Sign up
Log in Sign up
Thu 31 Dec 2009, 15:15 GMT

Petrochina poised to lease Statia storage


Oil firm said to be in negotiations to lease fuel oil storage space at St. Eustatius terminal facility.

Asian oil firm Petrochina is said to be poised to lease 5 million barrels of oil storage at Nustar Energy's 13 million barrel Statia Terminal on the island of St. Eustatius.

The news follows reports that Saudi Arabia will quit the 14-year, 5 million barrel lease it currently holds at the Caribbean oil storage facility.

The existing lease, regularly renewed by a Saudi Aramco subsidiary since 1995, formally ends on December 31st, according to market sources.

Saudi Oil Minister Ali al-Naimi recently revealed the world’s leading oil exporter has accepted an offer for free storage in Japan, which appeared to underscore the growing importance of China and Asia versus the United States.

PetroChina is said to be in negotiations to take the 5 million barrel space, although it is unclear whether it would mainly store crude oil or residual fuel, which is actively traded in the region. The current space is mostly used to store fuel oil, but could also be converted to store crude oil, traders said.

Petrochina already leases 1 million barrels of dirty storage capacity at the Statia Terminal, which is the largest fuel oil storage terminal in the Caribbean.

The facility is owned and operated by Nustar Energy - one of the largest independent liquid terminal operators in the world and the leading bunker supplier in St. Eustatius.

PetroChina is a regular purchaser of fuel oil and crude oil from Venezuela, mostly for delivery to Asia. The company also has a total of 2.5 million barrels of dirty and clean storage space at the Bahamas Oil Refining Company (BORCO) oil storage terminal - renamed Vopak Terminal Bahamas - in Freeport, Bahamas. The tanks are used to store fuel oil, jet fuel and gasoline.

The Chinese oil firm is said to typically load fuel oil onboard ocean-going tankers at the Statia Terminal, and both crude and fuel oil at Vopak Terminal Bahamas. For clean products, the company leases tank space on the Gulf Coast as well as in New York Harbor.

Market sources report that PetroChina may also have oil storage space of approximately 500,000 barrels in St. Lucia.

Hapag-Lloyd and DSV logo side by side. Hapag-Lloyd and DSV sign 18,000-tonne CO2e reduction agreement for sustainable marine fuels  

Two-year framework allows inclusion of alternative fuels beyond biofuels in shipping decarbonisation partnership.
Bangkok city skyline. Uni-Fuels opens Thailand office as part of Southeast Asia expansion  

Marine fuel supplier establishes Bangkok entity, appoints managing director with 15 years’ industry experience.
Washington State Hybrid-Electric 160-Auto Ferry vessel render. Corvus Energy to supply battery systems for Washington State Ferries hybrid vessels  

ABB selects Corvus for two new 160-vehicle ferries as part of $3.98bn electrification plan.
Vinssen and Mana Engineering sign MoU. Vinssen, Mana Engineering partner on hydrogen fuel cell retrofit for 800-teu feeder vessel  

South Korean and Dutch firms to pursue Lloyd’s Register approval for hybrid retrofit concept.
Hercules Elisabeth vessel. Hercules Tanker Management takes delivery of second Ultra-Spec vessel in China  

Hercules Elisabeth is the second of 10 hybrid-ready tankers designed for alternative fuels.
Wolf 1 vessel. Petrol Ofisi launches fuel supply tanker Wolf 1  

Turkish bunker supplier adds 1,750-dwt vessel with alternative fuel infrastructure to fleet.
BIMCO meeting. BIMCO to convene for adoption of biofuel clause and ETS provisions at February meeting  

Documentary Committee to consider new contractual frameworks for alternative fuels and emission trading scheme compliance.
Sea Change II vessel render. Incat Crowther and Switch Maritime develop 150-passenger hydrogen ferry for New York  

Design work begins on 28-metre vessel with 720 kg hydrogen capacity and 25-knot speed.
Aerial view of a container vessel. HIF Global signs heads of agreement with German eFuel One for 100,000 tonnes of e-methanol annually  

Deal covers supply from HIF’s Uruguay project, with e-methanol meeting EU RED III standards.
Welcoming of Kota Odyssey at Jordan’s Aqaba Container Terminal. PIL’s LNG-powered vessel makes maiden call at Jordan’s Aqaba port  

Kota Odyssey is Pacific International Lines’ first LNG-fuelled ship to call at the Red Sea port.




 Recommended