Argus: Oil Demand Will Not Plunge Because Of The Energy Transition
The energy transition and the growing share of electrification of transportation will not lead to a fast decline in global oil demand—any drop in consumption will be very gradual, Argus analysts said at the Argus Crude forum during the IPWeek conference on Tuesday. The trend of world oil demand will be a “tug of war” […]
Brookfield launches hostile bid to buy Canada’s Inter Pipeline
Brookfield Infrastructure Partners on Monday formally launched a hostile bid to buy Inter Pipeline Ltd with the same C$16.50-per-share offer that the Canadian oil and gas transportation company had rejected as inadequate weeks ago. Earlier this month, Brookfield said it was willing to raise its offer to as much as C$18.25 per Inter share if […]
Sanneke van der Kley
During my studies at the Technical University in Delft, I had never imagined myself working in the Oil & gas industry, nor did I know of the existence of Independent tank storage providers. In 2006, while looking for a final thesis for my Master’s degree on Systems Engineering, I had picked-up news regarding an LNG […]
Allison Newell
When I was asked to write a piece about Woman in Tanks and provide a photograph, my first thought was that I did not want to be ”Pidgeon Holed“ in the Tank Business since I felt that my career was more diverse than just tanks. I was worried that it may limit the customer base […]
Live events: it’s a kind of magic
Events companies have brilliantly kept their communities of buyers and sellers connected through online events during Covid. But while many of these events have been excellent, they are unlikely to usurp their live counterparts. That’s because face-to-face communication is richer than all other forms. There’s plenty of science to back this up. You may have […]
Vopak invests in storage capacity for waste based feedstocks in the Port of Rotterdam
Vopak is investing in the Port of Rotterdam for the storage of waste based feedstocks for the production of biofuels such as biodiesel and bio-jet-fuel. The market for energy from renewable sources in Europe is rising, also as a result of the Renewable Energy Directive II of the European Union. In total 16 new tanks […]
$100 Oil: Big Banks Believe A New Oil Supercycle Is Beginning
Some of the world’s biggest names in oil trading and analyzing can’t seem to get on the same page when it comes to predicting what will happen next for the volatile commodity. Some, like Jeffrey Currie of Goldman Sachs and Christyan Malek of JPMorgan, according to the Financial Times, are confident that oil is ready for […]
Vopak announces Vlaardingen and Qinzhou investments in 2020 results
Independent Dutch terminal operator Vopak is to build new tanks for waste-based feedstocks for biofuel in Vlaardingen in the Netherlands, and will build a new jetty at its terminal in Qinzhou, China. Vopak will build 16 new tanks with a combined capacity of 64,000 m3 at Vopak Terminal Vlaardingen in Rotterdam to store waste materials such […]
Deep freeze shuts refineries in US Gulf
As reported by Reuters, a deep freeze is continuing to wreak havoc on the US energy sector, bringing operations to a halt at the Houston Ship channel, while several of the biggest oil refineries remained offline in the nation’s largest crude-producing state. Overall, around 5.3 million customers were without power in most states including Texas and […]
Oil storage firm Vopak Q4 core profit misses market expectations
Feb 17 (Reuters) – Dutch oil and chemical storage company Vopak’s fourth-quarter core profit missed market expectations on Wednesday, due in part to a one-off negative accounting result at its associate terminal PT2SB in Malaysia. The company, which operates tank terminals around the world, reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of 189 […]
Iraq in advanced talks to build oil storage in China, says oil minister
BAGHDAD (Reuters) – Iraq is in advanced talks with state-run Chinese companies to discuss building crude oil storage facilities in China as part a plan to boost oil sales to Asia, Iraq’s oil minister told Reuters. “Iraq is also discussing plans proposed by Pakistan for building crude oil storage facilities,” Iraq’s Oil Minister Ihsan Abdul […]
Sri Lanka To Re-Acquire 99 Oil Tanks Leased To Indian Oil: Minister
Sri Lanka will re-acquire the World War II-era oil storage tanks leased out to Indian Oil Corporation in the eastern port district of Trincomalee, Energy Minister Udaya Gammanpila has said.It is the second deal with India to be scrapped by Sri Lanka this year. Last month, the Sri Lankan government scrapped the trilateral deal with […]
Fujairah’s position in a volatile oil market
Fujairah has raised its profile as one of the world’s leading oil trading and bunkering hubs by building world-class terminal and port facilities. Though high oil prices over the past decade were an important factor supporting investment in new energy-related infrastructure, Fujairah has multiple competitive advantages that allow its oil-related industries to operate successfully through […]
StocExpo postponed to March 2022
London, 17 February 2021: StocExpo, the leading tank storage event, has been postponed from June 2021 to 8 – 10 March 2022 in a decision made in consultation with the community. The live exhibition, conference and associated awards, which regularly attracts key visitors and exhibitors from across the industry’s biggest, best and most innovative players, […]
Iran’s Energy Exchange: What’s the Risk?
Since US sanctions against the Iranian energy sector were launched, the Iranian government has sought more creative ways of maintaining a stake in regional and global energy markets to mitigate the economic fallout of its confrontation with the United States. This is how the Energy Commission of the Islamic Consultative Assembly arrived at the idea […]
Shell confirms oil production has peaked as it unveils ‘accelerated’ green plan
Oil and gas giant sets sights on developing science-based climate targets, as hydrogen, nature based solutions, carbon capture, utility business, and electric vehicle infrastructure all earmarked for increased investment Shell has today launched a major new green plan to ramp up investments in low carbon technologies and natural carbon capture efforts, align its decarbonisation […]
Australia loses another oil refinery, leaving our fuel supply vulnerable to regional crises
In the space of four months, Australia has lost half of its remaining oil refineries. In October, BP announced it was closing its Kwinana oil refinery in Perth and converting it into a fuel import terminal. The oil major said the refinery — Australia’s largest — was no longer economically viable. It blamed the regional […]
Opposition builds to Texas crude oil export terminal
While the nation held its breath in fear of Covid-19 and a potential Trump coup d’etat of the democratic transfer of power, Texas communities and allies were responding to an imminent threat to coastal communities, ecosystems, and global climate. From December through January Earthworks and allies scrambled to help the Brazoria County communities of Jones […]
Jurong Port tipped to take over giant oil storage facility
State-run Jurong Port is set to take over Universal Terminal, one of Singapore’s largest oil storage terminals, buying the shares held by the Lims, the family behind collapsed oil trader Hin Leong, according to a report from Reuters today. Jurong Port has appointed an interim chief executive for the terminal and has started marketing the storage space […]
SeaPort Sound proposes to demolish refinery equipment and replace it with new storage tanks
SeaPort Sound Terminal LLC (SeaPort Sound) is proposing to demolish existing refinery equipment and replace it with new storage tanks and appurtenances at the SeaPort Sound Terminal located on the Hylebos Waterway at 2628 Marine View Drive in Tacoma, Washington. The SeaPort Sound Plant Modernisation Project includes demolition of existing refinery equipment, installation of new […]
Qatar Approves World’s Largest LNG Project
Qatar Petroleum took this week the final investment decision to build what it says would be the world’s largest liquefied natural gas (LNG) project in terms of capacity, as the tiny Gulf nation and top global LNG exporter aims to raise its annual production by 40 percent by the end of 2025. Qatar Petroleum sanctioned […]
Enbridge Gas to hold binding open season for peak storage service at Dawn Hub
Enbridge Gas is holding a binding open season for peak storage services at the Dawn Hub storage facility starting as early as 01 April 2021. Shippers seeking access to flexible, customised premium storage for peaking service needs can submit bids of up to 2 BCF for a minimum term of 2 years or longer. Multiple […]
Could Oil Prices Break $100 Next Year
Oil prices could go as high as $100 a barrel next year on the back of “very easy monetary policy” and reflation trade, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg in an interview. “It’s a futures market, we always discount stuff that’s going to happen in the future, now. That’s why prices […]
UAE: Fire hits Fujairah oil storage tank
Fujairah: Fujairah civil defence teams haved controlled a fire that broke out in an oil tank belonging to a recycling company in the Thawban area of Fujairah. The police operation room received a report on Tuesday at 6.06pm stating that there was a fire in one of the oil tanks. Firefighters rushed to the scene. […]
Jurong Port tipped to take over giant oil storage facility
State-run Jurong Port is set to take over Universal Terminal, one of Singapore’s largest oil storage terminals, buying the shares held by the Lims, the family behind collapsed oil trader Hin Leong, according to a report from Reuters today. Jurong Port has appointed an interim chief executive for the terminal and has started marketing the storage space […]
Emerson to launch new mobile software in April 2021
Introducing Emerson’s all-new RosemountTM TankMasterTM Mobile. Launches April 2021 For tank farm operators, inventory data is critical to run efficiently. All the way from accepting orders, receiving shipments and filling and emptying tanks to closing books at the end of each month. Inventory status is what underpins operations and business decisions. Modern inventory management software […]
Oil & gas industry needs to ‘reimagine’ its business and models to maximise energy transition opportunities
Enhancing collaborative culture within the offshore oil and gas industry is not only key to maximising the potential of its existing world class supply chain but could also unlock future activity in the UK Continental Shelf (UKCS) and be key to delivering a successful Net-Zero future. Improving commercial models which support cost reduction whilst incentivising […]
Exxon, Chevron discussed possible merger in 2020, report says
Exxon Mobil and Chevron discussed a possible merger last year as the coronavirus pandemic pummeled the industry and put extreme financial pressure on the two largest U.S. oil giants, according to a report in The Wall Street Journal. Exxon Mobil and Chevron discussed a possible merger last year as the coronavirus pandemic pummeled the industry and […]
Royal Dutch Shell sees huge loss as pandemic hits oil demand
Oil giant Royal Dutch Shell sank to a net loss of $21.7bn (£16bn) last year after the coronavirus pandemic caused demand to slump. The announcement comes after two of its rivals, BP and Exxon, posted similar big losses. Looking ahead, Shell said “significant uncertainty” would continue to have a negative impact on demand for oil […]
Implico, Apollocom join to digitize Mexican oil & gas
Implico Group and Apollocom seek to digitize the Mexican downstream sector through a newly formed partnership. Implico is an international IT company for the downstream industry, and Apollocom is a Mexican solutions integrator. At the center of their joint endeavor is the OpenTAS TMS terminal management system developed by Implico. The partners will use the […]
Oil price rally continues as WTI crude hits one-year high
(Bloomberg) –Oil extended gains after closing at the highest level in more than a year as declines in U.S. and Chinese crude stockpiles added impetus to a rally driven by tightening global supplies. Futures in New York climbed to trade above $55 a barrel. The American Petroleum Institute reported crude inventories fell by 4.3 million […]
Sinopec Guangzhou 50,000 mt capacity oil terminal in production & commissioning phase
Sinopec Guangzhou Petrochemical on Tuesday (2 February) said it has started trialing its new 50,000 tonne oil terminal and the facility has entered the production and commission stage. Construction of the terminal started in November 2019 and its completion is five months ahead of schedule despite restrictions placed by Covid-19 measures. To mark the start […]
Texas Lawmakers Look To Tighten Rules For Storage Tanks In Flood-Prone Areas To Prevent Chemical Spills, Fires
Storage tanks have been the source of several chemical disasters, including the fire at ITC Deer Park and a major gasoline spill during Hurricane Harvey. Now, they’re the focus of two bills this Texas legislative session. Juan Flores was at home in Galena Park when Hurricane Harvey hit Houston in August 2017. As the rain […]
India’s strategic oil reserves reach 74 days capacity; 3 new storage locations added
India’s current total national capacity for storage of crude oil and petroleum products currently stands at 74 days, according to Ministry of Petroleum & Natural Gas. India’s current national capacity for storage of crude oil and petroleum products has reached 74 days after the addition of three new locations at Vishakhapatnam, Mangaluru and Padur. Indian […]
Report: North Korea builds more oil storage facilities at Nampo Port
Feb. 2 (UPI) — North Korea has been building additional oil storage in Nampo port, with more than 30 new tanks completed since 2018, according to a recent press report. Satellite imagery analysis by Colorado-based Maxar Technologies shared on Google Earth shows the Nampo area included five previously unseen oil tanks Dec. 23. Each measured […]
Concern over Shetland ‘parking lot’ for floating oil storage
Concern has been expressed about the potential risk posed by tankers using Shetland’s coastline as a “parking lot” for floating oil storage. The Hovden Spirit – carrying hundreds of thousands of barrels of Brent crude – is the latest vessel to hug the coast while awaiting a destination. The tankers are not breaking any national […]
StocExpo launches ‘The Terminal of Tomorrow’
StocExpo launches ‘The Terminal of Tomorrow’. 16-17 March 2021 London, 4 January 2020: StocExpo, the leading tank storage event in partnership with Tank Storage Magazine, has launched an all-new online conference providing an in-depth insight into the future of energy storage, entitled ‘The Terminal of Tomorrow’. The conference will be held virtually on 16 & […]
Whitney Helbers
My name is Whitney Helbers, let me introduce myself. I am currently working as a Sales Manager for Wiko Isolatietechniek & Steigerbouw, a Dutch family company. My career in the industry started 16 years ago with insulation and added scaffolding a few years ago. I have had a passion for industry and technology from an […]
Group signs biofuel agreement for more than 2.5 B liters with Shell
ECB Group Paraguay and Shell Trading (US) Company (“Shell”) have signed a multi-year contract that will provide more than 500 million liters of renewable diesel and renewable jet fuel per year to Shell, one of the world’s largest energy companies. The contract is expected to run from 2024. The renewable diesel HVO (Hydrotreated Vegetable Oil) […]
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, […]