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Oil and Gas Oil and Gas Storage

  • Income from the company's midstream business rose 63.5 percent to $309 million in the first quarter ended March 31. Operating loss in its refining and marketing segment narrowed as margins rose 18 percent to $11.65 per barrel. Midwest, Southeast and Gulf Coast, processed less crude oil due to higher turnaround activity, or scheduled events where an entire unit...

  • COLOMBO, Sri Lanka— Long lines formed at gasoline stations across Sri Lanka on Monday as workers from a state-run petroleum company went on strike to protest the government's plan to lease out oil tanks to neighboring India. D.J. Rajakaruna, secretary of the Ceylon Petroleum Common Workers Union, said workers stopped releasing fuel from 12 storage facilities...

  • *Chinese demand, more crude deliveries to Asia trigger sales. *Crude oil shipments to Asia to hit record levels in April. SINGAPORE, April 20- Crude oil sales from storage tanks around Singapore rose to an 11- month high in March, with nearly half of the volumes going to China and traders clearing inventories ahead of record shipments to Asia expected to arrive in...

  • HOUSTON, April 18- Centurion Midstream Group LLC said it acquired a petroleum marketing and transportation business that operates in West Texas from Agave Energy Holdings, a subsidiary of Lucid Energy Group. Price of the purchase was not disclosed. Ken Douglas, Centurion's chief financial officer, said the deal will expand the Dallas- based company's Permian...

  • PARIS, April 12- France could face a tight gas supply in the 2017/ 18 winter period because suppliers do not have enough reserve storage capacity as required by law to meet demand if there is a prolonged cold snap, said major gas storage company Storengy. France had to depend heavily on those storages in the past 2016/ 17 winter to keep heating and power generation...

  • LONDON, April 11- OPEC appears to be slowly winning the battle against a global overhang of crude and oil products as inventories in onshore and floating storage decline. The Organization of the Petroleum Exporting Countries explicitly said a joint deal with non- OPEC producers to cut some 1.8 million bpd in the first half of 2017 was aimed at slashing an excess...

  • *OPEC trying to help market rebalance, ease oversupply. LONDON, April 6- The jury is still out on whether OPEC can rein in a global oil glut but top commodity traders are betting it can by selling stakes in storage tank businesses that profited from oversupply. The five top traders, who also include Mercuria and Trafigura, expect OPEC to extend output cuts into the...

  • *Shipping data shows fall in tanker supplies as OPEC cuts. Prices for front-month Brent crude futures, the international benchmark for oil, were at $54.40 per barrel at 0345 GMT, up 23 cents, or 0.4 percent, from their last close. In the United States, West Texas Intermediate crude futures were up 27 cents, or 0.5 percent, at $51.30 a barrel.

  • Prices for front-month Brent crude futures, the international benchmark for oil, were at $54.28 per barrel at 0149 GMT, up 11 cents from their last close. In the United States, West Texas Intermediate crude futures were up 16 cents at $51.19 a barrel. "We have seen a significant reduction in global oil supply since January, with oil on water going from 978 million...

  • HOUSTON, April 4- Plains All American Pipeline and Magellan Midstream Partners filed an amended breach of contract lawsuit seeking more than $300 million in damages from Stampede Energy over an oil transport deal, according to court documents. Stampede, a privately held midstream operator, failed to meet its minimum volume requirements on the BridgeTex...

  • RIO DE JANEIRO, April 4- In September, police investigating a wave of killings in the northern Rio de Janeiro suburbs followed a tip to the isolated scrubland near the massive Duque de Caxias oil refinery. The discovery highlighted a fast-growing criminal enterprise in Brazil's oil heartland, between Rio de Janeiro and Sao Paulo. The racket is part of a larger...

  • LONDON, March 31- Swiss-based trading and mining giant Glencore is selling a bundle of its global oil storage stakes, sources told Reuters, following similar moves by rivals as a boom period for storage shows signs of nearing to an end. As the Organization of the Petroleum Exporting Countries decided to cut oil output at the end of 2016 to prop up prices and help...

  • LONDON, March 31- Swiss-based commodities trading and mining giant Glencore is in advanced talks to sell a bundle of its global oil storage stakes, sources familiar with the matter said, following a boom period for storage companies. If the sale reaches completion, Glencore will likely end up with minority stakes in the assets. The portfolio includes assets in...

  • March 23- California's air quality board voted unanimously on Thursday to approve methane regulations touted as the strictest adopted yet in the United States for controlling emissions of the second-most prevalent greenhouse gas in the atmosphere. The action comes more than a year after a massive methane leak at the Aliso Canyon gas storage field, owned by...

  • March 21- Crude oil that leaked into a creek in the Canadian province of Alberta from an Enbridge Inc storage facility has been contained but there is no estimate yet of its volume, the National Energy Board regulator said on Tuesday. The regulator said no injuries, fire or evacuations resulted from Monday's leak at the terminal in Strathcona County, near the...

  • March 21- Crude oil that leaked into a creek in the Canadian province of Alberta from an Enbridge Inc storage facility has been contained but there is no estimate yet of its volume, the National Energy Board regulator said on Tuesday. The regulator said no injuries, fire or evacuations resulted from Monday's leak at the terminal in Strathcona County, near the...

  • March 21- Canada's energy regulator said there were no injuries, fire or evacuations from an oil leak that occurred on Monday at Enbridge Inc's storage facility in Strathcona County, Alberta. The oil from the leak flowed into a storm pond on an adjacent industrial site and then into a creek, the National Energy Board said. The regulator also added that the leak had...

  • JAKARTA, March 21- Indonesian police said on Tuesday Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to an $850 million Sinopec oil storage terminal development in Indonesia. "The three red notices have been published for those wanted people," National Police spokesman Boy...

  • *Assets estimated to be worth $1 billion- sources. *Chevron S. African assets include Cape Town refinery. NEW YORK/ SINGAPORE, March 17- China's Sinopec is nearing a deal to buy Chevron's South African oil assets for up to $1 billion to secure its first major refinery on the continent, several people familiar with the matter said.

  • SYDNEY/ TOKYO, March 15- Inpex's $37 billion Ichthys Australian liquefied natural gas project was hit by another subcontractor dispute, involving the termination of more than 600 workers, but the Japanese company said it was still on schedule for a July-September start. Still, the disagreement is the latest potential delay in Australia's $200 billion LNG...