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Dubai to lead talks on finding solutions for global oil storage crisis

Crucial link between storage and global oil prices a key topic at 3rd Tank World Expo congress

Dubai, UAE, 5 April 2015: International industry leaders will come together in Dubai this month to debate the increasingly critical issue of global oil storage and its impacts on the Middle East oil and gas industry, as countries around the world reach critical capacity levels.

The third edition of Tank World Expo – the world’s leading industry congress for oil, gas and energy storage – will take place at the Dubai World Trade Centre from 13-14 April. It will bring together more than 100 solution providers and 80 expert speakers to an audience in excess of 2,500 at a crucial moment for the entire oil and natural gas sector.

Supported by the UAE Ministry of Energy, the conference will feature a strong line-up of speakers including Dr. Matar Hamed Al Neyadi, Undersecretary, UAE Ministry of Energy; Mohamed Daoud, Manager, Projects Quality, ADCO; Edwin Lammers, Executive Commercial Manager of the SOHAR Port and Freezone; Christopher Amstutz, Director Tanks, Terminals and Transportation, Emerson; Hendrik Schaake, Business Development Manager at Endress+Hauser, and many others.

The effects of oil prices falling to as low as US$44 per barrel, have been significant for the oil storage industry. With traders increasingly seeking out storage in order to sell at a profit when the prices rebound, the limits of global tank capacity are reaching critical levels. In a recent report, the International Energy Agency reported global stock levels at an 80-year high.

The key relationship between the price of oil and the capacity to store it, will be a key topic on the congress’s agenda. As the industry is looking for new solutions to storage challenges, new infrastructure investments and more unconventional methods such as floating storage, take centre stage.

“2015 started with mixed feelings about the reaction of oil companies with regard to oil price development,” said Hendrik Schaake, Business Development Manager at Endress+Hauser. “However, many projects are still on-going since the price drop is not a result of a decrease in demand. Furthermore, we see a strong increase in interest for optimization solutions for existing installations to streamline product and business information flows, reduce losses and assure safety.”

“In terms of storing oil on the high seas, this is an option that presents both benefits, as well as challenges,” commented Edwin Lammers, Executive Commercial Manager of the SOHAR Port and Freezone. “Towards the end of last year, the spot price for oil was lower than in the futures market. This is one of the reasons why crude oil is being stored at sea, as companies currently see a greater benefit in buying up physical oil stocks and immediately selling futures.

The challenge, of course, is that if interest rates or storage costs increase, the cost of storing oil out at sea would eclipse any future profits.”

Now in its third year, Tank World Expo plays a crucial role in the development of the Middle East as a global storage hub. The event provides a chance for investors and industry experts from around the world to discover regional infrastructure growth plans and facilitate business in the region in an ever more globalised industry. It also provides Middle eastern Terminal operators the opportunity to see the latest technologies from Europe, US and Asia that can help improve the efficiency, profitability and safety of their facilities.

“At such a crucial time in the energy market, storage issues have come to the forefront in determining future oil prices,” said Alex Williamson, Managing Director, Tank World Expo “Tank World Expo provides a crucial platform for industry leaders and market experts to discuss these challenges. While the entire world keeps an eye on the price of oil, the discussions here at Tank World Expo provide crucial insights into storage as a key factor in the future of the entire industry.”

Posted by : GoDubai PR Dept, -
Viewed 11181 times
PR Category : Energy and Industry
Posted on : Sunday, April 5, 2015  3:17:00 PM UAE local time (GMT+4)
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