Please use a modern browser. This website is not designed for versions of Internet Explorer below IE10
masthead
masthead
awards
masthead
masthead
menu

Terminal News


Terminal News
November 12, 2018
ADNOC signs MoU to store crude oil at Indian storage facility
ADNOC has signed a MoU with the Indian Strategic Petroleum Reserves to examine the possibility of storing ADNOC crude oil at its underground oil storage facility in Karnataka, India.The MoU stipulates that ADNOC could store crude in two compartments at Pardur, which has a total storage capacity of 17 million barrels...

Read More

ADNOC has signed a MoU with the Indian Strategic Petroleum Reserves to examine the possibility of storing ADNOC crude oil at its underground oil storage facility in Karnataka, India.

The MoU stipulates that ADNOC could store crude in two compartments at Pardur, which has a total storage capacity of 17 million barrels.

The memorandum follows the arrival of the final shipment of the initial delivery of ADNOC crude to be stored in another ISPRL underground facility at Mangalore, which will store 5.86 million barrels of ADNOC crude oil.

ADNOC is the only foreign oil and gas company so far to invest by way of crude oil in Indian's strategic petroleum reserves programme.

H.E. Dr Al Jaber, ADNOC Group CEO, says: 'India is an important oil market and this agreement underscores the strategic energy partnership between the UAE and India that leverages the UAE and ADNOC's expertise and oil resources.

'It is our firm hope that we will be able to convert this framework agreement into a new mutually beneficial partnership that will create opportunities for ADNOC to increase deliveries of high-quality crude oil to India's expanding energy market and helping India meet its growing energy demand and safeguard its energy security.'

H.E. Dharmendra Pradhan, minister of petroleum and natural gas skill development and entrepreneurship, Government of India, adds: 'This MoU will allow ISPRL to explore, with ADNOC, opportunities related to the possible storage of ADNOC crude at Padur, which would help to significantly strengthen the country's strategic petroleum reserves. This agreement reflects the strong bonds of cooperation between India and the UAE and provide a foundation for strengthening and expanding our strategic energy relationship.'

India is over 82% dependent on imports to meet its crude oil needs, around 8% of which is supplied by the UAE.



Show Less
Terminal News
November 12, 2018
USD Partners moves forward with Hardisty South terminal expansion
USD Partners has announced it is moving forward with the Hardisty South expansion, which adds one unit train per day of takeaway capacity at the facility.The existing Hardisty terminal, which is owned by USD Group, has designed capacity for two unit trains per day, around 150,000 barrels per day of capacity...

Read More

USD Partners has announced it is moving forward with the Hardisty South expansion, which adds one unit train per day of takeaway capacity at the facility.

The existing Hardisty terminal, which is owned by USD Group, has designed capacity for two unit trains per day, around 150,000 barrels per day of capacity.

Hardisty South will add 75,000 barrels per day of takeaway capacity to the terminal by modifying the existing loading rack and building additional infrastructure and trackage.

The project is expected to be in-service by January 2019. To date, 67% of Hardisty South's capacity has been commercialised through take-or-pay agreements with minimum volume commitments.

Additionally, USD Partners has entered into a four-year extension with an oil infrastructure focused company at its Hardisty terminal.

The Canadian-based company has significantly increased its position by more than doubling its contracted capacity at the terminal.

The contract extension contains consistent take-or-pay terms with average minimum monthly payments and rates that exceed those of the original terminalling services agreement.

To date, the company has renewed and extended 65% of the capacity at the terminal through mid-2022, with 42% extended through to mid-2023.



Show Less
Terminal News
November 12, 2018
Saras has announced plans to build a marine bunkering terminal and will market a new, cleaner marine fuel ahead of the IMO 2020 regulation.The new terminal will be built at the Italian refiners Sardinia plant. Speaking to Reuters CEO Dario Scaffardi says that by producing the new fuel, the company has a competitive advantage over others as the low sulphur specs are difficult to achieve for technical reasons...

Read More

Saras has announced plans to build a marine bunkering terminal and will market a new, cleaner marine fuel ahead of the IMO 2020 regulation.

The new terminal will be built at the Italian refiners Sardinia plant. Speaking to Reuters CEO Dario Scaffardi says that by producing the new fuel, the company has a competitive advantage over others as the low sulphur specs are difficult to achieve for technical reasons.

He says: 'With a small investment, we will have bunkering infrastructure and a lightering vessel and start selling local fuels to expand the market.'

The plant will initially produce 500,000 to 600,000 tonnes of ultra-low sulphur fuel oil per year.



Show Less
Terminal News
November 9, 2018
Inter Pipeline reports record financial results
Inter Pipeline increased its funds from operations by $30.8 million in its third quarter 2018 financials, compared to the same period the previous year.The company reports funds from operations of $299.7 million and says this is primarily driven by record performance in the NGL processing business, which continued to provide exceptional results from higher production volumes and increased frac-spread pricing...

Read More

Inter Pipeline increased its funds from operations by $30.8 million in its third quarter 2018 financials, compared to the same period the previous year.

The company reports funds from operations of $299.7 million and says this is primarily driven by record performance in the NGL processing business, which continued to provide exceptional results from higher production volumes and increased frac-spread pricing.

Its bulk liquid business generated funds from operations of $14.8 million in the quarter, compared to $25.2 million in the third quarter 2017. Storage demand for certain petroleum products in Europe continued to be impacted by a backwardated commodity pricing environment.

As a result, average utilisation rates during the quarter dropped from 95% in 2017 to 74%, which was largely reflective of unfavourable market conditions in Denmark, where storage utilisation rates averaged 50% during the quarter, compared to 96% in the same period in 2017. Utilisation remained at 90% or better in Sweden, the UK and Germany.

Christina Bayle, Inter Pipeline's president and CEO, says: 'Inter Pipeline's record results this quarter is proof of the company's resilience despite the volatility in Western Canada's commodity price.

'Our oil sands and conventional pipeline assets provide stability in challenging times, while our NGL processing franchise positions us for significant cash flow growth from elevated North American gas liquids pricing.'



Show Less
Terminal News
November 9, 2018
Caliche Development put new NGL storage facility into service
Caliche Development Partners has put its first NGL subsurface hydrocarbon storage project in Beaumont, Texas into service.This follows a detailed commissioning effort, providing safe and on-specification handling and storage of ethylene from Caliche's initial pipeline connection...

Read More

Caliche Development Partners has put its first NGL subsurface hydrocarbon storage project in Beaumont, Texas into service.

This follows a detailed commissioning effort, providing safe and on-specification handling and storage of ethylene from Caliche's initial pipeline connection. Caliche is a Houston-based company focused on the development, construction and operation of subsurface hydrocarbon storage assets and related pipelines in North America.

The cavern allows for storage of up to 600 million pounds of ethylene and connects to a 12.8 mile-header system crossing five operating ethylene pipelines, two more of which will be connected to the facility before the end of 2018.

Additionally, drilling has been completed on a five-million-barrel cavern for ethane storage.

Caliche expects to provide up to 120,000 barrels per day of ethane deliverability, as well as a 12-mile ethane header mirroring the path of Caliche's ethylene system.

By the end of 2019, the ethane header will cross five ethane pipelines connecting more than 50% of Gulf Coast ethane consumption with the Mont Belvieu NGL complex.

The company has also begun drilling for a planned three-million-barrel cavern for other NGL storage with up to another 120,000 barrels per day of deliverability.

Once fully developed, Caliche Coastal will provide up to 32 million barrels of salt cavern storage facilities.

Dave Marchese, CEO of Caliche Development Partners, says: 'Caliche has received tremendous support from the market and Beaumont community over the past year-and-a-half, and it is rewarding to pass such a significant milestone.

'Customers are asking for ethane and other NGL storage, and we have the people, location and assets to serve these markets and customers.'



Show Less
Terminal News
November 9, 2018
Odfjell reports stable financials
Odfjell has reported stable financial results for the third quarter of 2019, with an EBITDA of $32 million.The company's terminals segment reported an EBITDA of $4 million compared to $9 million in the second quarter. It reported losses of $16 million related to the sale of the Rotterdam terminal that included currency translation and tax losses in addition to transaction costs...

Read More

Odfjell has reported stable financial results for the third quarter of 2019, with an EBITDA of $32 million.

The company's terminals segment reported an EBITDA of $4 million compared to $9 million in the second quarter. It reported losses of $16 million related to the sale of the Rotterdam terminal that included currency translation and tax losses in addition to transaction costs.

The segment's financial was impacted by the fuel oil spill in the Rotterdam harbour, interrupting storage and distillation business due to the closure of the port. The sale of the terminal also led to fewer days of income contribution for the terminal.

The result was also impacted by higher G&A related to the restructuring of the Odfjell Terminals organisation.

The company's US terminals showed a stable EBITDA of $4.4 million compared to the previous quarter thanks to strong market demand and high activity in the country.

Odfjell CEO Kristian Mørch says: 'Adjusting for the Rotterdam terminal, our terminal division delivered stable results. We have positioned ourselves well for the future, both within tankers and terminals, with one of the most energy efficient fleets in the world.'



Show Less
Terminal News
November 8, 2018
Anadarko to sell midstream assets for $4.015 billion
Anadarko Petroleum is selling all of its remaining midstream assets, including pipeline and oil systems in the Delaware and DJ Basins for $4.015 billion to Western Gas Partners.At the same time, Western Gas Partners has entered into a merger agreement with Western Gas Equity Partners, which will result in a simplied midstream structure...

Read More

Anadarko Petroleum is selling all of its remaining midstream assets, including pipeline and oil systems in the Delaware and DJ Basins for $4.015 billion to Western Gas Partners.

At the same time, Western Gas Partners has entered into a merger agreement with Western Gas Equity Partners, which will result in a simplied midstream structure.

Anadarko is selling all of its interest in DBM Oil Services and APC Water Holdings to Western Gas. Western Gas is also acquiring a 50% stake in the Bone Spring Gas Plant and a 50% stake in MiVida Gas Plant in the Delaware Basin.

In the DJ Basin Western Gas will acquire Anadarko's 100% interest stake in both the DJ Basin Oil System and the Wattenberg Plant.

Additional assets being acquired include equity stakes in the Saddlehorn Pipeline, the Panola Pipeline and the Wamsutter Pipeline.

Anadarko will maintain operating control of the largest midstream master limited partnerships with 55.5% pro-forma ownership of the combined entity.

Al Walker, Anadarko chairman, president and CEO, says: 'The size of this asset sale, along with the clear benefits of the simplification transaction, highlights the tremendous value of Anadarko's midstream business.

'This will enhance the read-through value of Anadarko's midstream ownership through increased liquidity and a less complex structure.'



Show Less
Terminal News
November 7, 2018
I Squared commits $500 million toward new Delaware Basin midstream partnership
I Squared Capital has committed more than $500 million and contributed its Delaware Basin midstream portfolio company, Pinnacle Midstream, as part of a new partnership with EagleClaw Midstream and Blackstone Energy Partners.Proceeds from I Sqaured, together with additional investments by Blackstone and EagleClaw's management team, are being used to fund EagleClaw's continued growth, including the expansion of EagleClaw's system, the acquisition of Caprock Midstream, and the ongoing construction of the Permian Highway Pipeline...

Read More

I Squared Capital has committed more than $500 million and contributed its Delaware Basin midstream portfolio company, Pinnacle Midstream, as part of a new partnership with EagleClaw Midstream and Blackstone Energy Partners.

Proceeds from I Sqaured, together with additional investments by Blackstone and EagleClaw's management team, are being used to fund EagleClaw's continued growth, including the expansion of EagleClaw's system, the acquisition of Caprock Midstream, and the ongoing construction of the Permian Highway Pipeline.

This investment by I Squared and the acquisitions of Caprock and Pinnacle further augment EagleClaw's position as the leading privately-held midstream operator in the Permian's Delaware Basin in west Texas.

Pro forma for these acquisitions, EagleClaw operates almost 1,000 miles of natural gas, natural gas liquids, crude and water gathering pipelines, more than 1.4 billion cubic feet per day of processing capacity and crude storage and disposal facilities.

It now has nearly half a million acres in the core of the southern Delaware Basin under long-term dedication for midstream services.

EagleClaw is also a 50% partner with Kinder Morgan on the Permian Highway Pipeline.

The acquisition of Caprock Midstream and Pinnacle Midstream marks the next step in the overall Delaware Basin midstream consolidation as EagleClaw continues to grow and diversify its business.

Bob Milam, CEO of EagleClaw, says: 'The acquisition of Pinnacle, coming on the heels of our recent announcements of the acquisition of Caprock and our partnership on the Permian Highway Pipeline, is another exciting chapter in the continued growth story of EagleClaw. This transaction expands our business in every aspect, from asset footprint to customer diversity, while remaining true to EagleClaw's core mission of providing best-in0class midstream service to Delaware Basin producers.'



Show Less
Terminal News
November 6, 2018
Buckeye to sell pipeline & terminal assets for $450 million
Buckeye will sell a package of non-integrated domestic pipeline & terminal assets in locations across the US for $450 million.This is in addition to the company selling its entire equity stake in VTTI for case proceeds of $975 million to Vitol Investment Partnership and IFM Investors...

Read More

Buckeye will sell a package of non-integrated domestic pipeline & terminal assets in locations across the US for $450 million.

This is in addition to the company selling its entire equity stake in VTTI for case proceeds of $975 million to Vitol Investment Partnership and IFM Investors.

These actions are the result of a strategic review that the company says will maintain its investment grade credit rating by reducing leverage, provide increased financial flexibility and reallocate capital to higher return growth opportunities across its remaining assets.

The assets include: a jet fuel pipeline from Port Everglades, Florida to the Ft. Lauderdale and Miami, Florida airports, pipelines and terminal facilities serving the Reno, Nevada; San Diego, California and Memphis, Tennessee airports, and refined petroleum products terminals in Sacramento and Stockton, California.

Clark C. Smith, chairman, president and CEO says: 'I am confident that the actions taken as a result of our strategic review will not only strength our balance sheet and solidify our investment grade rating but also meaningfully improve distribution coverage.

'We are now well positioned to fund our annual growth capital spend without accessing the public equity markets. In addition, the sales of our interest in VTTI and the domestic asset package allow us to reallocate available growth capital to higher return initiatives across our domestic assets, particularly the opportunities we are actively pursuing along the US Gulf Coast.

'Our improved financial flexibility along with our remaining portfolio of pipeline and terminal assets and attractive growth opportunities are expected to provide solid long-term returns for our unitholders through all business cycles.'

In its third quarter financials reported a net loss of $745.8 million compared to the net income attributable for Buckeye's unitholders for the same period in 2017 of $116.2 million.

The third quarter was negatively impacted by a $537.0 million non-cash goodwill impairment charge, related primarily to its Caribbean assets, following an interim assessment of the recoverability of goodwill that was initiated in conjunction with the completion of the strategic review.

Smith adds: 'Buckeye's third quarter results fell short of prior year largely as a result of continued weakness in segregated storage, particularly in the Caribbean.

'Our domestic pipelines and terminals segment saw strong demand across the markets in which we operate, which drove increased pipeline and terminalling throughput volumes and increased revenues.'

The company's global marine terminals segment continued to benefit from strong operating performance from Buckeye Texas Partners, partially offsetting the continued impact of challenging market conditions in the segregated storage market, which drove lower utilisation and rates in this segment.



Show Less
Terminal News
November 6, 2018
Limetree Bay Refining reaches agreement on restart of St. Croix refinery
Limetree Bay Refining has reached an agreement in principle with the supply and trading arm of a major international oil company on the restart of the idled St. Croix refinery in US Virgin Islands.As part of the agreement the oil company, which has not been named, would enter into a tolling agreement and serve as the refinery's supply and offtake counterparty...

Read More

Limetree Bay Refining has reached an agreement in principle with the supply and trading arm of a major international oil company on the restart of the idled St. Croix refinery in US Virgin Islands.

As part of the agreement the oil company, which has not been named, would enter into a tolling agreement and serve as the refinery's supply and offtake counterparty.

Limetree Bay Refining anticipates completion of the restart by late 2019.

Limetree Bay Terminals bought the refinery and associated terminal assets out of bankruptcy in 2016. Since then the company has returned more than 25 million barrels of storage capacity to service.

In addition, the company has spent the last two years exploring opportunities for a restart and earlier this year negotiators a new operating agreement, which was ratified by the 32nd Legislature of the Virgin Islands.

Brian Lever, president of Limetree Bay Refining, says: 'The refinery restart project is the product of a collaborative effort with many Virgin Islanders. My team and I look forward to further advancing the refinery restart and the positive impact we hope to have on the local community through jobs, taxes and economic activity.

Kenneth E. Mapp, Governor of the Virgin Islands, adds: 'The refinery will bring at least $1.5 billion in outside investment over the next 14 months. Over the next ten years, the restarted refinery will product hundreds of millions of dollars in new direct revenues to the government. I am grateful to our partners at Limetree Bay for creating this opportunity, and I look forward to a productive and collaborative relationship with both companies now and in the future.'



Show Less
Terminal News
November 5, 2018
Duqm refinery secures $4.61 billion project financing
The Duqm refinery project secured multi-source project financing of $4.61 billion, making it the largest project financing in the Sultanate of Oman.The 230,000 barrel per day refinery project is a joint venture between Kuwait Petroleum International and the Oman Oil Company...

Read More

The Duqm refinery project secured multi-source project financing of $4.61 billion, making it the largest project financing in the Sultanate of Oman.

The 230,000 barrel per day refinery project is a joint venture between Kuwait Petroleum International and the Oman Oil Company. Located at the special economic zone in Duqm along the south east coast of the country, the project comprises the development, construction and operation o f the refinery, on-site utilities, infrastructure and storage, together with offsite facilities including crude tank storage facilities in Ras Markaz, an 80km crude oil pipeline to the refinery and a product export terminal at the Port of Duqm.

The facilities comprise an international commercial facility, an onshore commercial facility, an Islamic facility, a United Kingdom covered facility, a Spain covered facility, a South Korea covered facility, and a K-EXIM direct facility.

Project chief financial officer Mubarak Al Naamany says: 'The $4.61 billion multi-sourced financing signed for the project is not only the largest project financing in the Sultanate of Oman, it also includes the largest shariah-compliant facility to a green field project in Oman provided by a consortium of Islamic financing institutions.

'These facilities provided by 29 institutions from 13 countries and insurance and guarantees provided by three major export credit agencies, is a testament of the confidence placed by international, regional and local lenders on the Sultanate of Oman, the shareholders and the project.'

The refinery is designed to be able to process a range of blended crude oils and is configured as a full-conversion hydrocracker/coking facility, which will utilise advanced technology, commercially proven at the scale of the project, supplied by leading technology licensors. Formal notice to proceed with three lump sum turn-key contracts with world class contractors was issued to them in June 2018.



Show Less
Terminal News
November 5, 2018
Vitol & IFM to acquire Buckeye’s stake in VTTI
Vitol Investment Partnership and IFM Investors will acquire Buckeye Partners' 50% equity interest in VTTI.Once complete, VTTI will be owned 50% by IFM, a global institutional funds manager, and 50% by Vitol and Vitol Investment Partnership.It will continue to be managed by an independent management team led by CEO Rob Nijst...

Read More

Vitol Investment Partnership and IFM Investors will acquire Buckeye Partners' 50% equity interest in VTTI.

Once complete, VTTI will be owned 50% by IFM, a global institutional funds manager, and 50% by Vitol and Vitol Investment Partnership.

It will continue to be managed by an independent management team led by CEO Rob Nijst. The transaction is subject to certain conditions precedent and is expected to close by year end.



Show Less
Terminal News
November 5, 2018
Total & Sempra Energy sign MoU for LNG export projects
Sempra Energy and Total have signed an MoU that details the framework for co-operator in the development of North American LNG export projects.The scope of the MoU covers continuing the development of the Cameron LNG liquefaction-export project in Louisiana and Energía Costa Azul liquefaction-export project in Baja California, Mexico...

Read More

Sempra Energy and Total have signed an MoU that details the framework for co-operator in the development of North American LNG export projects.

The scope of the MoU covers continuing the development of the Cameron LNG liquefaction-export project in Louisiana and Energía Costa Azul liquefaction-export project in Baja California, Mexico.

The MoU between the two companies envisages Total potentially contracting for up to nine million tonnes per annum of LNG offtake across Sempra Energy's LNG export development projects on the US Gulf Coast and west coast of North America, specifically Cameron LNG Phase 2 and Energia Costa Azul LNG. Total may also acquire an equity interest in ECA LNG.

Jeffrey Martin, CEO of Sempra Energy, says: 'The US is increasing its global leadership position in the production of oil and natural gas. In large measure, the next step in ful