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Crude Oil Capacity News

11 May 2020

Sinopec's Largest Petrochemical Port Starts Operations with VLCC Arrival

New Renown, Crude Oil Tanker (VLCC) from Middle East, Docked at 300,000-ton Crude Oil Terminal of Sinopec Zhongke Refinery Port.

China's energy and chemical giant Sinopec has said it has put China's largest petrochemical port into operation with the successful docking and unloading of the New Renown, a very large crude carrier (VLCC) from the Middle East. The tanker was welcomed at the new 300,000-ton crude oil terminal of Sinopec Zhongke Refinery Port, which forms part of the company's "front terminal, rear plant" production model.Located 1,100 meters from Sinopec's refinery, the petrochemical port features eight terminals including a 300…

06 Apr 2004

Offshore Design: The Future is Now

The maritime industry has an image problem. Perceived to be an aging industry, many players in the maritime niche deal daily with the very real problem of replenishing its employment ranks, from desk jobs designing and operating vessels, to those at sea and in the construction yards. While the problem is multi-faceted and without a clear solution, this article is not about problems. It's about hope and the future. Traditional industries such as maritime are often lost to the youth, as higher-profile, more glamourous opportunities are found in computing and entertainment, for example. Simply put, many bright minds are lost before the battle has begun.

08 Dec 2006

ConocoPhillips Approves 2007 Capital Budget of $12.3b

ConocoPhillips approved 2007 cash capital expenditures of approximately $11.8b. Combined with about $0.6b for loans to affiliates and a $0.6 billion contribution to fund the recently announced EnCana transaction, the total cash capital spend is expected to be $13.0 billion. Including capitalized interest of $0.5 billion, the total authorized capital program for 2007 is $13.5 billion. Eighty-four percent of the company’s 2007 total authorized capital program will be allocated to its Exploration and Production segment. The Refining and Marketing segment will receive approximately 13 percent, with the remaining being spent in Emerging Businesses and Corporate. Additional details on the capital program for each of the company’s business segments are provided below.

26 Apr 2006

ConocoPhillips Reports 1Q Results

ConocoPhillips reported first-quarter net income of $3,291 million, or $2.34 per share, compared to $2,912 million, or $2.05 per share, for the same quarter in 2005. Total revenues were $47.9b, versus $38.9 billion a year ago. During the quarter, the company reinvested 141 percent of its net income into the development of oil and gas resources and its global refining business, excluding the acquisition of Burlington Resources. are pleased with the progress toward integrating the combined companies,” said Jim Mulva, chairman and chief executive officer. “This transaction establishes ConocoPhillips as the leading natural gas producer in North America, with a portfolio comprised mainly of high-quality, long-life natural gas reserves.