Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Reliance Industries News

20 Mar 2024

Reliance Refusing Sovcomflot Oil Shipments

© momentscatcher / Adobe Stock

India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipping company Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter.The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions.The U.S.

01 Mar 2024

Venezuela Oil Exports Rising, but Shipping Delays Persist

© Vladimir / Adobe Stock

Venezuela's oil exports slightly increased in February to some 670,000 barrels per day (bpd), but ongoing shipping delays worsened a bottleneck of tankers waiting to load, according to documents and vessel monitoring data.State-run oil firm PDVSA's customers have rushed to send tankers to Venezuela in recent months to pick up crude and fuel before the United States potentially reimposes oil sanctions.Restrictions could resume on April 18 when an existing license expires, the U.S.

10 Oct 2022

Report: Reliance Industries' New FPSO in Collision Incident Off India

AdobeStock

India-based Reliance Industries' recently delivered FPSO Ruby on Sunday collided ‘lightly’ with an accommodation barge offshore the east coast of India, India’s Economic Times reported on the same day.The news website cited a Reliance spokesperson who said that the incident happened when a gangway from the accommodation barge got lifted and hit a staircase on the FPSO. Nobody was injured during the incident and both vessels sustained 'minor' damage. According to the RIL spokesperson, as reported by Economic Times, the project timeline is not affected.

10 Jun 2021

COVID-19-hit Asia Ships More Gasoline to U.S.

Exports of gasoline and blend stocks from Asia to the United States rebounded in May from April, including two rare shipments from India, to meet rising summer demand in the west, industry sources and analysts told Reuters.Global gasoline demand growth has shifted back to the United States and Europe, where widespread COVID-19 vaccinations are spurring more travel. In contrast, fuel use in Asia outside China has slowed recently as India, Malaysia and other key fuel markets were hit by lockdowns, prompting traders to send fuel westwards.In May, traders loaded about 3.8 million barrels of gasoline and blending components from Asia, mainly South Korea and India…

18 May 2021

Cyclone Tauktae: Rescue Op Launched for 81 Offshore Oil Workers after Barge Sinks off Mumbai

Credit: Indian Navy Spokesperson Twiter / Screenshot

The Indian Navy mounted a massive air and sea rescue mission on Tuesday for 81 missing oil workers and crew whose barge sank in heavy seas following a powerful cyclone that tore up the west coast of the country.Around 180 of those on board the barge were rescued from the water as it sank off Mumbai. Efforts had started to move crew stuck on a second barge that was driven aground by the storm, the navy said."There are waves of 20 to 25 feet, the winds are high and the visibility is low," said navy spokesman Vivek Madhwal.

16 Apr 2021

Clean Crude? Oil Companies use Offsets to Claim Green Barrels

Credit:fuzzy3d/AdobeStock

In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral.While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits under a U.N.-sponsored program called CORSIA.Carbon credits…

24 Mar 2021

First Crude Cargo from Guyana to India Sets Sail

Liza Destiny FPSO, Guyana's only offshore oil production facility (File photo: Hess Corp)

The first cargo from new oil producer Guyana to the world's third-largest crude importer, India, departed this month from a production facility off the South American nation's coast in a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon showed on Tuesday.India has asked refiners to speed up the diversification of imports to cut their dependence on Middle Eastern crudes after OPEC+ this month decided to extend production cuts through April, two sources said.As OPEC's share in India's oil imports fell to historic lows between April 2020 and January 2021…

27 Nov 2020

Report: Venezuela Resumes Oil Shipments to China Despite U.S. Sanctions

Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA).Chinese state companies China National Petroleum Corp (CNPC) and PetroChina - long among PDVSA's top customers - stopped loading crude and fuel at Venezuelan ports in August 2019 after Washington extended its sanctions on PDVSA to include any companies trading with the Venezuelan state firm.The imposition of the sanctions was part of a push by the Trump administration to oust Venezuelan President Nicolas Maduro…

02 Nov 2020

Venezuela's Oil Exports Fall to New Low

© Francis / Adobe Stock

Venezuela's oil exports fell to a historic low of 359,000 barrels per day (bpd) in October as most of state-run PDVSA's long-term clients paused trade to meet a U.S. deadline to halt business with the firm, according to data seen by Reuters on Monday.The United States set an October-November deadline for PDVSA's long-term customers - including Italy Eni, Spain's Repsol and India's Reliance Industries - to stop oil swaps it had authorized this year as exceptions to sanctions on Venezuela.None of those companies loaded cargoes of Venezuelan crude in October…

17 Sep 2020

ABS to Class STL's New Very Large Ethane Carriers

Illustration; A shipyard in South Kore - Credit: Stephan Scherhag - AdobeStock

Maritime classification society ABS will class four new 98,000 cbm Very Large Ethane Carriers (VLECs) ordered by China's Zhejiang Satellite Petrochemical (STL)These ethane-fueled VLECs are part of a Phase-2 order from STL and South Korea's Samsung Heavy Industries and Hyundai Heavy Industries will build two VLECs each.ABS, which was the classification society of choice for the first order of the six dedicated VLECs by Reliance Industries in 2014, says that these 87,000 cbm VLECs have been successfully trading and laid the foundation for the next generation of larger VLECs.

03 Sep 2020

Fully Loaded Oil Tanker Catches Fire Off Sri Lanka

A fully loaded oil tanker has caught fire off the east coast of Sri Lanka, which has dispatched an aircraft and two navy ships to help in the rescue, a Sri Lankan navy spokesman said on Thursday.The New Diamond, a very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), was heading to the port of Paradip in India, where the state-run firm operates a 300,000 barrel-per-day refinery.The ship had sailed from the port of Mina Al Ahmadi in Kuwait, carrying Kuwait Export Crude, Refinitiv Eikon ship tracking data showed.The Sri Lankan spokesman, Commander Ranjith Rajapaksa, said the VLCC was ablaze about 20 nautical miles off the east coast.

01 Sep 2020

Venezuela's Oil Exports Rise in August on Sales to India

© Fotos von Schiffen / Adobe Stock

Venezuela's oil exports recovered slightly in August after two months at historic lows, boosted by increased sales to India, according to internal documents from state-run oil firm PDVSA and Refinitiv Eikon data.Overall exports of crude and fuel rose to 437,600 barrels per day (bpd) in August, according to the data, more than the roughly 400,000 bpd in June and July, which were the lowest levels since the 1940s for the nation.But the increase registered in both exports and imports…

01 Sep 2020

US Preparing Tighter Oil Sanctions on Venezuela

© Andrea Izzotti / Adobe Stock

The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to exchange Venezuelan crude for fuel from the OPEC member.U.S. President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners and customers since it first imposed measures against the company in early 2019, seeking to oust the…

19 Aug 2020

US Looks to End Exemptions on Venezuela Oil Sanctions

© Francis / Adobe Stock

The United States is considering an October deadline for ending exemptions to Venezuelan sanctions that allow some companies and refiners to still receive the South American producer's oil, two sources said, as Washington seeks to raise the heat on President Nicolas Maduro.U.S. President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners and customers since it first imposed measures against the company in early 2019, seeking to oust the…

03 Aug 2020

Venezuela's Oil Exports Stagnant in July

© Francis / Adobe Stock

Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company.Washington has ramped up pressure this year on PDVSA’s customers, trade partners and shippers aiming to stop the re-sale of Venezuelan oil and block efforts to hide or change its country of origin.That is making it increasingly difficult…

04 May 2020

Venezuelan Oil Exports Rose in April

© MENZHILIY ANATOLY / Adobe Stock

Venezuela's oil exports ticked higher in April after falling in March to their lowest average in seven months, helped by new trading partners that were re-selling cargoes in Asia, according to documents from state-run PDVSA and vessel tracking data.Venezuela shipped 31 cargoes of crude and refined products last month carrying an average of 848,500 barrels per day (bpd), a small increase from the 814,000 bpd the previous month, the data showed.This year, the United States sanctioned…

23 Mar 2020

Coronavirus-related Inspections Delay Venezuelan Oil Exports

At least two cargoes of Venezuelan crude have been delayed due to health inspections aboard tankers to prevent the spread of the coronavirus, according to an internal document from state oil company Petroleos de Venezuela seen by Reuters.The delays add to a growing glut of tankers loaded with Venezuelan crude that preceded the coronavirus crisis as U.S. sanctions spooked potential customers. With domestic onshore oil inventories approaching capacity, PDVSA has been increasingly forced to send barrels onto floating storage.The largest shipment affected by the health measures is the Delta Angelica tanker, which was originally scheduled to depart Venezuela's Jose terminal between March 19-21 with 1.9 million barrels of heavy Merey crude bound for India's Reliance Industries…

11 Nov 2019

Asian LPG Market to Cross $109Bln by 2024

The Asian liquefied petroleum gas (LPG) market stood at over $81.4 billion in 2018 and is projected to grow at a CAGR of over 5% to cross $109 billion by 2024, as increasing demand for LPG  as a fuel for power generation in remote and off-grid locations in comparison to its less environment-friendly alternatives like coal, diesel and fuel oil.Increasing demand for LPG used to run vehicles (Autogas)  is being witnessed as it is a comparatively cheaper automotive fuel and can be used in vast applications related to transportation, said a report by ResearchAndMarkets.Of the overall LPG consumed across the globe, nearly 87% is used for residential/consumer use.By source, the Asian LPG market has been categorized into Refinery, Associated Gases & Non-Associated Gases.

11 Jun 2019

India to Evacuate Thousands as Cyclone Nears West Coast

Indian authorities are preparing to evacuate 300,000 people along the western coast as a severe cyclone is expected to make landfall on Thursday morning in the state of Gujarat.Storm Vayu, which formed in the Arabian Sea, is likely to cross the Gujarat coast with gust speeds as high as 135 kmph (84 mph), the India Meteorological Department said in a statement.It also warned the cyclone could further delay the progress of the annual monsoon rains over the rest of India, as the storm was drawing rain clouds from over the sea.The arrival of the monsoons on the southern coast of Kerala was already about a week late this year.Gujarat Chief…

04 Sep 2019

NOV to Supply STP System

National Oilwell Varco, a provider of equipment and components used in oil and gas drilling and production, announced new contract award for submerged turret production (STP) system.APL, part of NOV's Completion & Production Solutions segment, has been awarded the supply of another large STP system, said a press release from NOV.This follows a recent  contract award from Samsung Heavy Industries Co. Ltd. for Reliance Industries' FPSO on the MJ field.This time, the system will be provided to a joint venture between Shapoorji Palloonji Oil and Gas and Bumi Armada Berhad. The STP system will be used for an FPSO vessel that will be deployed on the East Coast of India.The STP system is a unique and flexible turret mooring system for FPSOs.The STP swivel…

18 Sep 2019

AEC Collaborates with ABS for ULEC

American Ethane Company (AEC) is collaborating with ABS, the global provider of classification and technical advisory services to the marine and offshore industries, on a next generation fleet of Ultra Large Ethane Carriers (ULEC).ABS is actively supporting AEC and its shipping project partners, who will build, own and operate a fleet of ULECs to transport 7.2 MTPA of US ethane to China.“ABS is a world leader in the classification of gas carriers and classes the majority of the large ethane carriers built to date, so it is exciting to be working so closely with AEC, which has done so much to advance the industry,” said Patrick Janssens…

03 May 2019

Cyclone Slams Indian Coast, Millions Evacuated

A cyclone barrelled into eastern India on Friday, bringing down trees and power lines and "extensively" damaging the tourist town of Puri, but there were no early reports of casualties with a million people evacuated before it made landfall.Tropical Cyclone Fani, the strongest to hit India in five years, spent days building up power in the northern reaches of the Bay of Bengal before it struck the coast of the state of Odisha at around 8 a.m., the state-run India Meteorological Department (IMD) said.Howling winds gusting up to 200 kph (124 mph) whipsawed trees, uprooting scores, and driving rain impacted visibility, while streets were deserted in the state capital Bhubaneswar and Puri."Damage in Puri is extensive…

29 Oct 2019

India, S. Arabia in New Petro Relationship

India and Saudi Arabia have decided to expand its ‘energy relationship’ into next phase to include Saudi partnership in building additional crude oil storage reserves in India, a new refinery on the west coast of India and investment in retail sector in petroleum.Saudi Arabia is its second-biggest supplier of crude oil after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.India imports around 18 per cent of its crude oil from the Kingdom, making it the second-largest source of crude oil for the country, Indian Prime Minister Narendra Modi said.PM Modi…