• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 48 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 2 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 4 days Hopes Are Dashed For International Oil Companies In North Iraq
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
A Radical Plan To Reduce Europe’s Oil Demand By 33%

A Radical Plan To Reduce Europe’s Oil Demand By 33%

The European Federation for Transport…

IEA Sees Higher Oil Demand This Year

IEA Sees Higher Oil Demand This Year

Global crude oil demand will…

The Unstoppable Growth Of Carbon Markets

The Unstoppable Growth Of Carbon Markets

As the world races to…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Iranian Oil Tanker Engulfed In Flames Following Collision

A tanker carrying almost a million barrels of Iranian condensate to South Korea collided with a Chinese freighter in the South China Sea on Saturday, catching fire that rescue teams are still trying to put out today. The 32 members of the tanker’s crew are still missing. The U.S. Navy joined the search and rescue efforts yesterday, sending a military aircraft to the area, which spans 3,600 square nautical miles.

The vessel’s cargo is worth around US$60 million at current crude oil prices.

The tanker, Panama-registered Sanchi, also spilled some oil that the rescue teams from China and South Korea are currently dealing with. Early estimates based on the size of the load suggest that the spill could turn out to be the worst since 1991, when the ABT Summer tanker exploded near the coast of Angola, spilling more than 250,000 tons of crude.

The rescue and cleanup crews have had a difficult time trying to reach the tanker because of poor weather in the area. Speed is of the essence, as condensate is potentially much more dangerous than regular crude oil as it is much less dense and extremely toxic as well as very flammable. To make matters worse, it is colorless and odorless, making detection very challenging.

The Chinese freighter that the tanker collided with was carrying wheat from the United States and sustained limited damage, with all crew members present and accounted for. Related: China Is About To Shake Up Oil Futures

The company that bought the condensate is South Korean Hanwa Total Petrochemical, a joint venture between South Korean Hanwa General Chemicals and French Total. At the moment, it is trying to find a replacement for the lost cargo. A spokesman told Reuters that there are three alternatives: Hanwa can use condensate it has in stock, order another cargo from Iran, or approach Qatar as an alternative supplier.

The collision has not affected traffic in the Shanghai port, which is one of the busiest in the world. At the time of writing, the tanker was still burning, with Chinese authorities warning there was a risk of an explosion.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News