Latest News

Canada has become the most recent country to request its oil refineries slow down production as a glut of fuel threatens to max out storage capacity. It is thought Western Canada is just days away from running out of oil tank storage for its over-supply, according to...

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Oil major Shell says it is pulling out of the proposed Lake Charles LNG project in Louisiana, due to ‘current market conditions’. The project was a 50/50 joint venture with US-based Energy Transfer to convert an existing LNG import terminal into an export facility...

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Ports within the Italian North Tyrrhenian network are working together to manage the glut of oil arriving into the region which can’t be delivered until the country’s Coronavirus lockdown is over. Petrochemical shipments arriving from Asia are causing congestion...

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Pipeline operators in the US have been requesting oil producers slow down their outputs as a glut of oil begins to overwhelm tank storage capacity around the country. According to Bloomberg, Plains All American Pipeline LP last week sent a letter to producers asking them...

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The Coronavirus (Covid-19) has been an unexpected surprise to all of us. CST has been fortunate thus far and remains committed to operating safely in this environment.  CST manufacturing plants remain operational and continue to supply products and materials to the...

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In the hunt for new oil storage as the global fuel glut grows, South Africa’s Port of Saldanha Bay is being targeted as a potential new crude oil storage hub. According to S&P Global Platts, oil has already begun to be shipped to Saldanha Bay for storage...

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The current production of oil cannot be sustained in the second quarter of this year, due to the lack of global storage, London-based analysis firm IHS Markit has warned. The company analysed the world’s supply and demand for oil and said there will be a glut of...

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Oil majors around the world are slashing their budgets to survive the impacts of the Coronavirus outbreak. Oil prices have fallen over recent weeks to just US$25 a barrel, causing producers to re-evaluate their spending for 2020. In North America alone, oil and gas companies...

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As coronavirus lockdowns continue, energy prices in Europe have slumped amid predictions of a long-term fall in demand. Reuters reports the outbreak of COVID-19 has set off a sharp slump in demand for energy across Europe in the short term, with many energy-hungry manufacturing...

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Odfjell Terminals US (OTUS) has closed a new five-year, $250 million revolving credit facility to refinance existing debt and also to fund investments in its existing infrastructure and new growth projects. The new financing also includes potential additional funding of...

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Sharjah National Oil Corporation (SNOC) has signed a US$40 million deal with Petrofac Facilities Management International Ltd to build the Moveyeid Gas Storage Surface Facility Project in the United Arab Emirates. The project will include LNG storage, a compressor facility,...

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Energy manufacturing and logistics company Phillips 66 says it will slash more than US$3 billion from its budget and suspend a number of projects in response to low oil prices. The company announced it is reducing this year’s consolidated capital spending by $700...

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A major Caribbean oil refinery has activated its COVID-19 emergency response plan after a worker tested positive for the virus, casting doubt onto its summer restart. Management of Limetree Bay Refinery on St. Croix in the US Virgin Islands put the worker into a quarantine...

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The US Department of Homeland Security (DHS) has moved to designate the nation’s petrochemicals industry as ‘essential critical infrastructure’ as part of efforts to fight the rising disruption caused by COVID-19.  As the novel coronavirus continues...

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Abu Dhabi Ports has signed a strategic agreement with Saudi Arabia based Arabian Chemical Terminals (ACT) that will see the development of the emirate’s first greenfield commercial bulk liquid storage terminal at its flagship, deep-water Khalifa Port. Further diversifying...

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The team at StocExpo want to thank the bulk liquid storage industry after the show went ahead on 10-12 March.  Read the full statement…   ‘We would like to offer our heartfelt thanks to the industry for supporting StocExpo 2020 in very difficult...

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Energy consulting firm Rystad Energy estimates the largest global surplus in oil supply history will hit the market next month, generating a glut of about 10 million bpd a day. The firm analysed storage infrastructure around the world with its data showing around 76% of...

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Calgary-based Pembina Pipeline Corporation has received US Federal Energy Regulatory Commission approval for its Jordan Cove LNG terminal and Pacific Connector Gas Pipeline. Jordan Cove, located in Oregon, will be the first natural gas export facility to be built on the...

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With the recent outbreak of COVID-19 affecting our global community, our thoughts are with all those affected and impacted by the virus. On behalf of the Tank Storage Magazine team we want to update you on our operational plan during this time and the steps we have...

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Pavilion Energy and Singapore LNG have signed a five-year agreement for LNG storage and reload services at the SLNG Terminal on Jurong Island.This agreement is the first to be signed for a term longer than two years, following a competitive bid process. As part of...

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US Development Group and Gibson Energy will start construction of a diluent recovery unit in Alberta, Canada after receiving all required regulatory approvals.Additionally, USD and Gibson have finalized all required commercial agreements with ConocoPhillips Canada to fully...

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Oil prices in the US plunged to below $30 a barrel, Brent crude fell by 10% and several industry shows have been postponed or cancelled as the world grapples with the coronavirus pandemic.Oil prices hit their lowest since 2016 as a growing number of countries...

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CLH, Sprague Operating Resources and Toptech Systems were among the winners revealed at the 2020 Global Tank Storage Awards. The awards ceremony and gala dinner at the Floating Pavilion, Rotterdam, celebrated terminal achievements, equipment innovations as well as individual...

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