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Oil Customers News

01 Sep 2020

US Preparing Tighter Oil Sanctions on Venezuela

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The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to exchange Venezuelan crude for fuel from the OPEC member.U.S. President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners and customers since it first imposed measures against the company in early 2019, seeking to oust the…

19 Aug 2020

US Looks to End Exemptions on Venezuela Oil Sanctions

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The United States is considering an October deadline for ending exemptions to Venezuelan sanctions that allow some companies and refiners to still receive the South American producer's oil, two sources said, as Washington seeks to raise the heat on President Nicolas Maduro.U.S. President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners and customers since it first imposed measures against the company in early 2019, seeking to oust the…

22 Jan 2020

South Korea Anti-piracy Unit Heading to the Strait of Hormuz

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South Korea's military said on Tuesday it plans to expand the deployment of an anti-piracy unit now operating off the coast of Africa to the area around the Strait of Hormuz, after the United States pressed for help in guarding oil tankers.Attacks on oil tankers in the Strait of Hormuz off the coast of Iran last year prompted U.S. officials to call for allies to join a planned maritime security mission.While South Korea, a key U.S. ally, will deploy its forces to the area, including the Gulf…

13 Mar 2019

Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite

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Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and Panama has also removed at least 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag…

11 May 2018

Iran's Oil Customers in Europe Might Reduce Imports

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European oil companies are not ruling out reducing Iranian oil imports after the threat of new U.S. sanctions, with some expecting banking issues to hinder trade, but there was no rush to immediately cut volumes.U.S. President Donald Trump said on Tuesday the United States was exiting an international nuclear deal with Iran and would impose new sanctions that seek to reduce oil exports from OPEC's third-largest producer.But as of Friday, companies in Europe said they were still taking Iranian oil.

23 Feb 2016

Insurance Worries May Cancel Japan's Iran Oil Liftings

Japan will likely refrain from loading oil at Iranian ports in March because of the impending expiry at the end of next month of special shipping insurance cover provided by the government, industry and government officials said. The potential restriction from one of Tehran's biggest oil customers highlights Iran's difficulties in boosting exports after U.S. sanctions were lifted in January. The problem stems from confusion about whether U.S. companies can offer insurance coverage for tankers with Iranian crude. The U.S. removed the sanctions after confirming a deal on Iran's disputed nuclear programme, including prohibitions on non-American companies selling insurance to and trading with Iranian entities.

11 Apr 2014

Iran's Oil Exports Surge above Sanctions

Iran's crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program. The International Energy Agency's monthly report revised February's global crude imports from Iran upwards by 240,000 bpd to 1.65 million barrels per day, the highest since June 2012. Under an interim deal signed in November between Iran and world powers - known as the P5+1 - that came into effect in January of this year, Iran's exports are supposed to be held at an average 1 million bpd for the six months to July 20. Tough international sanctions over the past two years have cut Iran's oil exports around a half.

03 Mar 2010

Bourbon, Schilling Robotics ROV Design

Bourbon Subsea Services and Schilling Robotics have combined their expertise and experience to develop a new generation of ROVs (submarine robots) for the Inspection, Maintenance and Repair of offshore fields, market segment supported by the need for regular maintenance of the existing subsea infrastructures on fields currently in operation. The HD ROV is a robot work class type, with a more compact design and less energy consumption, equaling the largest ROVs by carrying up to 250 kilos of equipment in operation. Its design is suited to precision work as well as handling loads up to 3000 kilos by 3000 meters deep. The robot’s small footprint, its launch system and tools are easily transportable.

24 Feb 2004

EU to Polluters: Clean Up or Pay Up

New EU rules on responsibility for cleaning up the environment came a step closer when Parliament and the Council reached agreement in conciliation last week on the environmental liability directive. EU governments will in future have to ensure either that environmental damage is prevented or that the mess is soon cleaned up again. And in a clear shift towards the "polluter pays" principle, the cost of cleaning up will be borne by the company or other operator that caused the damage. If this is not possible, the relevant authorities may, as a last resort, take the necessary measures themselves to repair the damage. Rules on environmental liability will be standardized throughout the EU…

28 Oct 2002

Kirby Buys Towboats, Barges from Coastal

Kirby Corp. signed an asset purchase agreement with Coastal Towing, Inc. to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet, which will include Coastal's 51 remaining barges and Kirby's 65 barges, for a period of seven years. In a related transaction, on September 25, 2002, Kirby purchased from Coastal three black oil tank barges for $1.8 million in cash.

10 Oct 2002

Kirby Signs Agreement With Coastal Towing

Kirby Corporation announced the signing of an asset purchase agreement with Coastal Towing, Inc. ("Coastal") to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet, which will include Coastal's 51 remaining barges and Kirby's 65 barges, for a period of seven years. In a related transaction, on September 25, Kirby purchased from Coastal three black oil tank barges for $1.8 million in cash.