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The latest news in the tank storage and energy infrastructure industry.
Showcasing our women in tank community, in collaboration with Tank Storage Magazine.
The major participants at ADIPEC 2020’s ADNOC Trading Forum expressed a wide range of sentiment, but the general message was one of caution or even outright pessimism when it came to oil price movements. The Virtual Conference, which was held in Abu Dhabi, was dominated by three main topics, the impact of COVID-19, global oil …
The group, which operates tank terminals around the world, now expects its capex to be in the range of 500 million to 600 million euros Dutch oil and chemical storage company Vopak said on Friday it would accelerate its investments in the reminder of the year to expand its terminal portfolio. The group, which operates …
Dutch oil storage firm Vopak accelerates investments in 2020 Read More »
The Oando tank farm, at Gaskiya Road, Ijora Badia, is the site of the blaze, Lasema said. The agency was not able to immediately determine the cause of the fire. Lasema said its responders plus Federal Fire, LASG Fire, Nigerian Navy Fire, Nigerian Police and Forte Oil Fire Service were “currently battling the inferno to …
Dr Elodie Zausa talks to Tank Storage Magazine about attitudes to women in the tank industry Dr Elodie Zausa works for French petroleum storage company Géosel, in business development for storage. On a day-to-day basis, she works with existing and new customers, including traders and refiners, to sell storage and transport capacity for crude oil …
Last time Europe started shutting down, the oil price tanked. Not long after, futures contracts in the US reached negative territory due to a lack of storage space, and producer earnings crashed. Conditions are not as dire as in March and investors are now much more cautious about oil, but the actual risks are similar. Of course, the …
Oil forecasts uncertain as Europe locks down again Read More »
The National Green Tribunal has ordered the removal of an oil storage facility in Chennai, highlighting that environmental laws were wrongly interpreted. The oil storage facility, which was violating coastal zone rules, was given clearance by the central government’s environment ministry. The project had got post-facto clearance from the Union Ministry of Environment, Forest and …
Remove oil storage facility in ecologically sensitive coastal area, says green tribunal Read More »
Oil prices plummeted early on Wednesday, with Brent falling below $40 a barrel, dragged down by estimates of a surge in U.S. inventories and the surge in coronavirus cases in the United States and Europe. As of 9:44 a.m. EDT on Wednesday, before the EIA inventory report, WTI Crude was down by 5.66 percent at $37.33, and Brent …
The House of Representatives has set up an enquiry into alleged irregularities in the oil Terminal Contract sum of N1. 8billion. Chairman, House Committee on Public Accounts, Rep. Woke Oke disclosed this during the investigative hearing into the execution of over N1.8 billion oil terminal standardized celibacy and measurement contract. Oke who said the inquest …
The Abu Dhabi National Oil Company (ADNOC), a UAE-based energy producer, is looking for Indian companies for partnership in its USD 45 billion downstream petrochemical expansion plans. ADNOC has sought opportunities to strengthen the UAE-India energy relationships. The company has launched an ambitious plan to expand its chemicals, petrochemicals, derivatives and industrial base in Abu …
ADNOC seeks Indian companies for petrochemical expansion plans Read More »
Brooge Energy Ltd has announced the beginning of preconstruction work for its phase III oil storage terminals and refinery, which will be located outside the Strait of Hormuz, adjacent to the Port of Fujairah, UAE. The preconstruction work includes the commencement of the Soil Investigation and the Environmental Impact Assessment (EIA) report. These are major …
Brooge Energy Ltd commences preconstruction work on phase III oil storage facility Read More »
Cyberhawk has announced that it has secured a five-year contract with a global LNG producer for the provision of drone inspection, surveying and data visualisation services. The contract will see Cyberhawk focus on collecting engineering-grade inspection data from oil and gas assets in the Middle East, onshore and offshore, which will be delivered as detailed …
Improving diversity and inclusion within the tank storage sector Read More »
Diversity and inclusion are buzzwords that seem to be everywhere at the moment. But in a world where differences, at least by many people, are now being celebrated, is the tank storage sector doing enough to encourage people of colour, or women, or people with disabilities, or members of the LGBTQ+ community to join the …
Improving diversity and inclusion within the tank storage sector Read More »
The loading operation was carried out at the Ichthys liquefaction plant in Australia, and the shipment was delivered on 29 September to the Dapeng terminal, China. Laurent Vivier, president for Gas at Total, said: “The development of LNG is essential to meet the growth in global demand for energy while reducing the carbon intensity of …
Total delivers its first ever carbon neutral LNG cargo in new milestone Read More »
Malaysian company FGV has completed six new vegetable oil storage tanks in Malaysia and is building nine more as it seeks to fulfil the Malaysian government’s biodiesel mandate and meet growing demand. FGV’s bulking and storage subsidiary FGV Johor Bulkers (FJB), which currently handles 25% of Malaysia’s palm oil exports, has completed four tanks with …
China, which has been on an oil-buying binge since the start of the pandemic, is now retreating as storage space fills up and demand for fuels in the regions it exports them to remains weak.In the final quarter of the year, Chinese crude oil imports could shed 14.5 percent from the third-quarter levels, equal to …
China’s oil imports are falling as storage fills up Read More »
As reported by Reuters, Dekun Energy, a subsidiary of Shandong Huaxin Industry and Trade Group, has opened a crude oil storage warehouse with a total storage capacity of 2 million m3 in the eastern Chinese port city of Rizhao.The new warehouse will add to Huaxin’s current storage capacity of 2.2 million m3, making it the …
ZAGREB (Croatia), October 20 (SeeNews) – Croatia’s state-controlled oil pipeline operator Jadranski Naftovod (Janaf) [ZSE:JNAF-R-A] said on Tuesday it signed an oil storage deal with Swiss company Litasco. The deal is valid for the period from November 1 until April 30, 2021, as the oil will be stored at Janaf’s Omisalj terminal, the Croatian company …
Croatia’s Janaf signs oil storage deal with Sweden’s Litasco Read More »
Cypriot company VTT Vasiliko (VTTV), a subsidiary of Dutch energy trader VTTI, is planning to expand its storage terminal at Vasiliko in Cyprus with two projects costing €150 million, according to reports. VTTV CEO George Papanastasiou told the Financial Mirror that the existing jetty can be adapted for Cyprus’ upcoming floating storage and regasification unit (FSRU). At the …
VTTV plans €150 million expansion work in Cyprus Read More »
Total has completed its first shipment of carbon neutral LNG with the Chinese National Offshore Oil Corporation CNOOC, (a longstanding partner of Total). It said: “This first LNG shipment, whose carbon emissions have been offset throughout the value chain, represents a new step as we seek to support our customers towards carbon neutrality” The loading …
Total delivers its first ever carbon neutral LNG cargo in new milestone Read More »
Croatian company Jadranski naftovod (JANAF) and Swiss trader LUKOIL International Trading and Supply Company (Litasco) have signed a new crude oil storage contract for JANAF’s Omišalj terminal. The storage contract runs from 1 November 2020 to 30 April 2021. The Omišalj Terminal is located on the island of Krk, near the town of Omišalj on …
The ongoing weakness of global oil markets seems to be stoking tensions within OPEC+, and a split within its leadership is now imminent. From the start of this year’s Moscow-Riyadh brokered OPEC+ production cut deal, internal differences have been kept at bay by a global pandemic and high crude oil storage volume. Market optimism now …
Why Saudi Arabia May Be Forced To Start Another Oil Price War Read More »
Colonial Terminals Operating Co. LLC – a subsidiary of Colonial Enterprises Inc. (Colonial) and an affiliate of Colonial Pipeline Co. – has completed the acquisition of three refined product terminals from Lincoln Terminal Co., Inc. (Lincoln), a products and biofuels marketing and logistics company. The new business will operate under the brand name Colonial Premier …
Colonial Premier Terminals acquires three terminals Read More »
Oil prices fell on Thursday as new restrictions to stem a surge in COVID-19 infections have increased uncertainty over the outlook for economic growth and a recovery in fuel demand. Brent crude futures dropped $1.48, or 3.44%, to trade at $41.83 per barrel, while West Texas Intermediate crude futures were down $1.49, or 3.63%, to …
Oil slips as new lockdown measures threaten demand recovery Read More »
NEW DELHI (Reuters) – The Indian cabinet on Wednesday allowed Abu Dhabi National Oil Co (ADNOC)to export oil from its Mangalore strategic petroleum reserve (SPR), a minister said, marking a policy shift that could enhance foreign participation as India seeks to expand its storage capacity. Allowing ADNOC to export its oil mirrors a model adopted …
India allows UAE’s ADNOC to export oil from strategic reserve Read More »
Qatar is a promising country and on the path to a prosperous future, as it is pumping into the local market through QP and through Woqod, various fuels to meet the daily local consumption needs of various types of vehicles and diesel engines that serve the industrial sector, homes and commercial businesses. Our network of …
Qatar’s growing fuel consumption calls for additional storage facilities, investments Read More »
Total becomes a 20 per cent shareholder in the Eolmed floating wind farm pilot project, located in the Mediterranean, off the coast of Gruissan in France. Attributed in July 2016, this 30 megawatts (MW) project will accelerate the development of a floating wind technology. Together with Qair, the historical developer and majority shareholder of the …
TechnipFMC (NYSE: FTI) reported Thursday that it has won a large subsea contract from a unit of Exxon Mobil Corp. (NYSE: XOM) ranging in value from $500 million to $1 billion. Under the terms of the award from Esso Exploration and Production Guyana Limited (EEPGE), TechnipFMC will manufacture and deliver the subsea production system for …
Exxon Contract Worth at Least $500MM to TechnipFMC Read More »
Oil declined after a U.S. government report showed an expansion in crude stockpiles during a time when fiscal relief from Washington remains up in the air. Futures in New York dropped 1.8% on Wednesday. U.S. crude stockpiles increased 501,000 barrels last week, while supplies at the nation’s biggest storage hub at Cushing, Oklahoma, climbed to …
Oil slumps with rising U.S. supplies adding to demand worries Read More »
Opec expects global oil demand to rebound higher than before the pandemic, reaching 103.7 million barrels per day by 2025, as countries accelerate efforts to revive economies, the group said in its annual oil outlook. Incremental increase in oil demand growth will remain “relatively high” between 2022 and 2023 at 2.1m bpd and 1.5m bpd, …
Opec expects global oil demand to rebound by 2025 Read More »
Harvest Energy Marine, a member of the Prax Group of companies, has announced that it has acquired the Total Zeebrugge Depot in Belgium. The facility will be re-branded as Prax Terminals Belgium, with Harvest Energy Marine managing all bunkering and commercial operations performed at the terminal. With a 20 000 m3 capacity, the Prax Group will …
Prax Group acquires Total Oil Terminal in Zeebrugge Read More »
Oiltanking Antwerp Gas Terminal (OTAGT) has commissioned the largest butane storage tank in Europe, with a capacity of 135,000 m3. The fully refrigerated, double containment tank has a diameter of 87 m and a height of 59 m, and doubles OTATG’s storage capacity. It will store butane for INEOS. Oiltanking bought the OTAGT in 2016 …
Oiltanking commissions Europe’s largest butane tank Read More »
A pump failure at Shell’s Harbor Island Petroleum Terminal in Seattle, US, has resulted in a spill of around 6,800 gallons (26,000 L) of gasoline. The spill occurred at around 4.45am local time on 1 October 2020. According to the US Coast Guard, the tank feeding the pump that failed had contained 160,749 gallons of …
Shell Harbor Island terminal spills 6,800 gallons of gasoline Read More »
Rolls-Royce has signed a contract with Dhamra LNG Terminal Pvt. Ltd. (DLTPL) for the complete Engineering, Procurement and Construction (EPC) delivery of a 29 MW gas-based power plant for an Indian LNG terminal. DLTPL is a joint venture between Indian multinational conglomerate Adani Group and French energy major Total S.A, located on the eastern coast …
Rolls-Royce to deliver gas power plant for Dhamra LNG regasification terminal Read More »
ZAGREB (Croatia), September 24 (SeeNews) – Croatia’s state-controlled oil pipeline operator Jadranski Naftovod (Janaf) [ZSE:JNAF-R-A] signed several contracts for oil transportation and storage that will ensure a high rate of utilisation of its operational capacities in the coming period, it said on Thursday. The company is continuing to conduct business as usual, and is regularly …
Croatia’s Janaf signs several oil transport, storage deals Read More »
A rusting oil-storage vessel moored off Yemen’s Red Sea coast could rupture or explode, Western officials said Friday, warning of an environmental and humanitarian catastrophe if it breaks apart. The FSO Safer—which holds more than 1.1 million barrels of oil, four times the 1989 spill from the Exxon Valdez in Alaska—is located near the port …
Decaying Yemen Oil Tanker at Risk of Spilling Into Red Sea Read More »
Oil declined after a U.S. government report showed an expansion in crude stockpiles during a time when fiscal relief from Washington remains up in the air. Futures in New York dropped 1.8% on Wednesday. U.S. crude stockpiles increased 501,000 barrels last week, while supplies at the nation’s biggest storage hub at Cushing, Oklahoma, climbed to …
Oil slumps with rising U.S. supplies adding to demand worries Read More »
Third Coast Midstream, LLC has announced that a subsidiary has completed the sale of its Cushing, Oklahoma, US, crude oil storage business (AMID Crude Oil Storage) to HCS Holdings, LLC, an affiliate of Hartree Partners, LP.AMID Crude Oil Storage consists of five crude oil storage tanks with approximately 3 million bbl of storage capacity. “Third …
Third Coast Midstream sells Cushing crude oil storage business Read More »
NEW ORLEANS — Hurricane Laura caused significant damage at a site holding about 30% of the nation’s store of emergency crude oil, but three other sites still have plenty of petroleum, U.S. Energy Secretary Dan Brouillette said Wednesday. The damaged Strategic Petroleum Reserve site in West Hackberry, Louisiana, holds nearly 8.2 billion gallons of crude …
Hurricane Laura damaged oil storage site, but no shortages expected Read More »
Huge floating oil storage builds earlier this year became a major cause for oil price falls as the pandemic wiped out demand. Then, as OPEC+ started cutting production and countries began emerging from lockdowns, floating storage inventories began to decline, boosting prices. Now, they’re creeping up again–but this time, it’s fuel inventories. Commodity major Trafigura …
Floating Storage Begins To Fill Up As Oil Demand Wavers Read More »
The value of the deal has not been disclosed but the energy services giant said it ranged between $75m – $250million. TechnipFMC was awarded the engineering, procurement and module fabrication (EPF) work for equipment and related services for eight new ethylene furnaces at the Shell Moerdijk site. The firm will replace replace older units to …
TechnipFMC wins ‘significant’ contract to cut emissions at Shell Moerdijk plant Read More »
The energy giant, which has been grappling with the effects of the oil price downturn and Covid-19, follows rival BP who earlier this year announced plans for 10,000 job cuts. Shell, which employs 6,000 people in the UK, including 1,000 directly in its Upstream oil and gas business in the country, said the “reduced organisational …
Commodities trading group Trafigura and investment management firm IFM Investors have formed a new joint venture, Nala Renewables, to invest in solar, wind and power storage projects. The two companies already have the Impala Terminals joint venture for liquid, bulk and container cargo, which was created in 2018 and now operates 28 facilities in 20 …
Trafigura and IFM launch renewables joint venture Read More »
Vopak Industrial Infrastructure Americas, a 50:50 joint venture of Dutch independent tank storage company Royal Vopak and US investment firm BlackRock’s Global Energy & Power Infrastructure Fund, is to buy three major US Gulf Coast terminals from Dow Chemical for US$620 million (€523 million). The transaction includes Dow’s chemical storage terminal in Freeport, Texas, which …
Vopak and BlackRock buy three Dow terminals for US$620 million Read More »
Kpler’s Alex Booth looks at how the global crude crisis in 2020 came about, how it affected storage and the direction of the trends now. THE BUILD-UP TO THE GLOBAL CRUDE OVERHANG – A PRICE WAR COMPOUNDED BY COVID-19 The build-up to the global crude crisis started long before COVID-19 decimated demand. OPEC+ had been …
