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Terminal News


Terminal News
October 8, 2018
ArcLight makes offer to acquire American Midstream
Magnolia Infrastructure Holdings has delivered a non-binding offer to acquire American Midstream Partners.Magnolia, a subsidiary of ArcLight Energy Partners, has put in an offer to acquire all common units of the partnership and its affiliates for $6...

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Magnolia Infrastructure Holdings has delivered a non-binding offer to acquire American Midstream Partners.

Magnolia, a subsidiary of ArcLight Energy Partners, has put in an offer to acquire all common units of the partnership and its affiliates for $6.10 per common unit. If approved, it is currently expected that the transaction would be consummated through a merger of the partnership with a subsidiary of ArcLight.

ArcLight says there can be no assurance that any discussion that may occur between the parties will result into a definitive agreement concerning a transaction. The transaction is subject to a number of contingencies.



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Terminal News
October 8, 2018
Saudi Aramco & Total sign agreement for Jubail petrochemical complex
Saudi Aramco and Total have signed a joint development agreement for the FEED for a giant petrochemical complex in Jubail, Saudi Arabia.The world-class complex will be located next to the SATORP refinery, operated by Saudi Aramco and Total, in order to fully exploit operational synergies...

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Saudi Aramco and Total have signed a joint development agreement for the FEED for a giant petrochemical complex in Jubail, Saudi Arabia.

The world-class complex will be located next to the SATORP refinery, operated by Saudi Aramco and Total, in order to fully exploit operational synergies. It will comprise a mixed-feed cracker – the first in the Arabian Gulf region to be integrated with a refinery – with a capacity of 1.5 million tonnes per year of ethylene and related high-added-value petrochemical units.

The $5 billion project is scheduled to start-up in 2024.

The project will also provide feedstock for other petrochemical and specialty chemical plants located in the Jubail industrial area and beyond, representing an additional $4 billion investment by third-party investors.

Amin H. Nasser, CEO of Saudi Aramco, says: 'The petrochemicals sector has been undergoing significant growth globally and is one of the future growth engines. Thus, SATORP's second-phase expansion represents a significant value addition in Saudi Aramco's downstream strategy to maximise the full value of our vast portfolio and position the Kingdom as a chemicals manufacturing and exports hub.'

Patrick Pouyanné, chairman and CEO of Total, says: 'We are delighted to write a new page of our joint history by launching a new giant project, building on the successful development of SATORP, our biggest and most efficient refinery in the world.

'This world-class complex also fits with our strategy to expand in petrochemicals by maximising the synergies within our major platforms, leveraging low-cost feedstocks and taking advantage of the fast-growing Asian polymer market.'



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Terminal News
October 8, 2018
Oiltanking expands Antwerp Gas Terminal
Oiltanking Antwerp Gas Terminal is expanding its gas facility in Antwerp with a new propane tank as part of its partnership with Borealis.The new 135,000 m3 propane storage tank will supply the Borealis production facility in Kallo, Belgium. Borealis, which produces polyolefins, base chemicals and fertilisers, will built a new world-scale propane dehydrogenation plants in addition to its existing facilities in Kallo...

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Oiltanking Antwerp Gas Terminal is expanding its gas facility in Antwerp with a new propane tank as part of its partnership with Borealis.

The new 135,000 m3 propane storage tank will supply the Borealis production facility in Kallo, Belgium. Borealis, which produces polyolefins, base chemicals and fertilisers, will built a new world-scale propane dehydrogenation plants in addition to its existing facilities in Kallo. The new PDH plant is scheduled for the beginning of 2022.

Oiltanking acquired the Antwerp Gas Terminal in mid-2016 and since then accelerated working on the facility's significant expansion potential. In early 2017, a contract was signed for the construction of a 135,000 m3 fully refrigerated butane tank that will go into operation in 2019.

Together with the newly planned propane tank, the terminal will have almost tripled its current capacity.

Daan Vos, managing director of Oiltanking West of Suez, says: 'I am looking forward to continue the long-standing partnership and the confidence placed in Oiltanking for handling propylene and propane and the further integration into the logistics chain of Borealis.'



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Terminal News
October 5, 2018
Noble Midstream to form JV to build crude oil pipeline & gathering system
Noble Midstream plans to form a 50/50 joint venture with Salt Creek Midstream for a crude oil pipeline and gathering system in the Delaware Basin.The JV will be underpinned by acreage contributions from Noble and Salt Creek of 180,000 dedicated acres from Noble Energy and five other southern Delaware Basin producers, with a line of sight to additional dedications totalling 100,000 acres...

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Noble Midstream plans to form a 50/50 joint venture with Salt Creek Midstream for a crude oil pipeline and gathering system in the Delaware Basin.

The JV will be underpinned by acreage contributions from Noble and Salt Creek of 180,000 dedicated acres from Noble Energy and five other southern Delaware Basin producers, with a line of sight to additional dedications totalling 100,000 acres.

The 95-mile, 200,000 barrel of oil per day system will originate in Pecos County, Texas, with additional connections in Reeves County and Wink County, Texas.

It will be served by a combination of in-field crude gathering lines and a trunkline to Wink Hub.

Once the transaction is closed in the fourth quarter of 2018, the project would be underpinned by 180,000 dedicated acres and nearly 100 miles of pipeline in Pecos, Reeves, Ward and Winkler Counties. This includes an in-basin oil transportation dedication of the southern portion of Noble Energy's Reeves County position totalling 70,000 acres.

Salt Creek has started building the pipeline and is expected to be operational in the second quarter of 2019. The project provides access to 200,000 barrels of new crude oil storage, with expansion potential to 300,000 barrels.

Terry R. Gerhart, CEO of Noble Midstream, says: 'The pipeline system will provide critical downstream connectivity and enhanced market optionality for producers in the southern Delaware Basin.'



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Terminal News
October 5, 2018
Vitol to buy 50% of Brazilian downstream company
Vitol is set to acquire 50% of Brazilian downstream company Rodoil.The company is a market leader in the southern part of Brazil, with a downstream network comprising 300 service stations and a distribution business supplying an additional 1,400 plus service stations through its network of 10 strategically located terminals...

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Vitol is set to acquire 50% of Brazilian downstream company Rodoil.

The company is a market leader in the southern part of Brazil, with a downstream network comprising 300 service stations and a distribution business supplying an additional 1,400 plus service stations through its network of 10 strategically located terminals.

It was founded in 2006 by current CEO Roberto Tonietto, who will continue to lead Rodoil from its headquarters in Caxias do Sul.

Russel Hardy, Vitol CEO, says: 'Brazil has significant potential and is already the world's 6th largest fuels market. Rodoil's rapid growth since it was founded in 2006 demonstrates both the market potential and quality of the company's leadership. We are pleased to invest in Rodoil's plans for expansion and look forward to working with the management team to strengthen the company's downstream footprint.

The transaction is expected to close in the fourth quarter of 2018.



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Terminal News
October 4, 2018
Fujairah: Oil product stocks rise by 17%
As of Monday, October 1, total oil product stocks in Fujairah stood at 19.272 million barrels. Inventories jumped by 17% week on week to a nine-week high. Stocks of light distillates rose by 26.1% at 7.432 million barrels - a three month high. Steady demand in the Middle East is pulling in increasing volumes of gasoline from the Mediterranean, which is now long on supply after a tight summer...

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As of Monday, October 1, total oil product stocks in Fujairah stood at 19.272 million barrels. Inventories jumped by 17% week on week to a nine-week high.

Stocks of light distillates rose by 26.1% at 7.432 million barrels - a three month high. Steady demand in the Middle East is pulling in increasing volumes of gasoline from the Mediterranean, which is now long on supply after a tight summer. 'The Med is still long, it's even longer now in the winter..... demand is not there, it depends on where the arbitrages are,' one source said. The arbitrage from the West to the East is still open, as strong demand and refinery issues in the East cause the EBOB/92 RON spread to widen.

Stocks of middle distillates fell by 2.9% week on week to 3.868 million barrels. Sentiment in the middle distillate market is diverging, with robust gasoil set against weakness in jet fuel. Tighter supply out of India is supporting gasoil heading into what is traditionally a strong winter period in 4Q. For jet fuel, a strong Exchange of Futures for Swaps (EFS) has limited movements from India and the Middle East to the West of Suez, further exacerbating the plentiful supplies. North Asia is seen as oversupplied, while rising fuel cost and weakening currencies in a number of Asian markets could begin to impact jet demand.

Stocks of heavy distillates and residues jumped by 21% week on week to 7.972 million barrels, rebounding from last week's six month low. Bunker demand in Fujairah was subdued in recent days following a surge in flat prices on the back of higher crude futures. With Brent prices at four-year high, delivered prices for 380 CST in Fujairah rose above $500/mt for the first time since October 2014. Short-term demand was likely to stay average to slow as some buyers had already booked before the uptrend, market sources said. Fujairah continues to see some additional demand due to off-spec issues in Singapore; delivered 380 CST fuel in Fujairah was assessed at $11.15/mt above Singapore yesterday.



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Terminal News
October 3, 2018
PBF Logistics completes purchase of East Coast storage assets
PBF Logistics has completed the acquisition of a series of storage assets from CPI Operations.The assets include a storage facility with four million barrels of multi-use storage capacity and other idled assets on the Delaware River near Paulsboro, New Jersey...

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PBF Logistics has completed the acquisition of a series of storage assets from CPI Operations.

The assets include a storage facility with four million barrels of multi-use storage capacity and other idled assets on the Delaware River near Paulsboro, New Jersey.

The other assets include an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and other assets. With close proximity to the Paulsboro refinery, the assets are expected to provide synergy opportunities with PBF Logistics' sponsor PBF Energy.

PBF expects to invest $8.5 million over the next two years in projects to enhance facility capabilities and expects to achieve run-rate EBITDA of $15.5 million at the end of 2020.

Matt Lucey, PBF Logistics executive vice president, says: 'The ongoing execution of our strategic plan continues to deliver meaningful accretive growth for the partnership. The acquisition of the East Coast Storage Assets also strategically positions the partnership for the upcoming IMP's low-sulphur fuel specification change in 2020 by adding significant marine-accessible storage assets to our portfolio.

'The marine facilities are capable of handling a range of material from finished petroleum products and residual fuel oils to heavy high-sulphur refinery feedstocks and increase synergy opportunities with our sponsor, PBF Energy.'



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Terminal News
October 3, 2018
IEnova & Trafigura to build Mexican refined products storage terminal
Trafigura and IEnova have entered into a joint venture agreement to develop a marine storage terminal for refined products in Manzanillo, Colima.The companies have also executed a long-term terminal services agreement for 740,000 barrels of storage capacity at the marine facility for the receipt, storage and delivery of refined products...

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Trafigura and IEnova have entered into a joint venture agreement to develop a marine storage terminal for refined products in Manzanillo, Colima.

The companies have also executed a long-term terminal services agreement for 740,000 barrels of storage capacity at the marine facility for the receipt, storage and delivery of refined products. As part of the agreements, IEnova also acquired 51% of the equity of the company whose subsidiary owns certain permits and land where the project is planned to be built.

IEnova will have control over all aspects of project implementation, including finalising permits, securing customers for the additional capacity, and completing detailed engineering, procurement, construction, financing, operation and maintenance of the terminal.

The facility will be capable of leading refined products onto rail and trucks, which will enable its customers to supply fuels to demand centres in the Manzanillo, Colima area as well as in Guadalajara, Jalisco area, which is the second largest demand centre in Mexico. It is estimated that the initial phase of the terminal will have a storage capacity of 1.48 million barrels with opportunities for expansion.

The project is estimated to cost $200 million and commercial operations are expected to start at the end of 2020.

This terminal is IEnova's sixth refined products terminal in Mexico, which the company says demonstrates its commitment to developing infrastructure in the country that enhances energy security and the reliability of refined product supply.



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Terminal News
October 2, 2018
LNG Canada given green light for export facility
Shell, Petronas, PetroChina, Mitsubishi and Kogas have approved construction of LNG Canada, an LNG export facility in northern British Columbia.From a list of 500 possible sites for a large-scale LNG export terminal, LNG Canada selected Kitimat in the traditional territory of the Haisla Nation...

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Shell, Petronas, PetroChina, Mitsubishi and Kogas have approved construction of LNG Canada, an LNG export facility in northern British Columbia.

From a list of 500 possible sites for a large-scale LNG export terminal, LNG Canada selected Kitimat in the traditional territory of the Haisla Nation.

Each of the joint venture companies will be responsible to provide its own natural gas supply and will individually offtake and market its share of LNG. The project will initially export LNG from two processing units for an estimated 14 million tonnes per annum with the potential to expand to four units in the future.

'The final investment decision taken by our joint venture participants shows that British Columbia and Canada, working with First Nations and local communities, can deliver competitive energy projects, says Andy Calitz, CEO, LNG Canada.

'This decision showcases how industrial development can co-exist with environmental stewardship and Indigenous reconciliation.'

To get the natural gas from the Montney basin in the north of the province to Kitimat, LNG Canada has contracted with TransCanada, who will build, own and operate the 670-km Coastal GasLink pipeline.

Construction is expected to take five years, at which time LNG Canada will provide natural gas to countries where imported gas could displace more carbon intensive energy sources and help address global climate change and air pollution. JGC Fluor is the EPC consortium the company selected to build the plant.



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Terminal News
October 2, 2018
Marathon completes acquisition of Andeavor
Marathon Petroleum has acquired all of the outstanding shares of Andeavor.Now that the transaction is closed, Andeavor ceased to be publicly traded and its common stock discontinued trading on the New York Stock Exchange.Marathon Petroleum chairman and CEO Gary R...

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Marathon Petroleum has acquired all of the outstanding shares of Andeavor.

Now that the transaction is closed, Andeavor ceased to be publicly traded and its common stock discontinued trading on the New York Stock Exchange.

Marathon Petroleum chairman and CEO Gary R. Heminger says: 'This transformative transaction is a significant milestone in our company's more than 130-year history.

'MPC is now the leading refining, midstream, and marketing company in the US and is well-positioned for long-term growth and shareholder value creation.

'We are excited to begin unlocking the extraordinary potential across our new platform, including approximately $1 billion of tangible annual run-rate synergies we expect within the first three years.'



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Terminal News
October 2, 2018
Fujairah: Oil product stocks down 8.5%
As of Monday, September 24, total oil product stocks in Fujairah stood at 16.465 million barrels – down by 8.5% week on week.Stocks of light distillates were almost unchanged week on week at 5.892 million barrels. The Middle East continues to draw a steady flow of gasoline from Europe, with additional vessel fixtures continuing to emerging...

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As of Monday, September 24, total oil product stocks in Fujairah stood at 16.465 million barrels – down by 8.5% week on week.

Stocks of light distillates were almost unchanged week on week at 5.892 million barrels. The Middle East continues to draw a steady flow of gasoline from Europe, with additional vessel fixtures continuing to emerging. Kuwait's KPC issued a spot tender seeking the delivery of 25,000 mt of 91 RON gasoline for delivery over October 5-6 to Mina al-Ahmadi in a tender that closed yesterday. Premiums for Arab Gulf RON 95 gasoline remained steady at $3.50/b yesterday.

Stocks of middle distillates fell by 4.8% week on week to 3.982 million barrels. Stocks fell from a near 14-month high last week but remain well above the average of 2.96 million barrels so far this year. Middle Eastern middle distillates are increasingly drawn to the East. Cracks and premiums for gasoil are strengthening in the Asian market even as the Western arbitrage route is firmly closed; the East-West gasoil exchange for swaps rose to an 18-month high of minus 9 cents/b yesterday. A market participant said that gasoil volumes from the Middle East were seen coming to Singapore, attracted by the high prices here - a reflection of the strong demand pull. 'I think it's still a bullish market. AG [gasoil barrels] are coming to Singapore.'

Stocks of heavy distillates and residues fell by 16.8% week on week to 6.951 million barrels - a six month low. Bunker demand in Fujairah was reportedly softer so far this week average to slow due to the uptick in flat prices, while delivered supply was less tight compared with the first half of the month. Bunker prices are moving higher in line with crude, as Brent futures pushed above the $80/b mark this week. Fujairah has seen increased demand over the past month due to specification issues in Singapore. However, this appears to be waning; 380 CST delivered bunkers in Fujairah were pegged at $4/mt above Singapore yesterday – down from over $20/mt seen last week.



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Terminal News
October 1, 2018
Stolt-Nielsen, Golar LNG and Höegh LNG have announced an investment of $182 million in Avenir LNG. The investment by the consortium will be contributed as cash and equity-in-kind and will fund the construction of six small-scale LNG carriers, a small-scale storage terminal and regasification facilities...

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Stolt-Nielsen, Golar LNG and Höegh LNG have announced an investment of $182 million in Avenir LNG.

The investment by the consortium will be contributed as cash and equity-in-kind and will fund the construction of six small-scale LNG carriers, a small-scale storage terminal and regasification facilities.

The company was formed by Stolt in 2017 to provide LNG to markets lacking access to natural gas pipelines. With this joint investment, Stolt will consolidate all its LNG activities into Avenir, including four LNG new buildings on order at Keppel Singmarine in Nantong, China and the joint venture LNG terminal and distribution facility to be constructed in the port of Oristano, Sardinia.

Avenir plans to source and ship LNG to the terminal using small LNG carriers, and to distribute the LNG in trucks and through regasification into local network grids.

Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen, says: ‘The combination of Stolt-Nielsen’s logistics capabilities and our partners’ experience in LNG carriers, FSRUs and FLNGs positions Avenir as an emerging leader in small-scale LNG logistics for the power, bunkering, trucking and industrials markets.

‘With the implementation of the IMO’s 2020 emissions regulations approaching, demand for LNG as a cleaner, low-sulphur marine fuel is increasing. Each of the LNG newbuildings is designed to perform safe and efficient ship-to-ship LNG bunkering, which Avenir LNG plans to introduce at key strategic ports.’



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Terminal News
October 1, 2018
USD Partners has entered into a four-year extension with Canovus Energy from 7% to 25%. The renewal contains consistent take-or-pay terms with minimum monthly payments and rates that exceed those of the original terminalling services agreement with the customer...

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USD Partners has entered into a four-year extension with Canovus Energy from 7% to 25%.

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

Jim Albertson, USD’s senior vice president, Canadian business unit, says: ‘This contract extension, along with the first extension we announced earlier this year, represents a meaningful increase in our contracted capacity at the Hardisty rail terminal and is confirmation of the significant demand that exists for takeaway capacity out of Western Canada. We continue to work with the balance of our customers as well as new customers on contracting the remaining available capacity.’



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Terminal News
October 1, 2018
Iran to build 10-million-barrel storage terminal
A build-to-operate-transfer contract has been signed for a 10-million-barrel crude oil storage facility. Iran’s Petroleum Engineering and Development Company signed the contract with a domestic firm. The project is part of the Iranian Petroleum Ministry’s strategic plan to develop Jask Port and deliver crude oil from Goreh, Bushehr to Jask in southern Iran...

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A build-to-operate-transfer contract has been signed for a 10-million-barrel crude oil storage facility.

Iran’s Petroleum Engineering and Development Company signed the contract with a domestic firm. The project is part of the Iranian Petroleum Ministry’s strategic plan to develop Jask Port and deliver crude oil from Goreh, Bushehr to Jask in southern Iran.

The National Iranian Oil Company has 5,000 acres of coastal land near Jask city for the construction of special oil, gas, refining and petrochemical projects.

Thanks to a permit for the construction of the 42-inch Gorejh-Jask crude oil pipeline, part of this land has been allocated for the construction of an oil terminal for the export of crude oil and the construction of crude oil storage tanks at Jask port.

The tanks are being built with 10-million-barrels of light and heavy crude oil capacity. They will store the crude oil pumped from the pipeline. The €200 million project can be expanded to a storage capacity of more than 30-million-barrels of crude oil.



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Terminal News
September 28, 2018
Pin Oak Holdings has sold Pin Oak Terminals to MPLX for $450 million. As part of the transaction, Pin Oak Holdings will retain an economic interest in the facility. The terminal was the first asset developed, financed, constructed and operated by Pin Oak Holdings...

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Pin Oak Holdings has sold Pin Oak Terminals to MPLX for $450 million.

As part of the transaction, Pin Oak Holdings will retain an economic interest in the facility. The terminal was the first asset developed, financed, constructed and operated by Pin Oak Holdings.

The greenfield site was acquired in 2012 with the objective of developing a full-service transportation hub on the Mississippi River. The facility has four million barrels of fully-leased storage capacity and an operational deep-water ship dock. It can expand its capacity to 10 million barrels and is permitted for construction of a second deep-water ship dock.

Pin Oak Holdings is a partnership between Dauphine Midstream and Mercuria Energy Group.

C. Mike Reed, CEO of Pin Oak Holdings, says: ‘Our team is very proud to have built a premier storage and logistics facility in Louisiana, and this transaction further validates our development strategy and ability to execute.’

‘Brian Falik, Mercuria’s chief investment officer, adds: ‘Mercuria is pleased to have been a partner in constructing and operating a world-class terminal in Louisiana. We look forward to Pin Oak actively developing additional terminals and forging strong ties with key customers and local communities.’

Pin Oak Holdings recently started construction work on its liquid bulk export terminal in Corpus Christi, Texas. Since acquiring Pin Oak Corpus Christi in 2017, Pin Oak has successfully executed an interconnection agreement with a crude oil pipeline and secured a multi-million-barrel long-term crude oil storage contract, with the capacity to construct additional third-party storage.

Pin Oak Corpus Christi is expected to be operational during the fourth quarter of 2019.



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Terminal News
September 21, 2018
Odfjell completes sale of Rotterdam terminal to Koole
Koole Terminals has now become 100% owner of Odfjell Terminals Rotterdam.The facility, located in the heart of the Port of Rotterdam, will be rebranded to Koole Tankstorage Botlek (KTB). It stores both chemical and mineral oil products and operates a PID facility...

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Koole Terminals has now become 100% owner of Odfjell Terminals Rotterdam.

The facility, located in the heart of the Port of Rotterdam, will be rebranded to Koole Tankstorage Botlek (KTB). It stores both chemical and mineral oil products and operates a PID facility.

The sale will generate $100 million of cash proceeds to Odfjell.

John Kraakman, CEO of Koole Terminals, says: 'We are pleased to extend our terminal network and will work hard to transform KTB further into a state-of-the-art terminal, where safety is our priority number one. We are convinced that introducing the Koole spirit of true client dedication and entrepreneurship will help KTB to become a success.'

Kraakman adds that the acquisition fits in with the company's long-term growth strategy. 'It also gives us the opportunity to further extend our position in the circular economy by the storage of renewable products and the production of biofuels.'

Koole's overall storage capacity will increase from 2.2 million m3 to 3.8 million m3.



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Terminal News
September 20, 2018
Fujairah: Oil product stocks down 4.8%
As of Monday, September 17, total oil product stocks in Fujairah stood at 17.998 million barrels – down by 4.8% week on week. Stocks of light distillates fell by 11.7% week on week to 5.891 million barrels. Sentiment in the East of Suez petrol market remains firm on the back of continued demand from the Middle East, market sources said...

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As of Monday, September 17, total oil product stocks in Fujairah stood at 17.998 million barrels – down by 4.8% week on week.

Stocks of light distillates fell by 11.7% week on week to 5.891 million barrels. Sentiment in the East of Suez petrol market remains firm on the back of continued demand from the Middle East, market sources said. Premiums for Arab Gulf RON 95 petrol were up to a five-week high of $3.80/b yesterday.



Petrol flows from northeast Europe to the Middle East continue, with new fixtures for petrol-laden vessels from the ARA region and the UK to the Arab Gulf reported this week. Hurricane Florence had limited disruption on US petrol supply, with the impact expected to result in lower demand, which will keep European supply focused on the East.

Stocks of middle distillates edged up by 0.1% week on week to 4.181 million barrels - a new year to date high and the highest since July 24, 2017. Gasoil market sentiment has been little changed over the past week. The pull on Middle Eastern gasoil and jet fuel remains stronger to the east than the west. The East-West Exchange of Futures for Swaps was at minus $2.91/mt for October and minus $7.70/mt for November. The EFS generally needs to widen to minus $10-$15/mt before arbitrage economics to move gasoil would be feasible.

Stocks of heavy distillates and residues fell by 1.6% week on week to 7.926 million barrels. In Fujairah, bullish crude price sentiment was said to be driving interest amongst bunker buyers on Monday. Buyers with prompt requirements are looking to fulfill their demand in anticipation that flat prices may continue to rise. 'It's manic today,' said a Fujairah-based trader on the influx in inquiries. Upcoming US sanctions are expected to reduce Iranian crude exports sharply, and could also impact Iranian fuel oil supply to Fujairah. Delivered 380 CST bunker prices in Fujairah were $18/mt above Singapore yesterday; typically prices at the two ports are close to parity.



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Terminal News
September 19, 2018
BPGIC starts expansion of Fujairah storage terminal
Brooge Petroleum and Gas Investment Company (BPGIC) has started work on the second phase of its Fujairah terminal with an extra 601,600 m3 of storage capacity.Local media reports that at a ribbon cutting ceremony to mark the phase II expansion, OPEC secretary-general Mohammed Barkindo said: 'This ceremony marks a momentous occasion in the exciting storage of BGPIC, as well as the Emirate of Fujairah, which is playing an increasingly vital role in global energy trade...

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Brooge Petroleum and Gas Investment Company (BPGIC) has started work on the second phase of its Fujairah terminal with an extra 601,600 m3 of storage capacity.

Local media reports that at a ribbon cutting ceremony to mark the phase II expansion, OPEC secretary-general Mohammed Barkindo said: 'This ceremony marks a momentous occasion in the exciting storage of BGPIC, as well as the Emirate of Fujairah, which is playing an increasingly vital role in global energy trade.

'This world-class facility will help to bolster the oil and gas industry's presence in the emirate and is meeting a growing demand for storage capabilities in this dynamic and exciting market.'

The expansion will bring total storage capacity at the facility to 1.2 million m3. These tanks are mainly designed for storing crude oil as well as flexibly storing black products. This phase will also comprise building a new pump manifold with high flow rate pumps meeting FOTT VLCC requirements and additional jetty lines. It is expected to be complete by the fourth quarter of 2019.



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Terminal News
September 19, 2018
Vitol and Cheniere Energy have entered into an LNG sales & purchase agreement for 15 years.Under the terms of the agreement, Vitol will buy 0.7 million tonnes per annum of LNG from Cheniere Marketing on a free on board basis beginning in 2018.The purchase price for LNG is indexed to the monthly Henry Hub price, plus a fee...

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Vitol and Cheniere Energy have entered into an LNG sales & purchase agreement for 15 years.

Under the terms of the agreement, Vitol will buy 0.7 million tonnes per annum of LNG from Cheniere Marketing on a free on board basis beginning in 2018.

The purchase price for LNG is indexed to the monthly Henry Hub price, plus a fee.

Jack Fusco, Cheniere's president and CEO, says: 'This agreement continues Cheniere's commercial momentum and supports our growth plans, while demonstrating the value LNG buyers place on Cheniere's unique ability to offer flexible solutions tailored to the needs of LNG customers worldwide.

Russel Hardy, group CEO at Vitol, adds: 'We are delighted to be working with Cheniere, a pioneer in US liquefaction. Vitol is committed to the long-term development of the LNG market. We believe that LNG has an important role to play in the future energy mix and that its evolution will require a more flexible and tradeable LNG market.'



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Terminal News
September 18, 2018
CVR Refining to sell Cushing storage terminal
CVR Refining plans to sell its Cushing, Oklahoma crude oil tank terminal and is considering bids from potential purchasers.The 1.5 million-barrel crude oil storage facility sits on a 130-acre parcel of land and includes six storage tanks, each with the capacity to hold 250,000 barrels of crude oil...

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CVR Refining plans to sell its Cushing, Oklahoma crude oil tank terminal and is considering bids from potential purchasers.

The 1.5 million-barrel crude oil storage facility sits on a 130-acre parcel of land and includes six storage tanks, each with the capacity to hold 250,000 barrels of crude oil.

The land the facility sits on has sufficient acreage for 12 additional tanks of a similar size. The assets for sale include a truck unloading facility with a lease automatic custody transfer unit and four 400-barrel tanks.

The facility provides connectivity to other Cushing terminals and pipelines.



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