Industry news


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.

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.

16th October 2017

What drives tank storage demand? Arbitrage

Geographical price differences will lead to increased trade! In this article we would like to highlight the subjject arbitrage and what this theme has for impact on the tank storage market.

16th October 2017

China Crude Oil Storage Splurge is OPEC's Best Friend

China's crude oil imports surged to the second-highest on record in September, but this isn't a sign of supercharged demand in the world's second-biggest economy.

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.

28th August 2017

ExxonMobil completes acquisition of one of the world's largest aromatics plants

ExxonMobil Chemical Company announced today that its Singapore affiliate has completed its acquisition of one of the world’s largest aromatics facilities on Jurong Island in Singapore. The acquisition was first announced in May 2017.

20th August 2017

Weekly Oil Markets Recap - Global Oil Storage Set To Fall Further

Oil prices were trading lower all week despite a positive weekly oil storage report that saw the rebalancing continue unabated.

19th August 2017

Blockchain Tech Could Disrupt The Oil Industry

As the price of oil remains in the high-$40, low-$50 range, every cog in the oil industry is scrambling to reduce costs and streamline sales.

19th 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.

19th August 2017

Global LNG prices rise slightly in quiet trading week

Asian spot LNG prices largely levelled off this week following a strong run of gains over the past month as buyers took a break from replenishing stocks for winter.

18th August 2017

Dutch oil storage firm Vopak sees 2017 profit down on lower occupancy

Dutch oil and chemical storage company Vopak said on Friday its core profit in 2017 would be lower than last year, due to lower occupancy rates of its tank terminals and the firm's plans to invest in its storage facilities.

18th August 2017

Petronas tougher on costs, focuses more on downstream

When Datuk Wan Zulkiflee Wan Ariffin took over as CEO of national energy firm Petronas in April 2015, the price of a barrel of Brent crude oil had tumbled to around US$55, half the level of the previous year.

18th August 2017

PTT explores possibility of propylene oxide, polyether polyols complex in Thailand

PTT Global Chemical (PTTGC) signed two head of agreements (HoAs), to jointly perform engineering study for potential development of Propylene Oxide (PO) 200 KTA with Toyota Tsusho Corporation (TTC) and to jointly perform engineering study for potential development of Polyether Polyols (Polyols) 130 KTA with Toyota Tsusho Corporation (TTC) and Sanyo Chemical Industries, Ltd. (SCI).

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

Ursa Space Systems plans to track oil supplies around the world

Ursa Space Systems, a geospatial data and analytics company, announced plans to offer global reports on oil storage drawn from synthetic aperture radar (SAR) data.

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.