Tuesday, May 18, 2021

Singapore News

Bubble Tech Helps Methane Carrier Save 6.6% net on Fuel, Emissions

The Methane Patricia Camila. Image courtesy Silverstream Technologies/Shell

Retrofit of air lubrication technology achieves verified performance of 6.6% net savings during initial testing.Silverstream Technologies' air lubrication system, the Silverstream System, has reportedly delivered 6.6% fuel and emissions savings during testing on the Shell-chartered 170,000 cbm LNG carrier Methane Patricia Camila.The Silverstream…

Exxon to Lay Off 300 Workers in Singapore

TimeStopper

Exxon Mobil Corp plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the "unprecedented market conditions" resulting from the COVID-19 pandemic, it said on Wednesday.About 300 positions out of 4,000 current jobs will be impacted by the end of 2021, the company said in a…

Venezuelan Oil Exports Rise on Larger Sales to Asia

© Francis / Adobe Stock

Venezuela’s oil exports rose in February to over 700,000 barrels per day (bpd), their highest level in 10 months, pushed by more sales of fuel oil cargoes to new clients in Asian markets, according to Refinitiv Eikon’s tanker tracking data and documents.A growing number of clients with no track record in oil trading has been helping Venezuela’s state-run PDVSA to allocate crude and fuel in Asia…

Mercuria Teams Up with Envysion for Project Investment

© Igor Groshev / Adobe Stock

Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal, signed on Wednesday, will see Mercuria present potential projects for investment to Envysion, founded and led by former Julius Baer banker Veronica Shim.

Great Ships of 2020: Seri Everest, World’s Largest Ethane Carrier

Photo Courtesy MISC Berhad

Seri Everest, the first in a series of three 98,000 cbm Very Large Ethane Carriers (VLECs) built at Samsung Heavy Industries Co., Ltd. (SHI) and delivered to MISC Berhad on October 30, 2020. Seri Everest is the first from a series of six VLECs that MISC purchased in July 2020. As a second generation VLEC, Seri Everest is one of the largest…

Deal Struck to Deliver Maritime Biofuel in Fujairah

Gary Hubbard, Chief Commercial Officer of Neutral Fuels and Lars Liebig, Managing Director of UED.

Uniper Energy DMCC (UED) and Neutral Fuels will collaborate to provide maritime biofuel in Fujairah, UAE.The companies will blend UED’s VLSFO and Neutral Fuels biofuel, creating a maritime fuel that meets IMO standard under their ISO8217:2010 RMG380 specification, cutting emissions of carbon dioxide.“The collaboration is aimed to address climate protection…

China's INE Considers Singapore for Marine Fuel Futures Delivery

© Rex Wholster / Adobe Stock

The Shanghai International Energy Exchange (INE) is considering using oil storage sites in Singapore owned by PetroChina Co as a delivery point for its low-sulphur fuel oil futures contract, according to two sources with direct knowledge of the matter.The INE’s move would be the first time a Chinese futures contract would be deliverable outside of China and could boost liquidity for the contract…

Fire at Oil India Well Extinguished after Nearly Six Months

Image credit: Oil India Twitter

State-run explorer Oil India Ltd said on Monday a deadly fire at its well in eastern India that that started raging nearly six months ago has been "doused completely.""There is no pressure in the well now and the same will be observed for 24 hrs to check," Oil India said in a filing to exchanges on Monday.Oil India had suspended operations…

Exxon Committed to Singapore Refinery Expansion

(File photo: ExxonMobil)

Exxon Mobil Corp said on Thursday it remained committed to expanding its refining-petrochemical complex in Singapore amid an ongoing review of its projects globally.Along with other oil producers, Exxon has been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S. oil company earlier outlined…

Battery-Power Moves Ahead in the Yacht Sector

‘Galaxy of Happiness’ – a Jean-Jacques Coste design. © Fraser Yachts

Yachts de Luxe (YdL) of Singapore placed a 10-year, $5 million contract with OXIS Energy to build the world’s first ever luxury boat to be powered by Lithium Sulfur (Li-S) cell and battery systems technology with a design range between 70 and 100 nautical miles at cruising speed.OXIS will work with YdL to design the new 40 foot luxury day boat which will carry a 400 kWh battery system comprising of Ultra Light…

Shell to Slash Jobs and Capacity at Major Singapore Refinery

Illustration; Credit: Rex Wholster/AdobeStock

Royal Dutch Shell will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce its carbon emissions.The refinery on Pulau Bukom, a small island in the Southeast Asian city-state, can process 500,000 barrels per day (bpd) of oil and is Shell's largest wholly-owned refinery…

LNG to FSU Conversion Completed at Sembcorp

Synergy Group, one of the world’s leading ship managers, has successfully converted an LNG carrier into a Floating Storage Unit. Pictured: The FSU at Sembcorp Marine’s Admiralty Yard in Singapore. Photo: Synergy Group

Ship managers Synergy Group converted a 1992-built, 126,000 cubic meters capacity Liquefied Natural Gas (LNG) carrier into a Floating Storage Unit (FSU). The conversion was performed at Sembcorp Marine’s Admiralty Yard in Singapore.Synergy will manage, maintain and operate the FSU, which has a projected lifespan of 15 years. It will be…

China Grants Zheijang First Private Fuel Export License

Image by Grispb/AdobeStock

China has granted Zhejiang Petroleum & Chemical Co (ZPC) a license to export refined oil products, making it the first private oil refiner to win such permission, two sources with knowledge of the matter said on Thursday.The license would allow ZPC to directly sell oil products to the international market, competing against state-owned…

KPMG Flags Oil Trader ZenRock's Questionable Deals

Image Credit:Ricochet64

ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions by the Singapore-based trader.ZenRock was placed under interim judicial management in May after one of its creditors HSBC…

Two Firefighters Die in Fire at Oilfield in India

Illustration only: Image by prathaan - AdobeStock

Two firefighters from Oil India have died while trying to put out a massive blaze at an oilfield operated by the state-run explorer in India's northeastern Assam state, officials said on Wednesday.Oil India had suspended operations at the gas well in its Baghjan oilfield on May 27 after an uncontrolled gas emission. The company has brought in experts from the Singapore-based firm Alert to control the blow-out.

China Starts Construction of Southern Part of China-Russia East Gas Pipeline

Illustration - hanmaomin / AdobeStock

Construction has started on the southern portion of the China-Russia East natural gas pipeline, which carries supplies from the Power of Siberia system in Russia, China Oil & Gas Piping Network Corp (PipeChina) in a statement on Tuesday.This portion starts at Yongqing in China's northern province of Hebei and ends at Shanghai in eastern China.

Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale

U.S. Shale ops -Credit:FerrizFrames/AdobeStock

Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes, but the biggest hikes were for the key Asian region…

Refineries around Asia Join Chinese Peers in Increasing Production

Refinery - Image by TTstudio/AdobeStock

Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The average operating rate for refineries in Asia is expected to rise to 75.5% and 82.2% in the third and fourth quarters, respectively…

PDVSA Changes Oil Deals to Include Shipping as Sanctions Bite

© Eddy Ulin / MarineTraffic.com

Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters.The United States has blacklisted vessel owners, shipping operators…

Sinopec Starts Up $6B Zhanjiang Refinery Complex

Image Credit: bobo1980/AdobeStock

Top Chinese state refiner Sinopec Corp said on Tuesday it had started up a $6 billion new refinery and petrochemical plant in south China, making it the country's third integrated complex to start operations in the past 18 months or so.The Sinopec venture, situated in coastal city of Zhanjiang, comprises a 200,000 barrel per day (bpd) crude oil refinery and an 800,000 tonne-per-year ethylene facility, built at a cost