December 30, 2009

PetroChina in Caribbean Oil Tank Farm Deal

Saudi Aramco will end its lease of 5 million barrels of oil storage capacity at the big Statia Terminals on the Caribbean island Saint Eustatius and word is Chinese oil major PetroChina will take over the lease. Neither PetroChina nor NuStar Energy the Texas based owner of the facility is saying much publicly.

Why PetroChina needs the storage capacity is a matter of speculation at this time but possibly reflects PetroChina's deal last week with Venezuela's national oil company (PDVSA) to buy 500,000 barrels of oil per day. Interestingly St. Eustatius is neighbor to St. Kitts and Nevis which maintains fruitful ties with Taiwan....

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