South Africa to acquire 22,600-tonne LPG terminal
LIQUEFIED petroleum gas provider Petredec will develop a 22,600-tonne LPG terminal at liquid bulk storage operator Bidvest Tank Terminals’ current facility at Richards Bay, South Africa, establishing the biggest such facility in the region. Work on the terminal, composed of four tanks, each capable of storing more than 5,500 tonnes…
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JulNOC and Austria’s OMV look to expansion at Nafoura oil field
As part of the National Oil Corporation’s plans to increase production, agreement has been reached in principle with Austria’s OMV to invest in further development of the Nafoura field in the Sirte Basin in the east of the country, near Jalu. A meeting in Tripoli between NOC officials led by chairman…
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Jun-Nigeria and Libya to support suezmax tanker rates as Iran loses steam, while oil prices drop.
The drop in oil prices noticing that oil prices dropped significantly in the past days as a result of Libya’s and Nigeria’s increase in production which has raised concerns that the rebalancing of the oil market could take much longer than anticipated. “This drop in oil prices followed last week’s…
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JunTHE Grins are coming to the crude tanker markets.
THE Grins are coming to the crude tanker markets. But optimists can rightly claim that they are tamer than before, and that they may not stay long. This is because the current down cycle, which began last year, could see its trough in the second and third quarters of this…
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JunWhat is the outlook for oil as prices slip into bear market territory
Oil prices fell 2% to trade below $43 a barrel on Tuesday, entering bear market territory, after news of increased supply from Libya and Nigeria continued to scupper attempts by OPEC and non-OPEC producers to cut global output. The price of West Texas Intermediate (WTI) crude oil futures fell as…
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