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

Finance

Wärtsilä, CME Offer ‘Scrubber Finance’

Funding concept promotes installation of scrubber systems by offering financing to shipowners, with returns taken from fuel price spread   In a move intended

Statoil: Johan Castberg, Snorre 2040 Timelines Changed

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio,

Wärtsilä, Clean Marine Energy Offer "Scrubber Finance"

Wärtsilä and Clean Marine Energy (Europe) Ltd (CME) today announced the landmark signing of the shipping industry's first collaboration agreement that will provide

Energy

EU to Deliver Climate Pledge to UN

EU ministers agreed on Friday to send their formal promise on how much they will cut greenhouse gas emissions to the United Nations ahead of climate change talks starting in November.

New Floating Installation Concept for Offshore Wind

Conquest Offshore, together with deugro Denmark A/S, has developed an installation system for monopiles and transition pieces, supported by Temporary Works Design (TWD) and Barge Master.

Royal IHC Merges Four Units into IHC IQIP

Royal IHC (IHC) has integrated four of its business units – IHC Hydrohammer, IHC Handling Systems, IHC Sea Steel and IHC Fundex Equipment – into one new organization,

News

IACS Comments on MOL Comfort Report

The International Association of Classifications Societies (IACS) informs it will study the final report issued in Japan by the Committee on Large Container Ship Safety (CLCSS),

EU to Deliver Climate Pledge to UN

EU ministers agreed on Friday to send their formal promise on how much they will cut greenhouse gas emissions to the United Nations ahead of climate change talks starting in November.

NV Charts Relocates US Headquarters

NV Charts has moved its offices and warehousing facilities to centrally-located Deale, Maryland, U.S. In announcing the move, Hasko Scheidt, CEO, said, “As we’ve grown and need room for expansion,

Government Update

EU to Deliver Climate Pledge to UN

EU ministers agreed on Friday to send their formal promise on how much they will cut greenhouse gas emissions to the United Nations ahead of climate change talks starting in November.

Statoil: Johan Castberg, Snorre 2040 Timelines Changed

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio,

Senate Committee Approves Vessel Discharge Reform Legislation

The effort to establish a uniform national framework for the regulation of vessel discharges took another step forward as the Senate Committee on Commerce, Science and Transportation approved S.

Logistics

Tor Svensen: Europe Must Drive Maritime Sector

Europe has a major role to play in driving the maritime industry forward, said Tor Svensen, CEO of DNV GL – Maritime, in his keynote speech on innovation at the European Shipping Week in Brussels.

Statoil: Johan Castberg, Snorre 2040 Timelines Changed

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio,

Hapag-Lloyd Warn About Verification by German Customs

Hapag-Lloyd has informed that for all import cargo to be discharged at the German ports of Hamburg and Bremerhaven the carrier is responsible to send a complete

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Repair Sonar 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: 0.2688 sec (4 req/sec)