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 […]
America’s Biggest Oil Storage Hub Is Filling to the Brim Again
Oil tanks in America’s most important crude storage hub are filling to the brim once again, quickly approaching the critical levels reached in May after prices crashed. Stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate futures, stood at 61.6 million barrels as of Nov. 13, or about 81% of capacity, according to the […]
Techno Oil unveils automated LPG terminal in Nigeria
Techno Lagos Oil Ltd (Techno Oil) has unveiled its new automated liquefied petroleum gas (LPG) terminal at Kikiri in Apapa, Lagos, Nigeria. The new terminal is expected to generate up to 2000 jobs and unlock Nigeria’s 187 trillion ft3 gas reserve, which has remained largely untapped to date. The terminal, which has the capacity to […]
$1.35 billion LNG retail push as India aims to reduce diesel use
Indian companies will spend $1.35 billion over three years on 1,000 liquefied natural gas (LNG) stations along main roads and industrial corridors and in mining areas to cut diesel consumption, according to oil minister Dharmendra Pradhan. Pradhan said: “Even if the LNG vehicle segment achieves 10 percent market share in a fleet of 10 million […]
Adler & Allan bought by an affiliate of sun european partners LLP
A Sun European Partners LLP affiliate has agreed to acquire Adler & Allan, a leading UK environmental risk reduction specialist, from funds managed by LDC, for an undisclosed sum. Paul Daccus, managing director of private equity firm Sun European Partners, said: “Business services continues to be a key area of focus for Sun European, and […]
StocExpo announces new Women in Tanks initiative
StocExpo, the world’s leading bulk liquid storage event has announced its next new focal point for the 2021 event in Antwerp – Women in Tanks – to highlight the women working in the tank storage sector. To secure the future success of the tank storage sector, the industry needs to attract the right people and […]
Will The UAE Withdraw From OPEC?
OPEC has suffered immensely under the pandemic and subsequent oil demand loss, and its job could now become significantly more challenging as members mull the pros of staying with the group against the con of performing the dutiful and painful task of curbing production. And the UAE is said to be doing just that. Meanwhile, oil […]
Saudi reports fire at oil terminal after Huthi boats intercepted
A fire broke out at an offshore Saudi oil terminal after two explosives-laden boats launched by Yemen’s Huthi rebels were intercepted by Saudi-led troops, the energy ministry said Friday. The “limited fire” at a terminal off the southern province of Jizan caused no casualties, a ministry statement carried by the official Saudi Press Agency said. […]
Ergon expands Antwerp terminal
Speciality oil distributor Ergon International, part of US firm Ergon Refining, has added three new storage tanks to its terminal in Antwerp, Belgium. The new tanks have a total capacity of 9,000 m3, and take the terminal’s capacity to 39,000 m3, the equivalent of 36,650 tonnes. Ergon International markets and distributes insulating, base and process […]
TechnipFMC receives notice to proceed with US$1 billion contract for LNG facility
TechnipFMC has received a notice to proceed for an engineering, procurement and construction (EPC) contract worth over US$1 billion by Sempra LNG and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) at their Energía Costa Azul (ECA) LNG facility in Baja California, Mexico. The project will add an LNG facility with a nameplate capacity of 3.25 […]
Oil & Gas working together for net zero future theme for SPE Offshore
Working together to deliver a decarbonised, net zero future will form the theme and direction for SPE Offshore Europe 2021 being held in Aberdeen, Scotland, 7-10 September 2021. Neil Saunders, conference chair of SPE Offshore Europe 2021 and executive vice president of oilfield equipment at Baker Hughes, is leading the 30-strong committee that has developed […]
Why Iraq Isn’t Producing 10 Million Barrels Per Day Yet
Despite its huge oil resources, Iraq’s practical readiness to hit its 7 million barrels per day (bpf) oil production target (by 2025) came into question again last week, with statements from the developers of two of its major fields – BP in Rumaila, and Japan Petroleum Exploration (Japex) in Gharraf – that achieving higher output […]
Mersey bulk liquid specialist offers clients real time data
Based at the Port of Liverpool, UM Terminals operates eight bulk liquids storage terminals across the UK and has implemented the latest technology to keep customers updated 24/7. Leading UK bulk liquid storage specialist UM Terminals is now offering its clients 24/7 real-time data to its clients following an investment in the latest technology. Based […]
IEA: permanent oil refinery closures accelerating
As reported by Reuters, permanent refining capacity closures expected for 2020 – 2021 have risen to about 1.7 million bpd as the COVID-19 pandemic hammers demand for oil products, the International Energy Agency (IEA) said on Thursday.About a dozen refinery closures have been announced in the past few months, the IEA said, with the bulk […]
Cargill expands biodiesel production in North Sea Port with ground-breaking project
North Sea Port attracts more green investment. Cargill is pumping more than 125 million euros into the construction of a new factory at its Ghent site. It will use innovative technology to produce biodiesel from waste and residues. This represents a first in Europe. North Sea Port is increasingly focusing on the circular economy and […]
Hiring in Tech Today: The Role of Gender and Racial Bias in 2020
Source: Website Planet – Sharon Hurley Hall If you’re a Caucasian male, you’ve won the lottery when it comes to getting hired in tech, or so it seems. According to tech diversity reports, in the biggest tech companies, men represent between 77% and 88% of the workforce, and Caucasians between 40% and 51%. Those figures seem […]
PRIO inaugurates €11 million tank farm expansion
Portuguese biofuel producer PRIO has inaugurated an €11 million expansion of its liquid bulk terminal in Aveiro, Portugal. The expansion work took the gasoline storage capacity at the facility from 10,000 m3 to 26,000 m3, the equivalent of around 26 million L, and increased the diesel storage capacity by 4,000 m3. The first delivery of […]
INEOS pledges to beat EU climate targets in Antwerp
UK chemical company INEOS has pledged to stay ahead of EU climate and energy targets at its businesses in Antwerp, Belgium. The company says that all its sites in Antwerp, including the Project ONE cracker and propane dehydrogenation unit, will be climate-neutral by 2050 at the latest. The EU wants greenhouse gas emissions to be 55% below […]
GlobalData: Asia to spearhead global liquids storage capacity additions through 2024
According to GlobalData, Asia is expected to witness the highest global liquids storage capacity additions, contributing around 46% by 2024. GlobalData’s report, ‘Global Capacity and Capital Expenditure Outlook for Liquids Storage, 2020-2024 – Asia Spearheads Global Liquids Storage Capacity Growth’, reveals that Asia is likely to witness a total liquids storage capacity additions of 321 […]
ExxonMobil and GE launch advanced co-branded turbine oil
ExxonMobil and GE today announced the launch of Mobil SHCTM 918 EE gas turbine oil, a new technology that may dramatically improve turbine bearing efficiency by up to 15 percent compared to conventional ISO VG 32 turbine oils. Designed for use in multi shaft 7HA, 9HA, 6FA.01 and 7FA GE gas turbines, this technology can […]
Neste to acquire Bunge facility
Neste, a leading producer of renewable diesel and sustainable aviation fuel made from waste and residue raw materials, recently agreed to acquire Bunge Loders Croklaan’s refinery plant in Rotterdam, Netherlands for 258 million euros ($303 million). The refinery plant is located next to Neste’s existing biorefinery and consists of a pretreatment facility, tank farm, jetties […]
Oil Optimism Returns On Fresh Vaccine News
Oil prices reacted positively to the news of a Pfizer vaccine that is reportedly 90% effective for the coronavirus. Energy-related CO2 emissions in the U.S. declined by 3% in 2019, after rising by 3% the year before. The decline was largely due to the evolving mix of electricity generation Emissions from coal plunged by […]
Matrix Service Company Just Missed Earnings; Here’s What Analysts Are Forecasting Now
Investors in Matrix Service Company (NASDAQ:MTRX) had a good week, as its shares rose 9.9% to close at US$8.35 following the release of its first-quarter results. It looks like a pretty bad result, given that revenues fell 20% short of analyst estimates at US$183m, and the company reported a statutory loss of US$0.12 per share instead of […]
An Oil Market Recovery Is On The Horizon
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 […]
Dutch oil storage firm Vopak accelerates investments in 2020
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 […]
Fire strikes Oando tank farm in Lagos
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 […]
Times are changing
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 […]
Oil forecasts uncertain as Europe locks down again
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 […]
Remove oil storage facility in ecologically sensitive coastal area, says green tribunal
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 […]
Oil Prices Plunge 5% As Demand Fears Intensify
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 […]
Lawmakers Probe N1.8bn Oil Terminal Contract
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 […]
ADNOC seeks Indian companies for petrochemical expansion plans
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 […]
Brooge Energy Ltd commences preconstruction work on phase III oil storage facility
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 […]
Improving diversity and inclusion within the tank storage sector
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
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 […]
Total delivers its first ever carbon neutral LNG cargo in new milestone
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 […]