Read the Latest News Affecting the Tank and Terminal Industry
NuStar Energy L.P. : Closes on Sale of Its Texas City Terminals to BWC Terminals for $106 Million
MarketScreener, Dec. 7, 2020
NuStar Energy has finalized the sale of its Texas City, Texas, terminals to BWC Terminals, a leader in bulk liquid storage and logistics services to the industry, for $106 million with NuStar President and CEO Brad Barron citing a need to improve the companies' debt metrics.
Buckeye Partners Announces Completion of Second Deepwater Dock at South Texas Gateway
MarketScreener, Dec. 30, 2020
Buckeye Partners announced it has commenced crude oil export operations at its new South Texas Gateway deepwater dock at Ingleside, Texas, with capacity enough to accommodate the berthing and loading of two vessels simultaneously.
Martin Midstream MMLP Divests Mega Assets to Stone Oil
Oil & Gas 360, Dec. 30, 2020
Martin Midstream announced it has sold some of its Mega Lubricants onshore terminal business to John W. Stone Oil Distributor, LLC for $22.4 million.
Offshore Deepwater Port Proposed for Gulf
Beaumont Enterprise, Dec. 3, 2020
Energy Transfer LP is seeking approval for a deepwater terminal about 100 miles off the Southwestern Louisiana coast. The Blue Marlin Deepwater Port would convert existing infrastructure to connect its Nederland terminal with the Stingray Pipeline in Cameron, Louisiana, and add an offshore port to accommodate very large crude carriers (VLCCs) for international export.
Third Coast Midstream Announces Sale of Its East Texas Gathering and Processing Business to J. Global Energy Midstream LLC
Business Insider, Dec. 8, 2020
Third Coast Midstream has completed the sale of its 3CM East Texas assets to J. Global. The sale includes gas and oil gathering systems, inbound and outbound pipelines and three cryogenic gas processing plants.
Enterprise's (EPD) New Ethylene Storage Tank Comes Online
Yahoo! Finance, Dec. 30, 2020
Enterprise Products Partners announced one of its subsidiaries and UK-based Navigator Holdings, Ltd. have commenced operation of a new refrigerated 30,000-ton ethylene storage tank at Morgan's Point, Texas.
Green Plains Completes Sale of Hereford, Texas Plant
Barchart, Dec. 28, 2020
Green Plains Hereford LLC announced it has completed the sale of its ethanol plant in Hereford, Texas, to Hereford Ethanol Partners for $39 million plus capital. The sale also includes an earnout provision from Low Carbon Fuel Standard credit earnings valued at about $75 million
Update: COVID-19 Exemptions to TWIC Requirements
WorkBoat, Dec. 31, 2020
The Coast Guard has released updated provisions to Transportation Worker Identification Credential (TWIC) operations, including delay of some Reader Rule implementations until April 2021.
Oil Prices Rise as U.S. Crude Stock Draw Supports but Demand Hopes Dim
Reuters, Dec. 29, 2020
Oil prices nudged slightly upward in the waning days of 2020 as a result of increased draw in the U.S. and approval of a second coronavirus vaccine in the U.K., but a smaller than anticipated stimulus package muted hopes for a swift rebound in demand.
IEA Sees Crude Glut Enduring to End-2021 amid Demand Strains
Beaumont Enterprise Dec. 15, 2020
While crude inventories are beginning to subside worldwide, the glut of crude oil resulting from decreased demand in the wake of the COVID-19 pandemic won't clear until the end of 2021, according to a report from the International Energy Agency, which lowered its global demand growth for 2021 by 110,000 bpd.
Midwest Refiners to Ship More Fuel to East Coast, Pressuring Plants
Reuters, Dec. 8, 2020
Refiners BP and Husky Energy are sending gasoline and diesel sourced from Canadian crude to East Coast markets in a move that is expected to lower costs to some mid-Atlantic residents and businesses but also likely to strain East Coast-based refineries.
One Texas Industrialist’s Novel Approach to Oil Infrastructure Security
Forbes, Dec. 5, 2020
Amid the worries of the next potential environmental disaster, one Texas-based industrialist envisions a private "force multiplier" that would complement rather than replace existing Coast Guard security for vessels operating along U.S. coastlines.
Saudi Oil Exports to U.S. Slump to 35-Year Low
OilPrice.com, Dec. 3, 2020
After flooding the U.S. market in April 2020 with nearly 1.3 million bpd of crude oil, Saudi Arabia's oil shipments to America fell to as little as 73,000 bpd on November 27 breaking a 35-year low as the kingdom tried to tighten crude supply amid falling prices.