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Gibson Shipbrokers expects 2.6m b/d to start operations in 2019

Gibson Shipbrokers published a Weekly Tanker Market Report, on January 25, based on EIA’s recent report that 2019 is expected to see the largest wave of refinery capacity additions. Gibson expects that 2.6 million b/d of new capacity will initiate operations this year. In terms of pure volumes, this is an optimistic sign for the product tanker market. Yet, the report focuses on how global product flows shape up.

Saudi Arabia discusses building oil refinery in South Africa

Saudi Arabia has its eye on constructing an oil refinery in South Africa as part of a pledge to invest as much as $10 billion in Africa’s most developed economy, according to Bloomberg. The Saudi Aramco and South Africa’s Central Energy Fund are to conduct joint surveys based on a refinery and petrochemical complex. The negotiations highlight South Africa’s aspiration to add a refinery, which it has under consideration for a decade.

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