ExxonMobil to use freed up storage space

ExxonMobil will keep its 150,000 cubic meters (cu m) of oil storage in Singapore for its own use after the expiry of a rental lease, which would reduce the available regional capacity by about 2.7%. “The lease on the tanks has expired this month and we are taking them back for our own usage,” an ExxonMobil spokeswoman said. Traders said the loss of ExxonMobil’s capacity is expected to have minimal impact in a fuel oil market that has been beset by tepid demand and a glut of extra storage capacity of over 1 million cu m since the fourth-quarter last year. (July 24, 2007)