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Oman extends bid deadline for region's largest crude storage facility
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
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
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
Sing Swee Bee, Gabadi to enter small-scale LNGV market
The Business Times SINGAPORE'S largest cryogenic equipment provider has tied up with the first outfitter licensed by leading liquefied natural gas (LNG) tank technology provider, Gaztransport & Technigaz (GTT) to pursue construction and repairs of LNG vessels (LNGVs).This came within two months from IE Singapore's call on oilfield services companies to position themselves to tap opportunities in the adjacent LNG market.Private-owned Sing Swee Bee (SSB) and Spai... Read More
Oil prices tumble as doubts over planned crude output cut rise
REUTERSSingapore Oil prices fell over 1 per cent on Monday, extending declines from last Friday as doubts re-emerged over the ability of major producers to cut output at a planned meeting on Wednesday aimed at reining in global oversupply. Brent crude futures were trading at US$46.40 per barrel at 0035 GMT, down 84 US cents, or 1.8 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were down 74 US cents, or 1.6 per cent, at US$45.32 a... Read More