Rebecca Elliott reported in the Wall Street Journal (11 May) that tank storage capacity was in such short demand that ‘Storage schemes get creative, with would-be investors looking to stock it away in giant pools, caves or anywhere else’.However, just 24 hours later in World Oil (12 May) it was proposed that, ‘Oil storage crisis fading on global production cuts and recovering demand’ and ‘It looks like price signals “have” worked their magic and the market has managed to re-balance and avert the worst,’ Antoine Halff, chief analyst at energy data provider Kayrros SAS.
The news is as mixed as the facts about the pandemic itself.
There is however no doubt that low prices and reduced global consumption have put unprecedented pressure on the world’s oil storage resources making any shutdown of such assets for essential maintenance acutely undesirable.
Above Ground Storage Tanks (AGSTs) are priceless in today’s world and essential steel reinstatement work undertaken using steel composite, SPS, is fast and offers a permanent steel repair with no hot work and, critically, no time out of service.
Used by Hellenic Petroleum, a corroded roof on tank 8770-B at the Megara tank farm was reinstated whilst the tank remained in service. Repair eliminated risk of water ingress into 5 pontoons, potential fire/fuel ignition and roof sinking. It is approved as an alternative to conventional steel repairs on land based oil storage tanks, in accordance with the requirements of API 653 and EEMUA 159.
SPS was used to reinstate 45m² of floating roof in just 6 days:
• No Hot Work repair
• No time out of service
• New roof stronger than original structure
• Permanent repair
• Reinstated structural integrity
To discuss your requirements, please contact our team.