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Why the Oil Market is Both Bullish and ‘On Edge’ After the OPEC+ Oil Output Decision

Monitoring oil demand will be much more important than ever, after the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, on Monday kept their current agreement to gradually raise their production of crude oil. The decision led to a rally in oil prices to multiyear highs as traders anticipate that [...]

October 14th, 2021|Storage News|

New Terminals to Boost Storage Capacity

LNG import terminals, to be built in 12-15 months, will help cope with gas crisis Pakistan is all set to install two more liquefied natural gas (LNG) import terminals over the next 12-15 months to deal with the ballooning gas crisis after the government approved connection of the terminals with transmission and distribution network from [...]

October 14th, 2021|Fuel Storage, Storage News, Tank Terminal|

Port of Fujairah Expecting Record Throughput for Liquid Bulk in 2021

The Port of Fujairah, the world’s third-biggest bunkering hub, is expecting a record year in throughput for its liquid bulk volumes as the facility continues to grow its services and terminals boost their operations, its business development manager said Sept. 28.   “Liquid bulk is outperforming our expectations,” Martijn Heijboer told the Fujairah APPEC virtual [...]

October 5th, 2021|Fuel Storage, Storage News|

Stolthaven Terminals & Revivegen Announce Plans to Build New Terminal in Taiwan

Stolthaven Terminals and Revivegen Environmental Technology Co. LTD have signed a letter of intent to jointly develop a new greenfield terminal in Kaohsiung Port, Taiwan. Following Revivegen’s successful award of a land lease at the port, the two companies are currently working on a comprehensive feasibility study. Stolthaven Terminal’s interest in the new JV is [...]

September 21st, 2021|Storage News, Tank storage, Tank Terminal|

Gateway Terminals Bought by Harvestone Group

Harvestone Group, a global commodity merchant focussed on biofuels, has bought Gateway Terminals in Sauget, Illinois, US.   Gateway Terminals, on the banks of the Mississippi River, was built in 2008 and has a capacity of 400,000 bbl. It is a multimodal terminal with truck, rail, and barge loading and unloading capabilities. Kevin Stewart, chief [...]

September 3rd, 2021|Storage News, Tank storage, Tank Terminal|

Fujairah Oil Terminal To Upgrade As Crude Trade Is Expected To Surge

The Fujairah Oil Terminal (FOT) is upgrading its infrastructure to link the storage site with a key crude pipeline and the terminal for supertankers at the Port of Fujairah, in order to meet an expected boom in crude oil trading, FOT chairman Steve Bickerton has told Reuters.   “That’s a game changer because it gives [...]

August 31st, 2021|Storage News|

Oil storage group Vopak’s profits hit by one-off charge, shares slump

Dutch oil storage company Vopak (VOPA.AS) on Wednesday reported second-quarter net profit that missed market expectations, after taking an impairment related to its terminal in Panama, sending its shares down nearly 8%. The group, which operates storage terminals around the world, reported net profit of 76.1 million euros ($89.86 million) in the three months to [...]

August 4th, 2021|Fuel Storage, Rotterdam storage, Storage News, Tank storage, Tank Terminal|

Rocket Hits Crude Oil Storage Tank at Trans-Israel Pipeline: Reports

London — A fire broke out at the Trans-Israel or Eilat-Ashkelon pipeline in Ashkelon, Israel, after a rocket from Gaza hit a crude oil storage tank on May 11, according to local media reports. Violence has escalated in recent days, with rockets fired at Israeli cities from the Gaza Strip and the Israeli military carrying [...]

May 16th, 2021|Fuel Storage, Storage News, Tank storage, Tank Terminal|

U.S. LNG Terminals Seen Running at Full Capacity Through Summer to Meet Global Demand

It’s shaping up to be a drastically different summer for U.S. liquefied natural gas (LNG) exporters as the global market has unexpectedly tightened and demand has spiked in a reversal of fortunes from last year when trade slumped to historic lows.   “Things changed a lot,” said Rystad Energy’s Carlos Torres Diaz, head of gas [...]

May 3rd, 2021|Fuel Storage, Storage News, Tank storage, Tank Terminal, US Terminals|

NuStar to Expand Pipeline to Albuquerque, Allowing Thousands more Barrels per Day to Roll Through

NuStar Energy LP is expanding its pipeline capacity so it can deliver an estimated increase of 6,000 barrels per day of refined product from Amarillo, Texas, to Albuquerque, according to a recent news release. The company plans to partner with Phillips 66 Co. (NYSE: PSX), which jointly owns the pipeline with NuStar, on the project. [...]

April 20th, 2021|Storage News, Tank Terminal|
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