Friday, September 21, 2018

South Korea News

Asian Refiners Rush to Secure Feedstock as Trade War Looms

File Image (CREDIT: AdobeStock / © Carabay)

U.S. tariffs on Chinese goods came into effect Friday; China retaliates, duty on U.S. crude possible. Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China…

Oil Slips Below $77

© garytog / Adobe Stock

Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions.Top exporter Saudi Arabia told OPEC it raised oil output by almost 500…

Saudi Aramco, Petronas tap Banks for Jumbo Financing

Saudi Aramco and Malaysia's Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking…

Papua New Guinea LNG Export Plant Offers Cargo for September

© Igor Groshev / Adobe Stock

Exxon Mobil's Papua New Guinea liquefied natural gas (LNG) export plant has offered a cargo for delivery in September, two industry sources said on Tuesday.The cargo is to be delivered into Japan, Taiwan, South Korea or China, and the tender closes on Wednesda

Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions

© Kees Smits / MarineTraffic.com

Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about…

New U.S. LNG Projects, Enough to Double Exports, on Verge of Launch

Photo courtesy of Kinder Morgan

New U.S. liquefied natural gas terminals with enough capacity to double U.S. exports have either begun commissioning their facilities or are waiting for approval from the energy regulator, a review of their documents showed this week.Although long planned…

MOL's FSRU Challenger for Hong Kong LNG Terminal Project

Photo: MOL

Mitsui O.S.K. Lines (MOL) announced that MOL, has entered into a preliminary agreement to supply a Floating Storage and Regasification Unit (FSRU), as well as Jetty Operation & Maintenance Services for the Hong…

Oil Rises as U.S. Sanctions on Iran Squeeze Supply

© Pam Walker / Adobe Stock

Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel…

Oil Responds to U.S. Sanctions on Iran

File Image (CREDIT: AdobeStock / © scanrail)

U.S. sanctions on Iran to remove crude oil from market; oil markets tight on supply losses in Libya, Venezuela. Oil prices climbed on Friday as U.S. sanctions against Iran threatened to remove a substantial volume…

Europe's Iranian Oil Purchases Set to Plummet

File Image (CREDIT: AdobeStock / © Leeylutung)

Key lender for Europe's oil purchases cuts credit from June 30. European refiners are cutting purchases of Iranian oil faster than expected as the U.S. prepares to reimpose sanctions on Iran, threatening a more…

Oil Jumps as Market Anticipates U.S. Sanctions on Iran

© GalinaSt / Adobe Stock

Oil prices rose strongly on Friday as U.S. sanctions against Iran threatened to remove a substantial volume of crude oil from world markets at a time of rising global demand.Benchmark Brent crude jumped $1.49…

Largest Oil Shipment Sent from Vancouver to China Since 2015

© Max Wei / MarineTraffic.com

An Aframax tanker is scheduled to deliver the largest shipment of crude oil from Vancouver to China since January 2015 later this month, Thomson Reuters trade flow data show.For years, Canadian officials have…

Oil Slips, Weighed by Saudi Output, Trade Spat

File Image (CREDIT: AdobeStock / © GearSTD)

U.S. crude inventories rise unexpectedly; U.S. implements tariffs on Chinese goods on Friday. Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China…

Aqualis Offshore to Position Egina FPSO

(Photo: Aqualis Offshore)

Aqualis Offshore has been handed the position keeping role for installation of the floating production storage offloading unit (FPSO) at Total’s Egina field offshore Nigeria.EPCIC contractor for the $3.3 billion FPSO…

S.Korea LNG Imports Set to Ease from Record

© alexyz3d / Adobe Stock

South Korean imports of liquefied natural gas are set to ease from record levels racked up in the first-half of the year, with appetite for the fuel from utilities seen fading as a raft of nuclear power stations…

Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal

China COSCO Shipping, Executive Vice President, Sun Jiakang (first from left) PAO Novatek, Chairman of the Management Board Leonid Mikhelson (second from left) Director of the National Energy Administration of China, Nur Bekri (fourth from left) Minister of Energy of Russia, Alexander Novak (fourth from right) CNPC, Board Director, President, Zhang Jianhua (third from right) MOL, Senior Managing Executive Officer, Takeshi Hashimoto (first from right). Photo: Mitsui O.S.K. Lines

Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call…

Oil Steadies but Outlook for Demand Grows Gloomy

© Ded Pixto / Adobe Stock

Oil rose as global markets steadied on Thursday, recovering some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.The oil market had felt the effects on Wednesday of a large build in U.S.

Middle East Oil & Gas Shipping Routes are at Risk

© Igor Groshev / Adobe Stock

Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran…

Höegh LNG Secures FSRU Debt Financing

(File photo: Höegh LNG)

Höegh LNG Holdings Ltd. said it has received commitment letter for a sale and leaseback financing for another floating storage and regasification unit (FSRU) of up to $206 million. FSRU #10 is currently under…

MOL Takes Delivery of LNG Schneeweisschen

LNG Schneeweisschen. Photo: Mitsui O.S.K. Lines

Mitsui O.S.K. Lines (MOL) announced that  the LNG carrier, LNG Schneeweisschen, jointly ordered by MOL and Itochu Corporation was delivered on July 31st at the Okpo shipyard by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea.The 180…