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), the oil ministry news website SHANA reported.State-run NIOC's subsidiary Petroleum Engineering and Development Co. (PEDEC) signed the agreement with Petro Omid Asia Co. to build the facility with a total capacity of 10 million barrels on a build-operate-transfer (BOT) basis in Jask…
PDVSA Escapes Bonaire Restrictions - for now
A regulatory agency has decided not to impose restrictions on Venezuelan state-run oil company PDVSA's operations at its terminal on the Dutch Caribbean island of Bonaire after receiving new repair assurances, the Dutch Human Environment and Transport Inspectorate (ILT) said on Wednesday. The Caribbean island in December said PDVSA could lose its license to operate the oil storage facility, which is essential to Venezuelan fuel oil exports, if it could not fulfill regulators' maintenance demands.
Buckeye Partners Resumes Operation in Puerto Rico
Buckeye Partners has resumed full operations at its oil terminal and storage tanks in Puerto Rico two weeks after it closed the facility ahead of Hurricane Maria, the company said on Tuesday. "Buckeye has safely resumed full service of its marine, truck and tank operations at the Yabucoa, Puerto Rico Terminal Facility and is available to meet the fuel needs of the island's businesses and residents," it said in a statement. The U.S.
Caribbean Oil Terminals Prepare for Hurricane Maria
Several Caribbean oil storage terminals that temporarily closed ahead of Hurricane Irma earlier this month have started making preparations in case they have to shut again due to Hurricane Maria, which was a rare Category 5 storm on Tuesday. Shippers and traders in the Atlantic basin are struggling amid this year's very active storm season, which has seen seven hurricanes so far, four of them major hurricanes, defined as at least a Category 3 on the five-step Saffir-Simpson scale. Hurricane Harvey hit the U.S.
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. The facility will be able to store 6.2 million barrels of crude oil and will be located at TransCanada's terminal in Cushing, M2 said, adding TransCanada will operate the storage. M2, which provides storage options to oil and gas producers and refiners, will own the storage.
Hess Oil Storage Facility in North Dakota Leaks 32,000 Gallons
An oil storage facility in North Dakota owned by Hess Corp leaked about 32,000 gallons on Tuesday, though the crude has been recovered on site, state regulators said. A transfer pump at a tank battery in Mountrail County, in the state's northwest corner, failed, causing storage tanks to overflow, according to the North Dakota Department of Mineral Resources (DMR). A state inspector has been sent to the scene to monitor remediation, DMR said. Hess was not immediately available to comment.
Enterprise: Clients Must Pay for Dock Work
Enterprise Products Partners LP said on Wednesday that companies using its crude oil storage facility in the Houston Ship Channel must pay extra for dock services, brushing off complaints from client BP Plc . "We believe if you want a service, you pay for it," Enterprise Chief Operating Officer Jim Teague told analysts when asked about concerns, first reported by the Wall Street Journal, that the company's strong position in Gulf Coast storage gives it too much pricing power.
Libyan Port Fire Destroys 1.8m Barrels of Crude
A fire raging at an oil storage facility at Libya's Es Sider port has destroyed up to 1.8 million barrels of crude, a top oil official said on Tuesday. Total damage so far, including the lost oil, is estimated at $213 million, al-Mabrook al-Buseif, the top oil official of the recognised Libyan government, told Reuters. (Reporting by Ayman al-Warfalli; Writing by Ulf Laessing; Editing by David Goodman)
Russia No Help in Oil Price War
Russia needs oil price of $100 to balance budget. Oil prices at four-year low of $78 and Russia can't cut output, has no storage to limit exports. Russia can do little to shore up slumping global prices even if OPEC wants it to. Russian wells will freeze if they stop pumping oil, and the country cannot store the output it would otherwise export. Before next week's meeting of OPEC, Russia has already spoken to group…
Drydocks World wins ADIPEC Awards
Drydocks World and Maritime World, the international providers of maritime and offshore services to the shipping, oil, gas, and energy sectors have been awarded the Best Oil & Gas Project Award for outstanding Project Excellence on the SOLAN Project. The gala event was held on the 30th anniversary of Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) at the Emirates Palace, Abu Dhabi on November 10 2014.
Kenya Yet to Decide oil Refinery's Fate
Kenya is yet to decide whether to turn east Africa's only oil refinery into an oil storage facility or pay for its upgrade after buying the remaining 50 percent stake from India's Essar Energy, the energy minister said on Friday. Fuel distributors have long complained about the poor quality products from the 50-year-old refinery in the port city of Mombasa and prefer importing cheaper and better imports. Kenya's government…
Marathon Traders Gain E.Coast foothold with Hess Deal
Marathon Petroleum Corp is poised to expand its growing Midwest and Gulf Coast fuel trading operation to the East Coast with Thursday's deal to buy Hess Corp's retail network and transport contracts. The purchase will give Marathon control of Hess's gasoline stations and access to pipelines, including the capacity to ship approximately 40,000 barrels per day on the sought-after Colonial Pipeline from the Gulf Coast to the East Coast, according to the companies.
Fire Rages in Northwest Iran Oil Depot
A fire broke out in an oil depot in northwestern Iran on Tuesday but there were no reports of casualties, state news agency IRNA reported. It said firefighters were trying to extinguish the fire, which broke out at an oil storage facility in the south western part of the city of Qazvin. "Firefighters are trying to prevent the spread of the fire at a car oil storage facility," said Ali Mohammad Ahani, the director general of Qazvin governor's disaster management authority…
Bahamas - A Key Source For U.S. Gasoline
A massive oil storage facility in the Bahamas may offer nimble gasoline traders a new way to profit by shipping fuel in foreign ships from the oversupplied U.S. Gulf Coast to the gasoline-thirsty East Coast following a recent U.S. Customs ruling. The March 6 judgment in favor of Buckeye Partners LP , which owns the Bahamas Oil Refining Company (BORCO) oil storage hub, allows traders to use lower-cost foreign ships…
