Latest News

Latest News
2017

ExxonMobil emerges as white knight for Jurong Aromatics

May 12, 2017

The Business Times EXXONMOBIL has agreed to acquire the Jurong Island assets of Jurong Aromatics Corporation (JAC), effectively giving the beleaguered firm a new lease of life. Confirming market speculation that has swirled for some months, the American integrated oil giant said on Thursday that it has reached an agreement on the deal, beating five other bidders such as Lotte Chemical Corp and SK from Korea, which had been shortlisted. The acquisition sum was not... Read More

Saudi Aramco extends tank farm bid deadline

May 12, 2017

MEED Saudi Aramco has extended the deadline for bids on the construction of an estimated $400m tank farm project in the northwest of Saudi Arabia. Companies have been asked to submit engineering, procurement and construction (EPC) bids by 11 June, an extension of the previous deadline of 8 May. Aramco earlier this year tendered the project to build storage tanks for oil products in Duba, Tabuk province, on the Red Sea coast. Contractors prequalified to bid ... Read More

Oman extends bid deadline for region's largest crude storage facility

May 12, 2017

MEED Initial phase to have a capacity of six million barrels Oman Tank Terminal Company (OTTCO) has extended the bid submission deadline for the region’s largest crude storage facility at Ras Markaz. The $400m facility, which is being developed as an alternative crude storage and transportation facility to the Strait of Hormuz has now asked pre-qualified contractors to submit bids by 23 June. The first phase of the project to be built in the Al-Wusta ... Read More

Myanmar joint venture storage terminal launched

May 12, 2017

Tank Storage Magazine A joint venture petroleum products terminal between Puma Energy and Asia Sun Energy has been launched in Myanmar. The $92 million investment in the Puma Energy Asia Sun terminal, located at Thilawa port, is first of its kind for the Myanmar petroleum industry, which has just opened up to foreign direct investment in this area. With 91,000 m3 of capacity, the terminal is the largest and most modern refined products import terminal in Myanmar.... Read More

Oil price surges after Opec action but shale could spoil the party

Dec 02, 2016

The Business TimesSingapore OIL-AND-GAS stocks on the Singapore Exchange (SGX) rallied on Thursday, after oil cartel Opec beat expectations by agreeing to cut output by 1.2 million barrels a day for the first six months of 2017. Non-Opec countries are expected to join in with another 0.6 million-barrel cut. Rig builders Keppel and SembMarine, liftboat provider Ezion and other struggling names like contractor Ezra, explorers KrisEnergy and Rex International, and ... Read More