Blog Archives

Iran pays Statoil loan with gas

image

Norway’s Statoil receives regular amounts of butane and propane from Iran as its creditor, according to reports.

The Liquefied Petroleum Gas (LPG) deliveries are to cover the country’s National Iranian Oil Company loan from Statoil.

Press spokesperson Bård Glad Pedersen tells NA24, “that is correct, and this is in line with the original contract’s repayment options.”

Ban on oil

The EU announced, Monday, it was to impose a total ban on oil imports from Iran effective 01 July. Statoil says it will be raising the matter with Norwegian authorities.

However, Mr Glad Pedersen underlines that debt repayments relating to already-completed contracts in the form of petroleum product are exempted.

“Our assessment, therefore, is that we will still be able to receive these even after the sanctions come into force. We will continue our dialogue with Norwegian authorities to ensure this is understood,” he concludes.

Source

Kinder Morgan buys out partner in Houston Ship Channel project

image

by Simone Sebastian

Kinder Morgan has bought out its partner in a $430 million Houston Ship Channel terminal project, the company has announced.

TransMontaigne Partners held 50 percent interest in the Battleground Oil Specialty Terminal Company, or BOSTCO, joint venture, which is slated to build 52 oil storage tanks with a total capacity of 6.6 million barrels on the Houston Ship Channel.

Kinder Morgan Energy Partners now owns 98 percent of the project, with an unnamed BOSTCO customer controlling the remaining 2 percent.

Construction began Dec. 14 on the terminal, which will handle low-grade petroleum products and residual fuel used by ship engines and industrial plants. It will begin limited operation in the third quarter of 2013. The terminal is scheduled to be fully operational in early 2014.

“The project will include one of the deepest vessel drafts in the Houston Ship Channel and position Kinder Morgan extremely well for the growing trend of exporting petroleum related products overseas,” said Kinder Morgan Terminals President Jeff Armstrong in a written statement.

Source

%d bloggers like this: