Latest news with #oilstorage
Malay Mail
21-06-2025
- Climate
- Malay Mail
Thick smoke and explosions reported as Johor Baru factory burns (VIDEO)
KUALA LUMPUR, June 21 — An oil storage facility caught fire at Taman Megah Ria in Johor Baru earlier today. The blaze, which broke out around 12.30pm, sent thick black smoke soaring over 100 metres into the air, intensified by hot weather and strong winds. About 60 per cent of the premises was destroyed in fire, but no casualties reported, according to the Johor Fire and Rescue Department (Bomba). Residents in the vicinity were ordered to evacuate their homes as a safety precaution and electricity supply in the affected area was cut off to prevent any untoward incidents. According to Berita Harian, several small explosions occurred around 2pm, with oil drums seen flying through the air due to the blasts. Bomba is actively working to bring the fire under control.
Zawya
28-05-2025
- Business
- Zawya
Dubai's GulfNav, Brooge Energy sign $871mln acquisition deal
Dubai-based shipping firm Gulf Navigation Holding PJSC (GulfNav) has entered into an asset sale agreement with Brooge Energy Ltd. for a total consideration of 3.2 billion dirhams ($871) million. The deal is for the sale of the assets and subsidiaries of Brooge, including Brooge Petroleum and Gas Investment Company FZE, and Brooge Petroleum and Gas Investment Company Phase III FZE. GulfNav is a major operator in maritime transport and oil storage. The acquisition of Brooge, with its facilities for the storage of fuel oil, crude oil, and petroleum products, is expected to double GulfNav's storage infrastructure, particularly in Fujairah, a critical bunkering port in the UAE. The acquisition involves a settlement structure comprising cash, newly issued shares, and Mandatory Convertible Bonds (MCBs). This includes: -Issuance of 358.8 million new shares to Brooge at AED 1.25 per share, subject to a one-year lock-up. -AED 2.336 billion in MCBs issued to Brooge, convertible at AED 1.25 per share. -AED 500 million in MCBs exclusively offered to GULFNAV's existing shareholders at AED 1.10 per share. -A cash component of AED 460 million Following the agreement, both parties will collaborate to meet all remaining conditions, including regulatory approvals, legal requirements, and corporate actions. GulfNav will increase its capital, issue new shares to Brooge Energy, and launch a capital raise via MCBs. The deal is expected to be finalised by Q3 2025. Nasdaq-listed Brooge has seen controversy in recent years. A restructuring executive from a management consultant working on the overhaul of the company was detained in the UAE last year, but was later released. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
23-05-2025
- Business
- Zawya
US crude oil storage demand surges as traders brace for OPEC+ price war
NEW YORK - U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. This month, OPEC+ agreed to accelerate oil output hikes for a second consecutive month in June as the group looks to punish over-producing members. OPEC leaders are also contemplating a similar increase in July, and could bring back as much as 2.2 million barrels-per-day (bpd) of supply to the market by November, Reuters reported earlier. A secondary objective of the OPEC+ supply hikes is to win back market share from U.S. producers, who ramped up output to record levels in recent years while the OPEC+ was making deep supply cuts. Brent crude futures slumped last month to a four-year low of $58.40 a barrel on fears the coming surge in OPEC+ supply could coincide with a global economic slowdown stemming from U.S. President Donald Trump's trade war. Sliding prices sent a signal to traders to store oil until prices recover, especially as the market structure shows a glut of supply forming next year, said Steven Barsamian, chief operating officer at The Tank Tiger. Crude oil storage demand on The Tank Tiger's platform has almost doubled from May to 3 million barrels for June, Barsamian said. Buyers have made inquiries for storage tanks across most U.S. trading hubs, including those in the country's Midwest and along its Gulf Coast. "We have not seen this kind of an uptick in crude storage demand since the COVID-19 pandemic," Barsamian said. New requests for June slowed over the past few weeks as the market recovered slightly on signs of progress in U.S. trade talks, but that only pushed the storage requests further out on the calendar. Barsamian's team is now working on a request to find storage for crude oil next January at the Cushing, Oklahoma hub, an unusually long lead-time, he said. "It shows how negative the market sentiment is if we are even getting a request that far out," he added. U.S. crude oil inventories rose unexpectedly in the past two weeks and now stand at about 443.2 million barrels, the highest since July 2024, according to data from the U.S. Energy Information Administration. (Reporting by Shariq Khan in New York; Editing by David Gregorio)
Reuters
22-05-2025
- Business
- Reuters
US crude oil storage demand surges as traders brace for OPEC+ price war
NEW YORK, May 22 (Reuters) - U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. This month, OPEC+ agreed to accelerate oil output hikes for a second consecutive month in June as the group looks to punish over-producing members. OPEC leaders are also contemplating a similar increase in July, and could bring back as much as 2.2 million barrels-per-day (bpd) of supply to the market by November, Reuters reported earlier. A secondary objective of the OPEC+ supply hikes is to win back market share from U.S. producers, who ramped up output to record levels in recent years while the OPEC+ was making deep supply cuts. Brent crude futures slumped last month to a four-year low of $58.40 a barrel on fears the coming surge in OPEC+ supply could coincide with a global economic slowdown stemming from U.S. President Donald Trump's trade war. Sliding prices sent a signal to traders to store oil until prices recover, especially as the market structure shows a glut of supply forming next year, said Steven Barsamian, chief operating officer at The Tank Tiger. Crude oil storage demand on The Tank Tiger's platform has almost doubled from May to 3 million barrels for June, Barsamian said. Buyers have made inquiries for storage tanks across most U.S. trading hubs, including those in the country's Midwest and along its Gulf Coast. "We have not seen this kind of an uptick in crude storage demand since the COVID-19 pandemic," Barsamian said. New requests for June slowed over the past few weeks as the market recovered slightly on signs of progress in U.S. trade talks, but that only pushed the storage requests further out on the calendar. Barsamian's team is now working on a request to find storage for crude oil next January at the Cushing, Oklahoma hub, an unusually long lead-time, he said. "It shows how negative the market sentiment is if we are even getting a request that far out," he added. U.S. crude oil inventories rose unexpectedly in the past two weeks and now stand at about 443.2 million barrels, the highest since July 2024, according to data from the U.S. Energy Information Administration.
