Oil Industries News

Oman's state-owned Asyad is considering buying ports and terminals abroad and could divest assets outside its core logistics business, such as a college and project management operation, its chief executive said on Thursday.The plans by the company, which is owned by the Oman Investment Authority, align with the small oil producing Gulf state's broader strategy to reduce reliance on crude revenues and expand its non-oil industries.Chief Executive Abdulrahman Salim Al Hatmi told…

An Iranian-flagged oil tanker left Venezuela on Friday for Iran's Kharg Island, Refinitiv Eikon data showed, after the vessel loaded 1.9 million barrels of heavy crude at the South American country's Jose oil terminal.The shipment marks the latest example of cooperation between the two OPEC nations this year as they step up commercial ties to try to rescue their respective oil industries, both of which are under intense pressure from U.S. sanctions.The very-large crude carrier (VLCC), registered in shipping databases under the name Horse, discharged 2.1 million barrels of Iranian condensate to be used as diluent for Venezuela's extra-heavy oil production in September.It then loaded Merey heavy crude…

The final tanker in a flotilla of three Iranian fuel tankers docked at eastern Venezuela's Guaraguao port on Sunday, according to Refinitiv Eikon data and a person familiar with the matter, as President Nicolas Maduro promised to normalize fuel supply in the gasoline-starved country.The three tankers, which began arriving last week, brought some 820,000 barrels of fuel to the South American country, where severe shortages of gasoline—as well as unreliable power, water and cooking gas supplies—have led to a wave of protests in the neglected interior in recent weeks.The shortages come as state oil company Petroleos de Venezuela's once-formidable 1.3 million barrel per day (bpd) refining network has all but collapsed…

The owners of four Iranian fuel cargoes that were confiscated by U.S. authorities last month mounted a challenge to the seizure, asserting their rights to control the cargo, according to a court filing on Tuesday.The U.S. Justice Department last month announced the seizure of 1.116 million barrels of fuel it said was destined for Venezuela. The oil industries of Venezuela and Iran, both OPEC nations, are under U.S. sanctions, and Iran earlier this year irked Washington by sending gasoline cargoes to Venezuela.In the Tuesday filing with the U.S.

The Venezuelan navy said it escorted a fourth tanker bringing Iranian fuel through its waters on Thursday, while the United States called the shipments to the gasoline-starved country a distraction from problems facing President Nicolas Maduro.The oil industries of Iran and Venezuela are both under U.S. sanctions. Iran is providing its fellow OPEC member up to 1.53 million barrels of gasoline and refining components to help ease an acute shortage, the result of the near-complete breakdown in its refining network as well as the sanctions.Washington has said it is weighing a response to the shipments.Venezuela's military has escorted each tanker through its exclusive economic zone.

Venezuela's military will escort Iranian tankers bringing fuel to the gasoline-starved country as soon as they enter its exclusive economic zone, Defense Minister Vladimir Padrino said on Wednesday.His comments came after Venezuelan opposition leader Juan Guaido said the shipment should "alarm" Latin America. Both OPEC members are U.S. adversaries whose oil industries are under U.S. sanctions. Trump administration officials say Washington is considering a response to the shipment.The tankers - Fortune…

Ammonia and hydrogen are promising potential fuels of the future in a de-carbonized shipping industry, which has to switch to alternative, zero carbon fuels in order to meet the targets set out in the initial  International Maritime Organization (IMO) strategy on reduction of GHG emissions from ships, an IMO symposium on sulfur 2020 and alternative fuels heard on Friday (18 October).Setting the scene, IMO's Edmund Hughes said the initial GHG strategy, adopted in 2018, had sent a clear signal that shipping will need to adapt. "We have to change to address global climate change," he said."We have to find new technologies and new fuels if we are to achieve at least 50% reduction in annual GHG emissions from international shipping by 2050…

In 1941, geologist Orval Lester Brace stated “it may be tentatively assumed that the Gulf of Mexico is a potential source of salt-dome oil. Whether or not it will be economically feasible to explore these waters for the domes that must exist is a question for the future to answer.”  The future hypothesized by Mr. Brace was not nearly as far off as it seemed. Less than six years after his proclamation, Kerr-McGee Oil Industries, along with Phillips Petroleum, Stanolind Oil and Gas Co…

Iran and Iraq have reached an agreement for joint development of the Naft Shahr and Khorramshahr joint oil fields, Iranian Minister of Petroleum Bijan Zangeneh said.Speaking on Sunday, on during a visit to the Energy Industries Engineering and Design (EIED, an affiliate to the Oil Industries' Engineering and Construction (OIEC)), the official said: "There are massive potentialities for expanding Iran-Iraq cooperation in oil, gas, refining and petrochemicals grounds, and Iran is ready to offer itself capabilities to the Iraqi oil industry.”He added that Thamer al-Ghadhban, Iraqi minister of oil, during a visit to EIED, learned about the capacities of the company…

Indonesia will postpone until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, Industry Minister Airlangga Hartarto said, among efforts to increase foreign exchange reserves. The rules, due to take effect this month and intended to boost the archipelago's shipping industry, were initially postponed in February after raising concerns in coal and palm oil industries over the availability of local vessels. "The timing will be adjusted…

Aegean Marine Petroleum Network has announced the launch of a new service center in Savannah, Georgia, the third largest container port in the United States. The operations in Savannah will be managed by the existing Aegean U.S. team. Under the terms of the agreement with Colonial Terminals, Inc., Aegean will lease tankage from Colonial's oil terminal on the Savannah River. Aegean will acquire and blend a full range of bunker fuel products and has agreed to supply Colonial Oil Industries, Inc. with a range of No. 6 oil products for Colonial's truck delivery business. Aegean has contracted with the Vane Brothers Company to provide barge services in the port.

Platts, a leading global energy, metals, petrochemicals and agriculture information provider, announced today that it has acquired Petromedia, a specialist provider of news and analysis for the shipping and oil industries. The purchase helps extend Platts coverage beyond traditional marine fuels and market fundamentals. Founded in 2001, Petromedia provides customers with access to up-to-date news, daily prices and analysis on the global shipping and oil markets, including services to help manage counterparty risk, marine fuel quality monitoring, alternative marine fuel and technology awareness, and a bunker procurement platform. Andy Bose…

An interview with NOIA’s Randall Luthi provides unique perspective on where the offshore energy business has been, where it is now, and where it could be headed next. It is a predictable but at the same time, an important anniversary to examine: five years beyond the Deepwater Horizon oil spill, which began on 20 April 2010 on the BP-owned, Transocean-operated Macondo Prospect in the Gulf of Mexico. Widely considered to be the largest accidental marine oil spill in the history of the energy industry, oil flowed from the sea floor for 87 days until capped in mid-July. The environmental impact is well documented, the ultimate impact of the incident on the offshore and oil industries today has been profound, lasting and without a doubt, it made the offshore business safer.

Our Offshore Annual edition of MarineNews headlines Jane Bugler, the Technical Director of the International Marine contractors Association (IMCA). Jane is a chartered chemical engineer who worked in the chemical industry for several years before joining the UK Health & Safety Executive (HSE), where she worked in a variety of roles (including work regarding pipeline regulation) before joining IMCA in 1997, when she became Technical Director. Today, Jane has overall responsibility for the extensive and varied technical program of IMCA and for liaison between IMCA and external organizations…

Danish conglomerate A.P. Moller-Maersk may announce a second share buyback scheme in its 110-year history as early as Wednesday, analysts said, allowing it to reward shareholders as its oil unit takes a battering from a slump in prices. Further divestments from its large portfolio of companies may also be on the radar, funding any buybacks or at least increased dividends, with the world's largest container shipping company focusing more closely on the shipping and oil industries. Maersk's will present its fourth quarter results at 0700 GMT on Wednesday. Net profit is expected to rise 9.8 percent to $1.0 billion, boosted by a 59 percent rise in container shipping but hit by a 50 percent drop in its oil business.

The group’s business in the United States is organized under the parent company, Rapp Hydema U.S. Inc., a holding company with three wholly-owned subsidiaries that are controlled from the headquarters in Seattle. Rapp Hydema Northwest operates a workshop and local production. Rapp Hydema AK is the service arm of the Alaskan office and runs an engineering yard in Dutch Harbor. Rapp Hydema Subsea (Houston) is responsible for the offshore market. The Rapp Marine Group has developed advanced machinery and equipment for the marine and offshore oil industries worldwide for more than 100 years.

Endofa, an independent marine fuel supplier and bunker trader, informs it has named Lars Hoffmann as Chief Executive Officer. Prior to joining Endofa, Hoffmann served as Chief Executive Officer for Shipping.dk. He also served on the board of the Danish Shipbrokers Association. "We have known Lars for many years and always admired him for his accomplishments in shipping and his work for the Danish shipping industry," notes Endofa's Kenn Soendergaard. Endofa completed its first year with a turnover of US$ 235-million between the company's offices in Houston and Dubai…

The International Bunker Industry Association (IBIA) says it supports the UK government’s call for the International Maritime Organization (IMO) to bring forward its review of the availability of 0.50% sulphur fuel. As more and more locations declare ECA requirements, the latest being Hong Kong this week, the greater the demand for low sulphur fuel. IBIA considers that the shipping industry needs some definitive dates to plan implementations on board; the same information is required for the refining industry and the bunker sector. Uncertainty around dates is likely to delay crucial investment decisions and IBIA believes that the shipping and oil industries need clarity.

The International Bunker Industry Association (IBIA) supports the UK government’s call for the International Maritime Organization (IMO) to bring forward its review of the availability of 0.50% sulphur fuel. As more and more locations declare ECA requirements, the latest being Hong Kong this week, the greater the demand for low sulphur fuel. The shipping industry needs some definitive dates to plan implementations on board; the same information is required for the refining industry and the bunker sector.

Resolve Marine Group, based in Fort Lauderdale, Florida has agreed to acquire Magone Marine Services of Western Alaska. The result, say Resolve, will be a greatly expanded, emergency response and marine services company that combines the local expertise amassed by Magone Marine’s Alaskan salvors with the extensive resources, personnel, and vast salvage & wreck removal experience of Resolve Marine Group. The newly-formed business will be named Resolve-Magone Marine Services…

Make no mistake about it: the Arctic is open for business. The cumulative environmental footprint of oil exploration outfits, merchant shipping, mining, eco-tourism and the cruise ship trades is thus far minor, but the potential for an exponential increase in commerce – especially if the climate trends now affecting the region continue – is seemingly limitless. For the maritime industry, the down side to this is as big as the most promising business opportunity to come along in decades. The utility of a Northern Sea Route that follows the Siberian coastline, producing impressive time and fuel savings, a reduced emissions footprint, and elimination of canal transit fees for shippers moving goods between Europe and Asia has already been proven.

Intertanko has established a tradition of asking members and guests at its Annual Dinner to forecast what the rates will be one year ahead when they gather again for the next Tanker Event and AGM. Last year in Washington, the secretariat threatened to reveal the findings of the psychoanalyst that they had allegedly employed to scrutinize the forecasts made in Rotterdam in 2002. Owners were as bad as charterers, and brokers as bad as analysts at predicting future market levels! With the Annual Event and Dinner in Dubai now only a few weeks away (28-31 March) the analysis of last year's forecasters is already causing considerable amusement in the INTERTANKO offices around the world. WS rate VLCC AG-Japan? Million dwt. of tankers sold for recycling in 2003? Oil price Brent Blend (USD/bbl)?

Kate Glenn is Director of New Business Development at Sidus Solutions, Inc., a young International Robotic Surveillance Camera Company with offices in Houston and San Diego. Ms. Glenn comes from Le Com Engineering, an integrated telecommunications firm in San Diego. She will be targeting the Nuclear and Academic Engineering Firms in the Gas and Oil Industries.