• 4 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 7 minutes Beijing Must Face Reality That Taiwan is Independent
  • 11 minutes Phase One trade deal, for China it is all about technology war
  • 14 minutes Shale Oil Fiasco
  • 1 hour We're freezing! Isn't it great? The carbon tax must be working!
  • 38 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 59 mins Trump has changed into a World Leader
  • 5 hours Which emissions are worse?: Cows vs. Keystone Pipeline
  • 15 hours What's the Endgame Here?
  • 10 hours Indonesia Stands Up to China. Will Japan Help?
  • 47 mins Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 6 hours Might be Time for NG Producers to Find New Career
  • 15 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 22 hours Trump capitulated
  • 22 hours US Shale: Technology
  • 23 hours Gravity is a scam!
The U.S. Natural Gas Boom Is On Its Last Legs

The U.S. Natural Gas Boom Is On Its Last Legs

The natural gas glut created…

Shell Declares Force Majeure After Singapore Refinery Fire

In the wake of a massive inferno at its Singapore Pulau Bukom refinery, which processes 500,000 barrels a day, Shell declared force majeure, allowing it to void some of its contractual obligations to its customers.

Shell Companies in Singapore chairman Lee Tzu Yang issued a statement noting, “We confirm that force majeure has been declared on some of our customers. We continue to be in discussions with our customers to address their supply of product needs and to minimize any potential impact to them.”

Analysts believe that the severity of the blaze could force Shell to take its Pulau Bukom refinery offline for up to a month. Pervin and Gertz managing consultant Victor Shum remarked, “If it were to be shut down that long, losses would be in excess of $60 million for Shell. Now that the whole plant has been shut down, even if somebody decides to resume operations, it will take days, if not longer, to get back to normal operating rates. The investigation by both Shell and Singapore may delay the resumption of operations.”

The regional price of oil products has risen since the fire, with diesel prices spiking 10 percent in the immediate aftermath of the conflagration, The Jakarta Globe reported.
The offshore Pulau Bukom refinery exports 90 percent of its products throughout the Asia-Pacific region.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage


Leave a comment

Leave a comment

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