Read the Latest News Affecting the Tank and Terminal Industry
Crude Exports Boom on U.S. Gulf Coast, Allaying Bottleneck Fears
Head Topics, Jan. 14, 2020
Crude oil exports from the Port of Corpus Christi topped nearly 1.6 million barrels per day in December 2019, more than doubling the totals for January through August 2019, and accounting for nearly half of all crude exports from the U.S.
LBC Tank Terminals Expands Rotterdam Terminal
AP, Jan. 31, 2020
As part of a multi-year expansion at the Port of Rotterdam, LBC Tank Terminals has committed to investing in an additional 70,000 cubic meters of capacity, bringing total capacity at the terminal to 180,000 cubic meters.
Alaska Governor Proposes Oil Storage Depot at Former Base
Yahoo, Feb. 3, 2020
Alaska Governor Mike Dunleavy has proposed a storage site at the former Alaska naval base on Adak Island, saying the additional storage would reduce risk of supply disruptions for West Coast markets. Projections for upgrades to the Adak site include adding 100 tanks with capacity for 100 million barrels of oil.
Buckeye Partners to Acquire Marine Terminals from Magellan Midstream
Oil & Gas Journal, Jan. 21, 2020
Buckeye Partners LP has agreed to purchase three marine terminals from Magellan Midstream LP for $250 million. The terminals, located in Connecticut, Delaware and Louisiana will add to Buckeye's own 6,000 miles of pipeline, 100 delivery locations and 115 liquid petroleum products terminals.
Centurion Pipeline L.P. Announces Successful Open Season for Augustus Pipeline, Providing Service from Midland to Crane, Texas
Oil & Gas 360, Jan. 21, 2020
Centurion Pipeline, LP has closed its binding open season for the Augustus Pipeline, connecting Centurion's Midland Terminal to Crane, Texas. The project is set to go into service by Q4 2020 with an initial throughput of 150,000 bpd with future expansion capacity available.
Sentinel Midstream, Freeport Commodities to Build Texas GulfLink’s Export Facility
BIC Magazine, Jan. 21, 2020
Texas GulfLink, LLC, a subsidiary of Sentinel Midstream, LLC, announced today its commercial support of Freepoint Commodities LLC's Texas GulfLink deepwater export facility. The GulfLink project includes onshore oil storage terminals, a 42" connector pipeline to the offshore platform, and Single Point Mooring buoys with loading rates of up to 85,000 barrels per hour.
Libya Blocks Oil Exports from Its Ports
Safety4Sea, Jan. 22, 2020
Leaders with the Libyan National Army (LNA) and Petroleum Facilities Guard have ordered a blockade of all Libyan oil exports, forcing several terminals in the eastern and central regions to significanly reduce production. Losses are estimated at $77 million a day from the slowdown, while attempts to negotiate a settlement with NLA leaders remain ignored.
Northleaf Capital Partners’ Majority Stake Acquisition in Douglas Terminals from Ghent Transport & Storage NV and Hartree Partners Limited
Jan. 14, 2020
Northleaf Capital Partners announced it has acquired a 90% stake in Douglas Terminals in the Port of Ghent, Belgium. Douglas boasts 17 high-quality tanks with 557,000-cubic meters of liquid bulk storage.
Caltex Australia Attracts More Suitors in Possible $6 Billion Bidding War
Reuters, Jan. 8, 2020
A bidding war may be brewing after Caltex Australia announced it has been approached by UK-based EG Group and others about a possible sale of the company. The offer comes just two months after Couche-Tard's proposed takeover in November, and sent shares for Caltex to a two-year high January 8.
Newly Formed Houston Pipeline Company Lands $400 Million in Financing
Houston Chronicle, Jan. 8, 2020
Newly formed Houston-based Edgewater Midstream acquired $400 million in financing from private equity firm Flatrock Midstream, and plans to build and operate pipelines and service hubs for crude oil, refined products and other bulk liquids sectors in North America.
Indonesia Cuts Crude Import by Top Refiner to Tackle Deficit
Bloomberg, Jan. 14, 2020
In an effort to reduce its crude oil import bill, the Energy and Mineral Resources Ministry in Jakarta has limited its top refiner to no more than 50 million barrels of imported crude oil. The ministry directed local producers to sell their crude to PT Pertamina at market price as a way to offset the nation's trade deficit.
Japan Boosts Abu Dhabi's Leased Crude Storage Capacity amid Supply Risk
S&P Global, Jan. 14, 2020
Japan has agreed to allow Abu Dhabi National Oil Company to expand its storage capacity to 8.18 million barrels, utilizing leased space at Kiire in southwestern Japan. The agreement also stipulates a supply allocation prioritiy for Japan in the event of an emergency.
Enterprise Exports First Ethylene Cargo from Morgan's Point
Houston Chronicle, Jan. 8, 2020
Enterprise Products Partners and liquefied gas shipper Navigator Holdings marked their first export shipment of ethylene from their new docks at Morgan's Point, Texas. The Navigator Europa left the docks on January 2 bound for Asia.
BCE Partnership to Acquire Alta Mesa, Kingfisher Midstream Assets
Oil & Gas Journal, Jan. 29, 2020
Bayou City Energy Management LLC (BCE) and Mach Resources have partnered to acquire the upstream assets of Alta Mesa Holdings and the midstream assets of Alta's affiliate, Kingfisher Midstream LLC, including 50,000 bbl oil of storage capacity from Kingfisher, for a reported $320 million effective January 1.