Sinopec Adds More Oil Storage at Baishawan
China's Sinopec has started operating the second phase of its Baishawan commercial crude oil storage project in eastern province Zhejiang, the company said in a statement on Wednesday.The project had added four storage tanks with combined capacity of 450,000 c
Coronavirus Leaves China-bound Tankers Stranded
The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1…
India, S. Arabia in New Petro Relationship
India and Saudi Arabia have decided to expand its ‘energy relationship’ into next phase to include Saudi partnership in building additional crude oil storage reserves in India, a new refinery on the west coast…
KNOT Signs Charter Contract with Total
Knutsen NYK Offshore Tankers AS (KNOT), a NYK Group company, has concluded a time-charter contract for a maximum 15-year period starting from 2021 for a shuttle tanker with French oil and gas giant Total for its…
Iran to Build Crude Oil Storage Facility at Gulf of Oman Port
A unit of the National Iranian Oil Co. (NIOC) signed a deal with a local firm on Sunday to build a crude oil storage facility near Iran's southeastern port of Jask with an initial investment of 200 million euros ($232 million)…
Libya Oil Output Slashed by Port Attacks
Libya has lost some 400,000 barrels per day (bpd) of oil production in recent days because of militant attacks at the Ras Lanuf and Es Sider ports, the head of the National Oil Corporation, Mustafa Sanalla, said…
Cushing's Market Clout Wanes Amid U.S. Crude Export Boom
The volume of oil sitting in 300 steel tanks in a nine-square-mile radius in Cushing, Oklahoma has long been a key barometer for the health of U.S. crude supply and the nation's benchmark for daily trading of billions of dollars in the commodity.
Gunvor's Rotterdam Oil Storage is for Sale
Trading house Gunvor is looking to sell a stake in more of its Rotterdam oil storage, two sources told Reuters, after offloading a chunk last year to a subsidiary of state oil giant Saudi Aramco. Gunvor acquired a significant amount of storage in Rotterdam…
Matrix Global Plans U.S. Crude Storage Deal
Matrix plans sweet crude storage futures at LOOP. Matrix Global Holdings is planning to start up an oil storage futures contract for low-sulphur crude oil that will enable companies to build up supplies for export cargoes…
TransCanada, M2 to Build New Crude Storage Facility in Cushing
TransCanada Corp plans to build a new crude oil storage facility in Cushing, Oklahoma in partnership with M2 Infrastructure LLC, an affiliate of U.S. private equity firm Lone Star Capital, M2 said on Wednesday.
Japan, Saudi Aramco extend Okinawa Crude Storage Deal
State-run Japan Oil, Gas and Metals National Corp (JOGMEC) said it signed a contract with the world's top exporter Saudi Aramco on Wednesday to extend a crude oil storage deal on the island of Okinawa by three years.
Buckeye to Acquire 50% of VTTI Marine Terminal
Buckeye Partners LP, which operates pipelines and other transportation and storage assets for liquid petroleum products, said it bought a 50 percent stake in the marine terminal company VTTI BV for $1.15 billion. VTTI is a unit of Vitol Group.
Seven Injured in Flash Fire at Texas Oil Terminal
An apparent flash fire injured seven workers working on a construction project at Sunoco Logistics crude oil terminal in Nederland, Texas on Friday, a company spokesman said on Saturday. "Seven employees of a contractor working on site were injured…
Saudi Arabia to Expand China Energy Investments
Saudi Arabia wants to expand its investments in China's energy industry, its Energy Minister Khalid al-Falih said late on Friday, part of the world's top oil exporter's efforts to boost cooperation with a top customer.
Hedge Funds Bullish on Brent, not WTI: Kemp
Hedge funds are turning more positive about the outlook for crude oil prices, according to the latest positioning data from regulators and exchanges. Hedge funds and other money managers held a combined net long…
Oil Gains on Japan Data, U.S. Supply Dip
U.S. crude inventories surprise with dip of 1.9 mln barrels; Japan machinery orders also lend some support. Oil prices rose on Wednesday on strong Japanese economic data and lower crude oil storage figures from the United States…
ArcLight, Freepoint to Buy Hovensa St. Croix Refinery
Boston-based private equity firm ArcLight Capital, together with commodities trader Freepoint, unveiled plans on Tuesday to buy the Hovensa refinery complex in St. Croix in the Caribbean and turn it into a massive oil storage hub.
South Africa Refurbishes Crude Storage Tanks
South Africa plans to refurbish more crude oil storage to bring into use to take advantage of new finds in Africa and add to already brimming stocks. Its Strategic Fuel Fund Association (SFF), which manages the country's emergency crude stocks…
Denholm MacNamee Adds Tank Cleaning Tool
Aberdeenshire-based Denholm MacNamee has invested in an additional hydraulic dozer system which will further enhance the company’s efficiency in its tank cleaning business. The dozer system is a purpose-built…
Eni: Fire at Agip Facility in Nigeria Halts 20,000 bpd Production
A fire at two crude oil storage tanks at Agip's Ebocha plant in Nigeria's Rivers state has shut down production of about 20,000 barrels per day, a spokesman for Eni said on Monday. He said the fire started on…
