Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



China replaces Saudi Arabiain Caribbean oil storage deal
Published in The Saudi Gazette on 09 - 01 - 2010

China has taken over from Saudi Arabia the lease of a giant crude oil storage facility in the Caribbean that gives Beijing unprecedented access to fuel and oil markets in the Americas, including the United States and Canada, officials said.
The acquisition by PetroChina, the publicly listed arm of the China National Petroleum Corp., was the second oil-related regional Chinese deal to emerge within a week. Earlier Canada announced a $1.7 billion PetroChina investment in its tar-sands exploration and development project that gives China access to Canadian markets.
Saudi Arabia's abandonment of the storage facility was on the cards after the OPEC leader was offered virtually free storage for crude oil in Japan. The 5 million-barrel storage is located in the NuStar Energy LP Statia terminal on the Dutch Caribbean island of St. Eustatius, a strategically located hub for oil tankers traversing the waters between North, Central and South America and the Caribbean.
Analysts said China's long-term strategy was immediately clear with its entry into the St. Eustatius terminal, which can handle some of the largest oil tankers and is within easy reach of other transport and refining centers in the region.
Industry sources said as with most Chinese moves PetroChina would initially work its way into the ship fuel market before expanding activities in other oil trades. The plan will bring together several Chinese acquisitions and oil deals in Latin America, particularly Venezuela. China has set eyes on other refining acquisitions, including some in the United States.
Analysts said PetroChina's storage deal could also be in response to the scheduled expansion of the Panama Canal that will allow larger ships with greater fuel and oil cargoes to pass through.
The 5 million-barrel storage facility taken over by PetroChina is a substantial addition to its portfolio and a major part of the total storage available at the Statia Terminals, believed to be about 13 million barrels.
Saudi Arabia had held the storage since 1995 but had not used it much recently.
In more recent market trends cited in energy trade figures, the Americas' dependence on Saudi oil dropped significantly as importers switched to Canadian and Brazilian crude oil. The trend is set to continue as Brazil speeds through exploitation of its huge oil discoveries offshore.
China is also building energy links with Venezuela and is expected to expand its refining operations in the region, and possibly directly in Venezuela, as part of its strategy to raise its regional profile. Analysts said the Chinese would also seek to forge closer links in the Americas to secure greater supplies for fuel oils in Chinese industry and shipping.


Clic here to read the story from its source.