China Opens Delayed Myanmar Oil Pipeline to Get Mideast Crude Faster

12 Apr 2017   China, Myanmar

Pipeline operations start as crude unloaded at Made Island Tanker United Dynamic arrived from Turkey on April 9: data A crude pipeline to southwestern China through its neighbor Myanmar began operations after years of delays, allowing the world’s second-biggest oil user to receive supplies faster from the Middle East and Africa. A Suezmax-sized tanker, which can hold 140,000 metric tons (about 1 million barrels) of crude, began offloading oil for the pipeline on Monday at Myanmar’s Made Island, according to China’s official Xinhua News Agency. Operations on the line, which was completed in 2014 and originally scheduled to start the same year, are beginning after the government of Myanmar agreed to lower transit fees, Wang Dongjin, president of PetroChina Co., said last month. The link, which allows China to import crude from the Middle East and Africa without having to ship through the Straits of Malacca and into the […]

Beset by delays, Myanmar-China oil pipeline nears start-up

22 Mar 2017   China, Myanmar

Nearly a decade in the making, a project to pump oil 770 km (480 miles) across Myanmar to southwest China is set for imminent start-up, with a supertanker nearing the port of Kyauk Phyu, marking the opening of a new oil trading route. Dogged by sensitive relations between Naypyitaw and Beijing, the $1.5 billion oil pipeline has been sitting empty for two years, but the two sides are now close to a deal, said Myanmar-based government and industry sources, despite some last-minute tensions. An agreement between China’s PetroChina and Myanmar’s government will allow the state energy giant to import overseas oil via the Bay of Bengal and pump it through the pipeline to supply a new 260,000-barrels-per-day (bpd) refinery in landlocked Yunnan province. The new […]

Myanmar’s breakneck growth bring surge in fuel oil shipping from Singapore

5 Jan 2017   Myanmar

Myanmar’s oil imports are surging to fuel a fast-growing economy and rebuild rotting infrastructure, creating a small but profitable route for ships making a beeline for the emerging southeast Asian nation from the regional hub of Singapore. Servicing growth that could top 8 percent this year is a clutch of small tankers ferrying gasoil and diesel from Singapore 2,000 kilometers (1,260 miles) north to Myanmar. The country’s sole port, at Yangon, can only handle small vessels. Shipping data in Thomson Reuters Eikon shows that around 20 small tankers with a combined capacity of around 220,000 deadweight tonnes (DWT) are currently shipping refined products into Myanmar, virtually all from Singapore. That’s about twice as many vessels as were on that route around a year ago, according to […]

Exclusive: Chevron puts Myanmar gas block stakes worth $1.3 billion up for sale – sources

18 Apr 2016   Myanmar

U.S. oil and gas major Chevron Corp has put all of its Myanmar gas block stakes up for sale, which at a combined likely valuation of $1.3 billion, would be the biggest deal involving Myanmar assets to date, financial sources familiar with the matter said. The sale, part of Chevron’s efforts to preserve cash and retreat from non-core assets in the wake of sliding oil prices, is seen as setting the tone for future deals in a country that is opening up for business after historic elections last year. San Ramon, California-based Chevron is working with an U.S investment bank on the deal, the sources said, declining to be identified as the sale process has not been made public. Chevron, which has been operating in Myanmar for about two […]