FGV adds 15 new vegetable oil tanks in Malaysia
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’s oil imports are falling as storage fills up
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 […]
Dekun Energy opens crude oil storage warehouse
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 […]
Croatia’s Janaf signs oil storage deal with Sweden’s Litasco
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 […]
VTTV plans €150 million expansion work in Cyprus
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 […]
Total delivers its first ever carbon neutral LNG cargo in new milestone
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 […]
JANAF and Litasco sign crude storage deal
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 […]
Why Saudi Arabia May Be Forced To Start Another Oil Price War
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 […]
Colonial Premier Terminals acquires three terminals
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 […]
Oil slips as new lockdown measures threaten demand recovery
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 […]
India allows UAE’s ADNOC to export oil from strategic reserve
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 […]
Qatar’s growing fuel consumption calls for additional storage facilities, investments
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 […]
Total enters offshore wind sector in France
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 […]
Exxon Contract Worth at Least $500MM to TechnipFMC
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 […]
Oil slumps with rising U.S. supplies adding to demand worries
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 […]
Opec expects global oil demand to rebound by 2025
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, […]
Prax Group acquires Total Oil Terminal in Zeebrugge
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 […]
Oiltanking commissions Europe’s largest butane tank
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 […]
Shell Harbor Island terminal spills 6,800 gallons of gasoline
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 […]
Rolls-Royce to deliver gas power plant for Dhamra LNG regasification terminal
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 […]
Croatia’s Janaf signs several oil transport, storage deals
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 […]
Decaying Yemen Oil Tanker at Risk of Spilling Into Red Sea
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 […]
Oil slumps with rising U.S. supplies adding to demand worries
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 […]
Third Coast Midstream sells Cushing crude oil storage business
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 […]
Hurricane Laura damaged oil storage site, but no shortages expected
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 […]
Floating Storage Begins To Fill Up As Oil Demand Wavers
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 […]
TechnipFMC wins ‘significant’ contract to cut emissions at Shell Moerdijk plant
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 […]
Shell plans up to 9,000 job cuts worldwide
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 […]
Trafigura and IFM launch renewables joint venture
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 […]
Vopak and BlackRock buy three Dow terminals for US$620 million
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 […]
When supply outstrips demand
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 […]