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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

Energy

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Libyan Government: Ports, Oil Fields Safe

Libyan oil ports and fields are safe and under government control, the country's interior minister said on Friday after visting the eastern Brega port. "This

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

News

Wärtsilä, Diesel United Renew Pact

Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines.

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National Defense

Delta "T" Hooks for Offshore Customer

Gaining further ground into the offshore crane market, Delta "T" Systems supplied Cranston Eagle hooks to crane manufacturer Appleton Marine, Inc.   These cranes

Government Update

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National Defense

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Delta "T" Hooks for Offshore Customer

Gaining further ground into the offshore crane market, Delta "T" Systems supplied Cranston Eagle hooks to crane manufacturer Appleton Marine, Inc.   These cranes

Logistics

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Libyan Government: Ports, Oil Fields Safe

Libyan oil ports and fields are safe and under government control, the country's interior minister said on Friday after visting the eastern Brega port. "This

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1162 sec (9 req/sec)