Industry news

11th June 2018

ITT Bornemann Launches Hermetically Sealed Twin Screw Pump for Chemical and Petrochemical Sectors

ITT Inc.’s (NYSE: ITT) ITT Bornemann, a leader in twin screw pumping technology, today launched the SLW, a hermetically-sealed pump, providing customers with an environmentally-friendly, competitively priced pump.

Source: Oil & Gas 360 By Enercom

1st June 2018

Securing the software-driven fully networked digital oil field

Moving beyond the previous generation of analog technologies, today’s oil field of networked wells is quite different. Companies deal with the complexities of a web of wells connected to separation tanks, storage tanks, control centers and groundwater wells across large territories.

30th May 2018

Safe Petrochemical Storage with Geosynthetic Secondary Containment

In September 2016, a CC HydroTM (CCH) Geosynthetic Cementitious Composite Barrier (GCCB) was used to provide secondary containment to a 5000m2 berm face at a petrochemical storage facility in Wales.

21st May 2018

Global Oil Storage Market: Fluctuating Crude Oil Prices to Fuel the Market, says TMR

The beginning of 2016 marked a historic drop in oil prices, hitting a 12-year low. The plummeting prices reflected the drastic change in oil trends, wherein the global supply of crude oil surpassed its demand.

18th May 2018

Global Oil Storage Market Expected to Reach $4,307 million by 2023, say allied market research

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.

18th May 2018

$6 billion price tag for 6,000 new-generation gas stations in Turkey

The new generation of petrol stations, according to a Daily Sabah report, will offer liquefied petroleum gas (LPG), liquefied natural gas (LNG), compressed natural gas (CNG) as well as non-fuel services such as electric vehicle chargers, convenience stores, café, and free Wi-Fi.

17th May 2018

Vopak Terquimsa Enters Phase II Expansion

Vopak’s Spanish joint venture Vopak Terquimsa is set to begin construction work on the second phase of its expansion project at the Tarragona terminal.

15th May 2018

Keyera Awards Matrix Service Turnkey EPC Contract for Greenfield Crude Oil Storage and Blending Terminal at Cushing

TULSA, Okla., May 15, 2018 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that Keyera Energy Inc., a subsidiary of Keyera Corp. (TSX:KEY) has awarded Matrix Service Inc. the engineering, procurement, fabrication and construction of its Wildhorse Terminal, a greenfield aboveground crude oil storage and blending terminal at Cushing, Oklahoma.

15th May 2018

Dutch court rules that tank storage provider cannot invoke exoneration clause contained in VOTOB conditions

The Rotterdam District Court recently ruled that a tank storage provider could not invoke the exoneration clause contained in the General Conditions for Tank Storage in the Netherlands (the VOTOB conditions), which are frequently used by Dutch tank terminals and storage companies.

14th May 2018

Oil Storage Terminal In Birżebbuġa Refused

Plans for a new oil storage terminal in Birżebbuġa have been turned down by the Planning Authority after years circling the drain. The PA board on Thursday unanimously rejected the application, which had met with strong opposition from residents and the Birżebbuġa local council.

7th May 2018

German LNG Terminal: market responds positively to 1st German LNG import terminal

May 7, 2018 [Oil & Gas 360º] - German LNG Terminal GmbH has successfully completed its "Open Season" for the planned LNG import terminal in Brunsbuettel in Northern Germany.

7th May 2018

Stena Oil to Create "Largest of its kind" IMO2020 Bunker Fuel Terminal in Denmark

May 7, 2018 [Ship & Bunker] - Stena Oil has signed an agreement to create the "largest of its kind" marine fuel terminal in the Port of Frederikshavn, Denmark.

7th May 2018

German LNG Terminal: Market Responds Postively to 1st German LNG Import Terminal

May 7, 2018 [Oil & Gas 360º] - German LNG Terminal GmbH has successfully completed its "Open Season" for the planned LNG import terminal in Brunsbuettel in Northern Germany.

4th May 2018

Enquest in race to fix North Sea terminal crack

North Sea oil minnow Enquest faces a race to fix its ageing oil and gas terminal before Monday to avoid a logjam of delayed crude exports and the loss of almost 100,000 barrels day of crude production.

30th April 2018

Where are the most storage investments planned?

April 30, 2018 [TankTerminals.com] - All over the world, there are independent tank storage companies that support market players in storing their oil products. They help oil companies that have downstream obligations with storing products or support trading companies seizing (arbitrage) opportunities or governments and oil companies with building their strategic reserves. Tank terminals have an important of not a primary function in the oil and gas value chain.

20th April 2018

Siemens unveils SF6-free gas-insultated medium-voltage switchgear

Siemens has unveiled a new medium-voltage switchgear named 8DAB 12 that doesn’t need sulfur hexafluoride (SF6) as the insulating gas.

13th April 2018

Optimizing Quill and Injector Performance in Refinery Operations

There are dozens of operations in refineries where quills and injectors are used. It is important to understand the differences between a quill and an injector. The terms are often used interchangeably even though the devices are quite different.

12th April 2018

SemGroup Completes Sales of U.K. Petroleum Storage Business

TULSA, Okla., April 12, 2018 (GLOBE NEWSWIRE) -- SemGroup® Corporation (NYSE:SEMG) today announced that it has completed the sale of its SemLogistics business unit to Valero Logistics UK Ltd, a subsidiary of Valero Energy Corporation. In addition to the sale price, the agreement provides for potential earnout payments to be made to SemGroup if certain revenue targets are met in the four years following close of the transaction.

11th April 2018

ZapGo wins IDTechEx Award for Best Technical Development within Energy Storage

ZapGo Ltd, in recognition of its Carbon-Ion™ cell technology, was selected as the winner of the IDTechEx award for Best Technical Development Within Energy Storage at the 2018 IDTechEx Show! in Berlin, Germany. This award is given to the most significant technical development within energy storage over the last 24 months as judged by an independent panel of judges. The award was presented at a ceremony at the Estrel Congress Center.

4th April 2018

Share Holders okay Maxquarie, Goldman Sachs to acquire HES international

Riverstone Holdings and The Carlyle Group jointly announce that  they intend to sell HES International to a consortium of Macquarie Infrastructure and Real Assets (MIRA) & Goldman Sachs.

22nd February 2018

Are Germany's Energy Transition Plans Working?

Considering the established political imperatives underpinning the German energy transition (Energiewende) and the overall push toward greater use of renewables in the energy mix.

22nd February 2018

Goldman Sachs, Macquarie Front Runners in HES Terminal Sale

February 22, 2018 [Maritime Logistics Professionals] - A consortium of infrastructure funds at Goldman Sachs and Macquarie is seen as the front-runner in the sale of European bulk port terminal operator HES International, worth around 2 billion euros ($2.5 billion), industry sources said.

21st February 2018

NuStar- £25m investment at Gray

Phase 1 of NuStar’s £25 million investment at Grays has now been completed with Jetty 1 receiving its first vessel earlier this month.  Recent upgrades now enable the jetty to receive vessels of up to 125,000 GDT due to an improved draft of 12.8 M, max LOA of 244 M and unrestricted beam.

18th February 2018

Oil jumps most this year as buildup slows in U.S. storage tanks, emptying cushing

February 18, 2018 [Bloomberg] - Crude climbed the most since December as a recent buildup in U.S. storage tanks and terminals appears to be slowing down.

16th February 2018

Staying ahead with digitalisation in Tank Storage

Automated processes are essential for storage operators to achieve efficiency, reducing total cost of ownership and staying ahead of competition, especially in volatile markets.

23rd January 2018

Rosneft Deutschland Enters the Market for Petroleum Products in Germany

Rosneft Deutschland GmbH, a Rosneft subsidiary, and the German BITUMINA Handel GmbH & Co. KG, a subsidiary of Basalt-Actien-Gesellschaft, in the presence of Rosneft Chief Executive Officer Igor Sechin and Rosneft Chairman of the Board of Directors Gerhard Schroeder, signed a contract for bitumen processing and production of polymer-modified bitumen products.

17th January 2018

Vopak, Oiltanking & Gasunie to build German LNG Terminal

Gasunie, Vopak and Oiltanking are creating a joint venture to build, own and operate an LNG import storage terminal in northern Germany.

8th January 2018

Zenith Energy acquires Hamburg terminal from Shell

Zenith Energy, L.P. (Zenith) is set to acquire Royal Dutch Shell’s liquid storage terminal facility in Hamburg, Germany. The sale is due to close during the first half of this year.

4th January 2018

ATLHA to build a new oil terminal in Germany

The new terminal company ATLHA Terminals has secured the exclusive rights to develop a liquid bulk storage terminal at the Port of Duisburg in Germany.

18th December 2017

Global oil storage market set to reach US$17.22bn by 2023

The global oil storage market is expected to reach US$17.22bn at a compound annual growth rate (CAGR) of 4.2 per cent from 2017 to 2023, mainly due to burgeoning investments by major market players, according to Transparency Market Research (TMR)

4th December 2017

Global storage tank market key players 2017 Luqiang metal container, Toyo Kanetsu K.K., Motherwell Bridge, CB&I and Wuxi Xinkaihe tank

Global Storage Tank Market Report incorporates the market statistics and Storage Tank trends were seen in North America, Europe, China, Japan, Middle-East, Africa, India and South America. The Storage Tank market evaluates the past market trends, present market scenario and covers the forecast market information.

29th November 2017

Ngqura liquid bulk terminal development making headway

The construction of a new petroleum trading hub at the Port of Ngqura is making progess, ahead of the planned decommissioning and rehabilitation of the existing liquid bulk facilities at the neighbouring Port of Port Elizabeth.

29th November 2017

Kharg Terminal's Western Dock Set for Rehabilitation

Plans are in place to rehabilitate Kharg Oil Terminal in the Persian Gulf, Iran's biggest crude oil loading and export facility, managing director of Iranian Oil Terminals Company said.

29th November 2017

CM inaugurates newly built smart terminal of IOC

Khunti (Jharkhand), Nov 29 Jharkhand Chief Minister Raghubar Das today inaugurated the newly built smart terminal of Indian Oil Corporation (IOC) and flagged off a tanker at Anigada in Khunti district.

27th November 2017

Private Fuel Storage Planned for Usakos

November 27, 2017 [The Namibian] - MDL International Trade (Pty) Limited plans building a fuel storage facility at the coastal town of Usakos, at the cost of US$50 million (N$700 million).

21st November 2017

Chemical Storage Tank Market Global Analysis 2017- CST, Poly Processing, BELCO, ZCL Composites 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.

16th November 2017

Caspian Oil Swap Steady

[Financial Tribune] - Operations to swap the fifth batch of crude oil consignment from the Caspian Sea littoral states to the port of Neka in northern Iran with deliveries in the Persian Gulf were carried out successfully, deputy operations manager at Iranian Oil Pipeline and Telecommunications Company said.

5th November 2017

Abu Dhabi's ADNOC expected to sign $6bn loan this week

Abu Dhabi National Oil Co (ADNOC), the United Arab Emirates oil giant, is expected to sign by the end of this week a $6bn loan which has received commitments from a group of 13 banks, sources close to the situation said on Sunday.

4th November 2017

Zanganeh: Iran's oil deals with Russia to help defuse Trump's Unilateralism

Iran's potentially lucrative oil and gas deals with Russian companies will help defuse US President Donald Trump's "unilateralism" and his efforts to scrap Tehran's nuclear deal with world powers, according to Oil Minister Bijan Namdar Zanganeh.

2nd November 2017

IL&FS to sell Fujairah oil terminal as prospects wane

NEW DELHI: The diplomatic standoff between the UAE and Qatar has put IL&FS’s Middle East-based maritime infrastructure operations on slippery ground.

26th October 2017

Saudis buy Dutch oil storage in European market share push

KOHBAR, Saudi Arabia/ LONDON (Reuters)- Saudi Aramco Overseas Company (AOC), a subsidiary of Saudi Aramco, is buying a stake in Rotterdam crude storage from commodities trader Gunvor, the companies said on Thursday, in a move to expand its share of the market in Northwest Europe, long dominated by Russia.

21st October 2017

Don't look now but the oil market is turning bullish

Not that long ago analysts were throwing in the towel on the oil market, with some growing downright bearish. In late June, for example, analysts at Seaport Global Securities downgraded more than 50 oil stocks in one swoop after changing their mind on oil prices, which they saw crashing back into the $20s early next year.

20th October 2017

Byco's Floating Terminal Imports 5m Tons of Crude Oil

Byco’s SPM is Pakistan’s only floating terminal and revolutionizes the handling crude oil and refined petroleum products in the country. The SPM has been set up in the deep sea and is connected to a storage tank via 15 km of both on-shore and sub-sea pipelines. Byco has a storage capacity of 140,000 metric tons.

17th October 2017

Kinder Morgan gears up for tank farm construction

Trans Mountain, a subsidiary of Texas-based Kinder Morgan, has told The Peak that work to accommodate its pipeline expansion project at the nearby marine terminal has begun, though construction scheduled for last month has not yet started at the tank farm.

2nd October 2017

Oxy, Oman Tank Terminal sign MoU on crude storage at Raz Markhaz

October 2, 2017 [S & P Global Platts] - Oman Tank Terminal Co. and Occidental Petroleum signed an agreement Tuesday to co-operate and specifically to store crude at the planned Raz Markhaz oil terminal in the sultanate, an informed source said Wednesday.

28th September 2017

Change in ownership Vopak Terminal Eemshaven

September 28, 2017 [Royal Vopak] - Today Whitehelm Capital and Royal Vopak announce a change in ownership in Vopak Terminal Eemshaven, a joint venture terminal in the Netherlands between Vopak and NIBC European Infrastructure Fund I C.V. ("NEIF").

26th September 2017

Abu Dhabi Ports Starts Fujairah Operations

United Arab Emirates port operator Abu Dhabi ports has launched a new container, cruise and RoRo terminal operating arm at Fujairah Port.

22nd September 2017

OPEC says winning battle to curb oil glut

OPEC and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers said on Friday.

12th September 2017

OPEC increases global oil demand forecasrs on Europe, China

LONDON (Bloomberg) -- OPEC raised estimates for the amount of crude it will need to supply next year amid a stronger outlook for global oil demand.

21st September 2017

CB&I To Supply Storage Tanks For Greenfield Refinery Project In Oman

CB&I today announced a consortium between CB&I and Saipem S.p.A. has been awarded a contract by Duqm Refinery and Petrochemicals Industries Company L.L.C. (DRPIC) for EPC Package 3 for the Duqm Refinery Project.

12th September 2017

OPEC increases global oil demand forecasrs on Europe, China

LONDON (Bloomberg) -- OPEC raised estimates for the amount of crude it will need to supply next year amid a stronger outlook for global oil demand.

11th September 2017

Gassco AS gets consent to use the Nyhamna gas terminal

Petroleum Safety Authority has given Gassco AS consent to use the Nyhamna gas terminal in connection with the company's taking over the operatorship from Shell Norge.

11th September 2017

Saudi Aramco to add 1.9 million barrels of crude oil to its Japan storage

TOKYO (Reuters) - Oil giant Saudi Aramco will on Wednesday add 1.9 million barrels (300,000 kilolitres) of crude to storage that it holds in Japan, a Japanese trade ministry official said on Monday.

7th September 2017

In sign of oil rebalancing, North Sea floating storage shrinks

The volume of global price benchmark North Sea crude being held in floating storage has declined sharply since mid-August, according to shipping data and trade sources, a sign that a long-awaited market rebalancing is gaining momentum.

4th September 2017

MOL to participate in LNG receivign terminal projects in India

September 4, 2017 [PortNews IAA] - Mitsui O.S.K. Lines, Ltd. announced the signing of agreements with Swan LNG Private Limited (Swan LNG) for the long-term operation / maintenance of a floating, storage and regasification unit (FSRU) and provision and long-term operation / maintenance of a floating and storage unit (FSU) that will serve as the core receiving facilities in an LNG terminal to be developed by Swan Energy Limited (Swan Energy) in Gujarat, India.

4th September 2017

Petrochemical exports up by 12%

An NPC official said Iran’s petrochemical industry experienced a 6% percent uplift in production over five months and a 12% rise in exports over four months since beginning of the current Iranian year (began March 21).

4th September 2017

Iran oil sector to see ‘great boom in the next two years’ – gov’t official

Deputy minister of petroleum for international and commercial affairs said on Saturday that given the enthusiasm shown by foreign companies for engaging in Iran’s oil sector, the industry will experience a great boom in the next two years.

31st August 2017

Ursa introduces global oil storage monitoring

Ursa Space Systems Inc. (Ursa) delivers reliable global economic intelligence with a strong focus on commodities and the financial markets. Ursa delivers information products that provide economic insights about the oil and gas industry. One of Ursa’s current product offerings is global oil storage monitoring.

30th August 2017

Excelerate Energy Performs 100th STS Transfer of LNG at Engro Elengy Terminal Pakistan

August 30, 2017 [PRNewswire] - On August 25, 2017, Excelerate Energy Development DMCC (Excelerate) performed the 100th ship-to-ship (STS) transfer of LNG at the Engro Elengy Terminal (EETL) located in Port Qasim, Pakistan.

20th August 2017

Oil Markets Recap - Global Oil Storage Set To Fall Further

WTI finished the week lower by 0.33%.

Global crude storage set to fall further as the upcoming refinery turnaround season will be lower than the year before.

OPEC export decrease observed in August will hit global storage in October.

What the oil bulls need to see next is US shale production growth that disappoints expectations.

18th August 2017

Crude market shows enduring strength beyond seasonal peak

The market for physical barrels of crude from places as far apart as Oman and Colombia is strengthening beyond the traditional seasonal peak in demand, a positive indicator for global benchmark futures prices that remain stuck near $50.

17th August 2017

Liberia opens new fuel oil storage facility

Liberia opened a new heavy fuel oil (HFO) storage plant in mid-August to provide additional flexibility for the country’s fuel oil-fired power generation plants.

17th August 2017

Shell completes SADAF chemicals sale in Saudi Arabia to SABIC for $820mn

Shell has completed the sale of its 50% share in SADAF, the petrochemicals joint venture, located in Al Jubail, in the Kingdom of Saudi Arabia to SABIC for $820 million.

14th August 2017

OPEC Faces Uphill Struggle After IEA Find 230million Barrels Of Oil Storage

In what should be considered the worst news for the oil industry the IEA has announced that there are approximately 230 million more barrels of oil in storage than previously believed. 

3rd August 2017

Abu Dhabi Oil Producer Seeks About $7 Billion in Funding

Abu Dhabi National Oil Co. asked banks for proposals to manage the sale of a project bond and is also seeking a loan as the government-owned energy producer considers raising as much as $7 billion for its businesses, according to three people with knowledge of the situation.

16th June 2017

India’s oil imports from Iran plunge over gas field row

India’s oil imports from Iran have fallen to their lowest since June 2016, shipping data shows, in possible retaliation for Tehran not awarding a gas field development to Indian companies.

8th June 2017

Global Oil and Gas Storage Market 2017-2021: Use of Satellite Imagery to Quantify Storage Tanks - Research and Markets

Research and Markets has announced the addition of the "Global Oil and Gas Storage Market 2017-2021" report to their offering.

The global oil and gas storage market to grow at a CAGR of 2.92% during the period 2017-2021.

8th June 2017

ATS Launches Operations at New Storage Tank Terminal in India

UAE-based ATS, a leading integrated logistics company, has commenced operations at its new storage tank terminal strategically situated in the emerging oil storage and trading location of New Mangalore Port, India.

17th May 2017

Global Chemical Storage Tank market 2017-2022

Global Chemical Storage Tank market Report offers decisive insights into the overall Chemical Storage Tank industry along with the market dimensions and evaluation for the duration 2017 to 2022. The forenamed research study covers extensive analysis of various Chemical Storage Tank industry segments based on the type of applications, type of product Components and services, and different geographical regions.

12th May 2017

Odfjell Terminals Continues Development of US Ethylene Export Terminal

Europe’s appetite for natural gas is leading to a growth “renaissance” as its stores of the fuel languish at the lowest levels since 2013, according to Gazprom PJSC.