National Oil Corp News

20 Aug 2018

Shell Ships 'Slurry Oil' from Singapore to UAE

© Christopher R Irvine / MarineTraffic.com

In an unusual arbitrage move, Shell International Eastern Trading Company (SIETCO) has chartered a tanker to ship up to 80,000 tonnes of slurry oil from Singapore to Ruwais in the United Arab Emirates (UAE).Shell has chartered the tanker Maersk Prosper to load 80,000 tonnes of fuel oil from Singapore on Aug. 18 to 20 and for discharge into Ruwais at a $450,000 fee, according to data from two shipbroker reports and a trade source with knowledge of the matter.Ruwais in the UAE is the site of Abu Dhabi National Oil Corp's (ADNOC) 800…

11 Jul 2018

Oil Falls After Libyan Ports Reopen, Trump Tariff Threat

© Kovalenko I / Adobe Stock

Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world's biggest economies intensified.Brent crude fell $2.10, or 2.7 percent, to a low of $76.76 before recovering slightly to $77.20, down $1.66, by 1325 GMT. U.S.

11 Jul 2018

Key Oil Export Terminals Reopen in Libya

Damage at Ras Lanuf terminal June 18, 2018 (Photo: NOC)

Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.Production and export operations would be restored "within the next few hours", an NOC statement said, although the restart at Es Sider and Ras Lanuf, where workers were evacuated and storage tanks damaged in fighting last month, was expected to be gradual.A tanker at Hariga was due to start loading 1 million barrels of crude on Wednesday afternoon…

21 Jun 2018

East Libyan Forces Advance to Retake Oil Ports

© Essider Terminal / MarineTraffic.com

East Libyan forces said on Thursday they had retaken the shuttered oil ports of Es Sider and Ras Lanuf, though clashes resumed south of Ras Lanuf in the afternoon after a counter-attack by rival factions.Staff were evacuated from terminals in Libya's eastern oil crescent and exports were suspended last Thursday when armed opponents of eastern-based military commander Khalifa Haftar stormed the ports and occupied them.The closure has led to production losses of up to 450,000 barrels…

09 Jun 2017

Oil's Price Fall Stalls Despite Supply Glut

File Image: a EuroNav VLCC (EuroNav)

Brent down 12 pct since OPEC-led production cut extension. Oil prices steadied on Friday after steep falls earlier in the week under pressure from widespread evidence of a fuel glut despite efforts led by OPEC to tighten the market. Brent crude oil was up 10 cents at $47.96 a barrel by 1130 GMT, but still 12 percent below its opening level on May 25, when an OPEC promise to restrict production was extended into 2018. U.S. crude was 10 cents higher at $45.74. The Organization of…

19 May 2017

Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts

© Andrei Pashkov / Adobe Stock

After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way. Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected, according…

08 Aug 2016

Libya's Largest Oil Port Begins Work

Image courtesy: Ansamed

Libya has begun maintenance of the port of Es-Sider, biggest in the country of the terminal on oil export as part of plans to increase output from Africa’s biggest holder of crude reserves, says RNS. Exports should resume in a month once official orders are received to reopen the port, says Bloomberg quoting Galal Mohamed, head of operations at Waha Oil Co. Es-Sider is part of the plan of the authorities for increase in oil extraction. The port belongs to the Waha Oil company. It has been closed since December, 2014 because of armed attack.

05 Jul 2016

Oil Sheds 5% on Brexit Worry, Supply Builds

NEW YORK, July 5 (Reuters) - Oil prices tumbled nearly 5 percent on Tuesday as investors worried that Britain's exit from the European Union would slow the global economy, making it unlikely energy demand will grow enough to absorb a supply glut. Brexit worries hit Britain's property market and drove the pound to a 31-year low. A flurry of data from China in coming weeks is likely to show weaker trade and investments. Traders also cited data from market intelligence firm Genscape showing a build of 230,025 barrels at the Cushing, Oklahoma storage hub for U.S. crude futures, during the week to July 1. "There are risk-off trades across the board," said David Thompson, executive vice-president at Washington-based commodities broker Powerhouse.

09 Jun 2016

S. Korea Boosting Condensate Imports from Iran

South Korea, Asia's largest buyer of condensate, will step up purchases of the ultra light oil from Iran by more than 50 percent in June, two sources said, as competitive pricing squeezes out rival oil from Qatar. Expected June shipments of condensate from Iran may reach at least six million barrels, or 200,000 barrels per day (bpd), said the sources. This would be a record level of imports, four times that in January when sanctions on Tehran were lifted, according to data from Korea National Oil Corp. In contrast, condensate imports from Qatar in April have fallen to 5.32 million barrels, down 19 percent from January, KNOC data showed.

20 May 2016

Libya Plans to Load Four Crude Cargoes from Hariga in May

Libya plans to load three additional crude cargoes this month from the recently reopened Marsa El Hariga terminal, after a tanker for trader Glencore departed on Friday. The country's National Oil Corp (NOC) in Tripoli chartered the Kriti Breeze to load 400,000 barrels of crude at the terminal in the next two days to take to the 120,000 barrels-per-day Zawia refinery, according to shipping brokers. After it loads, the Kriti will be the second tanker to depart from the port after Glencore's Seachance which waited for three weeks to load its 660,000 barrel cargo amid a standoff between eastern and western factions. The Seachance has already left Hariga, according to NOC, and Reuters tracking data shows the tanker making its way to Malta.

02 Mar 2016

S.Korea Plans to Boost Iran Oil Imports

South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January. The world's fifth largest importer of crude is also a big buyer of condensate, a super light oil that can be processed into fuels and petrochemicals. Iran's return would help ease tight condensate supply in a market dominated by fellow OPEC producer Qatar. "We will increase oil and natural gas (liquids) imports from Iran, especially Iranian condensate," South Korea's trade and energy ministry said on Tuesday. Iran is exporting 100,000 barrels of oil a day to South Korea, one of its main crude customers, and hopes to double that figure by the end of 2016, Oil Minister Bijan Zanganeh was quoted as saying on Monday.

02 Jan 2016

S.Korea's December Crude Imports up 21.1 % y/y

Korea National Oil Corporation Headquarters Photo Wikipedia

South Korea's crude oil imports in December rose 21.1 percent from a year earlier to 97.9 million barrels, preliminary data from the Ministry of Trade, Industry and Energy showed on Friday. The final data will be released later in the month by state-run Korea National Oil Corp (KNOC). * Note: The ministry did not break down imports by country of origin. South Korea's total crude imports in November fell 1.5 percent year-on-year, according to KNOC data last month.

27 Jan 2015

Libya Returns Fuel Tanker to Rival Government

Libya's recognized government has released a tanker forced to dock at a port under its control after originally banning it from delivering fuel to its rival administration, a port official said on Tuesday. War planes forced the tanker Anwaar Afriqya to sail to Tobruk after it had originally approached the port of Misrata, the air force commander for the recognized Prime Minister Abdullah al-Thinni said on Monday. Libya's recognized government has worked from a headquarters in the east of the country since the summer when rival forces under the banner Libya Dawn took over the capital Tripoli and installed their own self-proclaimed government.

26 Jan 2015

Libya Forces Tanker Away from Supplying Rival Government

Libya's recognized government said it forced a tanker from delivering fuel to its rival administration, diverting the vessel to its own territory by threatening an air attack on it. The tanker Anwaar Afriqya was approaching the port of Misrata, but diverted to Tobruk, a port official at the latter said on Monday. "Our planes are forcing an oil tanker to sail to Tobruk after it had been on the way first to Misrata," Saqer al-Joroushi, air force commander for recognized Prime Minister Abdullah al-Thinni, told state news agency Lana. Libya's recognized government works from a headquarters in the east of the country since the summer when rival forces under the banner Libya Dawn took over the capital Tripoli and installed their own self-proclaimed government.

21 Aug 2014

Second Tanker Awaits Lifting Opportunity at Libya Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal swung back into action after being closed for a year. The OPEC member's oil production has risen in the past few weeks as major ports in the east have resumed work under a deal with a group of federalist rebels, adding to a crude market that is already well supplied. A first tanker has been loading oil at Es Sider since Wednesday but a second had already arrived, NOC spokesman Mohamed El Harari said. Technical problems and mistrust between the rebels campaigning for regional autonomy and the government had delayed implementing an oil port deal but output has risen to 562,000 barrels per day (bpd), NOC said on Tuesday.

21 Aug 2014

Second Tanker Waits to Load Oil at Libya's Reopened Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal swung back into action after being closed for a year. The OPEC member's oil production has risen in the past few weeks as major ports in the east have resumed work under a deal with a group of federalist rebels, adding to a crude market that is already well supplied. A first tanker has been loading oil at Es Sider since Wednesday but a second had already arrived, NOC spokesman Mohamed El Harari said. Technical problems and mistrust between the rebels campaigning for regional autonomy and the government had delayed implementing an oil port deal but output has risen to 562,000 barrels per day (bpd), NOC said on Tuesday.

06 Sep 2014

KNOC Sells Aging Newfoundland Refinery to SilverRange

Korea National Oil Corp said on Friday that it would sell its 115,000-barrel-per-day refinery in Come by Chance, Newfoundland, to SilverRange Financial Partners LLC for an undisclosed price following a months-long search to find a buyer. KNOC's Harvest Operations Corp unit is selling the aging refinery, as well as 53 gas stations and convenience stores, to SilverRange. The New York-based merchant bank has entered into a multiyear refining deal with an unspecified global oil company, Harvest Operations and SilverRange said in a release. "(The refinery) is strategically located along Atlantic crude oil shipping routes and provides access to petroleum markets in Europe and the U.S. Eastern seaboard," SilverRange official Harsh Rameshwar said in the release.

07 Sep 2014

U.S. Merchant Bank Buys Aging Newfoundland Refinery

A New York-based commodities merchant bank run by veteran energy traders, Neal Shear and Kaushik Amin, announced on Friday plans to buy the aging Come by Chance refinery in Newfoundland from South Korea's state-run oil company. Korea National Oil Corp said it will sell the 115,000-barrel-per-day refinery to SilverRange Financial Partners LLC for an undisclosed price following a months-long search to find a buyer. The deal also includes 53 gas stations and convenience stores. SilverRange is a New York-based merchant bank focused on energy and natural resources owned by SilverPeak Partners, a real estate fund with over $12 billion in assets under management, according to its website.

30 Sep 2014

Brent Holds Above $97, Eyes Worst Quarter Since 2012

HFO: File image

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop in more than two years on plentiful supplies. * Underpinned by firm U.S. $115.71 in June as investors focused on a well supplied market, although it has regained some footing since touching a 26-month trough last week. Monday's upbeat U.S. consumer spending data for August added to signs of strength in the world's top economy, aiding oil prices. "Although economic data from Europe and other regions have been sluggish, U.S.

18 Dec 2014

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.   Libya has two governments vying for legitimacy which have been trying to control the vital energy sector. NOC is based in Tripoli, where the non-internationally recognised government sits.   "Regardless of the continuing challenges on various levels, NOC will remain independent," NOC said in a statement. "As the sole legal entity to represent and act on behalf of the Libyan oil and gas sector, NOC will continue the sound partnerships with international oil companies."   (Reporting by Ulf Laessing; Editing by Pravin Char)

29 Dec 2014

Libya's Oil Output Wanes as Fighting Shuts Ports

Hariga fields still producing but Libya's current output a fraction of pre-2011 levels. Libya is producing 128,000 barrels of oil a day from fields connected to far eastern port of Hariga, an oil official said on Monday, while fighting halts work at major ports Es Sider and Ras Lanuf. Output from the OPEC member nation remains at a fraction of the 1.6 million barrels a day it produced prior to the 2011 ouster of leader Muammar Gaddafi. Its two largest ports, Es Sider and Ras Lanuf, have stopped working due to clashes between forces allied to Libya's internationally recognised government and those loyal to a rival group called Libya Dawn which seized control of Tripoli in August. Several oil storage tanks at Es Sider have been on fire for days after clashes there.

29 Dec 2014

Libyan Oil Output Shrinks as Oil Tanks Blaze

Libya's oil output has shrunk back further after blazing oil tanks at a major terminal helped world oil prices higher and burnt a bigger hole in its dollar currency reserves. It is surviving on a mere 128,000 barrels per day from fields connected to the eastern port of Hariga, an oil official said on Monday, while fighting halted the major ports Es Sider and Ras Lanuf. Total oil output, adding in offshore fields, is around 350,000 bpd -- a fraction of the 1.6 million bpd it produced before the 2011 civil war. Some oil is keeping two refineries going and the official was unable to say how much, if any, was available for export. Oil tanks at Es Sider have been on fire for days after a rocket hit one of them, destroying more than two days of Libyan production, officials said on Sunday.

30 Dec 2014

Oil Tanks Destroyed at Libya Port, Others Still Ablaze

Two oil storage tanks remain on fire at Libya's Es Sider oil port while two others have collapsed almost a week after clashes there sparked the blaze, a spokesman for state National Oil Corp (NOC) said on Tuesday. Fires at two other storage tanks at Libya's biggest oil port had been extinguished but the damage was unclear, NOC spokesman Mohamed El Harari said. An industry source said at least 1.2 million barrels of oil had been destroyed by the fire which broke out after clashes reported on Dec. 25 between armed factions allied to Libya's internationally recognised government and a group called Libya Dawn which is vying for control of the country.

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