The April/May edition of Tank Storage Magazine has just been published. Within this...
Singapore LNG Corporation (SLNG) has joined forces with four Singaporean and two Japanese...
As tank storage within the US approaches capacity, Bloomberg reports the government is...
Canada has become the most recent country to request its oil refineries slow down...
Oil major Shell says it is pulling out of the proposed Lake Charles LNG project in...
Ports within the Italian North Tyrrhenian network are working together to manage the glut...
Pipeline operators in the US have been requesting oil producers slow down their outputs as...
The Coronavirus (Covid-19) has been an unexpected surprise to all of us. CST has been...
The current production of oil cannot be sustained in the second quarter of this year, due...
In the hunt for new oil storage as the global fuel glut grows, South Africa's Port of...
Oil majors around the world are slashing their budgets to survive the impacts of the...
As coronavirus lockdowns continue, energy prices in Europe have slumped amid predictions...
Sharjah National Oil Corporation (SNOC) has signed a US$40 million deal with Petrofac...
Energy manufacturing and logistics company Phillips 66 says it will slash more than US$3...
The US Department of Homeland Security (DHS) has moved to designate the nation's...
A major Caribbean oil refinery has activated its COVID-19 emergency response plan after a...
Abu Dhabi Ports has signed a strategic agreement with Saudi Arabia based Arabian Chemical...
The team at StocExpo want to thank the bulk liquid storage industry after the show went...
Energy consulting firm Rystad Energy estimates the largest global surplus in oil supply...
Calgary-based Pembina Pipeline Corporation has received US Federal Energy Regulatory...
With the recent outbreak of COVID-19 affecting our global community, our thoughts are with...
Pavilion Energy and Singapore LNG have signed a five-year agreement for LNG storage and...
US Development Group and Gibson Energy will start construction of a diluent recovery unit...
Oil prices in the US plunged to below $30 a barrel, Brent crude fell by 10% and several...
CLH, Sprague Operating Resources and Toptech Systems were among the winners revealed at...
The oil price crash could be the trigger for a new phase of deep industry restructuring...
Leading bulk liquid storage event StocExpo will open at the Rotterdam Ahoy, on March 10 -...
Digitalisation is one of biggest trends in heavy industry and it is starting to deliver on...
Shell Oil Products, a subsidiary of Shell, is marketing two of its refineries, one in...
Prostar Capital will invest up to $100 million to expand and upgrade operating capacity at...
Writing exclusively for Tank Storage Magazine, BRO and ENGIE explain how they developed an...
LBC Tank Terminal's has reached the first milestone in its Rainbow II storage expansion...
EnCap Flatrock Midstream has made an initial capital commitment of $500 million to a newly...
Cameron LNG has started commercial operations on Train 2 of its liquefaction-export...
Phillips 66 Partners will acquire Philipps 66's 50% interest in the Liberty Pipeline...
Phillips 66 and Trafigura Group have formed a joint venture to develop an offshore...
Oman's crude oil production rises- Oilandgaspeople.com
"Oman's total crude oil and condensates production during May 2016 stood at 30.10 million barrels, a daily average of 999,836 barrels..."
"Firefighters work to extinguish flames on three oil containers that caught fire Sunday in Bryan..."
Yilport buys Turkey's largest liquids terminal- The Maritime Executive
"Turkish ports holding company Yilport has purchased 100 percent of Turkey's largest liquids terminal, Solventas Technical Storage in Dilovasi, Gulf of Izmir..."
"The last six major oil price cycles lasted an average of two years. This one started in July, 2014..."
India seeks better LNG deal by teaming up with South Korea and Japan- DownstreamToday
"MUMBAI, June 14 (Reuters)- Energy-hungry India has restarted talks on a liquefied natural gas (LNG) purchasing alliance with Japan and South Korea and may also include China as Asian demand for the fuel grows..."
U.S crude oil stocks drop less than expected- EIA- DownstreamToday
"June 2 (Reuters)- U.S. crude stocks fell last week, though the decline was less than forecast, while gasoline and distillate stocks decreased, the Energy Information Administration said on Thursday..."
WTI crude oil trades below $49 per barrel ahead of release of inventory data (NYSE:BP)- Sonoran Weekly Review
"West Texas Intermediate (WTI) crude oil futures for delivery in July were trading 1.0% lower at $48.59 per barrel during Wednesday’s pre-market trading session while Brent oil futures for delivery in August were down by 1.1% at $49.32 per barrel..."
Magellan and LBC to expand crude storage- Energy Global
"Magellan Midstream Partners, L.P. (Magellan) and LBC Tank Terminals, LLC (LBC) have announced that they have entered into a letter of intent for Seabrook Logistics, LLC (Seabrook Logistics), owned 50/50 by Magellan and LBC, to expand its crude oil and condensate storage, marine capacity and pipeline infrastructure in the Houston Gulf Coast area..."
Oil heading for $60- Oilprice.com
"The UAE's economy minister sees oil jumping to $60 per barrel in the next few months..."
OPEC expected to keep output steady as oil rebalances- The Wall Street Journal
"VIENNA—The Organization of the Petroleum Exporting Countries isn’t likely to take any coordinated action on crude-oil output at its meeting on Thursday, representatives said, as the group sees signs of success with its hands-off approach of the past 18 months..."
This is the 'reckoning point' for a bunch of oil producers- Business Insider
"Oil prices have rebounded over the past few months..."
"The P.E.I. government is eyeing new regulations for oil tanks over 2,200 litres and says it's been reviewing its tank regulations for over a year..."
Hascol to build oil storage facility at Port Qasim- TankTerminals.com
"Hascol Petroleum Limited has decided to establish a joint venture for developing and operating an oil storage/ terminal facility of 200,000 metric tonnes at Port Qasim Authority with the paid up capital of Rs 2,500 million..."
Iran has no plans to freeze oil exports- oilandgaspeople.com
"Iran has no plans to freeze the level of its oil production and exports, Deputy Oil Minister Rokneddin Javadi was quoted on Sunday as saying, as the country tries to raise its crude exports to pre-sanctions levels..."
Saudi Aramco and SABIC say no plans to merge petrochems- DownstreamToday
"DUBAI, May 21 (Reuters)- National oil giant Saudi Aramco and Saudi Basic Industries Corp denied on Saturday they had any plans to merge their petrochemicals businesses after media reports on the possibility..."
Canadian oil companies losing $50 million a day as fires rage- oilandgaspeople.com
"Out-of-control wildfires that have consumed over a million acres of land in Canada's Alberta are costing oil companies as much as $50 million a day in lost production, according to analysts..."
"The oil supply outages coming from recent militant attacks in Nigeria and wildfires in Canada gave many in the financial industry a reason to call for much higher oil prices, with Goldman Sachs going so far as saying it has resulted in a quick rebalancing of the oil market..."
With big outrages in oil supply, buyers tap plentiful storage- Downstream Today
"NEW YORK, May 19 (Reuters) - Oil traders from Houston to the North Sea are tapping into plentiful storage onshore and offshore, evincing little sign of concern yet about mammoth supply losses from Canada to Nigeria that has knocked out about 2 million barrels a day of output..."
Incident at Exxon Terminal test Nigeria's foundering oil output- Downstream Today
"NEW YORK/ YENAGOA, Nigeria, May 19 (Reuters)- Nigeria's oil production showed further signs of strain on Thursday as intruders blocked access to Exxon Mobil's terminal exporting Qua Iboe, the country's largest crude stream..."
"Mining giant Anglo American is no longer feeling "unloved" after a double ratings upgrade from Bank of America Merrill Lynch prompted a share price jump..."
Sipchem hopes to sign $450mn sukuk issue in June- arabianoilandgas.com
"Saudi Arabia's petrochemical firm Sipchem is hoping to secure a $480mn sukuk issue in June which could be used to finance potential acquisitions in the Kingdom..."
India's mobility revolution is driving global oil demand- Downstream Today
"LONDON, May 16 (Reuters) - "India is taking over from China as the main growth market for oil," the International Energy Agency observed in its latest petroleum market update ("Oil Market Report", IEA, May 2016)..."
Petrochemicals rise on higher crude oil prices- arabianOilandGas.com
"Petrochemical spot prices made significant gains in April on the back of higher crude oil prices, Investment Bank SICO noted in its monthly 'petrochemical round-up' report..."
"Global oil consumption is growing much faster than most analysts expected at the start of the year but increases in demand remain very uneven geographically and by fuel..."
Falling Chinese demand could intensify the oil war- OilPrice.com
"The Chinese slowdown did more than drag down its own economy, it singlehandedly created financial tremors throughout the global financial markets..."
EDF: EPA's oil and gas methane limits are crucial- Hydrocarbon Engineering
"On 12 May, the US Environmental Protection Agency finalised clean air standards limiting emissions of methane from new and heavily modified sources in the oil and gas industry..."
Iran eyes 40% share of Middle East LPG exports- arabianOilandGas.com
"Iran is eyeing 40% share of the Middle East liquefied petroleum gas (LPG) exports are production from South Pars gas field is several months away from coming on stream, IRNA news agency reports..."
Honeywell to spin off its $1.3 bln resins and chemicals business- Downstream Today
"May 12 (Reuters)- Honeywell International Inc, a U.S. manufacturer of aerospace parts and climate control systems, said it would spin off its $1.3 billion resins and chemicals operations into a standalone company, as it focuses on higher-growth businesses..."
Global oil demand surprises on the upside- Downstream Today
"LONDON, May 12 (Reuters)- Global oil consumption is growing much faster than most analysts expected at the start of the year but increases in demand remain very uneven geographically and by fuel..."
Oil needs another Saudi Arabia if the EIA is right: Gadfly- Downstream Today
"On Wednesday, the Energy Information Administration released its annual International Energy Outlook, with projections through 2040..."
Saudi Aramco expects huge marine complex operating fully by 2021- Downstream Today
"DHAHRAN, Saudi Arabia, May 10 (Reuters)- National oil giant Saudi Aramco expects a huge ship repair and shipbuilding complex that it is developing at Ras al-Khair on the kingdom's east coast to be fully operational by 2021, chief executive Amin Nasser said on Tuesday..."
Honeywell UOP to supply technology for EagleClaw- Hydrocarbon Engineering
"Honeywell UOP has announced that it will provide a modular Honeywell UOP Russell cryogenic gas processing plant to help EagleClaw Midstream Ventures recover valuable natural gas liquids (NGLs) in the Permian Basin..."
UAE delays building Fujairah LNG plant: Report- arabianOilandGas.com
"Abu Dhabi is indefinitely delaying construction of the first land-based facility for importing liquefied natural gas into the United Arab Emirates after it contracted a floating supply terminal, Bloomberg reports..."
In rare reversal, Brazil exports diesel to Europe- Downstream Today
"LONDON, May 9 (Reuters)- Brazil has joined a list of countries exporting diesel to Europe, reversing a traditional route and underscoring a weakening of the largest South American economy..."
"Three major oil firms have warned they will not be able to deliver on some contracts for Canadian crude, a further sign that output cuts due to wildfires are curbing supplies from the Alberta oil sands region..."
"PAYSON, Ariz., May 6, 2016 /PRNewswire/ -- Midwest Oil and Gas (OTC PINK: MWOG) announced today that it has received the results of a study conducted by a third party geologist to estimate the oil deposits of its newly acquired 160-acre lease in Callahan County, Texas..."
India to gradually move to gas-based economy: Dharmendra Pradhan- The Economic Times
"NEW DELHI: India plans to shift to a gas-based economy by boosting domestic production and buying cheap liquefied natural gas (LNG) as the world's third-biggest oil importer seeks to curb its greenhouse emissions, oil minister Dharmendra Pradhan said..."
Saudi Aramco sets big financing plans- OGN Oil & Gas News
"The world's biggest energy company Saudi Aramco outlined financing plans that will supports its expansion into new areas under a sweeping economic reform plan released by Riyadh this week..."
"Oil fell on Tuesday, as rising output from the Middle East and North Sea renewed concerns about a global supply overhang..."
Iran, South Korea announce Oil & Gas Cooperation- The Maritime
"Iran and South Korea have announced multiple new oil and gas cooperation agreements coinciding with South Korean President Park Geun-hye's goodwill delegation to Tehran..."
OPEC Oil Output Near Record High in April as Iran, Iraq Growth Offsets Outages- oilandgaspeople.com
"OPEC's oil output rose in April to close to the highest level in recent history, a Reuters survey found on Friday, as production increases led by Iran and Iraq more than offset a strike in Kuwait and other outages.."
Saudis finally listen to an oil warning from their past: Gadfly- DownstreamToday
"(Bloomberg)- After the failure of the Doha deal to freeze oil production, Saudi Arabia's output is now almost certain to rise in the coming months. It wants to regain market share in China and meet the summer peak in its own domestic demand without cutting exports..."
U.S. Energy Secretary sees oil supply, demand rebalancing in a year- DownstreamToday
"KITAKYUSHU, Japan, May 2 (Reuters) - U.S. Energy Secretary Ernest Moniz said he expects global oil supply and demand to rebalance in about a year's time..."
Oman to build $400m oil storage terminal in Duqm- ConstructionWeekOnline.com
"Oman has revealed plans to construct an oil storage terminal in Ras Markaz, 70km from Duqm..."
Oman plans to build $400m oil storage terminal near Duqm- ArabianBusiness.com
"Oman plans to build a major oil storage terminal on its south-eastern coast, spending between $300 million and $400 million on the first phase, Minister of Oil and Gas Mohammad bin Hamad-al-Rumhy said on Saturday..."
"Abu Dhabi, UAE - A high level delegation, from ADNOC and its diverse group of 21 subsidiaries, will source the latest offshore oil and gas technologies, at the Offshore Technology Conference (OTC 2016), which will take place in Houston, in the United States, from May 2-5..."
Hazira Terminal to handle 15 million t of cargo- Energy Global
"Essar Bulk Terminal Limited, Hazira (Hazira Terminal), a subsidiary of Essar Ports Limited (Essar Ports), which is a part of Essar, has received an approval from Gujarat Maritime Board (GMB) to handle 15 million t of merchant cargo over three years..."
"NIGERIA’S downstream sector of the oil and gas industry is currently in turmoil and in need of an urgent turnaround to streamline its operations..."
Oil breaks above $45 a barrel- Fuelfix
"Oil climbed above $45 a barrel in New York for the first time since November after U.S. industry data showed a decline in crude stockpiles..."
"Saudi Arabia's cabinet has approved "Saudi Vision 2030," a comprehensive plan to significantly reduce the Kingdom's dependence on oil over the next 15 years..."
India's Reliance Looking at Long-term Oil Supplies from Iran- Downstream Today
"MUMBAI, April 22 (Reuters) - Reliance Industries Ltd, India's biggest oil refiner, said it is looking to buy more crude from Iran as the company seeks to rebuild ties to benefit from shorter shipping distances..."
Consolidated Edison, Crestwood Form Pipeline and Storage JV- Downstream Today
"April 21 (Reuters) - Consolidated Edison Inc said its unit would purchase a 50 percent stake in a new entity that will hold Crestwood Equity Partners LP's natural gas pipeline and storage business for $975 million..."
Oil market focus to shift from oversupply to lack of supply- Saxo Bank- Azernews
"The rebalancing process on the oil market is well underway, especially in North America, where the U.S. and Canadian high cost producers are forced to cut production, Ole Hansen believes..."
Vopak Boosts Profits Amid Strong Demand for Tanks- Tankterminals.com
"April 21, 2016 [OPIS] - Vopak, a tank storage provider for the oil and chemical industry, boosted profits 5% in the first quarter as demand for storage grew, but revenues were flat after it trimmed global storage capacity..."
Indonesia eyes overseas oil storage to hold buffer stocks- Hellenic Shipping News
"Indonesia is in talks with several Middle East nations to lease oil storage tanks as Southeast Asia's biggest consumer aims to eventually create buffer crude and oil product stocks equivalent to 30 days of consumption but faces domestic infrastructure challenges..."
"Mr Emmanuel Aramh- Kofi Buah, Minister of Petroleum has persuaded stockholders to direct their capital to the country's downstream oil side, as it beams with huge opportunities after government price liberalisation policy spurred competition..."
"HOUSTON, April 15 (Reuters) - Hess Corp. on Friday confirmed it sold 175,000 barrels of Bakken crude for export out of the U.S. Gulf Coast that is currently being transported by the buyer to a European refinery..."
Despite pay revolt, BP shareholders sticking with Dudley- Daily Mail via Reuters
"LONDON, April 15 (Reuters) - The future of Bob Dudley at the head of BP seems untarnished by shareholders' unusual rejection of his pay package as 99.6 percent of them also backed his re-appointment and trust him to lead the company through a period of weak oil prices..."
"LONDON, April 13 A record number of rigs are drilling for oil and gas on the Arabian peninsula even as drilling in the rest of the world tumbles in response to low prices..."
Oil surges higher: 8 reasons for the huge rally- 24/7 Wall Street
"If any commodity has proven to be volatile this year it's oil. After a two-year plunge that took the black gold from well above $100 a barrel to the mid $20s..."
"The oil price has dipped below $40 a barrel, reversing strong gains earlier in the week, as analysts warn the price of Brent crude will struggle to move higher as stockpiles begin to flood the market..."
UK's Coryton oil storage terminal opens as glut grows- Hellenic Shipping News
"The Thames Oilport terminal near London opened on Wednesday after nearly nearly four years of development, at a time when a global oil glut and a collapse in fuel prices are making storage an attractive investment..."
APM Terminals Readies Lazaro Cardenas TEC2- Tank News International
"Phase 1 of the $900 million semi-automated deep-water terminal at Mexico's second- busiest container port is to open soon with 750 meters of quay and 1.2 million TEU annual throughput capacity..."
"Oil storage capacity in Fujairah is expected to rise by 2 million cubic metres (mcm) this year to just over 6 mcm, port data show..."
Saudi Arabian prince plans $2 trillion fund- CNN Money
"Saudi Arabia's prince has outlined bold plans to build a mega $2 trillion investment fund to help wean his country off its heavy reliance on oil..."
Outages in Latin America to help relieve global oil supply glut- DownstreamToday
"HOUSTON, April 1 (Reuters) - From Peru to Brazil, a rash of unplanned outages at ports and pipelines and necessary maintenance work at oilfields is taking a bite out of global production, unexpectedly curbing a historic supply glut..."
"BP plc (ADR) (NYSE:BP) slipped -2.25% to reach at $29.50. The company has experienced volume of 5.52 million and trading in the range of $29.23 - $29.59 for the current session..."
U.S. crude oil stockpiles rise less than expected in week- EIA- Downstream Today
"NEW YORK, March 30 (Reuters) - U.S. crude oil stockpiles rose less than expected last week as imports fell and refinery runs rose, while gasoline and distillate inventories drew down, data from the Energy Information Administration showed on Wednesday..."
"BEIJING, March 30 (Reuters) - Iran is expected to add half a million barrels of oil supply a day within a year from its existing oilfields after the lifting of sanctions against Tehran in January, but developing new fields would take time, the head of the International Energy Agency said on Wednesday..."
"Saudi Arabian Oil Co. is pressing ahead with an expansion of the Khurais oil field despite lower crude prices and plans to double its production of natural gas over the next 10 years, the company's chief executive officer said..."
India offers oil storage access to Iran: Report- Hellenic Shipping News
"Indian Oil Minister Dharmendra Pradhan is likely to discuss Iran's access to oil storage facilities in South India during his visit to Tehran next month, a report says..."
"LONDON, March 24 Iranian oil flows to Europe have begun to pick up from a slow start after sanctions were lifted in January, but trading sources say a lack of access to storage part-owned by Tehran's Gulf Arab rivals now looms large on a list of obstacles..."
"LONDON, March 23 Trading houses are betting on oil markets remaining oversupplied for at least two more years even as crude prices stage a recovery driven by early signs of falling production..."
"Vitol is looking to cash in on the oil storage boom resulting from the current oil glut, and sell a stake in its wholly-owned oil storage company VTTI, according to reports Friday..."
Vtti Energy Partners LP (NYSE: VTTI) Short Interest Increased by 7.49%- Business Standard Tribune
"The stock of Vtti Energy Partners LP (NYSE:VTTI) registered an increase of 7.49% in short interest. VTTI’s total short interest was 292,900 shares in March as published by FINRA..."
Natural Gas Prices could Plunge Below $1 Here- Oilprice.com
"Natural gas prices in the United States dropped their lowest levels since 1998 on March 1, with Henry Hub spot prices falling to $1.57 per million Btu (MMBtu)..."
Kenya to go it alone in oil pipeline project- AllAfrica
"Kenya faces the onerous task of constructing a crude oil pipeline to the Coast alone after Uganda and Tanzania agreed to build a similar facility at Tanga port..."
The New Oil-Storage Space: Railcars- The Wall Street Journal
"U.S. market is so oversupplied with oil that traders are experimenting with a new place for storing excess crude..."
Vopak Reports on 2015, Storage Capacity Developments, Divestments- TankTerminals.com
"Vopak EBITDA increased by 6% to EUR 812 million, EBIT increased by 6% to EUR 556 million..."
"It is obvious that pipelines are a safe and efficient means of transporting large quantities of crude oil and natural gas over and through the land as energy is fundamental to economic security..."
"Half of Iran's estimated 1.2 million metric tonnes (mt) of fuel oil exports for February are going to end up at the world's largest bunkering port, Singapore, according to a report released by Wednesday..."
Vopak Earnings Top Forecasts, Sees 2016 Terminal Occupancy Above 90 Pct- Downstream Today
"AMSTERDAM, Feb 26 (Reuters)- Vopak, the world's largest independent storage tank operator, on Friday reported core earnings ahead of analysts' expectations, but shied away from forecasting profit growth in 2016..."
"Oil prices shook off losses Thursday and ended the day with a gain after Venezuela's oil minister said his country would meet with other top global producers to discuss efforts to stabilize the market..."
"A century and a half before the current supply glut sent oil prices into contango, one of America’s greatest industrialists tried to make money by storing crude. He failed..."
Half of Global oil glut may disappear if output deal works, says Russia- Downstream Today
"KRASNOYARSK, Russia, Feb 19 (Reuters) - The global oil market is over-supplied by around 1.8 million barrels per day (bpd), but that glut could be halved if a deal to freeze oil production at last month's levels takes effect, a top Russian energy official said on Friday..."
"CALGARY- Alberta's oil storage tanks aren't brimming with crude like their U.S. counterparts, but the business is still one of the bright spots amid the oilpatch's devastating downturn..."
"Mumbai: The UAE and India are working together to finalise the terms of an agreement on strategic crude oil storage in the southern Indian City of Mangalore, the UAE Minister of Energy told Gulf News..."
Odfjell are still in the red- Tanker Operator
"Odfjell has reported a significant improvement in the group's underlying performance in 2015 with $100 mill in annual savings achieved..."
Oil Glut: What Storage Signals Mean for Prices- The Wall Street Journal
"There is only a one-letter different between Cushing and Crushing. The latter is what the storage depots at the small Oklahoma town are doing to the global oil market this week..."
Oil Nears Critical Storage Levels- Bloomberg Business
"Bloomberg's Dan Murtaugh reports on the price, storage and production of oil. He speaks on "Bloomberg Markets..."
Digital shadows offers new defense to oil, gas cyberthreats- DownstreamToday
"As the oil and gas industry pushes towards greater use of automation and digital technologies to enhance operational efficiency, productivity and safety, it must grapple with the cybersecurity threats that automation and digital technology present..."
Date: 10th February 2016
Source: Downstream Today
"LONDON, Feb 10 (Reuters) - Refinery closures will eventually funnel the world's diesel, gasoline and jet fuel into "mega hubs" that are increasingly far from the end consumer, boosting the value of storage and logistics operations, Puma Energy executives said..."
"President Barack Obama will propose a $10-per-barrel charge on oil to fund clean transportation projects as part of his final budget request next week, the White house said Thursday..."
Crude oil prices fall again on rising oversupply concerns- Market Realist
"March WTI (West Texas Intermediate) crude oil futures trading on NYMEX fell by 1.7% and settled at $31.72 per barrel yesterday..."
"SINGAPORE, Feb 5 Gulf Petrochem, a privately-held oil products trader, plans to cash in on Iran's return to the oil markets by expanding storage terminals in the Middle East Gulf to benefit from the expected increase in trade..."
"United Arab Emirates Midstream Oil and Gas Industry Outlook to 2020: Market Forecasts for Liquefied Natural Gas (LNG), Oil Storage, Pipelines and Gas Processing" is a comprehensive report on midstream oil and gas industry in United Arab Emirates..."
"Data volumes are growing like crazy and yet there's a case to be made that 2016 is going to be a tough old year for storage..."
"SOCAR (State Oil Company of Azerbaijan) plans to increase the capacity of the Kulevi Black Sea oil terminal in Georgia, deputy head of the SOCAR Marketing and Economic Operations Department Maqsud Mahmudov said..."
Oil price plunge; Jurong island refineries, oil firms enjoying boost- World News Report
"The plunging oil price is creating huge problems in many sectors but the refineries and petrochemical companies on Jurong island are enjoying a huge boost..."
Oman's Duqm project set for expansion- Trade Arabia
"The Oman government has expanded the total area of the Special Economic Zone at Duqm region to 2,000 sq km from the previous 1,745 sq km to help accommodate oil storage activities at the Ras Markaz area of the sultanate, said a report..."
Crude Oil Prices 2016: What to Expect- The Motley Fool
"Crude oil prices have been incredibly volatile since the summer of 2014, and predictions of where it's going in 2016 range from $20 to $100 per barrel..."
"LONDON (Reuters)- Iran is slowly winding down stocks of oil storage on tankers close to its shores and the process is likely to take longer than Tehran had wanted, despite the lifting of international sanctions this month..."
Demand for oil storage, Corpus Christi facility help push NuStar to a profit- San Antonio Express-News
"A glut in U.S. oil production and a strong volume of South Texas crude moving through its facility in Corpus Christi helped push pipeline and storage company NuStar Energy LP to a profit in the fourth quarter, beating analyst estimates..."
Gulf Petroleum in Fujairah expansion- TankerOperator
"Gulf Petrochem Group has announced details of its expansion of its Fujairah terminal ahead of its EPC tender expected to go out to market early next week with the project ready to start in April, 2016..."
"Iran is slowly winding down stocks of oil stored on tankers close to its shores and the process is likely to take longer than Tehran had wanted, despite the lifting of international sanctions this month..."
Middle East economic slowdown will cut oil demand growth- Hellenic Shipping News
"The Middle East was the fastest growing region for oil consumption except China over the last decade as young publications and booming economies simulated a surge in fuel demand..."
Oil Prices: Have We Finally Reached the Breaking Point?- The Motley Fool
"It seems like the oil market is finally getting to the point where it is breaking the will of oil producers to keep pumping. With oil recently falling below $30 a barrel, producers from around the world are not only turning off drilling rigs, they are starting to shut down oil wells, too..."
"Fires at oil storage tanks in the major Libyan terminal of Ras Lanuf were still raging two days after Islamic State militants set fire to the facility..."
Iran signs deal with European refiner as sanctions end- DownstreamToday
"(Bloomberg)- Iran signed an agreement to supply crude oil with Hellenic Petroleum SA, a Greek oil refinery, in what may be the Persian Gulf Producer's first such deal with European company since the removal of international sanctions this month..."
The World is not running out of storage space for oil- Oilprice.com
"The IEA struck a dour tone on the state of the global economy in 2016 in its latest monthly Oil Market Report, and even included a stark warning that the markets could “drown in over-supply” because of rising storage levels around the world..."
Global stock markets dive amid oil rout- BBC News
"Stock markets worldwide have tumbled with investors unsettled by the continued slide in oil prices and fears about the impact on global growth..."
BP boss: Oil price will rise- BBC News
"The boss of BP has predicted that the oil price will rise in the second half of the year as demand increases from America and China and supply begins to ease as the US shuts down production..."
"There is more storage space for crude around the world than anticipated, which will help prevent further sharp falls in the price but also weigh against significant price rises, analysts and industry watchers say..."
Oman says building 25m barrels of new oil storage- Arabian Business
"A storage project with 25 million barrels of space will open in Oman in 2019, helping to keep the country's oil flowing, Oman Tank Terminal Company (OTTCO) said on Tuesday..."
Oil plummets to $29, dragging world stocks lower- The Daily Star
"Oil prices plummeted to $29 a barrel on Friday on the likely resumption soon of Iranian oil exports into an already flooded market as international sanctions against Iran are lifted, dragging equity indices around the world sharply lower..."
"Prospects of the Islamic Republic pumping an additional 500,000 barrels a day sends stock markets in Dubai and Saudi Arabia into tailspin..."
Iran sanctions lifted: Brace for oil shakeup- CNN Money
"The end of economic sanctions against Iran could shake up oil markets. U.S. and European Union sanctions on Tehran were finally lifted on Saturday, restoring Iran's access to world's markets. Iran has been gearing up for this moment for months and could soon return to the top ranks of global oil producers..."
"The bottom for oil, the end of upstream master limited partnerships, and a megamerger..."
Oil Plunges Below $29 on prospects of more Iran Crude, China Worries- Downstream Today
"NEW YORK, Jan 15 (Reuters)- Oil prices crashed 6 percent on Friday to close below $30 a barrel for the first time in 12 years, resuming this year's breathtaking rout as Chinese stock markets fell further and traders braced for an imminent rise in Iran's exports..."
Moving a tank in Australia- youtube
A great time lapse video by our colleagues in Australia showing how they safely moved a tank.
"Libya's National Oil Corporation has emptied oil storage tanks at the Ras Lanuf terminal as a precaution after Islamic State militants attacked the country's two biggest oil ports last week, an official from the company said on Monday..."
A New Saudi Arabia is Non-Stop Action in Dangerous Cheap-Oil Era- DownstreamToday
"(Bloomberg)- Saudi Arabia, one of the most tradition-bound societies on the planet, where family structure and tribal patriarchy differ little from a century ago, is suddenly in a hurry. It has done more in the past week than in most years..."
"Shelling by so-called Islamic State (IS) on an oil terminal in Libya has started fires that have spread to giant storage tanks, officials say..."
Two fires extinguished at Libyan oil terminals, five still burning- DownstreamToday
"Benghazi, Libya, Jan 7 (Reuters) - Firefighters have extinguished two fires at oil storage tanks at Libya's Ras Lanuf terminal, but blazes continue at five tanks in the nearby port of Es Sider after attacks this week by Islamic State Militants, a Petroleum Facilities Guards (PFG) spokesman said on Thursday..."
Biggest No Longer Means Best in Qatar's Strategy for LNG Wealth- Downstream Today
"(Bloomberg)- For Qatar, the world's largest exporter of liquefied natural gas, preparing for a looming glut of the fuel isn't about being the biggest seller. It's about being the most efficient..."
"The oil price has tumbled again, with Brent crude sinking by 4.2% to $34.88 a barrel on Wednesday, taking the price to its lowest level since 1 July 2004..."
Iraq eyes PetroChina and ExxonMobil to fund EOR project- Oil Review Middle East
"Iraq, OPEC's second-largest producer, has approached PetroChina and ExxonMobil to invest in s multi-billion-dollar project to boost output from its smaller southern oilfields, a senior Iraqi oil official said..."
Leaving 2015 behind, Will 2016 see oil rebound?- OilPrice.com
"In the last article of the year, we start with some key figures from the oil and gas industry. The oil and gas industry, along with its investors, are no doubt happy to close the books on 2015, one of the worst years in recent memory..."
Oil tumbles 3% after unexpected US rise in stockpiles- Inquirer.net
"New York, United States- Oil prices sank Wednesday after an unexpected rise in US commercial crude stockpiles reinforced worries about the prolonged global oversupply..."
"The cost of hiring the giant oil tankers used to ferry crude around the globe has surged to its highest level in at least six years as a growing global gut of oil fuels rising demand for the specialist vessels..."
"Despite a rally Wednesday, crude oil prices could restart their downward spiral if supplies in storage continue to grow, one market watcher contended..."
"The Thames Oilport terminal near London will open next spring, its operator Greenergy said on Monday, as a rising glut in oil supplies has made storage one of the industry's most attractive investments..."
"A number of analysts have suggested that oil prices might crater to $20 a barrel if storage tanks become full, which is certainly a possibility. There is significant uncertainty, but some indicators suggest this may be approaching..."
NamPort's expansion projects well on schedule- Hellenic Shipping News
"The Namibian Port Authority (Namport) says that it is committed to the Southern African Development Community (SADC) and the entire region's goal to make trade competitive through efficient, reliable and cost-effective supply of port services..."
Oil Traders Aren't Dancing the Crude Contango This time Around- DownstreamToday
"Back when the global recession trashed oil demand and prices, the likes of BP Plc and Vitol Group found a novel way to profit: They stashed crude on tankers. With a slump of similar magnitude now, traders are seldom finding the same opportunities..."
Cushing Crude Oil Inventory Hits 90% of Storage Capacity- Market Realist
"The latest data from Genscape suggest that the crude oil inventory at Cushing, Oklahoma, has hit 90% of storage capacity. The rising crude oil inventory at Cushing will put pressure on crude oil prices..."
China says Strategic Oil Reserves Double to 26.1 Million Metric Tons- The Wall Street Journal
"BEIJING- China's government said Friday it had doubled national oil stockpiles during the past year. as it looks to take advantage of cheap global supplies to follow wealthy nations in building strategic reserves..."
Aloha Petroleum $650K for Hilo tank violations- West Hawaii Today
"HILO- Aloha Petroleum has agreed to pay $650,000 to settle clean air and clean water acts violations at its Hilo East bulk fuel storage terminal, one of the company's two fuel storage facilities near Hilo Harbor, according to the U.S. Environmental Protection Agency..."
"Oil producers may be struggling as a result of low prices but the oil storage business has never been in better shape..."
Kuwait LNG Imports to Rise 17 Percent in 2015- KPC- DownstreamToday
"Kuwait liquefied natural gas (LNG) imports are on track to rise around 17 percent to 3 million tonnes in 2015, boosted by the fuel's increased competitiveness with gas oil, an executive from Kuwait Petroleum Corporation (KPC) said on Friday..."
"Oil tanker rates soared to the highest in seven years amid an acceleration in the number of bookings and signs that the ships are being delayed when unloading due to a lack of space in on-land storage tanks..."
"U.S. crude fell to $39.94 per barrel Wednesday, the first time since August oil has settled below $40..."
Saudis seen rejecting calls for OPEC cuts as rivals pump more- Downstream Today
"VIENNA, Dec2 (Reuters)- Saudi Arabia and its Gulf allies will reject calls from fellow OPEC members to cut oil output, Iran said on Wednesday, two days before the group meets amid falling prices and a worsening global glut..."
Construction of New Oil Terminal in Mombasa to start in 2016- TankTerminals.com
"Construction of a new oil terminal in Mombasa will commence next year to pave way for relocation of the Kipevu terminal, Kenya Ports Authority managing director Gichiri Ndua has said..."
"A long-sought deal to bring a Caribbean oil refinery out of bankruptcy emerged on Tuesday, unexpectedly including a partnership with U.S. commodity trader Freepoint and handing Asia's biggest oil refiner, Sinopec, access to a huge oil storage facility..."
"Surging U.S. crude stockpiles that have filled storage tanks near capacity are widening the discount on immediate oil deliveries..."
"A range of factors from mounting dollar strength to aggressive production levels in supplier countries keen to maintain market share has been behind oil's 2015 slide; a slide which some think could take the price of a barrel as low as $20..."
"North Sea traders have been eying floating storage options this week as discounted prompt oil and a relatively wide contango structure peaked interest in floating storage plays, shipping sources and traders said..."
"MOSCOW- The Russian military has destroyed numerous oil facilities and tankers controlled by ISIS in Syria, sharply cutting its income, Russia's defense minister aid Friday..."
Goldman eyes $20 oil as glut overwhelms storage sites- The Telegraph
"The world is running out of storage facilities for surging supplies of oil and may soon exhaust tanker space offshore, raising the chances of a violent plunge crude prices over coming weeks, experts have warned..."
"Oil traders are preparing for another downward turn in prices by March 2016, market data suggests, as what is expected to be an unusually warm winter dents demand just as Iran's resurgent crude exports hit global markets after sanctions are ended..."
Oil storage hub near Galliano- HoumaToday.com
"The Louisiana Offshore Oil Port is doubling the size of the expansion of its above-ground storage capacity for crude oil at its Clovelly Hub near Galliano..."
Gulf Petrochem opens storage terminal in Sharjah- GDN Online
"Gulf Petrochem Group, a company operating in the downstream and midstream sectors of the oil and energy industry, said it has opened its brand new state-of-the-art terminal in Sharjah..."
Qatar, Pakistan close in on LNG deal- arabianOilandGas.com
"Qatar and Pakistan are working to finalise financial arrangements of a long-term agreement for the supply of LNG to the South Asian country..."
IEA report suggests oil won't return to $80 until 2020- Seating Chair
"Brent for December settlement, which expires Friday, was 54 cents higher at $44.60 a barrel on the London- based ICE Futures Europe exchange..."
Strategic oil storage capacity soars- MEHR News Agency
"TEHRAN, Nov. 14 (MNA)- On the eve of sanctions removal, Iran's oil storage capacity was increased by 250 thousand barrels utilizing of new tanks..."
Doosan Babcock signs two long-term maintenance agreements with Abu Dhabi's GASCO- Oil Review Middle East
"Energy engineering specialist Doosan Babcock has signed two long-term maintenance agreements with Abu Dhabi Gas Industries Limited (GASCO)..."
Enbridge to Invest $5 Billion in Gulf Coast Oil Terminals- The Wall Street Journal
"CUSHING, Oklahoma- Enbridge Inc. of Canada plans to spend $5 billion building three oil storage facilities in the Gulf of Mexico region as part of a "full frontal assault" aimed at fortifying its strategic position in the U.S. market, a company official said..."
"Environment Southland has investments in oil and gas activities to the tune of $520,000 as part of its portfolio, a report to the council says..."
"TOPEKA, Kan. (AP)- Lower energy prices benefiting consumers at gasoline pumps have hit oil- and natural gas-producing counties in western Kansas hard, forcing them to cut spending or increase property tax levies just as the state is ending an aid program meant to insulate them from industry downturns..."
CEO of Russia's Rosneft Criticizes Saudi Oil-Market Strategy- DownstreamToday
"(Bloomberg)- Saudi Arabia's move to maintain its share of the global oil market and expand in Europe will backfire, said the chief executive officer of Russia's largest oil producer..."
BP strike $350million storage deal- Energy Voice
"Oil major BP has signed a deal worth $350million to sell products storage assets in the US to Kinder Morgan. The move includes 15 refined product terminals and associated infrastructure..."
"A recent earthquake in north-central Oklahoma is raising concerns that seismic instability in the region could threaten a large nearby oil-storage complex..."
Japan helps Saudi Boost use of leased oil-storage tanks- Times of Oman
"The world's largest crude exporter is seeking to reduce freight costs and increase shipping flexibility as it competes with Middle East suppliers for market share in Asia..."
Chile's Third LNG Regas Terminal in the Works- TankTerminals.com
"Both the regas terminal and the accompanying onshore gas-fired power plant must receive environmental approval before work can begin..."
"Verify Markets' analysis of the Middle Eastern Power Rental Market shows that the market was valued at well over $500 million in 2014..."
Egypt awards 4 offshore gas exploration licences- arabianOilandGas.com
"Egypt's state gas company EGAS in a statement says it had awarded a licence each to Britain's BP and Italy's Edison..."
Iran invites foreign firms to develop its oil, gas industry- Business Recorder
"Iran is inviting foreign investors to actively develop its energy industry sanctions are expected to ease in 2016, under a nuclear deal between Iran and six global powers, deputy Oil Minister Rokneddin Javadi told Reuters on Thursday..."
Elementis Names BP Unit Head as CEO-designate- DownstreamToday
"Specialty chemicals maker Elementis Plc named Paul Waterman, global CEO of BP lubricants, as its CEO-designate..."
Crude oil prices rise as US drilling is reduced- The Irish Times
"Oil prices rose by around one per cent on Monday as US drilling slowed and analysts estimated that $1.5 trillion worth of planned American production investment was uneconomical at prices of $50 per barrel or lower..."
Iran storing under 10 million barrels at sea- Hellenic Shipping News
"Iran's crude oil in ofshore floating storage is less than 10 million barrels, a senior energy official says, dismissing foreign media estimates of higher volumes as "psychological warfare"..."
Saudis Winning Oil Market Share Wars Despite Fiscal Pain- Hellenic Shipping News
"Saudi Arabia appears to be winning the oil exporters tussle for market share, even if it is denting the country's coffers..."
Even a Slowing China is Oil's Best Defense Against Deeper Slump- DownstreamToday
"(Bloomberg)- Even after China's slowing economy dragged crude to a six-year low, oil's second-biggest consumer remains the main safeguard against a further price meltdown..."
Modec to supply FSO vessel for Maersk Oil's Culzean development project in North Sea- OffshoreTechnology.com
"Modec has signed a contract with Maersk Oil to supply a floating storage and offloading (FSO) vessel for the North Sea's Culzean development project..."
"Crude oil surged 6% to $47.15/barrel on Wednesday after the EIA reported a larger-than-expected 2.1 million barrel storage withdrawal last week, reducing the storage surplus to under 100 million barrels..."
China's Higher Refinery Runs May Boost Diesel Exports to Record- DownstreamToday.com
"(Bloomberg)- China's diesel exports may surge to a record in the coming months as refinery output increases while domestic demand for growth for the fuel slows..."
"Colorado Lining International, Inc. (CLI), one of the world's most experienced contractors, installers, and fabricators of geosynthetics, unveils a new brand for its well-established floating cover systems: Hydro-Cap..."
"State Trading Organisation (STO) has sold bonds worth USD 35 million (MVR 540 million) to banks to raise funds for the recently announced project to expand the Maldives' main oil storage..."
"Oil prices have declined after Goldman Sachs suggested that prices could fall as low as $20 because of a global glut of crude. Investors ignored a report from the International Energy Agency that said supply was tightening, as expensive oil producers left the market, in an apparent win for the Opec cartel..."
DiNapoli: Oil storage facilities aren't properly reporting crude volumes- CapitalNewYork.com
"ALBANY — The state’s oil storage facilities aren't properly reporting how much crude oil they receive, a state audit released Friday found..."
Maldives begins $35 million project to expand main oil storage- Hellenic Shipping News
"A project worth USD 35 million (MVR 539 million) has commenced to expand the Maldives' main oil storage, State Trading Organisation announced..."
Oil prices remain steady over strong economic data in Germany- OffshoreTechnology.com
"Oil prices have steadied due to strong economic data from Germany, as well as a rise in Chinese crude imports year-on-year offseting concerns over Asia's economic growth and the global oversupply..."
Oman's refinery output rises 2.2% in 2015- Arabian Oil and Gas
"Total production of refined and petroleum products in Oman rose 2.2% to 49mn barrels in the first seven months of 2015 compared to the same period the year before, new figures have shown..."
Contango could support crude oil storage on VLCCs- Morgan Stanley- Hellenic Shipping News
"Contango trade in crude that translates into floating storage on VLCCs is becoming profitable again and freight rates could have already bottomed out, Morgan Stanley said in a report on Tuesday..."
Bai partners with DOE on CO2 storage, oil recovery- Missouri S&T
"A Missouri University Science and Technology researcher is working on a method to increase oil production and store carbon dioxide into oil formations- at the same time..."
"(Reuters)- Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash in six years by holding onto more barrels or making blends that can be sold for premiums..."
"Eni's chemicals subsidiary Versalis has become the first European company to ink a contract with Iran after the July 14 deal between the P5+1 and Iran, according to an official report issued by National Iranian Petrochemical Company (NIPC) cited by mehrnews.com..."
Oman Tank Terminal Company Launches Floating Storage Facility in Oman- TankTerminals.com
"A new floating facility, with a 2.1 million barrel capacity at Mina Al Fahal, for global customers of Oman Export Blend, was launched on Thursday by Oman Tank Terminal Company (OTTCO), a subsidiary of Oman Oil Company (OOC)..."
"Adriaan Kamp used to be a die-hard oilman. After 17 years at Anglo-Dutch oil company Shell, the 54-year-old Dutchman now runs a consultancy based in Oslo advising national governments on transitioning to cleaner energy..."
Tanker Owner Frontline Says Traders Ask for Oil-Storage Options- BloombergBusiness
"Oil traders are asking about options to store crude at sea, a development that could help rates for tankers to rebound from a plunge, according to Frontline Ltd, an owner of the ships led by Norway-born billionaire John Fredriksen..."
Aubin secures chemical supply contract - Hydrocarbon Engineering
"Aubin Group has been selected as the single (preferred) supplier of speciality chemicals for..."
Dow Chemical and DP World sign storage and shipping deal - Hellenic Shipping News
"DP World says it has signed a storage and shipping deal with Dow Chemical, aimed at supporting..."
"North American oil prices could take a hit this fall as there are renewed concerns about a lack of storage capacity..."
Empowering people and optimising production - Hydrocarbon Engineering
"The Middle East is undergoing an enormous building programme through the entire value chain of petrochemicals with companies moving quickly..."
UAE petrol price expected to drop - Arabian Oil & Gas
"A Ministry of Energy official has said he expects the price of petrol in the UAE to go down when they..."
Kuwait awards $28bn worth of contracts in 2015 - Arabian Oil & Gas
"The total value of contracts awarded by Kuwait in 2015 has reached $28bn, a recent report has said..."
Middle East Invests???- Bulk Storage
"The growth of Fujairah in particular is a key driver in the continued rise of the bulk liquids storage sector in the Middle East..."
ATS Terminal Doubles Capacity- Khaleej Times
"Hamriyah Free Zone houses over 6,200 companies from 157 countries, welcoming foreign investment from more than 500 industries in key sectors of oil and gas, petrochemicals, maritime, steel, construction and food..."
"A final accord to curtail Tehran's nuclear ambitions could lead to a glut of Iranian oil hitting an already "oversupplied market," which would serve to pressure prices, oil expert John Kilduff said Tuesday, as negotiators in Vienna face a deadline that's expected to be extended..."
Oil Tankers are Filling Up and Raking It In- The Wall Street Journal
"The oil-tanker market is heating up, a development some analysts say is a warning flare that signals further price declines for crude..."
"Between 5 and 7mn cubic metres of gas would be exported daily to neighbouring Iraq, according to Iranian Deputy Oil Minister Hamid Reza Araqi.."
Abu Dhabi Taps Japan’s Inpex to Join $22 Billion Oil Project - Bloomburg Business
"Inpex Corp. of Japan joined Total SA in developing the main onshore oil deposits in the United Arab Emirates as Abu Dhabi calls on new partners for its $22 billion effort to pump crude from its largest fields.."
ENOC launches 'code of business conduct' at horizon Djibouti terminal - Albawaba Business
"Emirates National Oil Company (ENOC) launched its ‘Code of Business Conduct’ on 25 March 2015, at Horizon Djibouti Terminals (HDTL) – the terminalling company of Horizon Terminals Limited (HTL) established by ENOC in Djibouti..."
ORPIC Earmarks $80M for Al Jifnain Fuel Storage Terminal - TankTerminals.com
March 18, 2015 [Khaleej Post] - Oman Oil Refineries and Petroleum Industries Company SAOC (ORPIC), the Sultanate’s refining and petrochemicals flagship, is investing around $80 million in the establishment of a major oil products distribution centre at Al Jifnain, just outside Muscat Governorate.
Eni signs agreement to develop Egypt's oil and gas resources - LNG Industry
The Egyptian Minister of Petroleum and Mineral Resources, Sherif Ismail, and Eni’s CEO, Claudio Descalzi, have signed a Head of Agreement (HoA) aimed at the development of Egypt’s oil and gas resources, while preserving the return of Eni’s investments.
Fujairah port expects 75% increase in petroleum tank storage by 2020 - The National Business
The Port of Fujairah expects its tank storage capacity for petroleum products to rise 75 per cent by 2020 as more companies build such facilities.
BP Oman awards $10mn construction contract - TankTerminals.com
"The deal includes the installation and commissioning of a 26-km overhead line on concrete poles/steel towers from Petroleum Development Oman (PDO) Musallam 132-kV substation to the proposed BP Khazzan 132-kV switchyard..."
Iraq expands crude storage capacity amid disruptive weather - Tank Storage Magazine
"Crude storage capacity in Iraq has been increased to 10.5 million barrels in an attempt to overcome bottlenecks in the south that are curbing output, reports Bloomberg..."
Oiltanking Odfjell terminal Oman - Odfjell
"Oiltanking Odfjell Terminal & Co. LLC, Oman (OOTO), owned by Odfjell Terminals* (29.75%) and (70.25) Oiltanking, is situated in the petrochemical hub of Sohar Industrial Port, strategically located at the entrance to the Middle East Gulf..."
VTTI Fujairah terminal to undergo expansion with new tank farm - Tank Storage Magazine
VTTI Fujairah Terminal is to undertake a new expansion project after having signed a long-term, exclusive storage and rental agreement with a major energy company..."