Industry news


13th June 2017

Tank Storage Business Intelligence for China
June Issue in 2017, Beijing

- Wenzhou Port Bureau Conducting Special Supervision Plan for the Existing Storage Tanks
- Shanghai Ports Administration Center Completing its Basic Data on the Hazardous Commodities Tanks at Shanghai Port
- AnGang Steel Manopolyzing the Entire Contract of Crude Oil Tanks of Yinkou Ports
- Furui Bai Storage Tanks New Technology of Anti-leak

22nd May 2017

China says will eventually allow private companies to invest in oil storage

China will eventually allow private companies to invest in the country’s oil and gas storage, the government said in a blueprint document for its energy sector that mainly underscored earlier pledges on reforming heavily monopolized oil and gas industries.

17th May 2017

Saudi Aramco Tightens Grip in Top Oil Market With China Refinery

Saudi Arabian Oil Co. agreed to build a refinery and petrochemical plant in China, deepening ties between world’s biggest oil seller and its largest importer.

12th May 2017

Tank Storage Business Intelligence for China
May Issue in 2017, Beijing

- Petro Oil Tank Explosion in One Chongqing PetroChemical Company
- Three Giant NOC in China to Strive the Application of Clean Energy in New Development Zone in Hebei Province
- A Historical Record of Tanks Explosion Cases over the Past 10 Years in China

14th May 2017

China Eyes U.S. Energy Next After $20 Billion `Belt, Road’ Deals

China is setting it sights on U.S. energy as a growing reliance on imports forces it to look beyond traditional suppliers, according to the head of the country’s biggest oil and gas company.

30th April 2017

BP Sells Stake in China Petrochemical Venture to Sinopec for $1.7 Bn

BP has agreed to sell its 50 percent stake in the Shanghai SECCO Petrochemical Company to a subsidiary of its joint venture partner Sinopec for $1.68 billion, the British oil major said.

25th April 2017

Oil prices to hold below low $60s in 2017 - Vitol Asia

Oil prices will likely range between the low $50s and low $60s a barrel in 2017 and are unlikely to hit $70 a barrel due to excess supply, the Asian head of energy and commodities trader Vitol.

14th April 2017

Tank Storage Business Intelligence for China
April Issue in 2017, Beijing

- Official Regulation issued by Ministry of Transportation instructing national ports at all levels to strengthen the safety management of storage tanks of dangerous goods
- No. 5 Construction Corp. won the bid of Chemical Refinery Project Installation of Dalian Hengli
- First Meeting of < National Standard on Construction Operation and Acceptance Regulation on Chemical Storage Tanks > held at Hebei Chemistry and Pharmacy Professional College

19th February 2017

Deputy oil min. refutes Total’s withdrawal from SP

NIOC managing director, while rejecting the news on withdrawal of France’s Total from South Pars projects, said contracts will be soon inked with four oil giants.

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.

15th February 2017

Iran, PetroChina in Petrochemical Talks

Tehran is in talks with PetroChina Company Ltd on collaboration and transfer of knowhow in the petrochemical sector, the deputy chief of Iran's Association of Petrochemical Industry Corporation said.

30th January 2017

Donald Trump administration on collision course with Beijing over South China Sea

A look at recent developments in the South China Sea, where China is pitted against smaller neighbors in multiple disputes over islands, coral reefs and lagoons in waters crucial for global commerce and rich in fish and potential oil and gas reserves

26th January 2017

As crude prices rise, China's oil majors set to lift capex for first time in years

China's oil majors are expected to pump up spending in 2017 for the first time in years, scrambling to squeeze more barrels of crude out of ageing domestic wells in the hope that higher prices are here to stay.

20th January 2017

China sets oil, gas supply goals by 2020

China will cut the output of oil by 2020 and boost the domestic market for natural gas, the National Development and Reform Commission said.

15th January 2017

China projects to hit Singapore

The giant republic’s aggressive investments in ports and rail links in Malaysia under its belt-road regional economic expansion programme is going to change the outlook for the island republic.

8th January 2017

China's Iranian crude oil imports to hit record

China's Iranian crude oil imports may rise to a record this year as state-owned oil firms lift more crude through their upstream investments while extending their current supply contracts, senior industry and trading sources said to Reuters.

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."

26th October 2016

BP Sells U.S Crude Oil to Thailand, Australia for First Time

BP plans to ship 1 million barrels of U.S. crude to Thailand and Australia for the first time, three trade sources said on Wednesday, as the company steps up American oil exports to meet demand in the Asia-Pacific region.

24th October 2016

Angola Becomes China's Biggest Oil Supplier in Sept

Angola became China's largest crude supplier for the second time in September, taking the top position from Russia, customs data showed on Monday.

17th October 2016

S.Korea's KNOC halts construction of oil storage after blast

Korea National Oil Corp (KNOC) on Monday said the government had told it to indefinitely halt construction of an underground storage tank following an accident late last week that killed two workers and injured others.

10th October 2016

New China refinery faces delay as Myanmar seeks extra oil tax

A newly built Chinese refinery near its border with Myanmar is facing a delayed start-up after state firm PetroChina balked at paying an extra tax for piping crude oil through the Southeast Asian nation, two senior Chinese industry sources said.

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.

2nd September 2016

China's State Crude Oil Reserves at 31.97 Mln T by start 2016

China increased its strategic crude oil reserves by 22.5 percent between the middle of last year and the start of 2016, taking the total to 31.97 million tonnes (233 million barrels), the National Statistical Bureau said on Friday.

1st September 2016

Saudia Aramco, Japan to Expand Okinawa Crude Storage Deal -CEO

Saudi Aramco and the Japanese government are set to agree on a roughly 2 million barrel expansion of crude storage capacity in Okinawa, used by the state-run firm to store oil, Saudi Aramco CEO Amin Nasser said on Thursday.




30th August 2016

Mystery of Oil Held on Chinese Islands Puzzles Crude Markets

China’s got the world puzzling over its oil hoard.
From underground caverns by the Yellow Sea to a scattering of islands in the Yangtze River delta, the government has been stockpiling crude for emergencies in a network of storage sites dotted around the country. Record purchases this year by the world’s biggest energy consumer have helped oil prices recover from the worst crash in a generation. What the country plans to do next could determine where they go from here.

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.


24th July 2016

New Investment Opportunities in the North East Asia

"Ulsan Port Authority (UPA) has announced the launch of the ‘Northeast Asia Oil Hub Project’, building large scale tank terminals in the Port of Ulsan, S. Korea. The Port of Ulsan is Korea’s largest liquid cargo handling port..."

19th July 2016

Iran Targets Oil Sales to China Teapots via Trafigura

"An Iranian crude cargo loaded by trading house Trafigura is set to arrive in east China this week, heating up the race among oil suppliers to meet the rise in demand for imports from China's independent refineries, trade sources said."





4th July 2016

Nigeria Signs $80B of Oil, Gas Infrastructure Deals with China

"Nigeria has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, the West African country's state oil company said on Thursday."

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.

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.

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."

15th July 2016

Expect much higher oil prices as the cycle comes to an end - Oilprice.com

"The last six major oil price cycles lasted an average of two years. This one started in July, 2014..."