Tank Storage Magazine April-May vol 12 issue 2

REGIONAL FOCUS: MIDDLE EAST

The voice of the storage terminal industry APRIL/MAY 2016 Volume 12 Issue No.2

BUSINESS WITH AN OPEN HEART

AND MINDVopak looks at the next century in tank storage

FULFILLING A STORAGE NEED

A need for chemical storage has emerged as the Qatari economy grows

APRIL/MAY 2016 VOLUME 12 ISSUE NO.2

PROFILE l XXXXXX XXXXXX

2

LightningMasterCorporation



2100-A Palmetto St., Clearwater, FL 33765800-749-6800

lightningmaster.com [email protected]

Established in 1984, Lightning Master® is a global, full service, static solutions,

lightning and surge protection manufacturing company. We serve a wide

range of customers including oil, gas, chemical and other industrial facilities.

Our complete line of products, systems and consulting services are backed by

our world class customer service. Our track record of success in the Americas,

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authority on lightning and static protection.

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CONTENTS

01

Contents

NewsTERMINAL NEWS

09 Europe

20 The Americas

24 Africa & Middle East

25 Asia

26 Incident report

Storage in the Middle East27 Tank terminal update: Middle East

32 Doing business with an open heart and mind

34 Achieving the Omani refining and petrochemical dream

36 A one stop shop business

44 Hoarding for a rainy day

47 Fulfilling a need for chemical storage in Qatar

48 Independent storage operations in Oman

47

36

Market analysis 38 Environmental protection of bulk liquid storage

facilities

41 Specifying, procuring and managing third party inspection services

50 Fallout from low oil prices in the Middle East

51 Evolving the Dubai crude oil benchmark

2100-A Palmetto St., Clearwater, FL 33765800-749-6800

lightningmaster.com [email protected]

32


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CONTENTS

03

Contents

Events71 Unlocking international markets Previewing some of the exhibitors at this year’s

Tank World Expo in Dubai

80 Upcoming events

81 Advertisers’ index

Technical features52 Technical news

56 Improving safety during loading and unloading operations of vessels

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CONTRIBUTORS

04

Front cover courtesy of CTS Nederlands

ContributorsAPRIL/MAY 2016 Volume 12 Issue No.2

PUBLISHER Margaret Dunn t: +44 (0)20 8843 8153e: [email protected]

INTERNATIONAL SALES MANAGERDavid Kellyt: +44 (0)20 8843 8161e: [email protected]

DATABASE MANAGER Jourdan Rozet: +44 (0)20 8843 8828e: [email protected]

MANAGING DIRECTORMatt Benyont: +44 (0)20 8843 8813e: [email protected]

ONLINE & CONTENT EDITOR Jasmin McDermottt: +44 (0)20 8843 8159e: [email protected]

MARKETING PROJECT MANAGER Amy Jordant: +44 (0)20 8843 8837e: [email protected]

SUBSCRIPTION MANAGER Alison Churcht: +44 (0)20 8843 8800e: [email protected]

t: +44 (0) 20 8843 8800f: +44 (0) 20 8892 1929e: [email protected] w: www.tankstoragemag.com

Easyfairs 2nd Floor, Regal House70 London Road TwickenhamTW1 3QSUnited Kingdom

ISSN 1750-841X

A one-year, 6-issue subscription costs £150 (approximately $240/€185 depending on daily exchange rates.) Individual back issues can be purchased at a cost of £30 each.

@tankstorageinfo

Tank Storage Magazine

Tank Storage Magazine

Tank Storage Magazine (ISSN 1750-841X) is published six times a year (in February, March, May, August, October and November) by Easyfairs UK Ltd, 2nd Floor, Regal House, 70 London Road, Twickenham, TW1 3QS, UK. The 2016 US Institutional subscription price is $240. Airfreight and mailing in the USA by Agent named Air Business, C/O Worldnet Shipping USA Inc., 155-11 146th Street, Jamaica, New York NY11434. Periodical postage pending at Jamaica NY 11431. Subscription records are maintained at Easyfairs UK Ltd, 2nd Floor, Regal House, 70 London Road, Twickenham, TW1 3QS, UK. Air Business Ltd is acting as our mailing agent.

CONTACT SUBSCRIPTION RATES

CONNECT WITH US

Part of

APRIL/MAY 2016 VOLUME 12 ISSUE NO.2 05

CONTRIBUTORS

of excellenceYears

A Multidisciplinary International Engineering & Construction Company headquartered in United Arab Emirates delivering ingenious Engineering Solutions consistently to our Clients Globally. With the depth and breadth of technical expertise to respond to the complex challenges of the Bulk Liquid Storage Tank Terminal/Depots Design & Installation, Offsites & Utilities, Piping, Pipeline, Topside Facilities; We Deliver Quality Projects in time & in budget. Aptly skilled & equipped to provide a combination of front-end design, engineering, procurement, fabrication, construction, commissioning and operation & Maintenance services spanning across all phases of the project lifecycle. Whether it’s the concept for a New Storage Terminal, Multi Product Port Topside Facility, Pipe Matrix, the upgrade of an existing Offsite Facilities, Complex Piping Network, Structural Works, Equipment Erections Works or the improvement of an existing Terminal, we plan, engineer and enable cost effective solutions.

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INGENIOUS BULK LIQUID STORAGE ENGINEERING SOLUTIONSINGENIOUS BULK LIQUID STORAGE ENGINEERING SOLUTIONS


COMMENT

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COMMENT

07

Insatiable storage appetite

The world is awash with crude, stockpiling oil has become a necessity and traders are still dancing the contango.

The bloated, oversupplied market con-tinues to bear golden fruit for the storage market as key storage hubs are brimming with product.

OPEC and other oil producers are yet to reach a deal on whether to cap production and turn off the crude tap and the debate has ramped up ahead of a meeting between some of the world’s biggest crude producers.

Russia and Saudi Arabia have agreed to freeze production, along with OPEC members Venezuela and Qatar. However Iran, whose export sanctions were lifted earlier this year, reportedly wants to regain its share of the global oil market before entering into such an agreement.

Amid this rapid change in the market, storage operator Vopak is celebrating its 400th anniversary. In an exclusive inter-view, Vopak’s CEO explains how its busi-ness principles has ensured its continuing

success and how it is positioning itself for the next century in tank storage.

The Middle East is proving to be a booming region for storage, with addi-tional storage and refining capacity slated to become operational over the coming years.

Within this issue, we provide compre-hensive analysis of the market dynamics in this region, as well as having a closer look at projects in Oman and Fujairah with the likes of Oiltanking Odfjell Terminals Oman, Fujairah Oil Terminal and Third Coast International.

This issue of Tank Storage Magazine will be travelling far and wide. In addition to being the official publication for Tank World Expo in Dubai, copies of the mag-azine will also be available at NISTM in Orlando and FPS Expo in Liverpool, UK.

We hope you enjoy the read.

With best wishes, Jasmin

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TERMINAL NEWS l CONTENTS

EuropE

09 Inter Terminals’ proactive storage investment

Tank capacity swells for LBC

10 Thames Oilport investment acquisition complete

Zenith acquires BP Amsterdam terminal

ICT Rubis completes first liquefied gases transloading

Odfjell reports significant performance improvement

12 VTTI’s favourable outlook thanks to positive terminal market

14 Rubis reports slight storage revenue decline

Inter Pipeline’s bulk liquid segment surges

16 Stolthaven Terminals reports slight drop in financials

Rotterdam refinery acquired by Gunvor

18 Vopak benefits from advanced economies pickup

THE AMErICAS

20 Buckeye’s terminal segment drives performance surge

Kinder Morgan completes BP terminals acquisition

Macquarie Infrastructure experiences terminal revenue decrease

22 US LNG export terminals increase as production grows

Magellan’s financials drop

Growth for JP Energy refined products terminals

23 Gulf Coast alternative storage solution as Cushing builds

Refinery cuts fill St James tanks

AFrICA & MIDDLE EAST

24 Completed tanks transported to Saudi Arabia

ASIA

25 StocExpo Shanghai launched by Easyfairs

China delays strategic oil reserves storage

Vopak welcomes first LPG cargo to Singapore

Terminal news

p20Kinder Morgan completes BP terminals acquisition

p25 Vopak welcomes first LPG cargo to Singapore

p10Zenith acquires BP Amsterdam terminal

All the latest terminal storage news from around the globe

For more news visit www.tankstoragemag.com


TERMINAL NEWS l EUROPE

The northern Europe bulk liquid storage operator says that it is taking a proactive approach to the continuing oil market contango by investing in large ship handling and oil storage capacity at the terminal located in the third most active channel for oil products in the world.

As a result of dredging and improvement works at the main oil quay and jetty, drafts have been deepened to 11.5 meter and 14.2 meters respectively. The jetties can accommodate vessels of Aframax and Suezmax up to 180,000 tonnes.

Additionally, two tanks are also being recommissioned, resulting in an additional 40,000 m3 of oil storage.

AOT has a capacity of 430,000 m3 of products. Work at this ter-minal is part of a broader upgrade programme at Inter Terminals’ four terminals in Denmark.

The company’s investment includes installation of mixers and blenders in heated fuel oil and vacuum gas oil tanks as well as radar-based tank gauging technology to enhance stock manage-ment systems.

Chief executive Martyn Lyons says that demand for storage has been outstripping supply as the contango strengthens.

He says: ‘Average utilisation rates across our European storage network in the first three quarters of 2015 were 93% compared with 77% for the same period in 2014. Our ongoing investment in this strategically important location means we are ready and able to meet the fast changing needs of the market.’

The company says that in order to meet increasing customer demand, it started construction work in February. In addition to expanding its jetty capabilities, capacity at the terminal will increase to 250,000 m3.

The first 36,000 m3 expansion of stainless steel tanks has started and is expected to be operational in the first half of 2017.

Railcar and truck loading facilities will also be upgraded to accom-modate a large range of liquid chemicals.

The facilities will be able to handle products requiring vapour treatment, mixing and blending as well as those requiring dedicated temperature control.

The company says in a statement: ‘This innovative expansion matched the ambition of LBC to become the most efficient terminal in the Port of Rotterdam when it comes to ship-to-shore interface and ship-turnaround times.’

Inter Terminals’ proactive storage investment

Tank capacity swells for LBC

Inter Terminals has announced a multi-million Euro investment at its Asnaes Oil Terminal in the Danish Straits.

Construction work has started on additional stainless steel storage tanks at LBC Tank Terminals’ facility in Rotterdam.

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The joint venture (formerly the Coryton refinery) is still under develop-ment and has not yet been commissioned.

This is the first of two transactions regarding the sale of all Vopak’s UK assets to Greenergy and Macquarie Capital. The second transaction is expected to be completed by the end of the first quarter in 2016.

The international liquids and bulk terminaling company is due to take ownership of the terminal asset by the end of the first quarter 2016 following a transition process.

The facility is located on the North Sea Canal within the ARA region and has a storage capacity of more than six million barrels for petro-leum, ethanol, middle distillates, biodiesel, kerosene and LPG.

It has capabilities for sophisticated blending, connectivity for ocean vessels, inland waterway and trucks, a deep draft for oceangoing tankers up to 135,000 tonnes with multiple berths for barges and ships.

In an interview with Tank Storage Magazine Jay Reynolds, chief commercial officer, says: ‘This asset is a highly strategic one in terms of its location and access to deep water.

‘It has a significant position serving the local market and it has got a very good position in the local motor fuel distribution business. BP will remain a significant customer of the terminal after transferring ownership across.

‘We are very excited to own it and to be working with BP going forward.’

Another attractive feature of the facility is the opportunity for further expansion projects. This is something that Zenith will look to capitalise on in the future.

Reynolds adds: ‘The expansion capability was one of the factors in us deciding to acquire the asset.

‘We do not have any immediate plans but we have several potential opportunities to expand the facility.’

The company has had its sights firmly set on entering the ARA market since it was formed in August 2014 and has ambitions to expand even further into this internationally-renowned storage hub.

‘There is significant growth potential – we hope to eventually have an asset in each of the key markets in the future,’ says Reynolds.

Zenith’s asset portfolio includes the Bantry Bay terminal in West Cork, Ireland, acquired from Phillips 66 and a new multi-product liquids terminal in Colombia – a joint venture with Grupo Coremar.

In its preliminary 2015 full year report, the storage operator recorded a full year EBITDA of $190 million compared to $96 million the previous year.

Additionally, its cost-cutting programme Project Felix, was successfully completed ahead of target with more than $100 million in annual savings.

In its fourth quarter results, the company summerised that it experi-enced stable underlying operational performance however, there were softer markets towards the end of the quarter.

Its terminals segment was stable however there was a $2.5 million write-off relating to a greenfield project in China.

Its Rotterdam facility has commitments for new contracts that will ramp up during the first half of 2016 and utilise the majority of the distilla-tion capacity for 2016.

Odfjell’s tank terminals business delivered an EBITDA of $11.4 million, up from $9.9 million in the previous quarter. Performance was driven partly by revenues at its PID distillation units in Rotterdam, Bay 10 in Houston and continued high demand for spot and mid-term storage related to the contango in the oil markets.

Occupancy rates remained static at 94%, the same as the previous quarter and there was a 36,420 m3 increase in available capacity.

In Tianjin, the company expects that there will be further delays in obtaining the required operating permits as a result of the explosion in the old harbour last year. A one-off charge of $2.5 million was made in relation to the valuation of the greenfield project at Odfjell Terminals Quanzhou.

Looking ahead, the company expects its 2016 results to improve as a result of strong PID distillation activity and better storage results at Odfjell Terminals Rotterdam and stable results for the other terminals.

Thames Oilport investment acquisition complete

Zenith acquires BP Amsterdam terminal

Odfjell reports significant performance improvement

Vopak has completed the sale of a 33.3% investment in the Thames Oilport joint venture to Greenergy.

Zenith Energy has acquired a multi-million barrel liquids storage facility in Amsterdam from BP.

Odfjell’s underlying performance significantly improved in 2015 thanks to the completion of its cost-cutting and efficiency programme.

The facility in Antwerp, which is suitable for transloading C3 and C4 gases directly from vessel into rail tank cars or block trains, is now fully operational.

In addition to offering storage and transhipment of liquefied gases, the company can now transload these products.

No tank is required during the operation, the vessel pumps the product directly into the rail tank cars through a pipeline via a loading arm.

This development will play a major role in shifting volume from road transportation to the more efficient and ecological rail transport mode and will contribute to the reduction of CO2 emissions within the port.

Additionally, rail infrastructure has also been expanded and there are now eight loading station positions as well as extra rail tracks.

ICT Rubis completes first liquefied gases transloadingICT Rubis has completed its first direct transloading operations of liquefied gases from a vessel into block train.


Rob Nijst, CEO of VTTI says that across the company’s portfolio, storage capacity was close to 100% utilisation thanks to strong customer demand and a ‘supportive market backdrop’ as a result of contango pricing in a number of oil products.

He adds: ‘The fall in commodity prices has no direct impact on our busi-ness model and the key drivers of our business, global product demand and intra-regional flows, are continuing their long-term upward trajectory.’

Total operating income for the fourth quarter was $28.1 million and net income was $6.5 million. Adjusted EBITDA for the fourth quarter was $47.6 million, compared to the fourth quarter of 2014 of $50.1 million.

The company says that despite a strong underlying trading performance, results were impacted by a reduction in excess throughput revenue versus the comparative period for last year. The decrease in excess throughput revenues was driven by a change in the volume distribution mix across cus-tomer contracts however, utilisation and throughput levels remained high.

Looking ahead, Nijst says: ‘The outlook for VTTI is very positive, with strong demand for international storage capacity driven by a supportive

market environment and favourable underlying macro trends. Our targeted distribution growth remains unchanged and VTTI continues to pursue actively both greenfield and brownfield opportunities to add to our dropdown inventory.’


VTTI’s favourable outlook thanks to positive terminal marketA positive international terminal market has contributed towards VTTI Energy Partners’ strong operational performance.

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In the fourth quarter, the company’s Rotterdam facility delivered a strong performance with a growth of 15% in recorded revenue. The terminal experienced a 7% increase in chemicals storage while heavy fuel oil reve-nues increased by 3%.

The Antwerp and Ceyhan terminals recorded a growth of 2%.

In France, the petroleum business was virtually stable set in a broader French market where consumption of petroleum products was down 2%.

Total chemicals revenue in northern Europe increased by 5% which reflects the sector’s ‘robust momentum’ in this region.

Rubis reports slight storage revenue declineOverall storage revenues at Rubis Terminal for 2015 de-clined by 2% despite a 0.6% increase in the fourth quarter.

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Inter Pipeline’s bulk liquid segment surgesInter Pipeline’s storage segment generated record funds from operations in 2015, according to the company’s annual statement.

The segment generated $98.3 million in 2015 – a 30% increase compared to 2014 results. This is due to the acquisition of Inter Terminals Sweden in June 2015 and strong demand for storage services across the business segment.

Overall utilisation rates for 2015 averaged 94%, compared to 79% in 2014. Higher utilisation rates were experienced across all terminals, led by the company’s Danish facilities where stronger contango pricing

relationships for certain petroleum products continued to drive favour-able results.

Within this segment, fourth quarter funds from operations totalled $28.2 million, a 79% increase compared to the fourth quarter of 2014. Utilisation rates were 97% compared to 84% in the comparable quarter of 2014.

In 2015, the company generated record funds from operations of $774 million, representing a 37% increase over 2014 results.

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Fourth quarter operating revenue for the terminals segment was $52.2 million, compared with $54.0 million in the third quarter.

The average terminal capacity at Stolthaven’s owned terminals increased slightly to 1.62 million m3. Utilisation also increase to 86.9% however, total product handled slipped by 1.7%, while average storage and throughput revenue per cubic meter of leased capacity per month dropped by 1.8%.

Operating profit for the fourth quarter was $2.6 million, down from $6.4 million in the third quarter. This was due to impairment of goodwill in New Zealand as well as accelerated depreciation of cer-tain terminal assets in Australia and New Zealand.

The fourth quarter included write-offs of certain assets, accelerated depreciation and settlements of

customer claims as well as additional maintenance expense in Houston.

Equity income from the company’s non-consol-idated joint venture terminals decreased by $2.2 million in the fourth quarter, partly due to a dilution loss related to Norterminal AS, following the addition of a new partner in its subsidiary, Norterminal Floating Storage AS, and the continued closure of Stolthaven’s joint venture facility in Lingang, pending renewal of the operating license following the explo-sion in the Port of Tianjin in August.

Niels G Stolt-Nielsen, CEO of Stolt-Nielsen, says: ‘Poor results at Stolthaven Terminals were attributed to accelerated depreciation of certain assets and continued actions to enhance efficiency and improve profitability at Stolthaven Houston, though the under-lying dynamics of the storage market remain solid.’

Stolthaven Terminals reports slight drop in financialsTotal products handled and average storage and throughput revenue at Stolthaven Terminals dropped in the fourth quarter of 2015.

The acquisition from Kuwait Petroleum International means that the refinery can continue to operate in line with Gunvor’s integration and optimisation strategies.

As part of the transaction, the refinery will be named Gunvor Petroleum Rotterdam and will be integrated into Gunvor’s existing European refinery network, which includes refineries in Antwerp, Belgium and Germany.

Rotterdam refinery acquired by GunvorThe Kuwait Petroleum Europoort refinery in Rotterdam has been acquired by Gunvor Group.


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The leading independent tank storage company reported that revenue in 2015 surged by €63.5 million to €1,386 million compared to €1,322.5 million in 2014.

This increase in revenues was mainly driven by a higher average occupancy rate primarily in the Netherlands and EMEA due to positive market sentiment however, these were partially offset by the effect of the company’s nine divestments and a decrease in revenues in China and Singapore. Both of these markets were faced with a more competitive and dynamic spot market and changes in the product mix, resulting in lower occupancy rates.

EBITDA increased by 6% to €812 million and the company’s global storage capacity increased by 500,000 m3 to 34.3 million m3 during the last year.

During 2015, Vopak commissioned 2,244,600 m3 of new capacity, the most notable of which include Pengerang Independent Terminals phase 1C of 413,000 m3 of capacity, an oil terminal in Hainan in China, with a capacity of 1,350,000 m3 and the first phase of an associate industrial chemical terminal in Jubail in Saudi Arabia. However, taking into account divested terminals, the company’s overall capacity growth was 507,800 m3.

Eelco Hoekstra, chairman of the executive board and CEO of Vopak, says: ‘We are pleased with the good progress made with the optimi-sation of our terminal portfolio in 2015. Through the divestment pro-

gram, together with the commissioning of new terminals and capacity expansions at existing terminals, we have further strengthened our global network and improved our competitive service offering.

‘We observed a gradual pickup in advanced economies and a slow-down in emerging markets and developing countries. In North America, the underlying drivers for acceleration in consumption and investment remained intact.

‘Further, the economic recovery in Europe has developed positively, with a robust improvement in domestic demand. However, this year was dominated by China’s uncertain growth perspective, increased economic sensitivity to lower commodity prices and the heightened geopolitical tensions in certain regions.

‘Despite these challenging market developments, we were able to deliver robust financial results supported by the positive FX effect.

‘Global imbalances, long-term contracts and effective supply chain positioning continue to be the main drivers behind the strong demand for our infrastructure services. The lower price environment contributed to the higher occupancy rate in the Netherlands and EMEA and increased market interest for our newly commissioned oil terminals in Asia. Overall demand for chemicals remains healthy, supported by increase in GDP, population growth and rising wealth levels.’Read our full and exclusive interview with Vopak’s CEO on page 26.

Vopak benefits from advanced economies pickupThe positive market sentiment for oil products in Europe, the Middle East and Africa helped drive Vopak’s revenue growth by 5%.



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The terminals are key distribution facilities for major refined products consuming markets and have approximately 9.5 million barrels of storage.

Kinder Morgan and BP Products North America have also formed a joint venture limited liability company terminal business to own 14 of the acquired assets, which Kinder Morgan will operate and market on the joint venture’s behalf.

The 15th terminal will be owned and operated solely by Kinder Morgan. Kinder Morgan owns a 75% interest in the joint venture and BP owns

the balance. The transaction is valued at around $350 million and includes approximately 160 former BP employees.

John Schlosser, president of Kinder Morgan, says: ‘By combining BP’s expertise in product trading and marketing with Kinder Morgan’s strength in operations and terminal development, the joint venture is well suited to take advantage of growth opportunities in high-demand refined petroleum products markets.

The company reported that income from continuing operations for the quarter was $135.1 million compared to $64 million from 2014. Adjusted EBITDA from continuing operations for the fourth quarter was $244.5 million compared to $223.5 million for the same quarter in 2014.

Clark Smith, chairman, president and CEO, says: ‘Buckeye’s out-standing fourth quarter and full year financial results further demon-strate the benefits of our diversification strategy and the strength of our position in the market.

‘We were able to capitalise on strong demand in the market to increase utilisation of our storage assets at a higher contracted rates.’

In December 2015, the company announced the commissioning of a 50,000 barrel per day condensate splitter facility in Corpus Christi. Construction is expected to be complete but the end of the first quarter of 2016.

Kinder Morgan completes BP terminals acquisition

Buckeye’s terminal segment drives performance surge

A total of 15 refined products terminals have been acquired by Kinder Morgan from BP Products North America.

Strong demand in the tank storage market helped Buckeye Partners to deliver strong financials for the fourth quarter of 2015.

TERMINAL NEWS l THE AMERICAS

The company says that the revenue decrease was a result of decreased spill response activity at OMI Environmental Solutions, reduced heating revenue and a reduction in rail services provided by IMTT.

However, these were offset by improvements in firm commit-ments including increased utilisation rates of 94.9% at year-end 2015 compared with 92.5% for the same period in 2014.

The company says that costs controls and efficiencies achieved since the IMTT acquisition in 2014 contributed to a decrease in expenses of 12.3%. Savings have been achieved in insurance and procurement, with the application of technology and improved con-trols generally.

Refined petroleum product storage and handling represents around 55% of IMTT’s total revenue. Crude and asphalt storage represents approximately 3% of IMTTs total revenue and IMTT reported a decrease in services provided in support of these products in the fourth quarter and full year primarily as a result of a reduction in product shipments by rail from Canada.

James Hooke, CEO of MIC says: ‘The performance of IMTT in both the quarter and the full year periods reflects the downstream services nature of the business overall, as well as the extent to which it is uncor-related with the exploration and production portion of the oil industry.

‘While the upstream E&P companies are under considerable finan-cial pressure, the vast majority of the hydrocarbons stored at IMTT have already been refined.’

Macquarie Infrastructure experiences terminal revenue decreaseMacquarie Infrastructure Corporation’s International Matex Tank Terminal segment experienced a decrease in revenue.



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The company reported a net income of $207.1 million for the last quarter 2015 compared to $252.1 million for the same period in 2014.

This was driven by reduced profits from the partnership’s commodi-ty-related activities, due to lower realised commodity produces on these activities and market-to-mark pricing adjustments for the related hedging positions.

However, this was partially offset by higher contributions from Magellan’s core fee-based transportation and terminal activities.

The company’s crude oil operating margin was $95.2 million, an increase of $6.4 million. Transportation and terminals revenue increased by $10 million, primarily due to contributions from the 40-mile Houston crude oil pipeline that Magellan acquired in November 2014, more ship-ments on the partnership’s Longhorn pipeline system and new leased storage contracts.

Michael Mears, CEO, says: ‘Despite the downturn in energy markets, Magellan generated record distributable cash flow for both the fourth quarter and the full-year 2015, driven by the benefit of recently-completed expansion capital projects and continues strong demand for our fee-based refined products and crude oil pipeline and terminal services.’

‘Magellan’s business fundamentals remain sound, with our stable

business model, investment-grade balance sheet and attractive slate of growth projects position us well to remain strong in the current energy environment.’

During 2015, the company spend $666 million on organic growth construction projects and $81 million to acquire an additional Atlanta terminal and a 100-acre tract of land in Corpus Christi, Texas for future development.

The partnership expects to spend $800 million in 2016 and $100 million thereafter to complete its current slate of construction projects. Magellan continues to evaluate multiple options to increase its Gulf Coast marine capabilities, including additional storage at its Galena Park marine terminal and further development of its Seabrook Logistics joint venture and its recently-acquired land in Corpus Christi.

The upgrade, which will allow for unit train deliveries of ethanol, will improve the terminal’s ethanol offloading efficiency and capacity. The project will utilise existing infrastructure at the site, including up to 4.5 million gallons of ethanol storage and will be capable of blending and distributing up to nine million gallons per month.

The terminal offers a full suite of blending capabilities onsite. Seperately, JP Energy has executed an interconnection

agreement with an affiliate of Magellan Midstream Partners to connect JP Energy’s North Little Rock facility to Magellan’s Little Rock Pipeline.

The interconnection will allow JP Energy’s customers to deliver the terminal via Enterprise Product Partners’ TEPPCO pipeline or Magellan’s Little Rock Pipeline, providing access to both Gulf Coast and Midcontinent refineries.

J. Patrick Barley, executive chairman and CEO of JP Energy says: ‘The Magellan interconnection will provide our customers with greater operational flexibility for product deliveries for mul-tiple production zones.

‘Our ability to leverage our existing infrastructure at the site will allow us to provide the lowest cost ethanol in Central Arkansas and beyond.’

The EIA observes that with the rapid growth of supply from shale gas resources over the past decade, US natural gas production has grown each year since 2006.

The decline in domestic natural gas prices has led to rising natural gas exports, both via pipeline to Mexico and to overseas markets via LNG tankers.

Currently, the US is a net importer of natural gas, and gross imports repre-sented nearly 10% of total supply in 2015, based on data through November. The US imported 7.5 billion cubic feet per day of natural gas, mostly from Canada by pipeline, and exported 4.8 bcf/d, mostly to Mexico by pipeline.

In addition to the Sabine Pass terminal, four other LNG export terminals are currently under construction.

Several LNG import terminals were built in the 1970s, and a new wave of terminals was constructed in the mid- to late-200s. As domestic production increased, LNG imports declines, as many new terminals were barely used and the utilisation rates of older terminals declined.

The four export terminals currently under construction are Dominion Energy’s Cove Point LNG facility in Maryland, Cheniere’s Corpus Christi LNG project, Sempra Energy’s Cameron LNG terminal in Louisiana and Freeport LNG in Texas.

These terminals are expected to take advantage of natural gas produced in the Appalachian Basin, particularly the Marcellus and Utica regions – the source of much of the nation’s production growth over the past several years.

Magellan’s financials drop

Growth for JP Energy refined products terminal

US LNG export terminals increase as production grows

Magellan Midstream Partners recorded a decrease in net income in its fourth quarter financials due to reduced profits and lower realised commodity prices.

JP Energy Partners has started work to expand its existing rail facilities at its North Little Rock refined products terminal.

The growth of natural gas production in the US over the past decade has prompted the development of LNG export terminals.



According to Genscape, so far in 2016, inventories in Houston, Beaumont-Nederland and Corpus Christi, have increased by nearly seven million barrels and are only 739,000 shy of the record high level reached in October 2015.

Lower waterborne crude loadings have also contributed to the recent increase in Gulf Coast stocks. As of February 19, 2016 Gulf Coast domestic waterborne loading volumes were 34% lower than the beginning of the year and 36% lower than 2015

average loading volumes. Additionally, fewer loadings have left the Gulf Coast.

Since the crude export ban was lifted in December 2015, a handful of waterborne shipments have shipped from the Gulf Coast for destinations in Europe however, these shipments are being displaced from pre-existing destinations, such as refinery markets in eastern Canada. Therefore, total outgoing waterborne volumes from the Gulf Coast have not significantly increased since the ban was lifted.

Crude oil stocks in St. James, Los Angeles soared by 1.9 million barrels to a record high the week ending February 26, and could continue to increase if crude demand falls further at Midcontinent refin-eries, according to Genscape.

Oil analysts Dylan White and Amanda Fairfax Dirkes say that Valero Energy has cut production at its Memphis refinery in early February to combat weak profits. Sources estimate that the refinery may decrease crude processing by 25%.

The St. James storage build week ending February 26 coincided with decreased outgoing crude pipeline volumes.

Gulf Coast alternative storage solution as Cushing builds

Refinery cuts fill St James tanks

As inventories at Cushing reach near maximum capacity, stocks at US Gulf Coast facilities continue to build.

A refined products glut in the US Midconti-nent has resulted in tanks at St. James to fill as refinery run rates decline.

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The tanks, constructed by SJR at its production facility in Bolnes, the Netherlands, were transported by barge to the Broekman Break Bulk Terminal at Waalhaven in the Port of Rotterdam before being loaded onto heavy cargo ship Big Lift Happy Delta.

Weighing in excess of 900 tonnes, the tanks, nine of which have a capacity of 1,350 m3 and the remaining four with 2,700 m3 of capacity, will be installed by SJR following the 24 day transport.

The addition of these tanks will almost double capacity at the terminal, which currently has 26 tanks. Once complete the facility will comprise 39 tanks supported by two marine berths.

Kasper Castricum, terminal and business operations manager at ACT, says: ‘Tank that are built inside are of better quality than tanks built on site. The short lead time and fast delivery were of crucial importance.’

‘We are also particularly happy with the fact that the tanks are not being built in an operations zone at the terminal as this avoids risks and downtime.’

Completed tanks transported to Saudi ArabiaA total of 13 stainless steel tanks were shipped to Arabian Chemical Terminals’ chemical storage terminal in Jubail.


TERMINAL NEWS l ASIA

StocExpo Shanghai will be the world’s largest dedicated even for the Chinese storage terminal industry.

Despite news concerning the slowdown in its economy, China has been identified as a key region for oil storage up until 2040, and according to the IEA, it will add almost 350 kb/d to global demand on average per year and is the key driving force behind the growth in global oil consumption.

In 2015, China also became the world’s largest crude oil user, making StocExpo Shanghai perfectly placed to serve key storage regions.

The country has 9,500 tanks and more than 189 million m3 of capacity. Additionally, Shanghai currently holds 31% of the country’s total capacity.

Nick Powell, event manager of Easyfairs’ tank storage portfolio says: ‘Given the magnitude of the Chinese market, it seems only right that Easyfairs has picked this as its next market.

‘We have already experienced a huge appetite for the Chinese market and we know that there is plenty of room for growth, so expectations surrounding this show are huge, both internally and externally.’

The event will take place at The Shanghai World Expo on November 2 and 3, 2016. In addition to the two day show, featuring leading manufacturers and suppliers from across the industry, there will also be a conference to discuss storage issues in China.

For more information on the exhibition and conference visit www.stocexposhanghai.com.

According to Bloomberg, China will finish construction of the second phase of its strategic stockpiles and will begin preliminary work on additional sites by 2020, according to the 2016-2020 Five Year Plan.

Previously, the plans stipulated that the three phases would be completed by the end of 2020.

The first phase of China’s storage build was completed in 2009, comprising four sites totalling 91 million barrels.

The second phase, comprising 168 million barrels, has been delayed, but was due to be completed in 2015.

Vopak’s Banyan terminal received the cargo from the Sun Aries vessel, which will deliver fully refrigerated propane to ExxonMobil Asia Pacific, one of the anchor tenants of Vopak’s terminal in Singapore.

The facility has an initial capacity of almost 80,000 m3 and is an 80/20 partnership between Vopak Terminals Singapore and SK Gas International.

Tan Soo Koong, managing director of Vopak Terminals Singapore, says: ‘We are very happy with the successful start-up of our new LPG facility within our Banyan terminal. We are very well positioned to capture the flows of LPG coming from US and Middle East and our independent LPG facility is geared towards becoming a strategic gas centre in the future.’

StocExpo Shanghai launched by Easyfairs

China delays strategic oil reserves storage

Vopak welcomes first LPG cargo to Singapore

Artexis Easyfairs has launched a new tank storage event in Shanghai to complement its global portfolio of industry events.

Completion of China’s strategic oil reserves has been pushed back to beyond the original 2020 deadline.

The first Southeast Asia independent LPG storage facility has received its first cargo.


INCIDENT REPORT

Incident report

28/2/2016

Jefferson Parish, LouisianaDelta Petroleum

Approximately 900 gallons of waste lube oil was accidentally discharged into a canal that divides Orleans and Jefferson parishes. A cleanup crew was deployed on March 2nd to prevent the oil from going into a pumping station owned by the sewerage and water board despite reports that it had been contained. Crews used absorbent booms to keep it away from the facility. The company hired an oil spill response organisation to collect the spilled lube oil.

A summary of the recent explosions, fires and leaks in the tank storage industry

26/2/2016

Billing County, North DakotaWhite Rock Oil and Gas

A pipeline leak 18 miles northwest of Belfield spilled around 2,000 gallons of saltwater and oil. The state’s health department estimated around 40 barrels of saltwater and eight barrels of oil spilled at a site operated by White Rock Oil and Gas. Officials said that an undetermined amount of saltwater and oil flowed into a stock pond. The health department and the state oil and gas division worked quickly to monitor and assess the spill and clean it up.

5/2/2016

Pasadena, TexasPetrobras

A diesel unit at a refinery ruptured and caused an explosion which damaged a 35,000 bpd light cycle oil hydrotreater.The blaze, which started just after 10am CT, was contained by mid-afternoon. All other units at the facility were not affected however, an operator was taken to hospital. Air monitoring was conducted by Pasadena Refining and Harris County Pollution Control, which showed no indication of any off-site impacts.

2/3/2016

Ekhabi oilfield, Northern Sakhalin, RussiaRosneft

Around 110 barrels of oil spilled from an idled pipeline on the Pacific island. Rosneft said that it decided to burn the spilled oil to minimise ecological damage, with large plumes of smoke spotted by local residents. No-one was injured in the incident.


Tank terminal update: Middle East

VTTI Fujairah Terminals Cylingas (ENOC subsidiary)

ATS Terminal

Oman Tank Terminal Company

Gulf Petrochem

ORPIC & CLH

Vopak & SABIC

Orpic Logistics Company

Location

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CapacityConstruction/expansion/acquisition:

Investment

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Construction/expansion/acquisition

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ProductsCapacityConstruction/expansion/acquisitionCompletion date

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Fujairah, UAE

Crude oil, black oil

430,000 m3

A crude oil storage facility is being built alongside the current 1.2 million m3 facility

April 2016

The terminal will have supporting special pro-cessing facilities for a global energy supplier

Fujairah, UAE

Naphtha, diesel, gas oil, fuel oil and kerosene

101,000 m3

The 20 aboveground storage tanks sit within a new petroleum regeneration and pro-cessing plant

The plant and terminal have pipelines connecting it to the Port of Fujairah jetty

Hamriyah Free Zone, UAE

Class 1, 2, 3

20,000 m3

The facility is doubling its storage capacity with plans to expand further

On top of this expansion, the operator has planned further development in 2016 and 2017 as it is currently only using 30% of its available land

Minal Al Fahal, Oman

Crude oil

2.1 million barrels

The floating storage facility is an interim storage solution until the Ras Markaz Crude Oil Park is built and operational

The facility, developed in partnership with OSC, Petroleum Development Oman and the DME, is the first in the world linked to an energy futures contract

Fujairah, UAE

Class 1 products

243,280 m3

The expansion will be spread across 17 tanks of varying sizes

$50 million

The expansion, due to start in April 2016, will also involve the construction of two new jetty lines and will cater to black and white oil products

Al Jifnain, Oman

Diesel, petroleum, jet fuel

171,000 m3

Construction/expansion/acquisition: The facility, which will form part of a larger oil distribution centre, will have 12 tanks

$320 million (€296 million)

The terminal will help to build the logistics infra-structure needed for the supply of oil products

Jubail Chemicals Storage Services Company, Jubail, Saudi Arabia

Petrochemical

The joint venture will build a total of 570,000 m3 of additional capacity in two phases

Beginning of 2016

The current facility has more than 1.3 million m3 of capacity

Muscat, Oman

Refined products

170,000 m3

The new storage terminal will be supported by a multiproduct pipeline – the first of its kind commissioned in the country

2017

$320 million

It is hoped the terminal will supply 50% of fuels in Oman


Tank terminal update: Middle East

Gulf Petrochem Jubail Chemicals Storage and Services Company

Location

Products

CapacityConstruction/expansion/acquisitionCompletion dateInvestment

Comment

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Comment

Rotterdam

Specialty chemicals

35,400 m3

14 tanks have been delivered to the facility as part of the first phase of the expansion project

October 2016

€120 million

The total expansion comprises 45 tanks with a capacity of almost 150,000 m3 – doubling current capacity

Jubail, Saudi Arabia

Chemicals

348,000 m3

JCSSC is set to acquire the newly constructed facility from Sadara Chemical Company

The facility supplements the 220,000 m3 port terminal and related port facilities that are currently under construction

This list is based on information made available to Tank Storage Magazine at the time of printing. If you would like to update the list with any addtitional

terminal information for future issues, please email: [email protected].

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Tank Storage Magazine April-May vol 12 issue 2

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Transcript of Tank Storage Magazine April-May vol 12 issue 2