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

Finance

Fleet Growth Weighs on Product Tanker Earnings

Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term,

Japanese Sub Pitch puts off Australian Firms

Japan had been seen as frontrunner for Australian submarine deal, but Australian defence firms unhappy after talks with Japan. A Japanese consortium eyeing a A$50 billion ($35.

Obama Pushes for U.S. Icebreakers

President Barack Obama on Tuesday will propose a faster timetable for buying a new heavy icebreaker for the U.S. Arctic, where quickly melting sea ice has spurred more maritime traffic,

Energy

MODEC FPSO Achieves First off Brazil

MODEC, Inc. announced today that its FPSO Cidade de Itaguai MV26, operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil,

Fleet Growth Weighs on Product Tanker Earnings

Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term,

Traders Scramble for Caribbean Crude Storage

Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash

News

LNG-fueled Box Ship a 'Momentous Step Forward'

On Saturday, August 29, 2015, the world’s first series of energy efficient containerships welcomed its second LNG-powered vessel in San Diego, fueling the U.S.

Migrant Crisis Promts Call to IMRF for Help

Mediterranean Rescue Services are in urgent need of support because they are struggling to keep up with the replacement of equipment being used to rescue the increasing

MODEC FPSO Achieves First off Brazil

MODEC, Inc. announced today that its FPSO Cidade de Itaguai MV26, operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil,

Government Update

Migrant Crisis Promts Call to IMRF for Help

Mediterranean Rescue Services are in urgent need of support because they are struggling to keep up with the replacement of equipment being used to rescue the increasing

Japanese Sub Pitch puts off Australian Firms

Japan had been seen as frontrunner for Australian submarine deal, but Australian defence firms unhappy after talks with Japan. A Japanese consortium eyeing a A$50 billion ($35.

Obama Pushes for U.S. Icebreakers

President Barack Obama on Tuesday will propose a faster timetable for buying a new heavy icebreaker for the U.S. Arctic, where quickly melting sea ice has spurred more maritime traffic,

Logistics

LNG-fueled Box Ship a 'Momentous Step Forward'

On Saturday, August 29, 2015, the world’s first series of energy efficient containerships welcomed its second LNG-powered vessel in San Diego, fueling the U.S.

Fleet Growth Weighs on Product Tanker Earnings

Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term,

Japanese Sub Pitch puts off Australian Firms

Japan had been seen as frontrunner for Australian submarine deal, but Australian defence firms unhappy after talks with Japan. A Japanese consortium eyeing a A$50 billion ($35.

 
 
Maritime Contracts Maritime Security Navigation Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1538 sec (7 req/sec)