UK Oil Imports Exceed Exports for First Time in 30 Years

Posted by Michelle Howard
Thursday, July 31, 2014

Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to stay dependent on overseas oil as its refineries close.

Britain exported 26.2 million tonnes of products such as diesel, kerosene and jet fuel from its refineries last year, but imported 28.2 million tonnes, due to the closure of two major oil processing plants.

"The U.K. was a net importer of petroleum products in 2013 for the first time since 1984, the year of the miners' strike," the UK's Department of Energy and Climate Change (DECC) said in its annual report.

Coryton oil refinery in Essex closed for good in the second half of 2012 while Scotland's Grangemouth refinery on the Firth of Forth shut for several weeks from October 2013.

The loss of these plants contributed to a 6 percent decrease in refinery production, the DECC said.

Industry analysts expect U.K. imports of oil products to rise as more refineries shut due to competition from other regions.

"The U.K. could become a bigger net importer of petroleum products because there are a lot of refineries at risk of shutting down as refining margins have been very weak," said Amrita Sen, chief oil analyst at Energy Aspects.

Murco Petroleum agreed on Thursday to sell its Milford Haven refinery and terminal in Wales to Anglo-American entrepreneur Gary Klesch after a long search for a buyer.

Around 2 million barrels per day of Europe's oil refining capacity, or roughly 15 percent, must close by 2018 to balance the market, oil consultancy JBC Energy says.

(By Rowena Caine, Additional reporting by Ron Bousso; Editing by Christopher Johnson)

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

New Berthing System for Mooring Cargo Ships

Eagle Rock Aggregates, U.S. subsidiary of Polaris Materials Corporation, has completed a new aggregate import facility at the Port of Long Beach that features a

USACE Barges, Tugs Up for Repair

The United States Army Corps of Engineers (USACE) Buffalo District has awarded a repair contract to Great Lakes Shipyard for two tugs and two barges from the Corps’ Cleveland Field Station.

US House Passes Bill to Pressure Regulators on LNG Exports

The U.S. House of Representatives passed a bill on Wednesday to speed permits for exports of natural gas, a measure that even if passed by the Senate and signed into law by President Barack Obama,

Government Update

US House Passes Bill to Pressure Regulators on LNG Exports

The U.S. House of Representatives passed a bill on Wednesday to speed permits for exports of natural gas, a measure that even if passed by the Senate and signed into law by President Barack Obama,

New Iranian Ambassador Visits IMO

Mohammad Hassan Habibollahzedeh, the new Ambassador and Permanent Representative of the Islamic Republic of Iran to IMO, visited IMO Headquarters January 28.   There,

WCI to Honor Sens. Alexander and Vitter

Waterways Council, Inc. (WCI) to honor Senator Lamar Alexander and Senator David Vitter with Leadership Service Awards; Washington Meetings and Waterways Seminar

Logistics

AAL Launches New Operation in Japan

AAL has announced the launch of a new operation in Japan AAL said the move aims to provide services and on-ground operational support directly to customers in the country,

Port of Redwood City Sees Cargo Increase

The Port of Redwood City experienced a five percent increase in cargo movement across its docks for the first half of fiscal year 2014/2015 that ended December 31, 2015.

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1267 sec (8 req/sec)