Storage
Singapore: new capacity
1 January 2005
Strong demand for tank space and the rising profile of the Asia-Pacific region have led to projects for two new petroleum terminals in Singapore. The construction of underground storage capacity is also under study. A sharp increase in oil-products trade is driving the growth, Martin Quinlan writes
Strength in reserve
1 January 2005
AT first sight it appears counterintuitive. Ploughing up to 170,000 barrels a day (b/d) of crude into the Strategic Petroleum Reserve (SPR) ? stockpiled in vast underground salt caverns at four sites in Texas and Louisiana ? at a time of plus $40 a barrel oil prices, seems an expensive gambit for the US authorities, writes James Gavin
Profits down on exchange-rate effects
1 January 2005
THE WORLD's largest and second-largest independent storage operators, Vopak and Oiltanking, have both reported reduced profits ? largely as a consequence of the devaluation of the US and Singapore dollars against the euro
Business boost from political uncertainties
1 January 2003
Worldwide political uncertainties, price volatility in refined oil products, oil company restructuring and new trading opportunities all tend to be positive factors for the independent storage business. Accordingly, 2002 was generally a good one for terminal operators and the signs are that 2003 will also provide strong flows through tanks, Martin Quinlan writes
Corporate upheavals expected in wake of the mega-merger
1 January 2000
Vopak – the merged Pakhoed and Van Ommeren – became a reality in November 1999, prompting the largest corporate shake-up in worldwide independent storage.
The Singapore train rushes on
1 January 2000
ANALYSING Singapore’s independent oil storage business – and its refining, supply and trading businesses – has, for some years now, been an exercise in trying to explain the unexpected. For a while, “booming consumption in Asia” was a useful explanation for continuing good business, despite the growth of refining and storage capacity in “the regions”, as Singaporeans refer to Asia’s developing consumption centres
Western Europe busy
1 January 2000
INDEPENDENT storage operators at the big “gateway” ports serving continental Europe had a healthy year in 1998, and continuing good conditions characterised much of 1999. But it seems that the trends behind the strong demand have changed, leading some to doubt whether 2000 will be equally satisfactory.
A strategy for oil
1 January 2000
In June 1997, Hungary became the first central European country to join the International Energy Agency (IEA). One month later, after years of mutual observation and cautious dialogue, the European Commission recommended the opening of formal negotiations with Poland, Hungary, the Czech Republic, Slovenia and Estonia, with a view to accession of these countries to the European Union (EU). Entry to the EU requires candidates to make their legislation compatible with EU standards and rules, as well as achieving convergence on monetary, economic, military and environmental policies. It represents a huge effort and needs careful planning, writes Marc Partridge, head of oil and gas project finance, Crédit Lyonnais.
It’s good to be in storage, once again
1 January 1999
In a business that suffers from over capacity, an upturn in short-term storage rates took operators of independent storage by surprise