LNG Industry Qatar Petroleum (QP) has entered into an agreement to reserve LNG ship construction capacity in China to be utilised for its future LNG carrier fleet requirements, including those of its ongoing North Field expansion projects. The agreement was entered into between QP and Hudong-Zhonghua Shipbuilding Group Co., Ltd. (Hudong), a wholly owned subsidiary of China State Shipbuilding Corp.
Reuters LONDON – Traders are storing an estimated record 160 million barrels of oil on ships – double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say. Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed
World Oil DUBAI (Bloomberg) – With the coronavirus choking fuel demand and the world awash in surplus crude, even the Middle East’s main oil-trading hub has run out of room to store unwanted barrels. Terminal operators at Fujairah in the United Arab Emirates say they’re turning down requests from traders and refiners to store crude and refined products, whereas a
Energy Voice Lower long-term LNG prices could encourage coal-to-gas switching in Northeast Asia, while Chinese LNG demand is also expected to expand this year, albeit at a slower rate, as China gets back to work. Asia Pacific gas demand was already under pressure as the coronavirus hit consumption in China and continued downside is likely as the world struggles to
Houston Chronicle The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said. A combination of surging production from key producers worldwide and capitulating demand in the face of the coronavirus outbreak means that land storage is being overwhelmed, said
Houston Chronicle U.S. oil companies battered by the crude price war between Saudi Arabia and Russia are encouraging the Trump administration to waive a law that mandates only American vessels can be used to transport goods among U.S. ports. A temporary waiver of that law, known as the Jones Act, “can allow American producers to move domestic products with greater
Reuters SINGAPORE – The cost to transport oil on supertankers soared on Thursday as major producers scrambled to secure vessels to ship more crude in a bid to regain market share and buyers took advantage of plunging oil prices. Freight charges to ship oil in very large crude carriers (VLCCs) from the Middle East, which is home to the largest
Reuters LONDON – Royal Dutch Shell is in talks to charter at least three supertankers to store crude oil at sea as traders brace for a sharp rise in global stocks after OPEC and its allies abandoned a production cut deal, shipping sources said on Wednesday. Shell has provisionally booked three 2 million barrel vessels, known as very large crude
Houston Chronicle Connecticut private firm Prostar Capital plans to invest $100 million into a recently acquired terminal in the Caribbean that will be able to receive some of the largest oil tankers in the world. Prostar bought the facility on the Dutch island of St. Eustatius from San Antonio pipeline and storage terminal operator NuStar Energy in a $250 million
Houston Chronicle The International Energy Agency plans to revise down its oil-demand forecasts next week because of the spreading coronavirus. “I am going to announce it Monday morning in Paris,” IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. “The impacts are already severe mainly because the transport sector is heavily affected.” Last month, the Paris-based adviser
LNG Industry Sempra Energy and Bechtel have announced that their respective subsidiaries, Port Arthur LNG, LLC and Bechtel Oil, Gas, and Chemicals, Inc., have signed a fixed-price engineering, procurement and construction (EPC) contract for the Port Arthur LNG liquefaction project under development in Port Arthur, Texas. Jeffrey W. Martin, Chairman and CEO of Sempra Energy, said: “Building new export infrastructure
Reuters LONDON – Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 (PSX.N) to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project. The Bluewater Texas Terminal, to be located 21 nautical miles east of the entrance to Corpus Christi port, will have two
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