Company (Bapco) has approached banks to sound their appetite for the financing needed to back the capacity expansion of the existing Sitra oil refinery, a project expected to cost well in excess of $5 billion, sources familiar with the matter said.

2nd April 2018

Renish Launches Alaska International with Higher Storage Capacity

Renish Group, a growing company in oil space, has officially launched its Hamriyah port-based storage facility in the UAE, the alaska International FZE, with higher capacity at 22 tanks as part of its continuing efforts to boosts its storage ability and expand its operations in the Middle East.

2nd April 2018

Samsung Engineering awarded $ 3.1 billion ADNOC refinery project

Samsung Engineering Co., Ltd announced today that it has received a letter of award (LOA) to build a Crude Flexibility Project (CFP) on behalf of ADNOC Refining in the United Arab Emirates. At a value of $ 3.1 billion, it is the ninth award in total Samsung Engineering received from ADNOC (Abu Dhabi National Oil Company), the national oil company of UAE and the parent company of ADNOC Refining.

30th March 2018

Crude rebounds as OPEC hints at longer oil output cuts

NEW YORK (Bloomberg) -- Oil climbed as top crude-exporting countries suggest they may extend output curbs beyond this year, adding momentum to a monthly rebound.

29th March 2018

Aramco, Petronas form joint ventures for Malaysia's RAPID project

Saudi Aramco and Petronas have formed two joint ventures to further the two national oil companies’ equal ownership and participation in operations of the refinery and petrochemical integrated development (RAPID) project now under construction at the $27-28-billion Pengerang integrated complex (PIC) in southeastern Johor, Malaysia (OGJ Online, June 27, 2016).

23rd March 2018

APICORP forecasts almost $1trn for energy investment in MENA

The Arab Petroleum Investments Corporation (APICORP), the multilateral development bank focused on the energy sector, has predicted $1trn of investments in the Middle East and North Africa energy sector over the next five years.

12th March 2018

Hydrocarbon Storage Tank Cleaning Service Market to see incredible growth | 2025

Increasing production of hydrocarbons such as crude oil and natural gas coupled with rising demand of them makes inventory management a crucial aspect of the hydrocarbon market. With fluctuating prices and demand, maintenance of inventory is vital from operations point of view.

9th March 2018

Total oil product stocks up 4.6%

Total oil product stocks in Fujairah were 16.712 million barrels as of Monday, March 8, up 4.6% on the week, after heavy distillates rebounded from last week's record lows, according to latest data from the Fujairah Energy Data Committee, or FEDCom.

8th March 2018

Oil Movement and Storage Best Practices

Tank farm automation for oil movement and storage in refinery off-sites spans multiple technologies. These include level, temperature, and flow measurements; DCS; PLC; preset controllers; advanced control and optimization; safety systems, supply chain systems; and transactional business information systems.

7th March 2018

ADNOC announces strategic move downstream

ADNOC to unveil investment and partnership opportunities at Downstream Investment Forum to be held in Abu Dhabi in May

2nd March 2018

One of the World's largest crude storage facility has been emptied

Saldanha Bay in South Africa is home to one of the world's largest crude storage facilities, with a current capacity of 45 million barrels (although more is coming online later in the year).

1st March 2018

Saudi Aramco to supply Egyptian refineries for 6 months- minister

CAIRO, March 1 (Reuters) - Saudi Aramco, the world’s largest oil producer, agreed to supply Egyptian refineries with crude oil for six months, starting January 2018, Egypt’s Petroleum Minister Tarek El Molla told Reuters on Thursday.

1st March 2018

MMC bags 2 awards at Global Ports Forum

MMC Port Holdings Sdn Bhd (MMC Ports), a wholly owned subsidiary of MMC Corp Bhd, bags two recognitions at the 2018 Global Ports Forum Awards held in Dubai, United Arab Emirates (UAE), recently.

28th February 2018

The Innovators: Yogesh Mehta

Think Petrochem Middle East and you instantly think of two words: Yogesh Mehta. He established Petrochem Middle East in 1995 with friend and business partner David Lubbock.

28th February 2018

Duqm Airport Terminal to be ready by year-end, says PACA

Muscat - The Public Authority for Civil Aviation (PACA) on Wednesday announced that the new terminal building at Duqm airport, which started operations few years back, would be ready by the end of this year. The government has also initiated a study to build a new airport in Musandam.

26th February 2018

Tank Storage Market Briefing, Tank Storage Availability Worldwide - Week 9

This list is a weekly summary of tank storage opportunities across multiple locations.

26th February 2018

UAE's largest terminal first to tap Blockchain tech for oil market

Fujairah Oil Industry Zone (FOIZ), which hosts the Middle East's largest commercial storage capacity for refined oil products, has implemented Blockchain network to achieve highest level of security, according to a company release.

23rd February 2018

Fujairah to implement blockchain for oil storage data

Blockchain technology is coming to Fujairah’s oil storage inventory record-keeping system. The Emirati state signed an agreement with market data service provider S&P Global Platts at International Petroleum week in London.

23rd February 2018

Govt offered US$1 for costly oil storage

SWITZERLAND energy company, Vitol SA, offered to pay the Namibian government US$1 (about N$11,70) per year to rent the N$5,6 billion state-owned fuel storage facility at Walvis Bay for 10 years.

23rd February 2018

Hyundai heavy wins $58 mn LPG Storage Tank Deal in Nigeria

South Korea’s largest shipbuilder Hyundai Heavy Industries Co. has bagged a $58 million deal to build liquefied petroleum gas (LPG) storage tanks for a refining and petrochemical plant in Nigeria.

23rd February 2018

Kenya pipeline boosts oil- storage capacity by 22% with tanks

NAIROBI (Bloomberg) -- Kenya Pipeline Co. will spend 5.3 billion shillings ($52 million) building four new tanks that will increase its storage space by more than a fifth, Managing Director Joe Sang said.

23rd February 2018

Houston Midstream Company to sell 2 terminals for $140m

Just a few months after lining up a major acquisition of a Dallas company, Houston-based American Midstream Partners LP (NYSE: AMID) has sold assets to a newly formed joint venture.

23rd February 2018

U.S. Oil Boom Tempts Saudis to Consider American Crude Sale

Even Saudi Arabia wants in on the U.S. oil boom. The kingdom’s state oil firm considered the possibility of sending American crude to Asia in February via a U.S. unit before determining it wasn’t economically viable, according to a person with knowledge of the matter.

23rd February 2018

Fujairah to implement blockchain for oil storage data

Blockchain technology is coming to Fujairah’s oil storage inventory record-keeping system.The Emirati state signed an agreement with market data service provider S&P Global Platts at International Petroleum week in London.

23rd February 2018

Odfjell: Rather Solid Progress in Challenging Market

February 23, 2018 [Hellenic Shipping News] - Odfjell posted its 4Q17 report Thursday morning with revenues and adj. EBITDA above our estimates.

23rd February 2018

Getting Order of LPG Storage Tanks- Hyundai Heavy Wins $58m LPG Storage Tank Deal in Nigeria

Hyundai Heavy Industries Co., the world's largest shipbuilder by sales, succeeded in winning a US$58 million (63 billion won) deal in Nigeria.

22nd February 2018

Fujairah oil terminal first in energy sector to deploy blockchain

Fujairah Oil Industry Zone (FOIZ) has become the first commercial player in the energy sector to implement blockchain network to improve transparency, efficiency and manage risk in a secure environment.

21st February 2018

NuStar - £25m invesment at Grays

Phase 1 of NuStar’s £25 million investment at Grays has now been completed with Jetty 1 receiving its first vessel earlier this month.  Recent upgrades now enable the jetty to receive vessels of up to 125,000 GDT due to an improved draft of 12.8 M, max LOA of 244 M and unrestricted beam.

18th February 2018

Oil Jumps Most this Year as Buildup Slows in U.S. storage Tanks, Emptying Cushing

February 18, 2018 [Bloomberg] - Crude climbed the most since December as a recent buildup in U.S. storage tanks and terminals appears to be slowing down.

18th February 2018

Kandjoze Warns Schlettwein, Ministers Clash Over N$5.6 billion storage facility

February 18, 2018 [Namibian] - FORMER energy minister Obeth Kandjoze warned finance minister Calle Schlettwein about hand-picking a Netherlands-based company to use the N$5,6 billion state-owned fuel storage facility at Walvis Bay.

16th February 2018

Staying ahead with Digitalisation in Tank Storage

Automated processes are essential for storage operators to achieve efficiency, reducing total cost of ownership and staying ahead of competition, especially in volatile markets.

16th February 2018

ADNOC Investing $1.3bn in Ruwais Refinery

February 16, 2018 [Tank News International] - Abu Dhabi National Oil Company (ADNOC) has announced a $3.1bn project to introduce crude processing flexibility at the Ruwais oil refinery.

9th February 2018

Iraq seeks $100B investments to Revive Oil, Transport Sectors

Iraq is looking to attract US$100 billion worth of foreign investment that would help it rebuild its oil refining and petrochemicals sectors and reconstruct crucial infrastructure after it repelled Islamic State out of its territory following a three-year war against the militants.

3rd February 2018

Bayelsa Builds Tank Farms to Curb Scarcity of Petroleum Products

Bayelsa State Government has said it will build tank farms for petroleum products to mitigate the effects occasioned by scarcity of the products in the state.

2nd February 2018

Botswana Oil eyes coastal storage facility

Botswana Oil Limited (BOL) is currently eyeing three countries for the establishment of coastal storage facilities that would help boost stability of the country’s fuel supply.

2nd February 2018

Fujairah to publish commercial storage capacity data

February 2, 2018 [GulfNews] - Fujairah Oil Industry Zone, in a bid to become a global oil trading and storage hub, has renewed a deal with S&P Global Platts to publish its commercial storage capacity data to the market every Wednesday.

31st January 2018

Australian Fund Buys UAE Oil Storage Terminal

January 31, 2018 [Reuters] - Australia-based Prostar Capital has bought a storage terminal in the key Fujairah oil hub in the United Arab Emirates, said sources with knowledge of the matter.

29th January 2018

Australian fund buys UAE oil storage terminal- sources

LBC Tank Terminals announced that agreements have been finalized with MEGlobal Americas Inc for the design, engineering, construction, and operation of a new terminal in Freeport TX.

26th January 2018

Bahrain gets a boost of $6 billion in oil and gas projects

Oil and gas projects worth about $6 billion are underway or soon to begin in Bahrain. Speaking to the media on the sidelines of a conference, Oil Minister Shaikh Mohammed said the projects include the multi-billion dollar Bapco modernization program, Bahrain LNG Import Terminal, Bahrain National Gas Expansion Company’s third gas plant and an aromatics facility joint venture between Bapco and Kuwait’s Petrochemical Industries Corporation.

25th January 2018

Oil product stocks down 2.45 on week

Total refined oil product stocks at the UAE port of Fujairah were 16.255 million barrels in the week to Monday, January 22, down 2.4% from the previous week, latest data from the Fujairah Energy Data Committee, or FEDCom, showed.

25th January 2018

Inferno as 6m capacity petrol storage explodes in Lagos tank farm

A tank farm belonging to Stallonaire Nigeria Limited, located in Ijegun Egba area of Satellite Town, Lagos, went up in flames yesterday, destroying a 6,000,000-litre capacity tank, which had some petrol in it.

24th January 2018

Gulf Petrochem Group Rebrands as GP Global

January 24, 2018 [Ship & Bunker] - UAE-headquartered Gulf Petrochem Group today announced it has rebranded as GP Global in a move designed to match its ambitions as a growing international presence.

24th January 2018

National Oil company to sell test crude

From a distance, you could mistake the white container-like units at Kasenene 1 exploration area in Buliisa district for cargo waiting to be picked up for export.

24th January 2018

Tanzania: Oil Tank Farm For Zanzibar

LBC Tank Terminals announced that agreements have been finalized with MEGlobal Americas Inc for the design, engineering, construction, and operation of a new terminal in Freeport TX.

23rd January 2018

Plans to build new tank farm in East Africa

Plans are underway to turn a beach into a new oil storage terminal in Zanzibar.

22nd January 2018

Top Indian oil explorer may raise $5.48 billion to buy HPCL

NEW DELHI and MUMBAI (Bloomberg) -- India’s biggest oil and gas explorer has widened its first debt-raising plan to as much as $5.48 billion to buy state-run refiner Hindustan Petroleum Corp.
Oil & Natural Gas Corp.​’s board has approved raising as much as 350 billion rupees in loans to buy the government’s 51.1% stake in HPCL, Chairman Shashi Shanker said in New Delhi on Sunday. That would be a 40% increase from its plan last year to raise 250 billion rupees. The state-run explorer said Saturday it will pay 369 billion rupees in cash for the stake.

22nd January 2018

Mega oil city to be constructed in Gwadar under CPEC

ISLAMABAD: Pakistan has decided to construct a mega oil city at Gwadar on 80,000 acres under much hyped China Pakistan Economic Corridor (CPEC).

11th January 2018

Fujairah: Oil product stocks rise 14%

Total refined oil product stocks at the UAE port of Fujairah stood at 17.412 million barrels in the week to January 8, up 13.5% from the previous weeks, and setting a three-month high, as all three distillate categories rose, according to latest data from the Fujairah Energy Data Committee, or FEDCom.

18th December 2017

Global oil storage market set to reach US$17.22bn by 2023

The global oil storage market is expected to reach US$17.22bn at a compound annual growth rate (CAGR) of 4.2 per cent from 2017 to 2023, mainly due to burgeoning investments by major market players, according to Transparency Market Research (TMR)

4th December 2017

Global storage tank market key players 2017 Luqiang metal container, Toyo Kanetsu K.K., Motherwell Bridge, CB&I and Wuxi Xinkaihe tank

Global Storage Tank Market Report incorporates the market statistics and Storage Tank trends were seen in North America, Europe, China, Japan, Middle-East, Africa, India and South America. The Storage Tank market evaluates the past market trends, present market scenario and covers the forecast market information.

29th November 2017

Ngqura liquid bulk terminal development making headway

The construction of a new petroleum trading hub at the Port of Ngqura is making progess, ahead of the planned decommissioning and rehabilitation of the existing liquid bulk facilities at the neighbouring Port of Port Elizabeth.

29th November 2017

Kharg Terminal's Western Dock Set for Rehabilitation

Plans are in place to rehabilitate Kharg Oil Terminal in the Persian Gulf, Iran's biggest crude oil loading and export facility, managing director of Iranian Oil Terminals Company said.

29th November 2017

CM inaugurates newly built smart terminal of IOC

Khunti (Jharkhand), Nov 29 Jharkhand Chief Minister Raghubar Das today inaugurated the newly built smart terminal of Indian Oil Corporation (IOC) and flagged off a tanker at Anigada in Khunti district.

27th November 2017

Private Fuel Storage Planned for Usakos

November 27, 2017 [The Namibian] - MDL International Trade (Pty) Limited plans building a fuel storage facility at the coastal town of Usakos, at the cost of US$50 million (N$700 million).

21st November 2017

Chemical Storage Tank Market Global Analysis 2017- CST, Poly Processing, BELCO, ZCL Composites and Snyder Industrial Tanks

Global Chemical Storage Tank market research report 2017 carries an in-depth investigation of Chemical Storage Tank market thus featuring important movements, business conveniences, developments and performances of different players of the Chemical Storage Tank market.

20th November 2017

Emerson proposes to acquire Rockwell Automation in transaction valued at $29bn

Emerson announced that its chairman and CEO, David N Farr, has sent a letter to Rockwell Automation President and CEO, Blake D Moret, proposing to acquire all outstanding shares of Rockwell for $225 per share, consisting of $135 per share in cash and $90 per share in Emerson shares.

16th November 2017

Caspian Oil Swap Steady

[Financial Tribune] - Operations to swap the fifth batch of crude oil consignment from the Caspian Sea littoral states to the port of Neka in northern Iran with deliveries in the Persian Gulf were carried out successfully, deputy operations manager at Iranian Oil Pipeline and Telecommunications Company said.

5th November 2017

Abu Dhabi's ADNOC expected to sign $6bn loan this week

Abu Dhabi National Oil Co (ADNOC), the United Arab Emirates oil giant, is expected to sign by the end of this week a $6bn loan which has received commitments from a group of 13 banks, sources close to the situation said on Sunday.

4th November 2017

Zanganeh: Iran's oil deals with Russia to help defuse Trump's Unilateralism

Iran's potentially lucrative oil and gas deals with Russian companies will help defuse US President Donald Trump's "unilateralism" and his efforts to scrap Tehran's nuclear deal with world powers, according to Oil Minister Bijan Namdar Zanganeh.

2nd November 2017

IL&FS to sell Fujairah oil terminal as prospects wane

NEW DELHI: The diplomatic standoff between the UAE and Qatar has put IL&FS’s Middle East-based maritime infrastructure operations on slippery ground.

26th October 2017

Saudis buy Dutch oil storage in European market share push

KOHBAR, Saudi Arabia/ LONDON (Reuters)- Saudi Aramco Overseas Company (AOC), a subsidiary of Saudi Aramco, is buying a stake in Rotterdam crude storage from commodities trader Gunvor, the companies said on Thursday, in a move to expand its share of the market in Northwest Europe, long dominated by Russia.

21st October 2017

Don't look now but the oil market is turning bullish

Not that long ago analysts were throwing in the towel on the oil market, with some growing downright bearish. In late June, for example, analysts at Seaport Global Securities downgraded more than 50 oil stocks in one swoop after changing their mind on oil prices, which they saw crashing back into the $20s early next year.

20th October 2017

Byco's Floating Terminal Imports 5m Tons of Crude Oil

Byco’s SPM is Pakistan’s only floating terminal and revolutionizes the handling crude oil and refined petroleum products in the country. The SPM has been set up in the deep sea and is connected to a storage tank via 15 km of both on-shore and sub-sea pipelines. Byco has a storage capacity of 140,000 metric tons.

17th October 2017

Kinder Morgan gears up for tank farm construction

Trans Mountain, a subsidiary of Texas-based Kinder Morgan, has told The Peak that work to accommodate its pipeline expansion project at the nearby marine terminal has begun, though construction scheduled for last month has not yet started at the tank farm.

2nd October 2017

Oxy, Oman Tank Terminal sign MoU on crude storage at Raz Markhaz

October 2, 2017 [S & P Global Platts] - Oman Tank Terminal Co. and Occidental Petroleum signed an agreement Tuesday to co-operate and specifically to store crude at the planned Raz Markhaz oil terminal in the sultanate, an informed source said Wednesday.

28th September 2017

Change in ownership Vopak Terminal Eemshaven

September 28, 2017 [Royal Vopak] - Today Whitehelm Capital and Royal Vopak announce a change in ownership in Vopak Terminal Eemshaven, a joint venture terminal in the Netherlands between Vopak and NIBC European Infrastructure Fund I C.V. ("NEIF").

26th September 2017

Abu Dhabi Ports Starts Fujairah Operations

United Arab Emirates port operator Abu Dhabi ports has launched a new container, cruise and RoRo terminal operating arm at Fujairah Port.

22nd September 2017

OPEC says winning battle to curb oil glut

OPEC and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers said on Friday.

12th September 2017

OPEC increases global oil demand forecasrs on Europe, China

LONDON (Bloomberg) -- OPEC raised estimates for the amount of crude it will need to supply next year amid a stronger outlook for global oil demand.

21st September 2017

CB&I To Supply Storage Tanks For Greenfield Refinery Project In Oman

CB&I today announced a consortium between CB&I and Saipem S.p.A. has been awarded a contract by Duqm Refinery and Petrochemicals Industries Company L.L.C. (DRPIC) for EPC Package 3 for the Duqm Refinery Project.

12th September 2017

OPEC increases global oil demand forecasrs on Europe, China

LONDON (Bloomberg) -- OPEC raised estimates for the amount of crude it will need to supply next year amid a stronger outlook for global oil demand.

11th September 2017

Gassco AS gets consent to use the Nyhamna gas terminal

Petroleum Safety Authority has given Gassco AS consent to use the Nyhamna gas terminal in connection with the company's taking over the operatorship from Shell Norge.

11th September 2017

Saudi Aramco to add 1.9 million barrels of crude oil to its Japan storage

TOKYO (Reuters) - Oil giant Saudi Aramco will on Wednesday add 1.9 million barrels (300,000 kilolitres) of crude to storage that it holds in Japan, a Japanese trade ministry official said on Monday.

7th September 2017

In sign of oil rebalancing, North Sea floating storage shrinks

The volume of global price benchmark North Sea crude being held in floating storage has declined sharply since mid-August, according to shipping data and trade sources, a sign that a long-awaited market rebalancing is gaining momentum.

4th September 2017

MOL to participate in LNG receivign terminal projects in India

September 4, 2017 [PortNews IAA] - Mitsui O.S.K. Lines, Ltd. announced the signing of agreements with Swan LNG Private Limited (Swan LNG) for the long-term operation / maintenance of a floating, storage and regasification unit (FSRU) and provision and long-term operation / maintenance of a floating and storage unit (FSU) that will serve as the core receiving facilities in an LNG terminal to be developed by Swan Energy Limited (Swan Energy) in Gujarat, India.

4th September 2017

Petrochemical exports up by 12%

An NPC official said Iran’s petrochemical industry experienced a 6% percent uplift in production over five months and a 12% rise in exports over four months since beginning of the current Iranian year (began March 21).

4th September 2017

Iran oil sector to see ‘great boom in the next two years’ – gov’t official

Deputy minister of petroleum for international and commercial affairs said on Saturday that given the enthusiasm shown by foreign companies for engaging in Iran’s oil sector, the industry will experience a great boom in the next two years.

31st August 2017

Ursa introduces global oil storage monitoring

Ursa Space Systems Inc. (Ursa) delivers reliable global economic intelligence with a strong focus on commodities and the financial markets. Ursa delivers information products that provide economic insights about the oil and gas industry. One of Ursa’s current product offerings is global oil storage monitoring.

30th August 2017

Excelerate Energy Performs 100th STS Transfer of LNG at Engro Elengy Terminal Pakistan

August 30, 2017 [PRNewswire] - On August 25, 2017, Excelerate Energy Development DMCC (Excelerate) performed the 100th ship-to-ship (STS) transfer of LNG at the Engro Elengy Terminal (EETL) located in Port Qasim, Pakistan.

20th August 2017

Oil Markets Recap - Global Oil Storage Set To Fall Further

WTI finished the week lower by 0.33%.

Global crude storage set to fall further as the upcoming refinery turnaround season will be lower than the year before.

OPEC export decrease observed in August will hit global storage in October.

What the oil bulls need to see next is US shale production growth that disappoints expectations.

18th August 2017

Crude market shows enduring strength beyond seasonal peak

The market for physical barrels of crude from places as far apart as Oman and Colombia is strengthening beyond the traditional seasonal peak in demand, a positive indicator for global benchmark futures prices that remain stuck near $50.

17th August 2017

Liberia opens new fuel oil storage facility

Liberia opened a new heavy fuel oil (HFO) storage plant in mid-August to provide additional flexibility for the country’s fuel oil-fired power generation plants.

17th August 2017

Shell completes SADAF chemicals sale in Saudi Arabia to SABIC for $820mn

Shell has completed the sale of its 50% share in SADAF, the petrochemicals joint venture, located in Al Jubail, in the Kingdom of Saudi Arabia to SABIC for $820 million.

14th August 2017

OPEC Faces Uphill Struggle After IEA Find 230million Barrels Of Oil Storage

In what should be considered the worst news for the oil industry the IEA has announced that there are approximately 230 million more barrels of oil in storage than previously believed. 

3rd August 2017

Abu Dhabi Oil Producer Seeks About $7 Billion in Funding

Abu Dhabi National Oil Co. asked banks for proposals to manage the sale of a project bond and is also seeking a loan as the government-owned energy producer considers raising as much as $7 billion for its businesses, according to three people with knowledge of the situation.

16th June 2017

India’s oil imports from Iran plunge over gas field row

India’s oil imports from Iran have fallen to their lowest since June 2016, shipping data shows, in possible retaliation for Tehran not awarding a gas field development to Indian companies.

8th June 2017

Global Oil and Gas Storage Market 2017-2021: Use of Satellite Imagery to Quantify Storage Tanks - Research and Markets

Research and Markets has announced the addition of the "Global Oil and Gas Storage Market 2017-2021" report to their offering.

The global oil and gas storage market to grow at a CAGR of 2.92% during the period 2017-2021.

8th June 2017

ATS Launches Operations at New Storage Tank Terminal in India

UAE-based ATS, a leading integrated logistics company, has commenced operations at its new storage tank terminal strategically situated in the emerging oil storage and trading location of New Mangalore Port, India.

17th May 2017

Global Chemical Storage Tank market 2017-2022

Global Chemical Storage Tank market Report offers decisive insights into the overall Chemical Storage Tank industry along with the market dimensions and evaluation for the duration 2017 to 2022. The forenamed research study covers extensive analysis of various Chemical Storage Tank industry segments based on the type of applications, type of product Components and services, and different geographical regions.

12th May 2017

Odfjell Terminals Continues Development of US Ethylene Export Terminal

Europe’s appetite for natural gas is leading to a growth “renaissance” as its stores of the fuel languish at the lowest levels since 2013, according to Gazprom PJSC.