Industry news


11th August 2017

India's Refiners Bet Big On Petrochemicals As Industry Reshapes

NEW DELHI, Aug 11 (Reuters) - India's state oil refiners - long focused on churning out transport and cooking fuels - are planning a $35 billion push into petrochemicals to meet an expected surge in demand for goods ranging from plastics to paints and adhesives.

10th August 2017

LNG Demand in Asia is Growing Steadily and Singapore is Becoming Recognised as its hub

According to Wood Mackenzie, the LNG demand in Asia is growing strongly especially as more countries expand their regasification terminals. In particular, the use of FSRUs has allowed countries to quickly join the buyers’ club. In a recent interview, available on the Asia Pacific Summit website, Wood Mackenzie stated that they are increasingly optimistic on growing LNG imports in Asia.

7th August 2017

Inpex sees gas output for Ichthys LNG project starting by year-end

TOKYO (Reuters) — Japan's biggest oil and gas explorer Inpex Corp expects gas production from the seabed for its offshore Ichthys LNG project to start from around the end of the year, a senior company executive said on Friday.

7th August 2017

Spanish-Korean consortium scoops $2.75bln Duqm Refinery contract prize in Oman

The consortium of Spanish-based international general contractor Tecnicas Reunidas and South Korea’s Daewoo Engineering and Construction has landed the coveted EPC-1 package of the Duqm Refinery project — a $2.75 billion contract that covers the engineering, procurement, construction and commissioning of the main Process Units of the estimated $7 billion venture.

4th August 2017

Shutdowns hit China PE, PP downstream units amid 'green' drive

SINGAPORE (ICIS)--China has recently ordered the shutdowns of some plants that are direct downstream of the polyolefins industry, as part of the government’s nationwide campaign to promote environment-friendly or "green" manufacturing conditions.

3rd August 2017

Philippine Coastal Storage and Pipeline Corporation Completes its Fuel Storage Expansion

Philippine Coastal Storage and Pipeline Corporation (PCPSC) has successfully completed the construction of 540,000 barrels of additional storage capacity and loading facilities at its operations within Subic Bay Freeport Zone (SBFZ).

29th July 2017

Energy security options being examined after oil strike

Sri Lanka will focus on energy security after the latest petroleum workers strike exposed the country’s vulnerability when the main oil storage facility is crippled, the Prime Minister said.

28th July 2017

Vietnam Plans to Spend Over $6 bln for Crude Oil, Fuel Storage

Vietnam Plans to Spend Over $6 bln for Crude Oil, Fuel StorageVietnam plans to spend more than $6 billion to build a strategic petroleum reserve and to expand commercial storage for crude oil and oil products by 2025, according to a document reviewed by Reuters.

28th July 2017

China Diesel Demand Expected To Return To Growth As Economy Improves

Chinese demand for diesel will rise again this year after contracting for the first time in over a decade in 2016, buoyed as the world's No.2 economy shows signs of growth, traders and analysts said.

26th July 2017

Sri Lanka arrests oil workers as troops restore supplies

Sri Lanka arrested dozens of striking oil workers Wednesday as the military moved in to restore supplies and end fuel shortages, officials said.

21st July 2017

South Korea easing rules at oil terminals

Country pushing ahead with plans to become a North Asia trading hub. South Korea is in the process of easing blending restrictions at its oil storage terminals as the world's fifth largest crude importer bolsters an effort to become a North Asia trading hub.

19th July 2017

China drafts new rules easing state oil majors' grip on storage

Beijing on Wednesday issued a draft of new regulations for China's growing oil and fuel storage industry, helping loosen the state-owned oil majors' grip on the sector as the nation pushes to reform its vast energy markets.

17th July 2017

Tank Storage Market Briefing, Tank Availability Worldwide - Week 29

Market Brief:How many millions of cubic meters will Zhoushan Island add in the next upcoming years? New Tank Storage Opportunities: North Germany, Sweden, Ukraine (Danube).

17th July 2017

Traders Shift Oil Products Out of Tanks as Short-Term Demand in Southeast Asia Soars

Some energy traders in Southeast Asia are cutting their use of storage tanks as short-term demand for oil products soars, hitting companies that rent out storage at a time when many of them have just expanded their capacity.

10th July 2017

Pengerang Deepwater Terminal, Malaysia

Pengerang deepwater terminal is located in the southern part of Johor peninsula in Pengerang, Malaysia. It is the first project of its kind in Southeast Asia and is intended to fulfil the growing need for storage capacity in the region. The terminal is owned and operated by a joint venture of Royal Vopak (44%), Dialog Group (46%) and State Secretary (10%) knoan as Pengerang Independent Terminals.

3rd July 2017

Phoenix Petroleum Opens New Oil Terminal in Cebu

Industry players in Cebu and the entire Visayas region are up for more intense competition with the commercial opening of the storage facility of publicly listed Phoenix Petroleum Philippines, Inc. in the area.

26th June 2017

Asia petrochemicals outlook

Sentiment in the Asian petrochemical market is set to be mixed this week after a fall in upstream crude oil futures and thin trading activity last week in the leadup to end of Ramadan holidays in the Middle East and Southeast Asia.

23rd June 2017

China, India, Japan hamper Asia oil demand growth, efforts to balance market

As the global oil market frets about a stubborn supply glut, faltering demand growth in key Asian crude importers is further hampering efforts to restore market balance.

8th June 2017

Philippines Eyes $2-bln Storage Facility for LNG Imports

The Philippines aims to build a $2-billion receiving and distribution facility for imported LNG, as it seeks to replace depleting domestic gas reserves that now produce a fifth of its power, the energy department said.

19th May 2017

Full Tanks and Tankers: A Stubborn Oil Glut Despite OPEC Cuts

After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks.

11th May 2017

Puma Energy to enter new markets in Asia this year

PUMA Energy, the Singapore-head quartered fuel retail and storage company backed by commodity trader Trafigura, is planning to enter new markets in Asia this year, as it looks to take advantage of the nearly limitless opportunities it sees.

11th May 2017


ExxonMobil Chemical Company announced that its Singapore affiliate has reached an agreement with Jurong Aromatics Corporation Pte Ltd to acquire its plant located on Jurong Island in Singapore.

8th May 2017

S'pore to gain importance as trading hub as LNG becomes commoditised

SINGAPORE will have a greater role to play in the liquefied natural gas (LNG) trade as the product becomes more commoditised, according to an IE Singapore official.

21st April 2017

The Gulf states are turning to Asia in a big way. Here’s why it matters

King Salman of Saudi Arabia recently wrapped up a four-week, five-country visit to Asia that highlighted the rapidly growing density and complexity of ties between the Gulf Cooperation Council (GCC) and Asian states. Largely under the radar, these growing ties between the Gulf and Asia have the potential to reshape geopolitical patterns and relationships.

23rd February 2017

Vietnam's New Nghi Son Refinery Expects to Get First Crude Oil in May

Vietnam's new $7.5 billion Nghi Son oil refinery expects to take delivery of its first crude oil in May and to have its first products by the third quarter of the year, the company said.

20th February 2017

After OPEC Cuts Heavy Oil, China Teapot Refiners Pull U.S. Supply To Asia

Chinese independent, or teapot, refiners are bringing in rare cargoes of North American heavy crude in a new long-distance flow that traders say has only been made possible by OPEC’s output cuts and ample supplies in Canada and the United States.

6th February 2017

Oil trading giant Vitol builds largest vessel in Singapore

Shipyards here remain prized for their expertise in ship-building despite the beaten-down market.

3rd February 2017

Traders Rush to Ship U.S. Oil as Export Window to Asia Opens

Oil majors and trading houses are set to ship an unprecedented volume of U.S. crude oil to Asia in coming weeks, boosting already high flows to the region due to higher prices from OPEC production cuts.

25th January 2017

US LNG Exports Shift To Europe From Asia

U.S. LNG exporters have shifted their focus to Southern Europe from Asia as cold weather and problems with Algerian gas supply have driven Europe's gas prices higher.

24th January 2017

India hopes to complete oil storage talks with UAE on Tuesday 

NEW DELHI: India hopes to conclude negotiations with the United Arab Emirates on Tuesday to fill its strategic oil reserves at Mangalore, in southern India, a foreign ministry official said. 

16th January 2017

Oil Prices Will Be Much More Volatile in 2017

Global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, the head of the International Energy Agency (IEA) said on Sunday.

13th January 2017

Oil set for weekly fall on doubts over extent of OPEC cuts

Oil prices are on track to end the week lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009.

12th January 2016

As OPEC Cuts, Traders Send European Oil Volumes to Asia

European and Chinese traders are shipping a record 22 million barrels of crude from the North Sea and Azerbaijan to Asia this month, seeking to plug any supply gap left by OPEC production cuts.

9th January 2016

Oil Storage Facilities on the Rise as Global Supply of Crude Oil Surpasses Demand.

The top five companies in the global oil storage market accounted for a combined share of just over 67% in 2014. These players are Royal Vopak N.V., Kinder Morgan Inc., Oiltanking GmbH, Buckeye Partners L.P., and NuStar Energy L.P. Transparency Market Research has found that the degree of competition in the increasingly capital-intensive oil storage market is extremely high and the threat of new entrants is likely to remain moderate throughout the forecast period.

6th January 2017

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the end of international sanctions. The Islamic Republic sold more than 13 million barrels of oil that was held in tankers, capitalizing on OPEC’s agreement to cut production in November, reports Reuters.

5th January 2017

Nigeria's $10bn strategy to stem its vast flows of stolen oil

The sand is still hot under our feet. The oil thieves must have run the illegal oil refinery – hidden from the sea by thickets of mangrove – until just a short while ago. “Destroy everything, boys,” orders the commander of the Nigeria Security and Civil Defence Corps (NSCDC) unit, Helen Amakiri.

2nd January 2017

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the end of international sanctions. The Islamic Republic sold more than 13 million barrels of oil that was held in tankers, capitalizing on OPEC’s agreement to cut production in November, reports Reuters.

15th December 2016

The Pain Is Almost Over For Oil And Gas Drillers

The drilling segment of the oil and gas industry has suffered more than its fair share of trouble since the oil price crash began in 2014. Unlike upstreamers and refiners, drillers and other service providers have had to not just agree to reduce their prices substantially in order to remain in business, but they have also suffered the fallout from huge cuts in exploration spending.

12th December 2016

Saudi's Sadara to Supply Feedstock to Saudi Rufayah Chemicals

Sadara Chemical, a $20 billion petrochemical joint venture between national oil giant Saudi Aramco and Dow Chemical, has signed a 20-year agreement with Saudi Rufayah Chemicals Co (RCC), Sadara said on Sunday.

23rd November 2016

Oil spice: With $3 billion port, Malacca eyes slice of shipping giant Singapore's pie

The Malaysian state is reclaiming land along the Straits of Malacca to build a port that can handle the biggest tankers on the planet. The target: a slice of traffic sailing on to nearby Singapore, the top but congested trading hub in a region with $600 billion in annual oil trade - a third of global oil demand.

7th November 2016

5.0 earthquake rattles Oklahoma oil-storage hub

A 5.0-magnitude earthquake rattled Oklahoma on Sunday night, causing “significant damage” to the town of Cushing, about 50 miles northeast of Oklahoma City. Cushing is home to the country’s largest commercial oil storage hub. There were no immediate reports of damage or problems related to oil storage or production. The 7:44 p.m. quake, initially reported as 5.3-magnitude but later downgraded by the U.S. Geological Survey, was felt as far away as Kansas City, Mo., and Little Rock, Ark. The USGS said the quake was centered about two miles west of Cushing, at a shallow depth of about 3.8 miles.

31st October 2016

Netherlands to build floating oil terminal in Iran

IOCT managing director has reported on negotiations with a Dutch firm to renovate and develop Iranian oil terminals in the Persian Gulf. On the sidelines of Offshore Energy Exhibition & Conference (OEEC) the Netherlands, Managing Director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi said Iran’s volume of crude and gas condensate exports has reached pre-sanction levels noting “currently, all facilities, equipment and infrastructures for storage, loading and exports on oil products have been renovated and upgraded.”

27th October 2016

India's ONGC Says Venezuela's PDVSA to Supply Oil

Venezuela's national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India's Oil and Natural Gas Corp. Ltd, ONGC Chairman D K Sarraf said on Thursday.

24th October 2016

Shell Among New LNG Sellers for Asia Hub Contender Singapore

Singapore, which is vying to become a regional center for the trading of liquefied natural gas in Asia, picked Royal Dutch Shell Plc and Pavilion Gas Pte Ltd. as its next suppliers of the fuel.

7th October 2016

Saudis Cancel Rare Prompt Oil Offer to Asia After OPEC Deal -Sources

Top global crude oil exporter Saudi Aramco last week cancelled a rare offering of prompt cargoes to buyers in Asia, five sources with knowledge of the matter said on Friday, pulling back on a private tender after OPEC unexpectedly agreed to an output cut.

12th September 2016

Oil prices suffer fresh losses in Asian trade

HONG KONG: Oil prices tumbled again Monday on a pick-up in drilling and a strong dollar as speculation swirled that the Federal Reserve could hike interest rates as soon as this month. The commodity plunged Friday, wiping out the previous day's rally as analysts said a sharp fall in US inventories last week was likely a one-off caused by import cutbacks as Hurricane Hermine ploughed through the Gulf of Mexico.