News Archive Aug 2006

31 Aug Florida bunkering resumes, North Carolina shut down
Ernesto continuing to disrupt operations but suppliers quickly returning to business.
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31 Aug Cold ironing working group to be formed
California inviting participation in new forum on ship emissions solutions.
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31 Aug Evergreen results caught in fuel cost pinch
Taiwanese shipowner posting first quarterly loss in three years.
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31 Aug Marine lube buyers braced for double price rise
With product and packaging prices set to rise again during September and October, lube buyers are urged to look at price rises in the context of broader economic growth.
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31 Aug Rotterdam market stable Thursday morning
31 Aug Singapore: Residual fuel stocks drop to six-week low
Onshore stocks of middle distillates inched up slightly in the week ended August 30.
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31 Aug Vessel leaks an estimated 1,300 mt of bunker fuel
Area polluted by oil spill is smaller than previously expected, scientists say.
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31 Aug Kuwait to export low-sulphur fuel into East Asia
A portion of LSFO exports could be used for bunkering demand in the East Asian region.
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30 Aug Vancouver wants to sell
Prices plummeting to Gulf Coast levels as West Coast port looks to shift product.
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30 Aug Temporary restrictions as Ernesto moves north
Coast Guard keeping tight reign on Jacksonville operations, but storm threat weakening.
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30 Aug New lubes chief for O.W. Bunker
Danish bunkering firm announcing new appointment.
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30 Aug US oil stocks rise on near-record imports
DOE says US crude oil imports last week reached the second largest weekly average ever.
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30 Aug October start for Fujairah fuel oil contract
Dubai develops role as maritime and trade centre with launch of fuel oil futures.
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30 Aug Titan bullish on bunkering and other prospects
Interim 2006 results show continued growth in revenues across Titan's oil services, while profits have been more mixed.
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30 Aug ARA market increases slightly
30 Aug Asian bunker market in bearish mode
Huge fall in bunker prices in August a testament to market volatility.
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30 Aug Indonesia calls for war-risk removal
The north east of Sumatra remains a war-risk area despite the de-listing of the Malacca Strait by the JWC in August.
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29 Aug Oil below $70 triggers bunker market fall
Bearish sentiment driving US prices down in most markets today.
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29 Aug Glencore grabs Colombia refinery
Fuel trading giant beating out rival for expanding production facility.
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29 Aug Ernesto closes Florida
Ports closed and bunkering operations suspended 'until Thursday'.
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29 Aug New board member at Global Risk Management
Danish firm welcomes new board member with background in banking, shipping and trading.
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29 Aug WW takes chair in green business consortium
Global players to share technology and innovation to enhance both their environmental and business performance.
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29 Aug Attica and Blue Star in the black
European ferry group rakes in triple and quadruple profits despite nearly 50% rise in bunker cost.
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29 Aug Rotterdam market stable Tuesday morning
29 Aug AFT becomes Chemoil Europe
New trading name in force from today.
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29 Aug Philippine president urges use of double-hulled vessels
Starting from now until 2008, the government will ask shipowners to start phasing out single-hulled usage.
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29 Aug Bunker costs erode 96% profit from Chinese shipping firm
First-half net profit and operating profit plunge despite marginal increase in revenues.
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28 Aug Freeport suspends bunkering
Tropical storm shutting down local operations, Florida waiting.
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28 Aug Port foreshadows Caribbean expansion
New bunkering facilities may be part of $100 million port project.
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28 Aug High cat fines confirmed by second testing agency
DNVPS confirming alarming cat fine levels in samples from same port Viswa Lab recently raised concerns about.
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28 Aug Crude prices below $72 as hurricane threat subsides
Energy traders wary of potential storm damage to rigs and refineries.
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28 Aug Quiet market in Rotterdam
28 Aug Singapore suppliers annoyed with flash point bunker alert
DNVPS stands by its decision to issue the alert on consideration of the ships' safety.
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28 Aug SGX announces fuel oil swaps clearing
SGX to begin clearing of OTC balance-of-month fuel oil 180 cst and 380 cst swaps next week.
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28 Aug Hong Kong 180 cst sales continue poor showing
Avails for the product mixed as possible tightness could be offset by muted demand.
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25 Aug Tanker situation still unclear
Opposing reports emerge about bunker tanker detained in Guinea.
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25 Aug Biodiesel offers cleaner ship fuel future
Port testing new fuel, 'no problems in theory' for wider ship use.
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25 Aug Tanker operator upbeat despite rising voyage cost
H1 result down but Q2 showing improvement as improved rates offset higher bunker expenses.
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25 Aug More Asian bunker woes
Japanese firm sinks deeper into the red.
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25 Aug ARA market firms with crude
25 Aug Bunker bills hurt as time charters dry up
Singapore firm reports 92.4% drop in full-year profit after having to foot more bunker bills.
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25 Aug MPA: Re-tests disprove off-spec incidents
Re-test on CP60-compliant bunker samples show flash point values above the minimum 60ºC.
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25 Aug Singapore bunker loadings prompt on supply glut
Shorter queuing time for bunker barges to load at terminals.
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24 Aug Changeable fundamentals keep markets guessing
US West Coast following falling Singapore and rising crude, with wide price gaps also seen elsewhere.
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24 Aug US supplier posts record profit
Global Partners seeing higher returns, planning expansion.
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24 Aug SECA gives rise to new fuel surcharge
Shipping firm advising customers of new Environmental Friendly Fuel Surcharge for cargo to/from the Baltic Sea.
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24 Aug Fuel oil glut boon for Singapore trade
Increasing trend towards directing excess HSFO cargoes to Asia spawns boom in trading activity.
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24 Aug Rotterdam market softening Thursday morning
24 Aug Singapore: Stocks of residual fuels ease, distillates up
24 Aug Petron Corp released from oil spill cash bond
Sunshine Maritime Development Corp, however, is still required to pay $1.9 million cash bond for cost of clean-up operations.
In Full
24 Aug Singapore: Low flash point values noted in three samples
HFO samples from three Singapore bunker deliveries were tested to show flash point values below the minimum 60ºC.
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23 Aug Long Beach ship emissions meeting scheduled
California ARB hosting public forum on ship fuel regulations and port air quality plans.
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23 Aug West Coast prices poised to fall
Suppliers shaking off talk of tight avails as markets look to Asia and sinking crude.
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23 Aug $North Atlantic\'s refinery$ Vitol lets refinery go
Company selling stand-alone bunkering and refining operation to Canadian interests.
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23 Aug US oil inventories largely up
Latest DOE report shows crude stocks fell but products and overall inventories are up.
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23 Aug Bunker chill for Green Reefers
Q2 profits dive despite increased gross operating income.
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23 Aug Guinea clears bunker tanker captain
Reports say Guinean authorities want to fine charterer for alleged illegal bunkering operations in a case that bears strong resemblance to previous incident.
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23 Aug Two companies face $1.9 million bill for oil spill cleanup
Petron Corp and Sunshine Maritime Development Corp required by coast guard to post hefty cash bond.
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23 Aug Thick haze shrouds Malaysia's Port Klang
Bunkering activities carrying on as per normal, local supplier says.
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22 Aug Panama ships face backlog
Canal delays as bunker market seeing prices increasing.
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22 Aug US courts kept busy by polluters
Sentencing could lead to jail term for magic pipe offender in California.
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22 Aug 61% jump in fuel cost hits Cosco result
H1 result suffers as rates decline and costs rise.
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22 Aug Bunker tanker seized in West Africa
Officials questioning legitimacy of seizure amid reports the bunkering vessel was essentially hijacked by armed men.
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22 Aug Rotterdam market remains firm
22 Aug Singapore's infrastructure grows to sustain bunker sales
Port authority updates figures on new bunker barge tonnage due to arrive between 2006 and 2008.
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22 Aug Senator calls for double-hull requirement after Guimaras oil spill
Filipino senator wanting only double-hulled tankers for fuel oil transportation.
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22 Aug Singapore: SIBCON 2006 among key events in Maritime Week
This year's SIBCON is among the nine key events held during Maritime Week from September 25-29.
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21 Aug Brazil ports resupplied by month's end
Availability picking up in key ports, but not for several days.
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21 Aug Cruise line tenders for scrubbing trial
Holland America expecting to announce partner for scrubbing trial shortly.
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21 Aug Blame-game starts as 'time-bomb' continues to leak
With just a tenth of bunker fuel cargo on sunken tanker causing massive damage, finger-pointing begins with single-hull tankers coming under fire.
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21 Aug Higher oil and bunker prices lift Singapore trade index
Gains in both foreign and domestic wholesale trade indices largely stemming from oil product and bunker sales.
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21 Aug Rotterdam bunker market continues to firm
21 Aug Emission-free propulsion system begins final testing phase
SkySails reckons harnessing the wind can add up to major cuts in fuel costs and emissions.
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21 Aug Bunker prices rise after reaching 6-month low
Bunker players predict prices will firm slowly but surely.
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21 Aug Oil prices may hit $150, says Singapore PM
PM Lee Hisen Loong says prolonged tensions in the Middle East may trigger a global recession.
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21 Aug Hong Kong: Poor air quality impels wider low-sulphur usage
But environmental impact of producing huge volumes of LSFO remains to be seen.
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18 Aug PDVSA office closure
Company advising contact numbers for staff absences.
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18 Aug Port expands cold ironing as two more cruise ships sign up
New berth allowing simultaneous shore power for two ships, and cruise ship scrubbing on test.
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18 Aug Danaos finally fined for cover-up
Shipowner receiving penalty for oil spill and obstructing investigation.
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18 Aug Viswa Lab cautions on rising cat fines trend
Fuel tester has observed worrying increase in cat fines concentrations from a port this month.
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18 Aug New bunker tank rules propel newbuild rush
Owners seeking to beat deadlines for costly new regulatory requirements have swamped order books.
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18 Aug OPEC lowers forecast for oil demand
The oil cartel is confident oil supplies are sufficient despite events that have pushed prices up.
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18 Aug ARA prices firm on higher barge market
18 Aug South Africa: Fuel shortages causing untold damage
Serious bunker shortages are being noticed even outside the industry as port laments lost business opportunities and television crew looks into it.
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18 Aug Fiji confirms oil spill fears
Oil has apparently leaked from a stranded vessel in the island of Rotuma.
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18 Aug Thai firm to target Singapore's bunkering facilities
Thailand-listed firm looks to set up subsidiary unit in Singapore before year-end.
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17 Aug $Tesoro\\\'s Anacortes refinery$ Bunker markets crashing as oil plummets to $70
US prices dragged down by crude but buyers still waiting for more certainty.
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17 Aug PDVSA announces new fees
17 Aug Refiner clarifies supply position
Petroperu not selling bunkers as of now, looking for compromise from government.
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17 Aug UAE prepares for MARPOL accession
Confusing UAE Cabinet ruling that seems to ban floating oil storage is preparation for MARPOL.
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17 Aug Vopak to add to Singapore fuel oil capacity
Royal Vopak to add an additional 216,000 m³ of fuel oil storage capacity to its Sebarok terminal.
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17 Aug Rotterdam market softening further
17 Aug Singapore: Stocks of residual fuels remain high
Stocks of middle distillates at nine-month high.
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17 Aug China: New bunkering centre open on Yangtze River
Sinopec joint-venture firm expected to gain from growing shipping volumes and permission to sell to international customers.
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17 Aug Investigation underway into massive oil spill
Coast Guard may file charges against the owner of an oil tanker that sank and caused one of the worst spills in Philippines history.
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17 Aug Singapore continues strong bunker sales in July
July bunker sales up 7.1% from June, crossing the 2.3 million mt mark for the third time this year.
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16 Aug New fuel restriction advisory issued
Distillate fuel requirements set out for all 'ocean-going vessels' visiting ports.
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16 Aug $Curaçao\'s Mega Pier (Curoil photo)$ Curaçao bunker barge out of action
Local supplier advising of return date to full operations.
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16 Aug High-viscosity bunker material in demand
Singapore sales of 500 cst bunker fuel reach new high.
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16 Aug Carnival ship spills oil in the Bahamas
Lube oil spilled as propeller strikes sea floor at Nassau.
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16 Aug China's bunker market remains 'tightly controlled'
Moves to allow more competition are unlikely to have a major impact
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16 Aug Bunkerworld teams up with Green Power Energy
Bunkerworld teams up with Green Power Energy Conferences to offer complete 'environmental overview' for shipping and oil sectors at Copenhagen event.
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16 Aug FAMM: Blending changes span service and economics
Fuel and Marine Marketing to change two blend facilities to improve its supply chain capabilities.
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16 Aug Rotterdam softer with crude this morning
16 Aug Thai shipping firm hit by bunker costs
Thailand-listed shipping firm posts 50% drop in Q2 net profit.
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16 Aug Singapore supplier raises challenges of operational costs
Searights speaks up about the concerns of Singapore's bunkering industry operating in a tough business climate, amid impending MARPOL demands on double-hulled barges.
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15 Aug Petrobras clarifies joint venture
Company confirming buyout of one-third share in neighbouring supplier.
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15 Aug Bunker suppliers: Product is available
Peru's suppliers rejecting reports that market is dry and suppliers exiting.
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15 Aug Bunker costs need to be 'effectively managed'
Operator says its LNG fleet can pass on its bunker bills.
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15 Aug Fuel oil spill continues to threaten coastline
Bad weather hampering clean-up efforts in the Philippines.
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15 Aug Rotterdam bunker market relatively quiet for now
15 Aug NOL takes smaller Q2 profit
Inflated bunker fuel costs deflate year-on-year net profit by 66%.
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15 Aug Titan lands bargain deal for new double-hull barges
At $8.67 million for each new double-hulled barge, industry players deem the price extremely competitive.
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15 Aug Australia: Bunker firm moves to new office
14 Aug US prices on a rollercoaster
August bunker numbers settling after massive price leap.
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14 Aug Maersk trumpets fuel efficiency for 11,000 TEU behemoth
Latest newbuild breaking capacity records for a container ship but still saving on bunker costs.
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14 Aug Petrobras profit up 42% but bunkers still tight
Brazil oil company wanting to export more, despite local bunker avails remaining tight.
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14 Aug Bunkers blamed for losses at TUI's shipping division
Unexpectedly sharp Q2 losses from shipping division despite more than 100% increase in turnover as Hapag-Lloyd and CP Ships suffer bunker effect.
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14 Aug Refiner pulls back from bunker market
Peru's bunker industry is facing a new crisis as regulations cause growing dismay.
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14 Aug Monopoly supplier faces new competition
China's bunker market has taken another step towards reform, although the changes have still not opened the market to foreign players.
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14 Aug Greece: Intentional pollution main culprit
Marine research centre claims intentional pollution by passing vessels is main source of oil pollution in Greek seas.
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14 Aug Drastic drop in profits for Thoresen Thai
Double whammy of rising fuel costs and declining freight rates slash quarterly profits.
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14 Aug Bunker spill poses major threat
An ill-fated oil tanker carrying about 2,000 mt of bunker fuel sank off the coast of western Philippines last Friday.
In Full
14 Aug Singapore: Bunker trading firm moves to new office
11 Aug Company responds to fuel theft case
Supplier detailing the unfolding of the black market bunker investigation.
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11 Aug Port offers cash for pollution-reducing projects
Los Angeles announcing further funding round as part of emissions reduction plan.
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11 Aug New emissions milestone as EU sulphur directive kicks in
From today, the Baltic SECA is recognised under EU regulations, EU passenger ships must burn low-sulphur fuels, but previous MDO sulphur limit is lifted.
In Full
11 Aug Port seeks expansion of bunkering infrastructure
Harbour master says his administration to approach suppliers to expand storage capacity for bunker fuel.
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11 Aug Rotterdam posts decline in bunker sales
Loss of container business halts years of consistent growth in Rotterdam's bunkering volumes, but record July volumes raise cautious optimism.
In Full
11 Aug Rotterdam market weakens on lower crude
11 Aug Chinese ports recover from typhoon assault
Bunkering in some Chinese ports still in doubt after the passing of a powerful typhoon.
In Full
11 Aug Hong Kong: Bunkering affected by tropical storm
Bunkering activities returning to normal today as storm passes.
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11 Aug Singapore supplier updates contacts of key bunkering staff
11 Aug Fiji fears oil spill
A ship grounded for almost two months poses potential oil spill hazard in Rotuma.
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10 Aug Buyers wait as oil prices tank
US buyers looking for lower prices as oil market fears evaporate.
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10 Aug Busted bunker supplier: 'We're not guilty'
Company in alleged black market fuel smuggling racket responding to accusations.
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10 Aug NYK July bunker bill in Japan jumps $1m
NYK saw a 3% rise in its July bunker bills in Japan after Nippon Oil Corp. raised its retrospective bunker prices.
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10 Aug WFS continues to perform well
Q2 profits close to record-breaking Q1 result and first half profits up nearly 75%.
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10 Aug New Argos jetty boost for oil products
From 2007 onwards, at least 4 million tonnes of mineral oil products will be handled via the new jetty/quay annually.
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10 Aug Rotterdam market decreasing Thursday morning
10 Aug Piraeus ready to handle LSFO demand
Supplier confirms LSFO is now produced locally to meet shipping needs.
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10 Aug Singapore: Fuel oil stocks slide from all-time high
10 Aug Titan looks to inauguration of Yangshan storage project
Groundbreaking date set to take place this year for the first phase of the project.
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10 Aug Profit falls on bunker costs
Thailand's largest sea transportation firm posts 51% drop in net profit on inflated bunker costs and lower freight rates.
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09 Aug Prosecution not ruled out for Vancouver spill
Cleanup almost completed but owner will continue paying costs.
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09 Aug Biofriendly plans new additive test
Company responding to Texas sales ban as marine programme moving ahead.
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09 Aug PDVSA adds extra staff to home bunker team
09 Aug DOE: US crude and gasoline stocks shrink
US stocks of gasoline have fallen to below the average level for this time of year.
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09 Aug Baltic expansion for Transbunker
Fast-growing supplier physical in Klaipeda after acquisition.
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09 Aug Temporary closure of oil and bunkering terminal
Malaysian terminal suspending all ship service requests during essential maintenance work.
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09 Aug Lebanese oil spill Mediterranean's worst ever
Size of spill comparable with infamous shipping disasters, threatens shores of several countries.
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09 Aug Ventspils terminal stake attracts several bidders
Poland's PKN Orlen named among potential bidders for Latvian government's share.
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09 Aug ARA market firming further
09 Aug Hong Kong braces for bunker delivery suspension
Tropical storm Bopha approaches the port, bunker deliveries may be affected over the next two days.
In Full
09 Aug Malacca Strait declassified from war-risk listing
Shipping companies can expect to pay lower insurance rates when transiting the strait.
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08 Aug Boom times for barge company
K-Sea announcing record profit based on expanding fleet.
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08 Aug LA hosts 'green' ships
'Environmentally-advanced mega ships' showcasing environmental features in California.
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08 Aug Aker Yards to build two new bunkering vessels
Delivery scheduled in 2008 to French firm that has already taken delivery of three similar vessels.
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08 Aug Greeks hunt bunker spill perpetrator
Beaches fouled by two slicks thought to come from a ship, though Lebanese source has not been ruled out.
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08 Aug Imarex July bunker transactions unchanged, value up
$113.4 million worth of bunker transactions recorded in July.
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08 Aug More bunker firms join Imarex
Oslo-based maritime exchange welcomed four new trading and clearing members in July.
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08 Aug ARA market a little firmer Tuesday morning
08 Aug Singapore traders deem bunker prices too high
Market remains flooded by fuel oil with not enough buying activity.
In Full
08 Aug Bunker costs induce 96% drop in profit for carrier firm
South Korea's largest carrier firm posts dismal Q2 profit on rising bunker costs and lower freight rates.
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07 Aug Port receives top environmental award
Long Beach receiving AAPA award next month, saying it's a 'tremendous honour'.
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07 Aug Pipeline shutdown sends US oil sky high
Price up over $2 per barrel as Alaska production may be affected for months.
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07 Aug Vancouver: Bunker spill
Cleanup underway after ship hits pier over the weekend.
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07 Aug OceanConnect sets record straight
CEO speaking to Bunkerworld, says market speculation is 'much ado about nothing'.
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07 Aug FAL Energy delivers top polo day
Only the match score clouded the day when FAL Energy hosted event in beautiful settings at London's only remaining polo club.
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07 Aug Changes afoot at OceanConnect
Statement expected soon to clarify shareholder changes.
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07 Aug Stranded Safmarine vessel snaps in two
'Almighty bang' heard as doomed ship breaks up, thankfully after its bunkers had been removed.
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07 Aug Quiet market in Rotterdam, prices stable
07 Aug Oil prices rise as Middle East violence continues
Prices remain robustly above $70 per barrel on strong energy demand from US and China.
In Full
07 Aug Hong Kong: Quiet start to week as terminal congestion continues
Congestion eases slightly over the weekend; another tropical storm brewing in the Pacific Ocean.
In Full
04 Aug Fuel shortages hit Vancouver
Distillate prices surging as resupply issues impact summer bunkering.
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04 Aug Ports test new scrubber technology
Emissions 'bonnet' for locomotives may be adopted for ships at berth in California.
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04 Aug Durban: Fuel oil available from mid-August
Durban fuel oil drought set to end a month after suppliers withdrew from spot market.
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04 Aug Slow start to 2006 dents Rotterdam port growth
H1 throughput figures from the port point to a mere 2% growth rate this year, though oil product imports continue to grow.
In Full
04 Aug Bunkers hurt H1 profits at OOIL
Chairman blames poorer overall H1 result on softer container rates and higher oil prices.
In Full
04 Aug ARA market stable Friday morning
04 Aug Nippon Yusen shaves profit forecast on higher oil prices
Increasing fuel costs weighing down earnings at shipping firms.
In Full
04 Aug Bunkering facilities set to compete with global markets
Indian port to offer bunkering to international customers in Special Economic Zone.
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04 Aug New Zealand: Fuel oil spill at Nelson harbour
04 Aug Hong Kong: Heavy barge congestion as typhoon passes
Bunkering was briefly disrupted yesterday due to typhoon Prapiroon.
In Full
03 Aug Alleged black market supplier could resume business
Assets may be returned but company implicated in illegal fuel bust remaining elusive today.
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03 Aug Cougar Ace fuel secure
Salvage operations continuing on car carrier after source of initial pollution discovered.
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03 Aug D&K Holdings reveals global bunkering ambitions
Former ENOC bunkering manager returns to D&K Holdings to manage development of its bunkering business in Fujairah, Singapore, Morocco and Djibouti.
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03 Aug Thai firm to develop bunker fuel replacement
Soaring cost of bunker fuel makes industrial plants explore cheaper liquid fuel made from coal.
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03 Aug Chemoil poised for Singapore IPO
US-based independent supplier in preparations for Singapore initial public offering (IPO), reports claim.
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03 Aug Rotterdam market slightly firmer
03 Aug Singapore: Residual fuel stocks break 15-million barrel mark
Onshore inventories of residual fuels hit record high, stocks of middle distillates up.
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03 Aug Bunker costs cut annual profit forecast
Japan's second and third largest shipping firms post lower Q1 net profit on high bunker costs.
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03 Aug Crew kidnapped off Malacca Straits
Pirates demand ransom for release of crew.
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03 Aug Malaysian port picks up few spot orders
Spot demand soft at Malaysia's Port Klang as well as the neighbouring port of Singapore.
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02 Aug Ports diverge on bullish crude
Bunker numbers seen higher in most US ports, but West Coast competition keeping prices down.
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02 Aug Marine gasoil now available in Freeport
PDVSA advising of expanded service, encouraging bunker calls.
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02 Aug DOE at a glance: Latest US oil inventory figures
DOE reports drop in crude and small gasoline inventory draw but gains for overall oil inventories.
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02 Aug Global Risk Management announces team expansion
02 Aug Rising fuel cost takes toll on Wilh. Wilhelmsen
Q2 profits fall despite record operating income as rising fuel costs take tthere toll.
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02 Aug End of the line for Yukos
Moscow court ruling is the 'death sentence' for Russia's one-time biggest oil firm.
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02 Aug Hong Kong expects typhoon to affect bunkering
The Chinese port of Zhanjiang is also expected to be affected.
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02 Aug Malaysia launches oil spill response vessel
Oil spill response vessel to be deployed at Tanjung Pelepas and other Malaysian ports.
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02 Aug Malacca Strait war-risk listing will affect country economies
Malaysian minister blasts decision by Lloyd's on the strait's war-risk listing.
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01 Aug Port and shipping line reaffirm green lease policy
Port of Long Beach and K-line in signing ceremony for green lease, including cold ironing.
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01 Aug Blair joins California emissions fight
British prime minister announcing deal with California's governor on 'collaboration'.
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01 Aug Bunkering creates a stink in Gibraltar
Gibraltar residents hope for lasting improvement after year of frequent 'disgusting smells' from bunkering operations.
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01 Aug DMCC: Gasoline to follow fuel oil contract
Dubai exchange set to extend energy operations.
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01 Aug ARA market firms on higher crude
01 Aug Tropical storm approaches Hainan island
Bunkering and port activities in the port of Zhanjiang may be affected later this week.
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01 Aug Japan: June marine fuel sales up 13.3%
Marine fuel sales up from the previous month but marginally lower than year-ago levels.
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01 Aug Titan to gain full control of oil storage project
$28.2 million to be paid in cash to acquire stakes in Fujian's oil and petrochemical storage project.
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