Industry news


12th June 2017

Oil Storage Market Is Expected To Boom Rapidly Owing To Regulatory Norms and Technological Advancement Till 2025: Grand View Research, Inc

According to report published by Grand View Research, Global Oil Storage Market is expected to reach 2.16 billion cubic meters by 2025. Ongoing revisions in energy security policies and guidelines issued by International Energy Agency (IEA) has urged its member countries to adhere to minimum oil stockholding rule.

7th June 2017

LNG-Gorskaya Overseas to Construct LNG Center in Denmark

Estonian company LNG Gorskaya Overseas OU and Danish port Grenaa Havn A/S have signed the MoU providing coordinated actions of the parties on construction of the bunkering LNG center with floating storage up to 10,000 m3 in the harbor Grenaa, says LNG Gorskaya LLC.

7th June 2017

DP World under union microscope

The International Transport Workers’ Federation is to target standards at DP World terminals around the world. Standards in health and safety, automation and contract labour will be targeted through a newly formed global union alliance formed of 17 unions based in DP World terminals.

24th February 2017

New Milestone for Load Collision Prevention

Lase, a specialist in laser-based sensor applications for the shipping industry, has achieved a new milestone in its load collision prevention system product development after meeting performance levels for safety standards and receiving certification by the German Employers' Liability Insurance Association. 

14th February 2017

Europe’s Big Oil Breaks Even At $50-60 Per Barrel

Europe’s big oil companies need oil to stay in a range between US$50 and US$60 a barrel to remain cash flow positive, Fitch Ratings said. The agency added that this represents significant progress from the times when Big Oil in Europe was finding it hard to break even at US$100 per barrel. Still, dangers remain if crude falls below the US$50 mark and the companies risk losing their current credit ratings.

13th February 2017

Watch: Hamburg smartPORT 2017 Update

The Port of Hamburg has released its smartPORT TV outlook for 2017 in a new 360 degree video format that focuses on its smart port projects for the year with the chief executive Jens Meier.

5th February 2017

Russia Looks At Greece As Gas Gateway To Europe

The Greek private limited company Gastrade, owned by the Greek conglomerate Coupelouzos Group, has been licensed to develop a floating storage and regasification unit (FSRU), which would allow for the import of liquefied natural gas (LNG) from various sources, including the United States, to northeastern Greece (Energypress.gr, December 22, 2016).

3rd February 2017

35 firefighters tackle blaze at oil storage refinery in Erith

Two people had to be rescued by firefighters from the roof of an oil storage refinery in Erith as it caught fire earlier today, February 3.

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.

6th January 2017

Shares in engineer Fenner soar as oil and gas market shows glimmer of life 

Shares in British engineering firm Fenner jumped by almost 17pc today as the company said it envisaged better-than-expected results thanks to an increase in orders. The engineer, which makes high-strength polymer seals for industry, has been boosted by the improving oil and gas market. It has also driven through job cuts in its conveyor belt business, improving its bottom line.

5th January 2017

Saudi Aramco Explores Feb Oil Supply Cuts of 3-7 Pct to Meet OPEC Target

Saudi Aramco has started talks with customers globally to discuss possible cuts of 3 percent to 7 percent in February crude loadings as it moves to implement an agreement on curbing global oil output, sources said on Thursday.

5th January 2017

U.S. Crude Stockpiles Slump, Fuel Inventories Surge at Year End

U.S. crude oil inventories fell sharply as higher refining runs prompted a surge in gasoline and distillate stocks in the last week of 2016, the Energy Information Administration said on Thursday.

4th January 2017

Vitol Clinches $1 Bln Pre-Finance Oil Deal With Iran-Sources

The world's largest oil trader, Vitol, has clinched a deal with the National Iranian Oil Co. (NIOC) to loan it an equivalent of $1 billion in euros guaranteed by future exports of refined products, four sources familiar with the matter said.

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.

2nd December 2016

Croatia's Janaf signs oil transportation, storage deals

Croatian state-controlled oil pipeline operator Jadranski Naftovod [ZSE:JNAF-R-A] said on Monday it has concluded several deals with local and regional companies for oil transportation and the storage of oil derivatives.

1st December 2016

Oil soars, Brent hits 16-month high after OPEC output deal

"Oil prices surged 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly.
The Organization of the Petroleum Exporting Countries agreed on Wednesday to its first oil output reduction since 2008 after the group's leading producer Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output."

30th November 2016

India invites global bids for filling strategic oil storage

India has invited bids from global oil firms and traders to lease out capacity in the newly built underground strategic oil storage at Padur in Karnataka. India, which is 80 per cent dependent on imports to meet its crude oil needs, has built three underground oil storages at Vishakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka as insurance against supply disruptions.

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.”

18th October 2016

In good sign for market, floating oil storage has plummeted

In a clear sign that the glut is abating, oil in floating storage has plummeted in the past few months.
Although the oil stored in ships is a relatively tiny portion of world oil inventory, it is a good early indicator of what is transpiring in the murky physical oil market.

7th October 2016

Shell Suspends Pacific Northwest Crude-by-rail Project

Shell announced Thursday that it is suspending permitting of its planned crude-by-rail project at its Puget Sound Refinery, which is located near Anacortes, Washington.

5th October 2016

Hurricane Matthew May Delay Fuel Cargoes to U.S. East Coast

Hurricane Matthew may delay petroleum cargoes to the U.S. East Coast by four days as ships stay in port while the storm passes.

11th September 2016

Can Cyprus become a regional energy hub?

Frequently we hear of Cyprus’ aspiration to become a regional energy hub. Turkey flirts more prominently with the idea while Egypt more recently voiced serious interest. Considering the economic importance of energy hubs not only for the host country but to the world’s economy, it is instructive to explore what an energy hub is and what it takes to establish one.

9th September 2016

U.S. Marshals Service Detains Oil Vessel in Philadelphia Port

The U.S. Marshals Service has blocked a Royal Dutch Shell-chartered vessel carrying up to 600,000 barrels of crude oil headed to the Monroe Energy refinery outside of Philadelphia from leaving the port in connection with a civil court order, the federal agency said.

7th September 2016

U.S. crude oil stockpiles plunge 12 million barrels: API

U.S. crude stocks surprisingly plunged more than 12 million barrels last week, data from industry group the American Petroleum Institute showed on Wednesday, boosting the price of oil.

2nd September 2016

Latvia Gas Utility Owners Approve Assets Spin-off

The owners of Latvia's gas utility Latvijas Gaze approved on Friday a spin-off of its gas transportation and storage assets, ahead of market liberalization next year, the company said at a shareholders' meeting.

3rd September 2016

Iran’s strategic oil reserves soar

Managing Director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi, while pointing to the rise in storage capacity of Iranian crude oil in the Persian Gulf region said “upon implementation of four new tanks in Kharg Termianl later in September, yet another 10 million barrels of new crude oil storage capacity will be created in Genaveh Port.

2nd September 2016

Latvia Gas Utility Owners Approve Assets Spin-off

The owners of Latvia's gas utility Latvijas Gaze approved on Friday a spin-off of its gas transportation and storage assets, ahead of market liberalization next year, the company said at a shareholders' meeting.

30th August 2016

Oil prices rise on U.S. weather fears, OPEC speculation

Oil futures rose on Tuesday supported by production suspensions in the U.S. Gulf due to an expected tropical storm and speculation that producers meeting in Algeria next month will act to prop up prices. Brent crude futures were trading at $49.53 per barrel at 1142 GMT, up 27 cents from the previous close.

29th August 2016

Germany Reaches Deal with EU on Green Energy Levy for Industry Power Stations

The German government has reached an agreement with the European Commission over disputed exemptions to the renewable energy levy for industrial companies that produce electricity for their own consumption, an Economy Ministry spokeswoman said on Monday.

19th August 2016

Nicaragua battles to control fire after oil tank explosion

Nicaraguan authorities are trying to control a fire Friday after two oil tanks exploded at the country's only storage terminal located on the pacific coast, and have also begun the evacuation of people in neighboring areas

17th August 2016

Turkey's BOTAS abandons fourth Marmara LNG tank

Turkey’s BOTAS has scrapped plans to build a fourth storage tank at its Marmara LNG terminal, a company source told ICIS on Wednesday.

14th August 2016

Oil Reshuffle in Poland - Urals out, Iran in

Poland is replacing Russian oil with Iranian oil and unsold Urals crude is being redirected to Asia, industry sources told Reuters. Trader Mercuria, once the largest seller of Urals in Poland, is closing down and emptying Russian oil out of its tanks in the port of Gdansk. Mercuria will use a tanker bringing in Iranian oil to transport out its unwanted Urals.

12th August 2016

U.S. Refiners Reap Rewards From Latin American Fuel Shortage

The Latin American refinery bust has proved to be a boon for U.S. fuel makers. From Brazil’s Petroleo Brasileiro SA to Mexico’s Petroleos Mexicanos, state oil companies have failed to complete nine projects worth at least $36.4 billion that would have supplied 1.2 million barrels of gasoline and diesel daily.

11th August 2016

Swiss Court Backs Iran in Decades-old Oil Row with Israel

Switzerland's highest court has ordered Israel to pay Iran around $1.1 billion plus interest in a decades-old dispute over a secretive oil pipeline company predating the 1979 Islamic revolution which made the countries enemies.

6th August 2016

U.S. oil inventories still growing, Energy Department says...

The amount of crude oil in storage in the U.S. continues to grow more than expected, with another 1.1 million barrels added to commercial crude inventories during the past week, according to new Energy Department data. Now that the busiest part of summer driving season is past, American refineries are demanding less crude oil so more of it is sitting in storage. With refineries slowing their production levels, however, the amounts of refined gasoline and other fuel products in storage are beginning to fall.

5th August 2016

First LNG-Fueled Vessel to Bunker at Rotterdam

The Port of Rotterdam is to carry out its first LNG bunkering operation next week, according to a statement from the company on August 3. The vessel to be fueled will be the Ternsund, a dual-fuel product tanker belonging to Swedish shipping line Terntank.

5th August 2016

Honeywell launches natural gas measurement portfolio

Honeywell Process Solutions (HPS) has recently launched its new measurement portfolio for the midstream natural gas sector. The portfolio offers comprehensive data on natural gas volume and quality measurement in order to maximise confidence and minimise costs.

4th August 2016

U.S. Crude Inventories Rise Unexpectedly as Distillate Stocks Grow

Crude inventories rose by 1.4 million barrels in the last week, compared with analysts' expectations for a decrease of 1.4 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.12 million barrels, said the Energy Information Administration, the department's statistical arm.

3rd August 2016

Need for Oil Storage Facilities on the Rise as Global Supply of Crude Oil Surpasses Demand, says TMR

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.

2nd August 2016

China's Unipec to Give Up Oil Megatanker Storage Lease

The UK-based trading arm of Beijing-backed Sinopec will give up the megatanker it booked to park crude in Asia at the onset of the drop in global prices two years ago, sources told Reuters.

28th July 2016

Shell Earnings Tumble to 11-Year Low on Oil, Weaker Refining

"Royal Dutch Shell Plc reported the lowest quarterly earnings in 11 years and missed estimates by more than $1 billion as a mix of lower energy prices, weaker refining margins and production halts weighed on Europe’s largest oil company. Profit adjusted for one-time items and inventory changes sank 72 percent from a year earlier to $1.05 billion, The Hague-based Shell said Thursday. Analysts had expected a $2.16 billion result."

20th July 2016

Vancouver Bans All Oil Storage Within City Limits

"The city council of Vancouver has voted unanimously to ban new construction for oil storage facilities and refineries in the city, as well as expansions to existing facilities. The ban came after public protests against a proposed crude-by-rail terminal at Vancouver port and, ironically, will not affect this particular project."

16th July 2016

Attempted Coup in Turkey May Imperil Crude Transport in Region

"The attempted coup in Turkey may boost oil prices by imperiling crude shipments through the country, a major energy-trade corridor. Turkey’s army said it had seized power on Friday as warplanes flew over Ankara, the capital, and tanks blocked roads in Istanbul. Prime Minister Binali Yildirim said his government was still in control and will resist efforts by the military to take over."

15th July 2016

China’s Oil Output Tanks, Hits 4 Year Low

"China’s crude oil output over the first half of the year stood at 101.59 million metric tons, down 4.6 percent and the lowest six-month figure since 2012, Bloomberg reports. The decline reflects China’s stated shift from an industry-focused economic model to a more service-oriented one."

8th July 2016

Oil products fill storage tanks and cast doubt over crude demand

"The levels of diesel, gasoline and heating oil in storage tanks in Europe this week are so high they are causing delivery backlogs and are casting doubt on whether demand for oil to be refined can be sustained."

8th July 2016

API publishes new safety standard for onshore tank measurement of crude

"The American Petroleum Institute (API) has announced the publication of a new onshore safety standard for tank measurement of crude oil. The new standard, API MPMS Chapter 18.2, Custody Transfer of Crude Oil from Lease Tanks Using Alternative Measurement Methods, provides safe and accurate options for the custody transfer of crude oil from production lease tanks."