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Latest storage news


Terminal News
June 4, 2018
President Trump imposes tariffs on Mexico, Canada & EU
President Trump has ended a suspension on steel and aluminium import tariffs for Mexico, Canada and the European Union.In a statement, the White House says that the president is taking action to 'protect America's national security from the effects of global oversupply of steel and aluminium'...

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President Trump has ended a suspension on steel and aluminium import tariffs for Mexico, Canada and the European Union.

In a statement, the White House says that the president is taking action to 'protect America's national security from the effects of global oversupply of steel and aluminium'. Following extensive discussions, he announced he will implement section 232 tariffs on steel and aluminium imports from these three countries, which were previously excluded from such tariffs.

This follows an announcement in March of a 25% tariff on steel imports and a 10% tariff on aluminium imports.

The US has reached agreements with South Korea, Australia, Argentina and Brazil on steels and with Australia and Argentina on aluminium.

In a statement, the White House says: 'The administration will continue discussions with them and remains open to discussions with other countries.

'The administration will continue to monitor steel and aluminium imports and adjust the measures in effect as necessary to protect the national security of the US.'

In response, API president and CEO Jack Gerard says that this will disrupt the US oil and natural gas industry.

He says: 'We are deeply discouraged by the administration's actions to impose tariffs on our three closest trading partners and view this as a step in the wrong direction.

'The implementation of new tariffs will disrupt the US oil and natural gas industry's complex supply chain, compromising ongoing and future US energy projects, which could weaken our national security.

'Increased prices in specialty steel could threaten the continued domestic production of oil and natural gas and natural gas liquids – which are at their highest levels of production since 1949 – and could raise energy costs for US businesses and consumers, while threatening the nation's ability to achieve President Trump's goal of energy dominance.

'We hope and expect that the administration will recognise the national security benefits of the US oil and natural gas industry and grant API's member companies product exclusions from steel tariffs and quotas in the ongoing Department of Commerce process, as well as provide transparency and flexibility in the process to lessen the impact on US oil and natural gas production, transportation and refining.'



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Terminal News
May 31, 2018
Petronas to acquire equity stake in LNG Canada project
Petronas has entered into an agreement to acquire a 25% equity stake in the LNG Canada project in British Columbia.Once the transaction is complete, ownership in the project in Kitimat will be 25% Petronas (through its wholly-owned entity North Montney LNG), 40% Shell Canada Energy, 15% PetroChina Canada, 15% Diamond LNG Canada and 5% Kogas Canada...

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Petronas has entered into an agreement to acquire a 25% equity stake in the LNG Canada project in British Columbia.

Once the transaction is complete, ownership in the project in Kitimat will be 25% Petronas (through its wholly-owned entity North Montney LNG), 40% Shell Canada Energy, 15% PetroChina Canada, 15% Diamond LNG Canada and 5% Kogas Canada.

The project includes the design, construction and operation of a gas liquefaction plants and facilities for the storage and export of LNG, including marine facilities.

It will initially consist of two world-scale LNG processing units, with an option to expand the project in the future to four units.

Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin says: 'As one of the world's largest LNG producers, Petronas looks forward to adding value to this venture through our long-term expertise and experience across the LNG value chain.

'Petronas is in Canada for the long-term and we are exploring a number of business opportunities that will allow us to increase our production and accelerate the monetisation of our world-class resources in the North Montney. LNG is just one of those opportunities.'

Prasanth Kakaraparthi, senior analyst, Wood Mackenzie, says that this announcement markets an interesting turn of events for the company.

He adds: 'Petronas has signalled its intent to become a portfolio plater and has taken steps to diversify its supply sources. Once both phases are executed, LNG Canada could add up to 7mt of equity into Petronas portfolio – nearly 20% of its 2023 supply.

'We believe this to be a positive development for Petronas. We expect the global LNG market to tighten post 2022 and this bodes well for the project.

'But activity has returned to the LNG space with a number of projects expecting to take FID ahead of 2019. A new wave of project sanctions and rising oil prices could push up project costs and dampen the economics.'



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Terminal News
May 31, 2018
Fujairah: Oil product stocks down 13.4%
Oil product stocks in the Middle East's key oil hub of Fujairah fell 13.4% in the week to Monday, May 28, as inventory levels declined across all report categories. Total oil product stocks in Fujairah were 16.776 million barrels, down 2.6 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee, or FEDCom...

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Oil product stocks in the Middle East's key oil hub of Fujairah fell 13.4% in the week to Monday, May 28, as inventory levels declined across all report categories. Total oil product stocks in Fujairah were 16.776 million barrels, down 2.6 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee, or FEDCom.



The biggest change was in light distillates, which dropped by nearly a quarter over the week to 5.750 million barrels, the lowest so far this year, as both the Middle East and Asia have rising petrol demand over the Ramadan season, S&P Global Platts Analytics said in a report Wednesday.

Kuwait's KPC continues to seek additional spot volumes and this week issued a tender for 100,000 mt of RON 91 gasoline over June and July. There has also been a shift in demand towards lower RON petrol, a Middle Eastern trader said. Premiums for Arab Gulf RON 95 gasoline were almost unchanged on the week at $3.10/b on Tuesday.

Stocks of middle distillates fell 13.7% to 2.306 million barrels. But they remain rangebound and have not risen above 3 million barrels since September 11, 2017. The East of Suez market is broadly balanced, but some say supply could begin to outstrip demand as refinery runs rise to peak summer levels in coming weeks, Platts Analytics said.



For now, a tighter supply of gasoil in Europe is attracting Middle Eastern barrels, with the East-West exchange-for-swaps recently at its widest in six weeks. East African demand has also been strong, with sources noting recent vessel shipments from Fujairah to Tanzania, the report said.

Stocks of heavy distillates and residues fell 5.2% to 8.72 million barrels. Strategically located outside the Strait of Hormuz choke point, Fujairah has not only become the world's second largest bunkering port, but is increasingly an important hub for trading and storage.



But bunker activity in Fujairah has been limited this week due to holidays in the US, Europe and Singapore, although sentiment has firmed recently. Bunker prices have followed crude prices retreating from the $80/b Brent futures level last week to just above $75/b Tuesday. This should be positive for bunker demand, adding to seasonal power sector demand over the summer, Platts Analytics said.



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Terminal News
May 30, 2018
Oiltanking reports mixed year performance
Marquard & Bahls has reported a mixed 2017 performance, with its tank storage division – Oiltanking – delivering a strong contribution to its financials.The group says that Oiltanking had a 'successful albeit mixed year'. Some facilities saw a decline in capacity utilisation, but at the same time many contracts were extended and several major projects advanced...

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Marquard & Bahls has reported a mixed 2017 performance, with its tank storage division – Oiltanking – delivering a strong contribution to its financials.

The group says that Oiltanking had a 'successful albeit mixed year'. Some facilities saw a decline in capacity utilisation, but at the same time many contracts were extended and several major projects advanced.

In Matola, Mozambique, Oiltanking successfully commissioned a new tank terminal. The year-end, the company operated 80 terminals in 25 countries, with a total capacity of 21 million m3.

In view of the new tank terminal projects currently under construction and the expansion of existing locations, Oiltanking is confident that it will continue to grow in the future, with a particular focus in gases and chemicals.

Marquard & Bahls reported its 2017 operating result of €200 million.

Looking ahead, Marquard & Bahls says it will strive for further international growth in the future. Its focus will be on expanding the core activities of trading, tank storage logistics and aviation fuelling. It adds: 'The strong operating base and solid financial position provide a good starting point for future projects and plans.'



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Terminal News
May 30, 2018
PetroChina plans underground storage facilities
PetroChina will start work on two more underground gas storage facilities by the end of 2018.Local media reports that the facilities will be located in southwest China's Chongqing Municipality, with a total cost of 5.3 million yuan.The Tongluoxia and Huangcaoxia facilities are due to be complete by 2022 and will ensure an annual supply of 1...

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PetroChina will start work on two more underground gas storage facilities by the end of 2018.

Local media reports that the facilities will be located in southwest China's Chongqing Municipality, with a total cost of 5.3 million yuan.

The Tongluoxia and Huangcaoxia facilities are due to be complete by 2022 and will ensure an annual supply of 1.28 billion m3 of gas.

Currently, 25 underground gas facilities exist in China.



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Terminal News
May 29, 2018
Enterprise & Navigator start construction on ethylene storage terminal
Enterprise Products Partners and Navigator Holdings have started construction on their joint venture ethylene export terminal at Enterprise's Morgan's Point facility on the Houston Ship Channel.The terminal will have the capacity to export 2.2 billion pounds of ethylene per year...

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Enterprise Products Partners and Navigator Holdings have started construction on their joint venture ethylene export terminal at Enterprise's Morgan's Point facility on the Houston Ship Channel.

The terminal will have the capacity to export 2.2 billion pounds of ethylene per year. Refrigerated storage for 66 million pounds of ethylene is being constructed onsite and will provide the capability to load ethylene at rates of 2.2 million pounds per hour.

Commercial operations are expected to begin in the fourth quarter of 2019, which is one quarter earlier than previously projected.

The new terminal will facilitate continued growth of domestic ethylene production, which is expected to reach 90 billion pounds per year by 2021. It will also promote supply diversification for expanding markets like Asia, which rely on cost-advantaged US feedstocks.

The high-capacity ethylene salt dome storage facility Enterprise is developing at its complex in Mont Belvieu, Texas is scheduled to begin service in the second quarter of 2019. Once complete, it will have a capacity of 600 million pounds with an injection/withdrawal rate of 420,000 pounds per hour and will be designed to enable connections to the eight ethylene pipelines within a half-mile of the Enterprise ethylene storage system.

Additionally, Enterprise is building a new ethylene pipeline from Mont Belvieu to Bayport, Texas, which is on schedule to begin service in 2020.



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Terminal News
May 29, 2018
Canadian government to buy Kinder Morgan’s Trans Mountain Pipeline system
The Government of Canada has agreed to buy the Trans Mountain Pipeline system and the expansion project for C$4.5 billion from Kinder Morgan Canada.As part of the agreement, the government has agreed to fund the resumption of the expansion project (TMEP) and construction work by guaranteeing TMEP's expenditures under a separate federal government recourse credit facility until the transaction closes...

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The Government of Canada has agreed to buy the Trans Mountain Pipeline system and the expansion project for C$4.5 billion from Kinder Morgan Canada.

As part of the agreement, the government has agreed to fund the resumption of the expansion project (TMEP) and construction work by guaranteeing TMEP's expenditures under a separate federal government recourse credit facility until the transaction closes. It is expected to close in either the third or fourth quarter of 2018.

Additionally, the government will work with the board to seek a third-party buyer for the system and expansion project.

Kinder Morgan will continue to manage a portfolio of strategic infrastructure across Western Canada, including:

- An integrated network of crude storage and rail terminals in Alberta. The storage terminal is the largest merchant storage terminal facility in the Edmonton market and the largest origination crude by rail loading facility in North America

- The Vancouver Wharves Terminal

- The Cochin Pipeline system

Steve Kean, chairman and CEO, says: 'The outcome we have reached represents the best opportunity to complete TMEP and thereby realise the great national economic benefits promised by that project.

'In addition to the benefit of the sale proceeds, our remaining portfolio of assets represents a strong platform for the company and shareholders now and in the future. We continue to invest in expansions of our Canadian assets and look forward to future growth in the service of our customers and shareholders.'



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Terminal News
May 29, 2018
JupiterMLP to build hydrocarbon storage at Texas port
JupiterMLP has been given the green light to build up to 2.5 million barrels of storage for hydrocarbons and a new liquid cargo dock in the Port of Brownsville.The privately held midstream company has been given the necessary permits from the Port Authority, the Texas Commission on Environmental Quality and the US Army Corps of Engineers for the project...

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JupiterMLP has been given the green light to build up to 2.5 million barrels of storage for hydrocarbons and a new liquid cargo dock in the Port of Brownsville.

The privately held midstream company has been given the necessary permits from the Port Authority, the Texas Commission on Environmental Quality and the US Army Corps of Engineers for the project.

These permits mean that the company will be able to load/unload vessels of up to 65,000 deadweight tonnes or Panamax sized vessels at a rate of up to 30,000 barrels per hour at the Jupiter Export Terminal, which will be directly connected to the Permian Basin via pipeline. In addition to the dock improvements, Jupiter will also be able to construct multiple rail racks for crude oil and refined products.

The storage terminal will also be able to blend refined products including diesel and petrol. The permit granted to Jupiter enables the blending of components to meet US and Mexico petrol specifications.

The company also announced that it has started the permitting and engineering process for two additional private docks inside the port. With the liquid dock and two private docks, the company will have the capacity to load and unload up to one million barrels of crude/products per day.

The terminal will be fully operational in 2020.



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Terminal News
May 29, 2018
Keyera acquires Oklahoma storage terminal
Keyera plans to acquire a logistics and liquids blending terminal near Tulsa, Oklahoma.The terminal receives, blends and delivers diluent, the majority of which is transported by pipeline from the Mont Belvieu area to the Chicago area and ultimately into the Alberta market...

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Keyera plans to acquire a logistics and liquids blending terminal near Tulsa, Oklahoma.

The terminal receives, blends and delivers diluent, the majority of which is transported by pipeline from the Mont Belvieu area to the Chicago area and ultimately into the Alberta market.

The terminal also has exclusive access to a nearby rail-to-truck transloading facility. The acquisition is expected to close in the second quarter of 2018 for $80 million.

David Smith, president and CEO, says: 'This acquisition builds on Keyera's focused investment strategy for the US, where we are selectively extending our liquids infrastructure into key US liquids hubs.

'The terminal is situated 50 miles from our recently announced Wildhorse development, providing opportunities for operations integration and commercial synergies. These assets, along with our Hull Terminal, provide the foundation for Keyera to execute a strategy in the US that is consistent with our proven strategy in Canada.'



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Terminal News
May 24, 2018
Magellan to expand Texas pipeline system
Magellan Midstream Partners will expand the western leg of its refined petroleum products pipeline system in Texas.Following a successful open season, the expanded system will be able to handle incremental shipments of petrol and diesel fuel to demand centres in Abilene, Midland/Odessa and El Paso, Texas and New Mexico...

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Magellan Midstream Partners will expand the western leg of its refined petroleum products pipeline system in Texas.

Following a successful open season, the expanded system will be able to handle incremental shipments of petrol and diesel fuel to demand centres in Abilene, Midland/Odessa and El Paso, Texas and New Mexico.

The system can also access markets in Arizona and Mexico via connections to other pipelines.

Fully supported by long-term customer commitments, Magellan is expanding the capacity of the system to 150,000 barrels per day from its current capacity of 100,000 barrels per day. The capacity will be achieved by increasing the pipeline size along the existing route. Connectivity to the ExxonMobil Pipeline Company's terminal in Wink, Texas will also be added as part of the expansion.

Michael Mears, CEO, says: 'Magellan's extensive refined products pipeline system provides significant optionality for our customers, including the ability to access supply from multiple Gulf Coast and Mid-Continent refineries. We are pleased to expand the western leg of our Texas pipeline to serve increasing demand for refined petroleum products in West Texas and New Mexica, as well as surrounding markets in Arizona and Mexico via third-party pipeline connections.'

Magellan expected to spend $300 million on the project, with the expanded capacity available mid-2020.



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Terminal News
May 24, 2018
First crude oil shipment arrives for Mangalore storage facility
ADNOC and the Indian Strategic Petroleum Reserves conducted a special ceremony to mark the first ADNOC crude oil shipment to the Karnataka storage facility.The cargo arrived following a six-day voyage. The agreement, which was initiated in January 2017, covers the storage of 5...

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ADNOC and the Indian Strategic Petroleum Reserves conducted a special ceremony to mark the first ADNOC crude oil shipment to the Karnataka storage facility.

The cargo arrived following a six-day voyage. The agreement, which was initiated in January 2017, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities at the facility. This first shipment of 2 million barrels of crude oil, will be followed by additional shipments after India's annual monsoon season.

HPS Ahuja, CEO and managing director of ISPRL, says: 'Todays unloading of ADNOC crude oil marks another important milestone for ISPRL, as we deliver on our mandate of establishing strategic crude oil storage facilities that enhance India's energy security and serve as a cushion during any external supply disruptions. Our agreement with ADNOC builds on the rich history between our nations and opens new opportunities for further partnership and engagement between the UAE and India.'

India is 82% dependent on imports to meet its crude oil needs, 8% of which is supplied by the UAE. In addition to helping ensure energy security, the oil storage facilities enable ADNOC to efficiently and competitively meet market demand across Asia.



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Terminal News
May 24, 2018
Wärtsilä given go ahead for new Finnish LNG terminal
Wärtsilä has been given the go ahead for a new LNG storage terminal at the Finnish Port of Hamina after its turnkey contract reached a financial closed.Debt financing for the project has been concluded with Skandinaviska Enskilda Banken and Finnvera, with the total investment worth €100 million...

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Wärtsilä has been given the go ahead for a new LNG storage terminal at the Finnish Port of Hamina after its turnkey contract reached a financial closed.

Debt financing for the project has been concluded with Skandinaviska Enskilda Banken and Finnvera, with the total investment worth €100 million.

In addition to supplying the engineering, procurement and construction of the terminal, Wärtsilä is also joining the project through a minority investment by WDFS in Hamina LNG.

The building permit for the LNG terminal has also been secured. In the first stage, a 30,000 m3 LNG storage tank will be built. Facilities are also being prepared for a second 20,000 m3 storage tank to be added at a later date. Construction work has already started, with the terminal expected to become operational by 2020.

Markku Tommiska, CEO, Hamina Energy, says: 'The new Hamina LNG terminal will be an important addition to the gas infrastructure as it will not only supply businesses and the shipping sector, but will also feed into Hamina Energy's distribution gas grid and can be connected to Finland's gas grid.'

Alexandre Eykerman, vice president, LNG Solutions, Wärtsilä Energy Solutions, adds: 'The Hamina project is the third LNG terminal in Finalnd that Wärtsilä has been contracted to build, the others being the Manga Tornio terminal and the Raahe terminal. This demonstrates the strengths the company has in project development and management.'



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Terminal News
May 24, 2018
Fujairah: Oil products stocks up 11.1% on high crude price
Oil product stocks in the Middle East's key oil hub of Fujairah rose 11.1% in the week to Monday (May 21), with inventory levels up across all reported categories. Total oil product stocks in Fujairah were 19.379 million barrels, up 1.93 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee, or FEDCom...

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Oil product stocks in the Middle East's key oil hub of Fujairah rose 11.1% in the week to Monday (May 21), with inventory levels up across all reported categories. Total oil product stocks in Fujairah were 19.379 million barrels, up 1.93 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee, or FEDCom.

The biggest increase was in stocks of heavy distillates and residues, which rose 17% in the week to Monday, reaching 9.202 million barrels, a sharp rebound from earlier six-week lows, S&P Global Platts Analytics said in a report Wednesday. Strategically located outside the Strait of Hormuz choke point, Fujairah has not only become the world's second largest bunkering port, but is increasingly an important hub for trading and storage.

Bunker demand in Fujairah remains strong positive despite high outright prices for bunkers as a result of rising crude prices. July ICE Brent crude futures were at $79.11/b, during mid-afternoon trade in Asia Wednesday.



Trade sources reported plenty of 'keen sellers' in the market looking to lock in recent price gains, while demand is seeing a pickup as crude and oil product shipping activity rises post-refinery maintenance. Additional demand is also emerging from the power generation sector, with Pakistan State Oil continuing to buy volumes of HSFO, and seeking another 195,000 mt for July delivery - down slightly from 210,000 mt for June, the report said.

Meanwhile, stocks of light distillates were up 6.1% on the week to 7.504 million barrels. This is despite rising demand across both Asia and the Middle East with the beginning of Ramadan, highlighted by Indonesia's Pertamina seeking 1 million barrels of petrol for June delivery. Kuwait's KPC has also been looking for 50,000 mt of petrol for delivery over late-May and early-June. Premiums for Arab Gulf RON 95 petrol continue to edge higher and were at $3.15/b Tuesday - a four-month high, the report said. At the same time, middle distillate stocks rose 6.3% to a new six-week high of 2.673 million barrels. The levels remain range-bound, however, and have not pushed above 3 million barrels since September 11, 2017.

Middle distillate fundamentals in the East of Suez remain balanced, with supply trending higher post-maintenance but gasoil demand also rising heading into the summer. Cargoes of gasoil and jet continue to head from the East towards European markets despite an unsupportive Exchange of Futures for Swaps, Platts Analytics said.



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Terminal News
May 18, 2018
Total to develop natural gas project in Oman
Total has signed a MoU with the government of Oman to develop natural gas resources in Oman.Total and Shall as operator, will develop several natural gas discoveries located in the Greater Barik area on onshore Block 6 with respective shares of 25% and 75% respectively...

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Total has signed a MoU with the government of Oman to develop natural gas resources in Oman.

Total and Shall as operator, will develop several natural gas discoveries located in the Greater Barik area on onshore Block 6 with respective shares of 25% and 75% respectively. The objective is to have an initial gas production of around 500 MMcfd and a potential to reach 1 bcf/d at a later stage.

Total will use its equity gas entitlement as feedstock to develop in Oman a regional hub for LNG bunkering service to supply LNG as a fuel to marine vessels. This will be achieved through a new, small-scale modular liquefaction plant to be built in Sohar port.

Arnaud Breuillac, president exploration and production at Total, says:' We will bring our expertise in LNG and will introduce access to a new gas market for the sultanate. Developing an LNG bunkering service will generate in-country value and job opportunities and will support industry diversification through fostering the shipping activity in Oman.'



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Terminal News
May 18, 2018
Ardian raises millions for American infrastructure fund
Ardian has raised more than $800 million for its first infrastructure fund dedicated to the US and other OECD American countries.The fundraising attracted a substantial number of North American institutional investors within a diversified global mix that included commitments from European and Asian pension funds, insurance companies and other institutions...

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Ardian has raised more than $800 million for its first infrastructure fund dedicated to the US and other OECD American countries.

The fundraising attracted a substantial number of North American institutional investors within a diversified global mix that included commitments from European and Asian pension funds, insurance companies and other institutions.

The company says this successful fundraising confirms the continued regional appetite for Ardian's infrastructure investment and asset management strategies.

The fund will provide investors with opportunities to invest in high-quality US and other OECD American essential infrastructure assets in the transport and energy sectors.

The team will leverage on its international network of industrial partners, construction companies and infrastructure operators.

Ardian has made significant progress in the North American market over the past six months and has completed its first two investments with this fund. It has created a renewables platform, Skyline Renewables, and has acquired a windfarm in Texas.

It has also acquired a 35% stake in LBC Tank Terminals, which has a significant presence in the US.

Mathias Burghardt, member of the executive committee and head of Ardian infrastructure, says: 'The successful fundraising confirms investor confidence in Ardian's deal pipeline, global reach and focus on value creation, all factors which particularly resonate in the American market.

'We see an opportunity in the US infrastructure middle market, which remains insufficiently served and offers a higher risk return proposition.



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Terminal News
May 17, 2018
Fujairah: Oil product stocks fall 4.4%
Oil product stocks in the Middle East's key oil hub of Fujairah fell 4.4% to a nine-week low in the week to May 14 after rising summer demand for power generation saw a sharp draw in heavy distillate stocks. Total oil product stocks in Fujairah fell 802,000 b/d to 17...

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Oil product stocks in the Middle East's key oil hub of Fujairah fell 4.4% to a nine-week low in the week to May 14 after rising summer demand for power generation saw a sharp draw in heavy distillate stocks.

Total oil product stocks in Fujairah fell 802,000 b/d to 17.45 million barrels, according to data from the Fujairah Energy Data Committee, or FEDCom. Stocks of heavy distillates and residues were down 12.8% week on week to a new a six-week low of 7.87 million barrels, the data showed.

Bunker demand in Fujairah has been mostly positive in recent days, even as crude prices continue to surge. Fuel oil supply in the region is expected to tighten over the next few months as summer power generation demand rises, Platts Analytics said in a report Wednesday. Situated on the Eastern coast of the UAE's Arabian Peninsula, Fujairah is the world's second largest bunkering port and has seen a rapid rise to prominence as a hub for trading, storage and bunkering of regional, and increasingly global, significance.

Middle Eastern countries typically increase fuel oil consumption during June-July due to higher demand for power generation. Saudi Arabia was historically a fuel oil exporter but is now a major importer during the summer months. One trader said the kingdom is likely to import around 400,000-500,000 mt of fuel oil in June. Pakistan State Oil also continued to be active, this week purchasing 60,000 mt of LSFO and 210,000 mt of HSFO for June delivery to Port Qasim, the report said.

Meanwhile, stocks of light distillates rose 1.8% on the week to 7.07 million barrels, despite a pickup in petrol demand across the Middle East and Asia in the run-up to Ramadan. Kuwait, Qatar, Jordan, Pakistan, Indonesia and Sri Lanka have been buying actively in the spot gasoline market. Premiums for Arab Gulf RON 95 petrol continued to edge upwards, pegged at a four-month high of $3.05/b Tuesday, the report said.

Stocks of middle distillates also rose by 9.8% to 2.51 million barrels. Although this was a five-week high, the stocks were unlikely to move out of recent ranges due to largely balanced supply fundamentals. Refinery maintenance was reducing, but gasoil demand in the Middle East was rising as summer approached.

Gasoil arbitrage to Europe was limited with the front-month June EFS at minus $7.68/mt Tuesday - well above the levels around minus $15/mt that typically see gasoil move from the East of Suez. Arbitrage conditions are more favorable for jet fuel, as traders continued to expect demand in Northwest Europe to pull in barrels from the Middle East and West Coast India. According to Platts trade flow software cFlow, some 1.5 million mt of jet fuel will arrive in Northwest Europe from the East of Suez in May. S&P Global Platts holds exclusive rights to publish Fujairah oil inventory data and has deployed a Blockchain network for its collation.



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Terminal News
May 16, 2018
Keyera to develop Cushing crude oil storage terminal
Keyera plans to develop a crude oil storage and blending terminal in Cushing, Oklahoma.The Wildhorse Terminal will include 12 aboveground tanks with 4.5 million barrels of working storage capacity. The majority of this is backed by fee-for-service, take-or-pay storage arrangements ranging from two to six years in length...

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Keyera plans to develop a crude oil storage and blending terminal in Cushing, Oklahoma.

The Wildhorse Terminal will include 12 aboveground tanks with 4.5 million barrels of working storage capacity. The majority of this is backed by fee-for-service, take-or-pay storage arrangements ranging from two to six years in length.

Wildhorse will initially be pipeline connected to two existing storage terminals at Cushing. These connections will provide customers with access to the majority of the crude oil streams flowing in and out of Cushing on several major pipeline networks.

Keyera Energy, a subsidiary of Keyera, will oversee construction of the terminal and will operate it once it comes into service by mid-2020. An affiliate of Lama Energy Group will own 10% of the project.

David Smith, Keyera's president and CEO, says: 'The Wildhorse terminal is a strategic investment for Keyera as it expands our midstream infrastructure in the US at one of the largest crude oil storage and trading hubs in North America.

'The terminal also increases our fee-for-service business, extends our crude oil value chain, and provides significant opportunities to capture marketing margins through the use of our logistics and commercial expertise.'



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Terminal News
May 15, 2018
Valero acquires Peruvian fuel importer
Valero Energy Corporation has acquired Pure Biofuels del Peru (PBF) from Pegasus Capital Advisors.PBF is the third largest fuels importer in Peru and comprises refined products terminals in Callao, near Lima and in Paita, near Piura in northern Peru.The Callao terminal has mooring and unloading systems with Panamax vessel capability, storage capacity for 1 million barrels for refined and renewable products as well as an eight-bay truck rack for products distribution...

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Valero Energy Corporation has acquired Pure Biofuels del Peru (PBF) from Pegasus Capital Advisors.

PBF is the third largest fuels importer in Peru and comprises refined products terminals in Callao, near Lima and in Paita, near Piura in northern Peru.

The Callao terminal has mooring and unloading systems with Panamax vessel capability, storage capacity for 1 million barrels for refined and renewable products as well as an eight-bay truck rack for products distribution.

The acquisition also includes land adjacent to the Callao terminal for future expand of the terminal's storage capacity.

The Paita terminal, which is due to start operations in mid-2018, is also capable of receiving Panamax vessels and will have an initial product storage capacity of 180,000 barrels, with land available for future expansion.

Joe Gorder, Valero chairman, president and CEO, says: 'This acquisition demonstrates our continued interest in expanding international product exports and wholesale fuels volumes.

'Peru is one of the fastest growing economies in Latin America and is well situated geographically to support our strategic growth.'



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Terminal News
May 15, 2018
Qatar Petroleum to build world-scale petrochemicals complex
Qatar Petroleum has announced plans to build a world-scale petrochemical complex, with the largest ethane cracker in the Middle East.The company has invited a group of leading international companies to submit proposals for the development and operation of a new complex with Qatar Petroleum at Ras Laffan Industrial City...

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Qatar Petroleum has announced plans to build a world-scale petrochemical complex, with the largest ethane cracker in the Middle East.

The company has invited a group of leading international companies to submit proposals for the development and operation of a new complex with Qatar Petroleum at Ras Laffan Industrial City.

The complex will include an ethane cracker with a capacity of more than 1.6 million tonnes per annum of ethylene – making it one of the largest in the world. It will also include derivative plants, which will consolidate Qatar's position among leading petrochemical producers.

The engineering design of the complex should commence shortly, with start-up planned in 2025.

Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, says: 'Petrochemicals represent a major pillar of our growth strategy to achieve our vision of becoming one of the best national oil companies in the world. This project will complement our efforts to implement our strategy, and will enable Qatar Petroleum to further expand its footprint in the global petrochemicals market.'



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Terminal News
May 15, 2018
A new strategic oil storage facility will be built in Mangalore following a long-term agreement between India and Dubai.At a press conference, union petroleum and natural gas minister Dharmendra Pradhan said that the facility will ensure long-term partnership for strategic storage in Mangalore...

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A new strategic oil storage facility will be built in Mangalore following a long-term agreement between India and Dubai.

At a press conference, union petroleum and natural gas minister Dharmendra Pradhan said that the facility will ensure long-term partnership for strategic storage in Mangalore.

He said that30 contracts are being signed between the two countries in 60 oil fields, with a resource potential of 196 metric tonnes of oil and oil equivalent.

He added that the government will build 86 gas distribution areas covering 24% of India's area and 29%of the population of the entire country.



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