Industry news


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.