On New Years eve, a Saudi Aramco subsidiary will depart its 5 million barrel lease at the 13 million barrel Statia Terminal on the island of St. Eustatius.
Saudi Oil Minister Ali al-Naimi recently revealed the worlds leading exporter has accepted an offer for free storage in Japan.
After a 14-year lease at the
terminal, PetroChina looks likely to step in storing either crude oil or residual fuel.
PetroChina, which has had a US subsidiary in New Jersey for over six years has accelerated its expansion recently, opening a trading office in Houston last August and expanding to 10 traders.
The Statia Terminal is owned and operated by San Antonio, Texas-based NuStar Energy.