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INDUSTRY NEWS

12th July 2018

China and Indonesia to lead Global Oil Storage Capacity Growth

July 12, 2018 [Oil review Africa] - China and Indonesia will be the major contributors for the growth of the global oil storage industry, as they are set to add the most planned storage capacity among all countries from 2018–2022, according to GlobalData, a leading data and analytics firm.

11th July 2018

Idemitsu Kosan and Showa Shell Sekiyu to merge on April 1, 2019

Idemitsu Kosan and Showa Shell Sekiyu announced yesterday that they have agreed to merge effective April 1, 2019.

10th July 2018

Darwin Oil Storage Tunnels

World War II ended before these tunnels built to protect vital oil from Japanese bombs were ever used.

9th July 2018

Oiltanking Africa to Expand its Saldanha Bay Oil Hub

July 9, 2018 [Tank News International] - Oiltanking Africa has announced it is expanding its crude oil storage facilities by 30% at its Saldanha Bay Oil Hub in South Africa.

9th July 2018

GSPC to Commission Mundra LNG Terminal in 2-3 Months

July 9, 2018 [The Economic Times] - Gujarat State Petroleum Corp (GSPC) will commission a 5 million tonnes a year liquid gas (LNG) import terminal at Mundra in Gujarat in next two to three months, its Managing Director Jagdip Narayan Singh said.

7th July 2018

Officials Inspect Red Fire Ants Spotted at Incheon Port

A joint government and civic inspection is under way on Saturday following the discovery of red fire ants at an outdoor storage area at Incheon Port on Friday.

6th July 2018

Fire at Kemaman oil storage facility spreads to third tank

KEMAMAN: The fire that broke out at the Kemaman Bitumen Company Sdn Bhd’s (KBC) giant storage tank for crude oil, has spread to the third container at its factory premises in the Teluk Kalong Industrial area.

6th July 2018

Malaysia fights to rein in blaze at Tipco oil storage facility

SINGAPORE (REUTERS) - Fire and rescue officials are battling to contain a blaze at three oil storage tanks of the Tipco Asphalt refinery in Malaysia's southern town of Kemaman, media said on Friday (July 6).

4th July 2018

Crude Exports via CPC Marine Terminal Grew by 11.5% to 30.315 Million Tonnes in Jan-June’18

July 4, 2018 [Port News] - In January-June 2018, CPC Marine Terminal in Novorossiysk (Krasnodar Territory) loaded 30.315 million tons of crude oil, up 11.5% Y-o-Y, says CPC statistics.

2nd July 2018

China CNOOC Plans $2.2b LNG Terminal in East China

July 02, 2018 [Rigzone] - China National Offshore Oil Company, or CNOOC, plans to build a receiving terminal of liquefied natural gas in the eastern province of Jiangsu that is expected to cost 14.4 billion yuan ($2.17 billion), local media reported on Friday.

2nd July 2018

Global Chemical Storage Tank Market Survey and Reviews, Analysis 2018-2025

Recently published global market study "Chemical Storage Tank Market" in-depth Research of the Chemical Storage Tank market state and the competitive landscape globally.

28th June 2018

Hong Kong Likely to Join LNG Importers' Club in 2020

June 28, 2018 [Platts] - apanese shipowner Mitsui OSK Lines has signed on Monday a preliminary agreement to deploy a floating storage and regasification unit in Hong Kong under a long term contract, paving the way for Hong Kong to start LNG imports from as early as 2020.

27th June 2018

India to build 2 more strategic oil storage with private partners

NEW DELHI: The government on Wednesday gave its in-principle approval to the proposal, announced in the 2017-18 Budget, for building two more underground crude oil storages with private partnership to raise emergency stockpile cover by 12 days to 22 days.

27th June 2018

ExxonMobil seeks to expand base stock output

It says multibillion-dollar project will boost Singapore facility's refining competitiveness

21st June 2018

ExxonMobil’s Altona refinery to expand crude storage

ExxonMobil Corp. subsidiary Mobil Refining Australia Pty. Ltd. plans to expand crude storage capacity at its 80,000-b/d Altona refinery in Victoria, 13 km west of Melbourne, as part of its strategy to improve efficiency of its local refining and supply operations to help meet Australia’s growing demand for transportation fuels.

21st June 2018

Tokyo Gas and Centrica sign Heads of Agreement to purchase LNG from Mozambique LNG Project

Tokyo Gas Co., Ltd. and Centrica LNG Company Limited, a subsidiary of the leading UK-based energy and services company Centrica plc have announced that they have jointly signed a non-binding Heads of Agreement (HoA) with the jointly-owned sales entity of the Mozambique Area 1 joint venture partners for the long-term offtake of Liquefied Natural Gas (LNG).

18th June 2018

Trafigura signs second storage agreement with Singapore LNG Corp

SINGAPORE: Commodities trader Trafigura has signed a second deal with Singapore LNG Corp, operator of the city-state's first liquefied natural gas (LNG) terminal, for storage and reload services, the two companies said on Monday.

18th June 2018

Nepal, China to sign deal for three oil storage depots

Kathmandu: An agreement on building oil storage depots at three locations in Nepal with Chinese assistance is expected to be signed during Nepali Prime Minister KP Oli's visit to China next week, officials at the Ministry of Industry, Commerce and Supplies said.

12th June 2018

Myanmar to Establish Multi-Purpose Terminal in Yangon Region

The Yangon Region government is seeking approval for 11 new industrial zones on the city’s outskirts and a new multipurpose port terminal near the mouth of the Yangon River to promote regional development, create jobs and attract foreign investment.

8th June 2018

IoT is the key

Industry 4.0 is an encroaching reality that is increasingly blurring the boundary between the digital and physical worlds. As a result, technologies such as predictive analytics, artificial intelligence and the Internet of Things (IoT) stand to transform a range of industrial processes.

8th June 2018

Philippines' Phoenix Petroleum, China's CNOOC Partner for LNG terminal

Philippine fuel retailer Phoenix Petroleum said it had agreed to partner with a subsidiary of state-owned China National Offshore Oil Corp (CNOOC) to explore building a receiving terminal for liquefied natural gas in the country.

31st May 2018

NATIONAL GAS IN TALKS TO SET UP LPG IMPORT AND STORAGE TERMINAL IN INDIA

National Gas Company has signed a memorandum of understanding (MoU) with Krishnapatnam Port Company Limited (KPCL) to engage in talks for setting up a LPG import and storage terminal in the Indian state of Andhra Pradesh.

28th May 2018

Indian Oil Corporation To Invest Rs 560 Crore In Telangana

The new terminal will have a storage capacity of 1,58,000 kilolitre. The greenfield project will take about three years for completion, said Subodh Dakwale, executive director.

28th May 2018

Ogra Proposes Construction of Ten New Oil Storage Facilities

10 new oil marketing companies are expected to be established next year for more effective supply of petroleum products across the country.

28th May 2018

Fuel Storage Expansion Pact with China Likely During PM Oil's Visit

May 28, 2018 [The Himalayan Times] - The government is likely to ink a pact with the Chinese government regarding the construction of fuel storage facilities across different parts of the country during Prime Minister KP Sharma Oli’s visit to the northern neighbour in the near future.

25th May 2018

Singapore stakes claim as future Asia LNG trading hub

Singapore has been identified as being the preferred location of an Asian LNG trading hub, according to a new survey by Deloitte.

24th May 2018

Osaka to provide consulting services to Taiwan LNG terminals

Osaka Gas Engineering Co., Ltd. (OGE), a subsidiary of Osaka Gas Co., Ltd. (Osaka Gas), has entered into an agreement to provide consulting services on construction of LNG receiving terminals of CPC Corporation, Taiwan (CPC) and Taiwan Power Co., Ltd. (TPC) respectively.

22nd May 2018

Elite Petrochemical Launches First Private- Sector LPG Project Myanmar

May 22, 2018 [Myanmar Times] - Elite Petrochemical Co launched its Liquefied Petroleum Gas (LPG) Terminal and Port Facility at the Thilawa Special Economic Zone on Saturday. The terminal is the first private sector-led LPG investment open for business in the country.

18th May 2018

Global Oil Storage Market Expected to Reach $4,307 Million by 2023

According to a new report published by Allied Market Research, titled, Oil Storage Market by Type, Material, and Product Design: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global oil storage market was valued at $3,180 million in 2016, and is estimated to reach at $4,307 million by 2023, registering a CAGR of 4.4% from 2017 to 2023. In terms of volume, the market accounted for 257,307 thousand CBM in 2016, and is projected to reach 341,527 thousand CBM in 2023, registering a CAGR of 4.1% from 2017 to 2023.

17th May 2018

Saudi Aramco seeks downstream expansion in Asia with Petronas JVs

Saudi Arabian Oil Company (Saudi Aramco) seeks to increase its presence in the Asia-Pacific region through joint petrochemical and refining ventures with Malaysia’s national oil company, Petroliam Nasional Berhad (Petronas).

17th May 2018

Jumbo Completes Bangladesh LNG Project

Heavy lift operator Jumbo has recently completed work on a contract awarded by Geocean for the Moheshkhali floating liquefied natural gas (LNG) import terminal in the Bay of Bengal, Bangladesh.

11th May 2018

Exxon Mobil to Continue With $15bn Far East LNG Project With Rosneft

Exxon Mobil is pushing ahead with efforts to develop its $15bn Far East LNG project with Russia’s Rosneft despite having to exit some joint ventures due to Western sanctions, according to Reuters.

23rd April 2018

Yinson, Sumitomo in FPSO project coop deal

Malaysia’s Yinson and Japan’s Sumitomo have signed a deal to jointly pursue and collaborate in the leasing and operation of FPSO and FSO projects worldwide.

20th April 2018

Sumgayit Industrial Park deploys mass production of oil storage tanks

The American society of mechanical engineers (ASME) has audited the process of production of high-pressure crude oil storage tanks, as well as the finished tanks themselves, at the Sumqayit Technology Park (STP), Trend was informed at STP on April 20.

14th April 2018

Malaysia’s Petrochemical Industry Is Booming

In late March Malaysia’s national oil and gas company, Petronas, and Saudi Aramco announced the creation of two joint ventures for the Refinery and Petrochemicals Integrated Development (RAPID) project in Johor. This came a month after the two companies concluded negotiations regarding Saudi Aramco’s $7bn investment in the project.

4th April 2018

Tokyo Gas starts building new LNG storage tank at Hitachi terminal

Tokyo Gas has started construction on a second LNG tank at the Hitachi LNG terminal in Japan’s Ibaraki prefecture.

2nd April 2018

Singapore Fuel Oil Stocks Retreat From 2018 High As Net Imports Shrink

Singapore weekly onshore fuel oil inventories fell 10%, or 2.529 million barrels (377,000 tonnes) to a five-week low of 21.691 million barrels (about 3.24 million tonnes) in the week ended March 27, data from International Enterprise (IE) Singapore showed on Wednesday.

27th March 2018

Iraq may build oil storage in Japan, South Korea in bid to increase oil sales

 Iraq is studying the possibility of building crude oil storage facilities in South Korea and Japan as part of a plan to increase sales to Asian clients, the head of the Iraqi state-oil marketer SOMO, Alaa al-Yasiri said on Tuesday in Baghdad.

22nd February 2018

Rs500 Crore Petroleum Terminal to Come Up In Nagpur, India

The state government, on Sunday, signed a MoU with IOT Infrastructure and Energy Services (IOT) to set up a Rs500 crore petroleum terminal in Borkhedi, around 40km from the city.

9th February 2018

Shikoku Island to get a third LNG Receiving Terminal

February 9, 2018 [LNG World Shipping] - The Sumitomo group has embarked on the construction of an LNG receiving terminal at Niihama on the northern coast of Shikoku in western Japan.

9th February 2018

India's Adani to help start up mind T/yr LNG terminal in April, May

February 9, 2018 [Reuters] - A 5 million-tonne-per-annum LNG import terminal at Mundra in Gujarat state on the west coast of India, part owned by the Adani Group, will likely be operational in April or May, a senior company official said on Wednesday.

29th January 2018

China passes South Korea as No.2 LNG importer

China’s General Administration of Customs just confirmed what liquefied natural gas industry insiders have been speculating for weeks: There’s a new No. 2 in town.

24th January 2018

BP Singapore exits Singapore landed storage for fuel oil: sources

BP Singapore has given up its tank storage lease for fuel oil at Universal Terminal in Singapore, of around 300,000-340,000 cu m, said market sources Wednesday.

22nd January 2018

Oman, BP in LNG deal

MUSCAT, January 22, 2018 - Oman  LNG has signed a seven-year sales agreement with BP, local and international media reported over the weekend.

27th November 2017

CNOOC approved for first phase of 10th LNG terminal

China National Offshore Oil Corp. (CNOOC) has received regulatory approval from the National Development and Reform Commission for the first phase of the 3 mtpa Zhangzhou LNG terminal in Fujian province, which will be the company's 10th terminal.

23rd November 2017

Sri Lanka to test fuel before shipment, build more storage tanks

November 23, 2017 [Economy Next] - Sri Lanka will test fuel before it is imported and build more storage tanks to expand capacity and prevent shortages triggered by unexpected supply disruptions and hikes in demand, the Ministry of Petroleum Resources Development said.

21st November 2017

Chemical Storage Tank Market Global Analysis 2017- CST, Poly Porcessing, BELCO, ZCL Comoposites and Snyder Industrial Tanks

Global Chemical Storage Tank market research report 2017 carries an in-depth investigation of Chemical Storage Tank market thus featuring important movements, business conveniences, developments and performances of different players of the Chemical Storage Tank market.

20th November 2017

Emerson proposes to acquire Rockwell Automation in transaction valued at $29bn

Emerson announced that its chairman and CEO, David N Farr, has sent a letter to Rockwell Automation President and CEO, Blake D Moret, proposing to acquire all outstanding shares of Rockwell for $225 per share, consisting of $135 per share in cash and $90 per share in Emerson shares.

10th November 2017

Sinking feeling: Asian floating oil storage declines as crude market tightens

SINGAPORE (Reuters) - The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared.

5th November 2017

Bodies of all three victims in oil storage tank fire found

RAWANG: The bodies of three men who fell into an oil storage tank in Rawang have been recovered after the last victim, T. Baskaran, 49, was found at 6.09pm yesterday.

3rd November 2017

Singapore's Jurong Port enters oil storage business to combat cement slowdown

Singapore port operator Jurong Port is entering the oil storage business to diversify its revenue as volumes passing through its cement and steel terminals fall amid a slowdown in the construction and shipbuilding sectors, its chief executive said.

3rd November 2017

IOCL Begins Preliminary Work to Set Up Asanur Terminal

The Indian Oil Corporation Ltd (IOCL) has begun the initial work for setting up a ₹350 crore terminal at Asanur in Ulundurpet in Villupuram district where an intermediate pump station already exists. It is in the process of obtaining various clearances for the project.

25th October 2017

Vopak launches bunkering service at Singapore terminal

Vopak has launched bunkering services at its Seabarok terminal in Singapore, allowing tankers to refuel at the same time as loading or discharging cargoes.