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Latest storage news


Terminal News
July 11, 2018
San Diego-based energy company Sempra Energy has announced that its Mexican subsidiary - Infraestructura Energética Nova (IEnova) - has secured a $150 million (€128 million) contract for liquid fuels project from the Topolobampo Port Administration in Mexico...

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San Diego-based energy company Sempra Energy has announced that its Mexican subsidiary - Infraestructura Energética Nova (IEnova) - has secured a $150 million (€128 million) contract for liquid fuels project from the Topolobampo Port Administration in Mexico.

Per the terms of the agreement, IEnova will construct and operate a marine liquid fuels terminalin Sinaloa, Mexico.

This latest project will operate as a receipt, storage and send-out terminal.

Per the deal, IEnova will conduct the entire development process of this terminal that includes obtaining customer contracts and permits, engineering, procurement and construction as well as providing financing services. It will also supervise the work related to operations and maintenance.

On completion, the first phase of the Topolobampo terminal will have a capacity to store 1 million barrels of petrol and diesel. IEnova expects to commence operations at the terminal in the fourth quarter of 2020.



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Terminal News
July 10, 2018
Spanish oil transportation and storage operator CLH plans to acquire 60% of Mexican company HST. Following the acquisition, CLH intends to construct and operate a new facility for the storage of oil products located in the metropolitan area of the Valle de México...

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Spanish oil transportation and storage operator CLH plans to acquire 60% of Mexican company HST. Following the acquisition, CLH intends to construct and operate a new facility for the storage of oil products located in the metropolitan area of the Valle de México.

The new facility will launch its operations in 2020 with a capacity of almost 100,000 m3 and is strategically positioned with excellent connections to the oil pipeline system, railways and motorways in one of the areas with the highest level of consumption of oil products in all of Mexico.

The President of the CLH Group, José Luis López de Silanes, says: 'This operation constitutes a new step forward in the company’s process of internationalisation and one which enables us to continue to move forward in the American continent, following the contract secured last year in Panama for the supply of fuel to five airports in that country.'

CLH's CEO, Jorge Lanza, adds that the 'highly complementary nature of the skills shared by CLH and HST, combining the international experience that CLH has in operating pipelines and storage terminals in Europe – involving almost 10 million m3 – together with the important preparation that the HST team can contribute to the development of projects in Mexico.'

With this new project, the CLH Group launches its fifth international operation, following the projects that are already underway in the UK, Ireland, Oman and Panama. The emerging opportunities for the development of infrastructure in Mexico are strengthened by the liberalisation process of the energy sector and the growing level of consumption that the country is experiencing.



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Terminal News
July 9, 2018
Stolthaven Terminals reports operating profit decline
Stolthaven Terminals is experiencing gradual improvements in its performance despite reporting a decline in its operating profit.In its second quarter financials, it reported an operating profit of $20.2 million, down from $25.9 million in the first quarter, however it reported a second-quarter revenue of $63...

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Stolthaven Terminals is experiencing gradual improvements in its performance despite reporting a decline in its operating profit.

In its second quarter financials, it reported an operating profit of $20.2 million, down from $25.9 million in the first quarter, however it reported a second-quarter revenue of $63.9 million compared to $62.5 million in the first quarter.

Equity income from the company's joint venture terminals decreased by $7.1 million in the second quarter, mainly reflecting the $8.2 million of additional first-quarter equity income resulting from a reduction of deferred tax liabilities at the company's joint venture terminal in Antwerp.

Storage and throughput revenue was essentially unchanged in the second quarter and utilisation increased slightly thanks to improvements in Houston, New Orleans and Singapore, and stable overall demand for chemicals worldwide.

Niels G. Stolt-Neilsen, CEO of Stolt-Nielsen, says: 'Our outlook remains fundamentally unchanged. At Stolthaven Terminals, gradual improvements in performance are expected to continue, driven by higher utilisation and operational enhancements.'



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Terminal News
July 9, 2018
Kinder Morgan, EagleClaw & Apache to develop Permian pipeline
Kinder Morgan Texas Pipeline, EagleClaw Midstream Ventures and Apache Corporation plan to develop the Permian Highway Pipeline Project for the region's growing natural gas production.The consortium of companies have signed a letter of intent for the project which will provide an outlet for increased natural gas production for the Permian Basin to growing market areas along the Texas Gulf Coast...

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Kinder Morgan Texas Pipeline, EagleClaw Midstream Ventures and Apache Corporation plan to develop the Permian Highway Pipeline Project for the region's growing natural gas production.

The consortium of companies have signed a letter of intent for the project which will provide an outlet for increased natural gas production for the Permian Basin to growing market areas along the Texas Gulf Coast.

The $2 billion project is designed to transport up to 2 billion cubic feet per day of natural gas through 430 miles of 42-inch pipeline from the Waha, Texas area to the US Gulf Coast and Mexico markets.

The project is expected to be in service in late 2020. Natural gas supply will be sourced into the project from multiple locations, including KMI's, EagleClaw's and Apache's existing systems in the Permian Basin, with additional interconnections to both intrastate and interstate pipeline systems in the Waha area.

Kinder Morgan and EagleClaw will be the initial partners, with 50% ownership each, and Apache will have an option to acquire up to 33% equity in the project from the initial partners.

Apache and EagleClaw will be significant shippers on the proposed pipeline, with Apache planning to commit up to 500,000 dekatherms per day. Kinder Morgan will build and operate the pipeline.

Sital Mody, CCO of Kinder Morgan Natural Gas Midstream, says: 'The project is structured to provide unrivalled market optionality for Permian producers.

'By contracting for space on KMI's extensive intrastate systems, the project will offer seamless nominations to the Katy and Agua Dulce market hubs, pipeline headers into LNG export facilities on the Texas Gulf Coast, multiple pipelines delivering gas into Mexico, including Valley Crossing, NET Mexico, and KMI's Border and Monterrey pipelines, and numerous other intrastate and interstate pipelines.



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Terminal News
July 9, 2018
Rangeland Energy starts STEPS terminal facility
Rangeland Energy III has started operations at its South Texas Energy Products System terminal facility in Corpus Christi, Texas.The facility is an integrated hydrocarbon logistics system that receives and stores refined products, LPG and other hydrocarbons...

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Rangeland Energy III has started operations at its South Texas Energy Products System terminal facility in Corpus Christi, Texas.

The facility is an integrated hydrocarbon logistics system that receives and stores refined products, LPG and other hydrocarbons. It then transports them to terminal primarily located in Mexico. During the initial phase of the project, refined products and LPGs will be received in the Corpus Christi terminal and then shipped to third-party inland terminals located in Mexico.

Rangeland president and CEO Christopher Keene says: 'Rangeland is looking forward to facilitating the transportation of diesel to destinations in Mexico for a major industry plater. This is the first customer to contract with us for service at the STEPS facility. As we continue to build out the STEPS project, we are working with other key marketers, refiners and producers to provide services into and out of STEPS.'



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Terminal News
July 6, 2018
Asia’s future energy needs on the agenda at Tank Storage Asia
South East Asia's bulk liquid storage market is expected to expand at a CAGR of 8.22% until 2024 as the region continues to be a key market despite previously turbulent market conditions in the oil and gas industry globally. Singapore in particular has seen record bunker fuel sales of 50...

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South East Asia's bulk liquid storage market is expected to expand at a CAGR of 8.22% until 2024 as the region continues to be a key market despite previously turbulent market conditions in the oil and gas industry globally. Singapore in particular has seen record bunker fuel sales of 50.6 million tons in the last year and remains Asia's top petrochemical hub.

Singapore will host industry leaders at Tank Storage Asia, as the exhibition and conference returns to the Marina Bay Sands on the 26th & 27th September, following last year's successful event.

Tank Storage Asia is the only dedicated exhibition and conference in the region for the bulk liquid storage industry. It brings together the entire supply chain, from terminal suppliers and manufacturers through to tank storage operators, terminal owners, traders and analysts.

The event is supported and attended by major terminals across the region, including Stolthaven Terminals, Vopak, Oiltanking, VTTI and Horizon Terminals. Also supporting the event is the Singapore Manufacturing Federation, the Independent Power Producers' Forum, RVB Tank Storage Solutions and the Corrosion Association Singapore.

Mark Lim, Assistant Commercial Manager at Stolthaven Singapore, comments: "The show is an excellent platform for networking, getting to know new suppliers and learning about updates within the industry. We're very much looking forward to attending this year and supporting the event once again."

Attendees will have the opportunity to visit the exhibition where more than 80 local and international suppliers will showcase the latest equipment and state-of-the-art technologies. Exhibitors will include CTS Far East, Endress + Hauser, Kanon Loading Equipment, Krohne, OPW Engineered Systems, Concrete Canvas, BIOex, Larco, Protego, Emerson Automation Solutions and Emco Wheaton to name just a few. These span the entire supply chain, from tank design, construction and maintenance, through to innovations in metering and measuring, pumps and valves, automation and loading equipment, and inspection and certification services.

The exhibition will also include a dedicated Singapore Pavilion and Technology Start-Up Zone where local companies will be exhibiting, with financial backing from the Singapore Manufacturing Federation and iMAP funding initiative.

To register to attend, view the exhibitor line up and sign up for show news and information, please visit: www.tankstorageasia.com.



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Terminal News
July 5, 2018
Owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, that was once among the world’s largest, plan to invest $1.4 billion to refurbish and restart a portion of the plant. ArcLight Capital Partners, a private equity firm expects the former Hovensa refinery on St...

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Owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, that was once among the world’s largest, plan to invest $1.4 billion to refurbish and restart a portion of the plant.

ArcLight Capital Partners, a private equity firm expects the former Hovensa refinery on St. Croix to be able to process 200,000 barrels per day of crude and deliver fuels to market by January 2020, officials said at a news conference on the island.

The Boston-based company spent two years studying the market and developed ‘a refinery profile we see thriving in the current marketplace,’ said John Erhard, an ArcLight partner.

It aims to produce fuels that meet an IMO mandate calling for large vessels to switch by 2020 to fuels containing no more than 0.5% suphur from 3.5%.

If the renamed Limetree Bay refinery can be refurbished to produce the fuels in the next 18 months, it could benefit from expected lower prices for heavy crude and strong demand for its fuels, said analysts.

‘If you have the ability to make compliant bunker fuel, you can make a lot of money,’ said John Auers, executive vice president at consultancy Turner, Mason & Co.

Mark Broadbent, principal research analyst at Wood Mackenzie, also said demand for IMO 2020 fuels should favor Limetree Bay, but it is unclear whether ArcLight can restore operations within its budget and by 2020.

‘Getting an idled refinery up and running could be very expensive,’ he said.

In the 1970s, the refinery on St. Croix was able to process 650,000 bpd. It halted processing in 2012, filed for bankruptcy three years later and was sold to ArcLight and trading firm Freepoint Commodities.

The two companies run Limetree Bay Terminals, a 25 million barrel oil storage and marine terminal on the site.

As part of its agreement with the USVI government, Limetree has purchased 225 acres of land and more than 100 homes surrounding the refinery to facilitate the restart, U.S. Virgin Islands Governor Kenneth Mapp said in an interview.

‘They’ve already begun spending money,’ Mapp said. ‘Assets and resources are already on their way.’

Reopening the refinery will be a boon to the U.S. Virgin Islands, which has struggled economically since Hovensa closed in 2012.

The government will collect $600 million in revenue from the refinery over its first 10 years in operation, Mapp said.

Restarting the facility also will bring 1,000 construction jobs and 700 permanent jobs to the site, in addition to the 750 workers at Limetree’s nearby oil terminal site, he said.

Officials did not discuss BP’s potential involvement in the refinery restart, but two sources familiar with the matter said the British oil company is in negotiations to supply crude to the plant.

The deal under discussion would be similar to a supply and marketing arrangement BP struck with NARL Refining for the 115,000-bpd Come by Chance refinery in Newfoundland, one of the sources said. That deal soured over two years ago.

ArcLight and Freepoint officials were unavailable for comment. BP spokesman Mike Abendhoff declined to comment on its potential role.



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Terminal News
July 3, 2018
Odfjell to sell Rotterdam Terminals to Koole
Norwegian-based terminal operator Odfjell has entered into an agreement with Dutch terminal operator Koole. Odfjell will sell its 100% ownership in Odfjell BV subsidiaries’ Odfjell Terminals Rotterdam (OTR) and Odfjell Terminals Maritiem (OTM) for a price of $155 million...

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Norwegian-based terminal operator Odfjell has entered into an agreement with Dutch terminal operator Koole. Odfjell will sell its 100% ownership in Odfjell BV subsidiaries’ Odfjell Terminals Rotterdam (OTR) and Odfjell Terminals Maritiem (OTM) for a price of $155 million.

The transaction is expected to reduce the net debt of Odfjell Terminals BV (OTBV) by around $35 million.

‘This is a landmark transaction for us,’ says Kristian Mørch, CEO of Odfjell. ‘We have been working hard to restore profitability at OTR during the past years, and the terminal is now ready for the next step of development, which will require significant investments.

‘We are therefore pleased to have Koole as the potential purchaser. Koole has great ambitions for the terminal, and we are confident in their ability to realise the value potential this business represents. Following a sale of OTR, Odfjell will have a network of seven tank terminals worldwide. We remain committed to our tank terminals business and will allocate capital for growth of Odfjell Terminals in the years to come.’

Frank Erkelens, CEO of Odfjell Terminals adds: ‘OTR is well positioned to continue with building a successful future on the fundaments of its strategic location in the Port of Rotterdam, its unique capabilities, its top quartile safety performance and its strong organisation. On behalf of Odfjell Terminals, I pay tribute to all the stakeholders of OTR for their continuous support. Odfjell Terminals remains focused on providing best in class safety and service performance to our respected customers across our terminal network.’



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Terminal News
June 29, 2018
Oil Deposit Corunna has entered into a storage agreement for crude oil and petroleum products with a top 10 oil major.The terminal comprises 350,000 m3 of capacity for all class crude oil and petroleum products in addition to a 400 meter long and 25 meter draft jetty at the Coruna Port in north west Atlantic Spain...

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Oil Deposit Corunna has entered into a storage agreement for crude oil and petroleum products with a top 10 oil major.

The terminal comprises 350,000 m3 of capacity for all class crude oil and petroleum products in addition to a 400 meter long and 25 meter draft jetty at the Coruna Port in north west Atlantic Spain.

The oil major, which has upstream operations in the North and Barents Seas, will benefit from the innovative short sailing and ECA free Irish sea route, the true VLCC plus jetty and the logistic position advantage to launch cargos to Asia, ODC says in a statement.

Other storage agreement negotiations are in place, including governmental strategic reserves bodies. Construction of the terminal is due to start as soon as permitting is completed, which is currently in its final stages.



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Terminal News
June 28, 2018
Fujairah: Oil product stocks rise 3.6% following five-week low
Oil product stocks at the Middle East's key oil hub of Fujairah rose 3.6% in the week to Monday, June 25, rebounding from a five-week low, as light, middle and heavy distillates all saw builds. Total oil stocks were 18.339 million barrels, up 645,000 barrels from a week earlier, according to the Fujairah Energy Data Committee...

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Oil product stocks at the Middle East's key oil hub of Fujairah rose 3.6% in the week to Monday, June 25, rebounding from a five-week low, as light, middle and heavy distillates all saw builds. Total oil stocks were 18.339 million barrels, up 645,000 barrels from a week earlier, according to the Fujairah Energy Data Committee. The biggest increase was in light distillates, which rose 7.9% to 6.533 million barrels.

'Activity in the Middle East petrol market has begun to pick up after the end of the Eid holiday season,' S&P Global Platts Analytics said in a report Wednesday. The Mediterranean petrol market was seen as mostly balanced, the report stated, supported in part by buying interest from India and the Middle East, 'depending on which arb is cheaper,' according to a trading source.

Premiums for Arab Gulf RON 95 petrol rose to a near six-month high of $3.70/b. Middle distillate stocks rose 5.2% on the week to 2.887 million barrels. First/second month Singapore gasoil swaps went into contango Tuesday on mounting supplies in Asia and weak sentiment. In Europe, imports from the US Gulf Coast are making up for low gasoil stocks. 'This limits the arbitrage opportunities from the East of Suez, leaving excess barrels within the region,' Platts Analytics said.

Kuwait's KPC has been a recent active seller in the 0.05% sulfur gasoil market. Heavy distillate and residue stocks rose 0.2% on the week to 8.919 million barrels.

Platts Analytics said it expects regional demand for fuel oil to remain elevated through the summer due to demand for power generation. But price volatility hit the market in the wake of last week's OPEC meeting.



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Terminal News
June 27, 2018
ExxonMobil & Plains to build crude oil pipeline
ExxonMobil and Plans All American Pipeline plan to form a joint venture to build a pipeline to transport crude oil and condensate.The pipeline will transport volumes from multiple locations in the Permian basin to the Texas Gulf Coast.The common carrier pipeline would be designed to ship more than one million barrels of crude oil and condensate per day, providing a safe, efficient and cost-effective option to transport ExxonMobil and other third-party production to market destinations in Texas...

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ExxonMobil and Plans All American Pipeline plan to form a joint venture to build a pipeline to transport crude oil and condensate.

The pipeline will transport volumes from multiple locations in the Permian basin to the Texas Gulf Coast.

The common carrier pipeline would be designed to ship more than one million barrels of crude oil and condensate per day, providing a safe, efficient and cost-effective option to transport ExxonMobil and other third-party production to market destinations in Texas.

The pipeline would originate in both Wink and Midland, Texas with delivery points in Webster, Baytown and Beaumont, Texas.



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Terminal News
June 26, 2018
National Energy Board approves Trans Mountain storage terminal expansion
Trans Mountain has been given approval for its expansion plans at its Burnaby Terminal by the National Energy Board of Canada.The company submitted a variance application, which the board says will significantly improve safety at the terminal.As part of the Trans Mountain expansion project, the company will build 14 new oil storage tanks at its tank farm at the Burnaby Terminal...

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Trans Mountain has been given approval for its expansion plans at its Burnaby Terminal by the National Energy Board of Canada.

The company submitted a variance application, which the board says will significantly improve safety at the terminal.

As part of the Trans Mountain expansion project, the company will build 14 new oil storage tanks at its tank farm at the Burnaby Terminal. In March 2017, the company applied to the board to reduce the diameters of five of the new 14 tanks and the overall capacity of the facilities by 50,880 m3.

The company will also increase the amount of space between the tanks and reconfigure the secondary containment system at the tank farm to reduce the risk of fire.

The decisions by the board mean that Trans Mountain can now start construction at the terminal.

However, while the company can now commence work at the terminal, the board is still assessing condition compliance and the company is not yet authorised to begin building the pipeline itself.



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Terminal News
June 26, 2018
Trafigura signs agreement for storage at SLNG terminal
Trafigura and Singapore LNG Corporation signed an agreement for storage and reload services at the SLNG terminal on Jurong Island.The agreement stipulates that Trafigura will have access to 160,000 m3 of firmed LNG storage capacity on a segregated basis for the next 24 months...

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Trafigura and Singapore LNG Corporation signed an agreement for storage and reload services at the SLNG terminal on Jurong Island.

The agreement stipulates that Trafigura will have access to 160,000 m3 of firmed LNG storage capacity on a segregated basis for the next 24 months.

This is the second such agreement that Trafigura has signed with SLNG to utilise the excess LNG storage capacity at the terminal.

John Ng, CEO of SLNG, says: 'SLNG is very pleased to once again offer our storage and reload services to Trafigura and we look forward to continuing our fruitful working relationships with the company. Through this and our other ancillary service offerings, SLNG aims to facilitate more LNG trade and market plays out of Singapore, contributing to the development of Singapore as an LNG hub.'



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Terminal News
June 25, 2018
Port of Corpus Christi approves investment programme
The Port of Corpus Christi has approved a $217 million finance package for a series of major improvements, including the Corpus Christ Ship Channel.The package will allow the port to continue developing more terminals, rail and channel improvements needed to handle the growing oil and gas volumes from the region's large energy producing fields...

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The Port of Corpus Christi has approved a $217 million finance package for a series of major improvements, including the Corpus Christ Ship Channel.

The package will allow the port to continue developing more terminals, rail and channel improvements needed to handle the growing oil and gas volumes from the region's large energy producing fields.

Part of the programme includes the deepening and widening of the Corpus Christi Ship Channel, which will be dredged to 54 feet to accommodate Suezmax and larger vessels. It will also be widened to 530 feet to allow for two-way traffic flows, positioning the port as the deepest draft navigation port in the US Gulf.

These enhancements are designed to handle the growing export volumes of US crude and natural gas, which have propelled the Port of Corpus Christi to what is now the largest energy export port in the US by volume.

Sean Strawbridge, CEO of the Port of Corpus Christi, says: 'We are pleased the commission approved this bond resolution and look forward to a successful round of financing. With the growth our customers are experiencing, coupled with our public private partnership development structures, this additional financing will augment our already strong balance sheet and position the South Texas Coastal Bend for further prosperity.'



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Terminal News
June 25, 2018
Fujairah: Oil product stocks fall 8.4% to five week low
Oil product stocks at the Middle East's key oil hub of Fujairah fell 8.4% in the week to Monday, June 18, reaching a five-week low as light and heavy distillates inventories slipped. Total oil stocks were 17.694 million barrels, down 1.63 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee...

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Oil product stocks at the Middle East's key oil hub of Fujairah fell 8.4% in the week to Monday, June 18, reaching a five-week low as light and heavy distillates inventories slipped.

Total oil stocks were 17.694 million barrels, down 1.63 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee.

The biggest drop was in light distillates, which fell 12% to 6.052 million barrels. Petrol demand in the Middle East and Asia remained steady, but sentiment was showing signs of waning against rising refinery runs, S&P Global Platts Analytics said in a report Wednesday.

Spot petrol tender demand from Middle Eastern countries has been quiet in recent weeks and it remained to be seen if summer demand will be sufficient to hold up against increasing supply, the report said. Heavy distillate and residue stocks fell 8.8% to 8.898 million barrels from their highest ever level last week of 9.759 million barrels, amid healthy demand for bunker fuel in Fujairah.

Weaker crude prices should give continued support to a fuel oil market that was already seeing high seasonal power generation demand, Platts Analytics said. Stocks of middle distillates rose 1.6% week on week to 2.744 million barrels.

Kuwait's KPC and India's Naraya Energy have recently been large sellers in the tender spot tender market. Indian exports can be expected to continue to rise as domestic demand sees a seasonal downturn during the third quarter. Meanwhile, arbitrage economics for low sulfur gasoil remained unfavorable, with the front-month EFS at around minus $7-%8/mt levels and freight rates high. Gasoil stocks in the Amsterdam-Rotterdam-Antwerp region remained low, but ICE gasoil futures were in contango due to expectations of continued arrivals from the US and the Middle East, the report said.



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Terminal News
June 25, 2018
Phillips 66 to build NGL storage & pipeline infrastructure
Phillips 66 is expanding its Sweeny Hub with two 150,000 barrel-per-day NGL fractionators, more storage capacity and associated pipeline infrastructure.The project in Old Ocean, Texas, is expected to cost up to $1.5 billion and will begin commercial operations in late 2020...

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Phillips 66 is expanding its Sweeny Hub with two 150,000 barrel-per-day NGL fractionators, more storage capacity and associated pipeline infrastructure.

The project in Old Ocean, Texas, is expected to cost up to $1.5 billion and will begin commercial operations in late 2020.

Supply agreements have been secured for Y-grade NGL feedstock, including an agreement with DCP Midstream, which has an option to acquire up to a 30% ownership interest in the new fractionators.

Greg Garland, chairman and CEO of Phillips 66, says: 'We are pleased to move forward with the Sweeny Hub expansion, a key part of our midstream growth strategy that further optimises our integrated NGL value chain.

'The Sweeny Hub is strategically positioned to provide fractionation capacity for rapidly growing Permian Basin NGL production and access to US Gulf Coast petrochemical, fuels and LPG export markets.'

Once complete, the Sweeny Hub will have 400,000 barrels per day of NGL fractionation capacity and access to 15 million barrels of total storage capacity.



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Terminal News
June 25, 2018
OPEC increases oil production levels
OPEC has agreed to increase oil production levels as it reduces its level of conformity to 100%.At its 174th meeting in Vienna, the conglomerate noted that the oil market situation has further improved over the past six months, with the global economy remaining strong, oil demand relatively robust and the market rebalancing evidently continuing...

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OPEC has agreed to increase oil production levels as it reduces its level of conformity to 100%.

At its 174th meeting in Vienna, the conglomerate noted that the oil market situation has further improved over the past six months, with the global economy remaining strong, oil demand relatively robust and the market rebalancing evidently continuing.

The conference also noted that confident and investment to the oil industry has returned.

The 100% conformity level will be applied as of July 1 for the remainder of the year.

In May 2018, OPEC member countries reached 152%, exceeding the required conformity level.

Ann-Louise Hittle, vice president, macro oils, at Wood Mackenzie says that the extra 1 million barrels per day means the market is less likely to slip out of control into significant oversupply or undersupply.

'It is an effective way to deal with the uncertainty we noted ahead of the meeting as one of the major problems ministers needed to address. No one yet knows what impact sanctions against Iran have on its production, nor is there certainty about the risk to Venezuela's output in the months ahead.'

Hittle says that the extra supply will ease oil market concern about supply shortages and likely preventing oil price spikes.

She adds: 'The markets should expect less oil price volatility and risk to economic growth because the announcement represents a compromise between responding to consumer pressure and the need for oil producing countries to maintain oil prices and prevent harming their economies.'

However, GlobaData estimates that OPEC production will increase by a minimum of 600,000 barrels per day to match the targeted cuts.



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Terminal News
June 25, 2018
American Midstream sells marine storage terminals business
American Midstream Partners will sell its marine products terminalling business to institutional investors for $210 million.The divestiture of the marine products terminals, including the Harvey and Westwego terminals located in the Port of New Orleans and the Bunswick terminal located in the Port of Brunswick in Georgia, is a continuation of the company's previously announced non-core asset divestiture programme...

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American Midstream Partners will sell its marine products terminalling business to institutional investors for $210 million.

The divestiture of the marine products terminals, including the Harvey and Westwego terminals located in the Port of New Orleans and the Bunswick terminal located in the Port of Brunswick in Georgia, is a continuation of the company's previously announced non-core asset divestiture programme.

The move future simplifies the company's business profile, providing the foundation to further scale its core strategic assets.



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Terminal News
June 25, 2018
Gate Terminal to increase ship loading flow rate
Gate Terminal has announced plans to increase the ship loading flow rate at the jetties for large ships to low port time for vessels.The flow rate will be increased from 2,300 m3/hour to 4,000 m3/hour. The investment will allow Gate terminal to load the new standard size vessels of around 18,000 m3 in less than three days...

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Gate Terminal has announced plans to increase the ship loading flow rate at the jetties for large ships to low port time for vessels.

The flow rate will be increased from 2,300 m3/hour to 4,000 m3/hour. The investment will allow Gate terminal to load the new standard size vessels of around 18,000 m3 in less than three days.

The investment comprises a debottlenecking of the pipeline systems used to deliver LNG from the storage tank to the ship and can be installed without a plant shutdown.

Construction will start this summer and will be finished after the summer of 2019.

With this investment Gate terminal will strengthen its pivotal role as the LNG hub terminal for North West Europe.



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Terminal News
June 15, 2018
ExxonMobil is building a new crude storage tank at its Altona Refinery to help meet Australia’s growing demand for transportation fuels. The new tank will improve the efficiency of Mobil Refining Australia’s, a subsidiary of ExxonMobil Australia, local refining and supply operations...

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ExxonMobil is building a new crude storage tank at its Altona Refinery to help meet Australia’s growing demand for transportation fuels.

The new tank will improve the efficiency of Mobil Refining Australia’s, a subsidiary of ExxonMobil Australia, local refining and supply operations.

The new tank will be built in an existing crude oil storage area at the refinery site and construction will start in mid-2018 and is expected to be completed in 2020.

Riccardo Cavallo, Mobil’s manager of refining for Australia and New Zealand, says that the tank represents another major investment in the refinery that complements other recent investments to improve ExxonMobil’s competitive position in Australia.

‘During the past five years, ExxonMobil has invested more than $400 million at the Altona Refinery and Yarraville Terminal. Recent investments include the construction of a 3km pipeline connecting Yarraville Terminal to the Somerton jet fuel pipeline, construction of two new fuel storage tanks at Yarraville Terminal and work to increase Altona Refinery’s production.

‘The additional crude oil storage will help optimise ExxonMobil Australia’s integrated oil and gas business to support continued supply of high-quality, locally produced fuel products to Victorian businesses and households.’

  



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