China’s Binge on Iranian Oil in Focus Following Tanker Seizures
(Bloomberg) — An increase in Iranian oil exports to China has received some unwanted attention in recent days and is now prompting fears of a clampdown. Indonesia seized two vessels — one of which was Iranian-flagged — on Sunday that were transferring oil at sea, a common way to disguise the origin of cargoes. That […]
5 Oil And Gas Predictions For 2021
When I made my 2020 predictions a year ago, the world was on the cusp of a pandemic that would upend the oil markets. In the process, it upended two of my energy sector predictions, but three others ended up being correct. The Covid-19 pandemic last year was a black swan event that caused an […]
Croatia’s Janaf extends oil storage deal with BP Oil International
ZAGREB (Croatia), January 26 (SeeNews) – Croatian state-owned oil pipeline operator Jadranski Naftovod [ZSE:JNAF-R-A] said on Tuesday it has extended an oil storage deal with London-based BP Oil International Limited. Janaf will store for BP Oil International some 123,000 cubic metres of crude oil in its terminal in Omisalj, on the island of Krk, from April 1, […]
Oil prices fall over concerns at reported rising US oil storage levels
Oil prices have fallen today over concerns about reported rising US oil storage levels and China adding travel restrictions. Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has commented on today’s fall in prices: “Oil prices are declining today as oil stock levels in the US are reported to have risen, a bearish surprise development, […]
Half-million barrels unloaded from oil-storage vessel in the Gulf
ABOUT half of the 1.3 million barrels of crude oil stored in the troubled Nabarima floating storage and offloading (FSO) facility, moored off Guiria, Sucre, Venezuela, have been transferred to an oil tanker, a Reuters report said on Thursday. After the alarm was first raised last October about the listing ship posing the risk of […]
Fire breaks out at oil storage factory in Vizag; no casualties
A major fire broke out at Vizag-based Paramount Agro Industries on Wednesday midnight, ANI reported. The fire at agro oil storage factory located in APIIC Industrial Park at Aganampudi in Gajuwaka sent the locals into panic as thick smoke engulfed the neighbourhood. The police and fire fighters rushed to the spot to douse the fire. […]
Oil Prices Rebound On Larger Than Expected Crude Draw
The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 5.272 million barrels for the week ending January 22. Analysts had predicted an inventory smaller draw of 430,000 barrels for the week. In the previous week, the API reported a build in oil inventories of 2.562-million barrels, after analysts had […]
HES terminals switch to renewable energy
As of 01 January 2021, a large number of HES terminals started using sustainably generated electricity. With this step, CO2 emissions of the HES Group will significantly be reduced and at the same time new investments in sustainable energy sources are stimulated. The majority of the energy is sourced from the most sustainable option: European […]
Magellan and Enterprise join forces for futures
Magellan and Enterprise join forces for futures Magellan and Enterprise join forces for futures Affiliates of US-based Magellan Midstream Partners and Enterprise Production Partners have agreed to jointly develop a crude oil futures contract in Houston, Texas, US. The partners have developed the futures contract, for the physical delivery of crude oil in the Houston […]
DNV GL: Oil and gas industry to increase green investments
New research published by DNV GL finds that the oil and gas industry expects to boost investment in the energy systems of the future this year, as companies seek to transform for the long term. A record two-thirds (66%) of senior oil and gas professionals report that their organisation is actively adapting to a less […]
Embracing the digital future of tank terminals with newest cloud services
The disruptive nature of today’s downstream industry presents oil and gas companies with big challenges: market volatility, oil price fluctuation, value chain fragmentation and energy transition. To stay ahead of the curve in this hard-to-predict environment, oil and gas companies must constantly turn the knobs, e.g. by adapting business models in a highly flexible manner, […]
Rotterdam 2020 bunker sales come close to 9.5 million CBM
The Port of Rotterdam achieved total bunker sales of 9,454,266 cubic metres (cbm) of fuel in 2020 – up more than half a million cbm, or around 5%, on the 8,949,794 cbm delivered in 2019. Fuel oil sales were up from 7,174,099 cbm to 7,517,984 cbm. Sales of marine gasoil (MGO) were down from 1,494,194 […]
Easton Energy buy Exxonmobil pipeline system in South Texas
Midstream operator Easton Energy LLC has agreed to buy a petrochemical pipeline system that runs from Houston to Corpus Christi from ExxonMobil Corp, moving to capitalise on South Texas’ growing petrochemical market. The acquisition is anticipated to close early next year. The companies did not disclose a price on the deal. The South Texas Pipeline […]
Adapting to thrive in a changing downstream energy market
Major changes, fuelled by the COVID-19 crisis, are occurring in the oil and gas sector with the value chain being stress-tested like never before. In an industry that has operated under a successful model for many years, downstream facility owners and the contractors that serve these facilities are being pushed outside their comfort zones, with […]
Max midstream forms two new subsidiaries to trade Texas crude and condensate in Europe
Max Midstream, (a Texas-based energy company), has formed two new subsidiaries with offices in Rotterdam in the Netherlands and Geneva in Switzerland, to trade Texas crude and condensate in Europe. The company will begin trading activities immediately. It has also announced that it has secured tank storage capacity at Koole Terminal in Rotterdam, where it […]
Egypt signs deal for green development of hydrogen energy
The Egyptian government has signed of intentions with Siemens Aktiengesellschaft (Siemens AG), for the start of discussions and studies to implement a pilot project for the production of green hydrogen in the country. The agreement which was signed by Mohamed Shaker, the Egyptian Minister of Electricity and Renewable Energy, representing the North African country’s government, […]
Yangzijiang sets up new LNG joint venture
Yangzijiang Terminals China Holdings (YTCH), a subsidiary of Singapore-listed Yangzijiang Shipbuilding, has formed a new LNG joint venture company – Jiangsu Run Yuan Energy – with Wuxi China Resources Gas (WCRG) and Jiangyin Xinyangchuan Enterprise Management Center. WCRG is a leading gas utilities group in China while Xinyangchuan is an investment firm focussed on energy, […]
Buckeye completes second South Texas deepwater dock
Midstream investment company Buckeye Partners has completed its second deepwater dock at the South Texas Gateway (STG) terminal at the mouth of the Corpus Christi Ship Channel in Ingleside, Texas, US. Crude oil operations at the new dock began at the end of December 2020, with the loading of the first very large crude carrier […]
Magnolia Tank Farm project is the right reuse for Huntington Beach
Like communities across the nation, Huntington Beach has suffered through the pandemic, impacting not only residents’ health, but wreaking havoc on the local economy and municipal finances. At this challenging time, it is important leaders embrace opportunities to repair and renew economic resilience and community health. Huntington Beach City Council has such an opportunity on […]
India unlikely to use US facilities to store oil reserves
India proposes to re-evaluate its plan to store its strategic oil reserves in facilities available in the US as the country looks to bolster domestic storage that is considered a safer and better option to deal with excess price volatility and supply disruptions India unlikely to use US facilities to store oil reservesNew Delhi: India […]
Colombia’s Ecopetrol says oil theft from pipelines rose 46% last year
On average, 2,638 barrels per day of oil were stolen last year, up from 1,806 bpd in 2019, the spokesman said. The theft represents a fraction of Ecopetrol’s production, which stood at 725,000 bpd in 2019 Colombia’s Ecopetrol says oil theft from pipelines rose 46% last yearBOGOTA: Theft of crude oil from pipelines operated by […]
Kenya seeks funding to build pipeline, oil storage facilities
Kenya is seeking funds to build pipeline and oil storage facilities to fast-track the commercialization of its crude oil. Mining and Petroleum Cabinet Secretary John Munyes revealed that the country is seeking US $5 billion funding to develop and expand fuel facilities from Lokichar basin in northwest Kenya to Coastal region through public-private partnership. Lack […]
Oil Storage Market To Witness Appreciable Gains With 5.3% CAGR By 2027
According to new report available with Million Insights, the global oil storage industry report on is foretold to provide a robust support for market players to lay a solid foundation for their business growth. It includes a comprehensive evaluation of the market’s growth status and market risk. The global oil storage market size is projected to account […]
The Pandemic Could Lead To A Major Oil Supply Crunch
It may be counterintuitive to say that the oil demand crash and the resulting glut in 2020 could lead to an oil supply crunch in just a few years. Yet, a growing number of experts and international agencies warn that the world could be headed for an oil shortage when oil demand finally recovers from […]
Joanna Hajnaj
The inspiration to work in the tank storage sector came through a flurry of global climate issues and challenges that have been around in the energy storage industry for decades. Environmental damage has propagated exponentially within the last few decades, and increased environmental regulations pushing to reduce emissions within the global energy storage sector has […]
Reganosa to operate Tema LNG in Ghana
Spanish LNG company Reganosa has been awarded the contract to operate and maintain the 1.7 million tpa Tema LNG terminal in Tema, Ghana, which has just taken delivery of its new floating regasification unit (FRU). The terminal, which is currently under construction, will be the first offshore LNG receiving terminal in sub-Saharan Africa. Tema LNG […]
Half of South Africa’s oil refining capacity offline until 2022
South African plants owned by Glencore and Petroliam Nasional that make up 43 percent of the nation’s oil-refining capacity, are expected to stay shut until at least 2022, according to energy consultant Citac. Astron Energy, a unit of Glencore, has yet to restart the 100,000 barrel-a-day Cape Town refinery after a deadly explosion and fire […]
Jurong Port said to be in talks for oil storage hub stake
Government-owned Jurong Port is in advanced talks to buy a stake in a petroleum storage hub from the family behind collapsed oil trader Hin Leong Trading, according to people with knowledge of the situation. The deal is for the roughly 40 per cent stake in Universal Terminal held by the family of Lim Oon Kuin, […]
BPGIC Signs Two New Oil Storage Contracts for its Phase I Facility at 60% Premium
NEW YORK, Dec. 16, 2020 (GLOBE NEWSWIRE) — Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (NASDAQ: BROG), a midstream oil storage and service provider strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah in the United Arab Emirates (“UAE”) through its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company FZE […]
Abandoned oil storage tank catches fire
The Sharjah Civil Defence teams manged to bring under control a fire that erupted in an abandoned oil storage warehouse in Al Sajaa on Wednesday morning. According to an official source, the operations room at Sharjah Directorate of Civil Defence received a report at 8:35am that a fire broke out in Al Sajaa Industrial Area. […]
Floating Oil Storage Shrinks Amid Robust Asian Demand
Global floating oil storage declined at a fast pace in December as traders sold crude held on tankers in the absence of price incentives to store it and in order to meet peak winter demand in Asia, analysts and sources at trading firms told Reuters. The Brent futures curve has returned to backwardation, the state […]
Fortisbc launches project to double LNG loading capacity at Tilbury
FortisBC Energy Inc. is proceeding with a new project at its Tilbury Liquefied Natural Gas (LNG) facility in Delta, British Columbia. The Tilbury Truck Loading Expansion project will involve the construction of two new loading bays to double the facility’s capacity to provide customers with LNG. FortisBC’s Tilbury LNG facility has been operating since […]
Blueknight announces US$162 million sale of crude oil business
Blueknight Energy Partners LP (Blueknight) has announced that it has entered into multiple definitive agreements to sell its crude oil terminalling, pipeline, and trucking business segments for approximately US$162 million in total cash consideration, including estimated crude oil linefill and inventory. Net proceeds, after transaction costs, will be used initially to reduce borrowings outstanding under […]
The diesel bug
The introduction of biofuels marked a milestone reduction in the reliance on fossil fuels. In sustainability terms, the benefits of biofuels are clear – but inherent issues of microbial contamination and tank corrosion could significantly harm the health of fuel storage facilities. This article reveals the real impact of biofuels on storage tank stability and […]
Shell invests in waste to low carbon fuels plant in Québec
Shell Canada has announced the signing of commercial agreements to invest in Varennes Carbon Recycling, the first waste to low-carbon fuels plant in Québec, Canada. Shell will have a 40% interest in the plant using technology developed by Enerkem, a leading Canadian clean tech company. Enerkem announced the project in December 2020, subject to finalisation […]
Gulf Oil buys Ocean Tankers’ Singapore assets
Gulf Oil International has bought Ocean Tankers’ lubricant blending plant, storage tank farm, terminal facilities and wharf access in Tuas Port in Singapore. Gulf Oil, which is part of the Hinduja Group, will operate the site as a going concern. Ocean Tankers was placed under interim judicial management by the courts earlier this year, along […]
KN concludes UAB Elektrėnų Energetikos Remontas agreement for tank adaption
KN (AB Klaipėdos Nafta), the oil and liquefied natural gas (LNG) terminal operator, said it concluded an agreement with UAB Elektrėnų Energetikos Remontas on the reconstruction and adaptation of two storage tanks for bitumen loading. The agreement is valued at EUR 2.1 million and is scheduled for completion in the second half of 2021. It […]
The OPEC+ mission to balance oil markets is just getting started
Despite the OPEC+ decision to ease output cuts, oil prices have rallied over the past couple of weeks, supported by vaccine news and the start of vaccination campaigns across the world. Although the OPEC+ decision is seen as a compromise among the major group producers, the group has clearly realized that their decision is also […]
Why the world might not have enough oil to meet demand through 2050
The world is on track to run out of sufficient oil supplies to meet its needs through 2050, despite lower future demand due to the Covid-19 pandemic and the accelerating energy transition – unless exploration speeds up significantly and capital expenditure of at least $3 trillion is put to the task, a bombshell report by […]
Clariant catalyst sets production record at Baofeng Energy’s methanol plant
Clariant’s methanol synthesis catalyst, MegaMax 800, has demonstrated its performance at the methanol synthesis plant in the by-produced coke oven gas to olefin project of Ningxia Baofeng Energy Group Co. Ltd. The 1.5 million tpy methanol unit was loaded for the first time with the MegaMax 800 catalyst in June 2018. The excellent catalytical performance […]
Gulf Oil International reaches an agreement to acquire Ocean Tankers Assets
Gulf Oil International has reached an agreement to acquire the lubricant blending plant with wharf access, storage tank farm and terminal facility from Ocean Tankers Ltd, located in the Tuas region of Singapore. The facility will be acquired and continue to operate as a going concern. Mike Jones, CEO of Gulf Oil International, said: “This […]
Major fire at Magellan Corpus Christi injures seven
Seven men have been injured following a major fire at Magellan Midstream Partners terminal in Corpus Christi, Texas, US, on 5 December 2020, four of them critically. Corpus Christi deputy fire chief Richie Quintero told a news conference streamed online that the Corpus Christi Fire Department received the first emergency call shortly before 10am local […]
Quick Fire round with Borsig GmbH
How long have you been in the bulk liquid storage industry? Our experience with bulk liquid storage started in second half of the 80’s. That is focused on our VRU activity only. Biggest change you have seen in the bulk liquid storage industry at this time? Highest flexibility for products is needed Product specification are […]
Xiling “Tess” Zhou
“I “discovered” the tank storage industry by chance. After living and working in the United States for 16 years, UK for 2 years, I moved to Belgium around 10 years ago. Before Belgium, I spent my professional career mainly in international technology companies, where I enjoyed immensely working with cross functional teams of all genders, […]
Jen Penner
“My career in the oil and gas industry began with a downstream oil producer in the asphalt terminals division. With this position I was exposed to a variety of roles in operations, quality control, technical research, engineering, and projects. Through my experiences in the oil and gas industry, I found the storage tank aspect was […]
Exhibitor input: Automated construction of stainless-steel tanks
B&P Engineering Launch of the most technologically advanced production line in Europe to conduct automated construction of stainless-steel tanks and evaporation stations. We launched production on the new hall with an area of 5200 m2, equipped with the most technologically advanced production line in Europe designed to conduct automated construction of stainless-steel tanks and falling […]
Lagos begins clampdown on tank farm operators without license this week
Sequel to the proliferation of illegal terminal operators across Nigeria, the Lagos State Government said it would shut down all illegal tank farm operators in the state this week. Vanguard gathered that the move was necessitated, following constant fire outbreaks in oil facilities in the state along with subsequent fire incident averted by the state’s […]
Riverstone to purchase International-Matex Tank Terminals
$2.685 billion acquisition from Macquarie Infrastructure Corporation includes 19 terminals, 48 million barrels of storage. Riverstone Holdings recently agreed to buy International-Matex Tank Terminals (IMTT) from Macquarie Infrastructure Corporation for a total consideration of $2.685 billion. Established in 1939, IMTT is an industry leader in the storage and handling of bulk liquid products that are used in energy, industrial, consumer and […]
COVID Forces Exxon To Slash Oil Price Forecast
COVID Forces Exxon To Slash Oil Price Forecast COVID Forces Exxon To Slash Oil Price Forecast In the wake of the pandemic, ExxonMobil has significantly lowered its expectations about oil prices for the next seven years, expecting Brent Crude to average between $50 and $55 a barrel until 2025, The Wall Street Journal reported on […]
Houthi attack on Saudi Aramco plant damages oil tank
Yemen’s Iran-backed Houthi rebels fired a Quds-2 missile at Aramco’s North Jeddah plant, later confirmed by Saudi authorities. Saudi Aramco has said that a strike by Yemen’s Houthi rebels on its plant in Jeddah tore a hole in an oil tank, triggering an explosion and fire that was quickly extinguished. Aramco has said its domestic […]