Read the Latest News Affecting the Tank and Terminal Industry
Zenith Energy Acquires Three Interconnected West Coast Terminals from Plains All American Pipeline
2 News, Oct. 16, 2020
Zenith Energy U.S., L.P announced October 16 that it had entered the Los Angeles market by acquiring the Long Beach, Dominguez Hills and Alamitos Terminals in Los Angeles County from Plains All American Pipeline. The terminals have a combined storage capacity of 8.2 million barrels.
Colonial Pipeline Acquires Three Refined Product Terminals in North Carolina and Tennessee
BIC Magazine, Oct. 6, 2020
Colonial Terminals Operating Company LLC, a subsidiary of Colonial Enterprises, announced in early October its acquisition of two refined product terminals in Charlotte, North Carolina and another in Chattanooga, Tennessee.
Third Coast Sells Cushing Terminal
Bulk Transporter, Oct. 14, 2020
Third Coast Midstream announced October 14 the sale of its AMID Crude Oil Storage operation in Cushing, Oklahoma to HCS Holdings for an undisclosed sum. The AMID facility consists of five crude oil tanks with a total capacity of about 3 million barrels.
Analysis: Cenovus-Husky Deal Creates New Canadian Oil Major, Stokes Hunger for Deals
Reuters, Oct. 26, 2020
Finalizing the biggest Canadian oil and gas deal in nearly four years, Cenovus Energy's acquisition of Husky Energy for C$3.8 billion (US$2.9 billion) adds one more Canadian-owned major oil producer to the country’s struggling oil industry.
USDOT Awards $220 Million in Grants to Improve Port Infrastructure
Progressive Railroading, Oct. 19, 2020
U.S. Transportation Secretary Elaine Chao in mid-October awarded $220 million in grants to 18 port projects via the Maritime Administration's Port Infrastructure Development Program, which provides planning, working capital and management assistance for improvement of facility and freight infrastructure,
Brooge Energy Begins Preconstruction Work on Phase III Oil Storage Facility
Pipeline & Gas Journal, Oct. 22, 2020
Brooge Energy announced it has commenced pre-construction assessments for its Phase III oil storage facility outside the Strait of Hormuz, UAE. The project will make Brooge's subsidiary, Brooge Petroleum and Gas Investment Company Phase III FZE, the largest oil storage provider in the Port of Fujairah, UAE.
Wink-to-Webster Permian Crude Pipeline Begins Service
Oil & Gas Journal, Oct. 16, 2020
Enterprise Products Partners' Wink-to-Webster (W2W) pipeline began flowing in early October, bringing Permian crude oil and condensate from Midland, Texas to multiple points in the Houston market. The 650-mile W2W system, operated by ExxonMobil Pipeline Co., is projected to transport 1.5 million bpd of crude and condensate.
AltaGas Agrees to Pay $715 Million to Double Stake in Midstream Firm Petrogas
News Break, Oct. 19, 2020
AltaGas Ltd. has doubled its share of oil and gas liquids handling firm Petrogas Energy Corp. to 74% in a $715 million cash deal with SAM Holding Ltd. AltaGas CEO Randy Crawford said he felt Petrogas' assets, which generated about $186 million in adjusted earnings over the past three years, were a good fit for AltaGas' existing operations.
U.S. Crude, Gasoline Stocks Up, Distillate Inventories Fall: API
Reuters, Oct. 27, 2020
In the final week of October, crude oil and gasoline stocks rose by 4.6 million and 2.3 million barrels, respectively, far and above analysts’ expectations, while distillate fuel inventories dropped by 5.3 million barrels, more than double the expectation.
IEA Forecasts a Serious, Ongoing Oil Demand Hit from COVID-19
World Oil, Oct. 13, 2020
Forecasting long-lasting economic effects and a recovery dependent heavily upon gaining control of the current COVID-19 pandemic, the International Energy Agency said global oil demand will top out in 2030, and that there was "no definitive peak" foreseeable in the near future.
EIA Expects Relatively High Distillate Inventories to Decrease Through the Winter
AJOT, Oct. 20, 2020
While U.S. distillate fuel inventories remained high during the summer as demand fell, analysts with the U.S. Energy Information Administration expect winter demand from the agricultural and residential sectors to lower those inventories. However, lower crude oil pricing will continue to dampen distillate fuel oil prices through the 2020-2021 winter season, EIA said.