• 9 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 9 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 10 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 10 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 11 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 12 hours VW Fails To Secure Critical Commodity For EVs
  • 13 hours Enbridge Pipeline Expansion Finally Approved
  • 14 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 15 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Canada Aims To Solve U.S. Nuclear Woes

Canada Aims To Solve U.S. Nuclear Woes

Canada is bidding to replace…

India’s Hunger For Oil Storage Causes Long Gas Lines In Sri Lanka

Gasoline

The Ceylon Petroleum Common Workers Union has stopped releasing gasoline from 12 storage facilities, causing long lines at gas stations across Sri Lanka. The industrial action came in response to government plans to lease 14 of 99 oil storage tanks to Indian state oil companies.

The secretary of the trade union told AP that the oil workers are planning to take further steps and completely stop working at Sri Lanka’s state refinery, if the government does not put a stop to the plans. According to the workers, this plan will compromise Sri Lanka’s sovereignty and will only be of benefit to the Indian side.

Some of the tanks were already leased to a local division of Indian Oil Corporation back in 2002, as they were sitting unused at the port of Trincomalee. Now, Colombo plans to lease 14 and strike a joint venture with India for the utilization of the rest of the tanks.

A spokesman for the Ministry of Petroleum Resources Development told media that no agreement with the Indian side has been finalized and that the minister will meet with the workers’ union today to discuss their demands.

With its growing demand for crude oil and fuels, India is in urgent need for more oil storage capacity. Earlier this year, New Delhi signed an agreement with the UAE to fill an underground storage facility in Mangalore to store 6 million barrels of crude oil. The agreement is part of efforts to build emergency storage capacity totaling 36.87 million barrels in underground facilities. The amount is equal to the country’s ten-day consumption based on 2016 demand figures.

Now, India is building two more strategic storage facilities to add to the existing three in a bid to insure itself against future shortages. The Sri Lanka agreement is most likely part of these insurance efforts.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News