Getting Ready for Winter Insurance Telematics September 2011
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September 2011 Getting ready for winter Insurance Telematics 020 7808 5137 The monthly magazine for the fuel distribution, storage and marketing industry in the UK and Ireland. EDITORIAL A ValueOils.com tanker beside Ways to make money Carrickfergus Castle in County Antrim. The castle was built in 1177 by John de Courcy, a Over the past few weeks we have witnessed an Norman adventurer, and stands at the entrance to Belfast Lough. array of ways to make money - both fair and foul. Donall O’Connor has been Firstly, investigations into the phone hacking building up the ValueOils.com scandal, introduced us to dubious techniques to eBrand for five years ago - read about its progress on page 12 boost newspaper sales. Recently, we’ve witnessed children looting shops alongside those who should know better, both using social media to 01565 653283 promote their activities and to assist in the sale [email protected] of their spoils. Looters were also attracted to an www.fueloilnews.co.uk overturned tanker at Guangdong in China after 20 tonnes of oil leaked from its tank. companies, the country’s public pension retirees News Desk / Editor On the Carmarthenshire website – www. can rest assured that strong revenues are still Jane Hughes carmarthenshire.gov.uk – it was reported that providing good returns. [email protected] ‘the largest national oil company in the UK had Disappointed with the performance of his ISA, been fined £51,000 for overcharging customers for a former councillor has chosen to put money into The Irish Column Peter Clayton heating oil in Carmarthenshire and neighbouring the installation of photovoltaic panels instead. [email protected] counties.’ After 400 customers complained, GB He reckons that lower electricity bills and Feed Oils ‘admitted that it had misled consumers by In Tariff income, make for a better return on Features failing to provide the necessary information in investment. Liz Boardman relation to the true unit price of heating oil’. And with Christmas, just over 100 days away, [email protected] With the nest eggs of millions of Americans now is an ideal time to remind those customers to depending on investments made by oil and gas order early! Legal Matters, Health & Safety, Environmental Issues Ann Butler [email protected] regulars Industry News 4-6 Terminals & Storage 20 Trade and Technical Distributor News 10-11,13 Logistics 22 Peter Clayton [email protected] Distributors’ Diary 14-15 Legal 25 Irish News 19 Portland Prices Round-up 26 Advertising Jonathan Hibbert Publishing manager [email protected] features Subscriptions 8-9 12 Sandra Curties [email protected] The wholesale market Insurance Annual subscription for the Prax UK & Republic of Ireland is priced at £92 or €109 inc. 16-18 21,23-24 p&p. Overseas: £109 or €129. Back issues: £8 per copy. Winter 2011- are we prepared? Telematics Credit card payments Fuel Oil News is sold solely on condition that: 01565 653283 (1) No part of the publication is reproduced in any form or by any means electronic, mechanical, photocopying or otherwise, without a prior written agreement with the publisher. (2) The magazine will not be circulated outside the company / organisation at the address to which it is delivered, without a prior written agreement with Ashley & Dumville Publishing Ltd. Published by 2011 September Ashley & Dumville Publishing Ltd, The publishers gratefully acknowledge the support of those firms whose advertisements appear throughout this publication. As a Caledonian House, Tatton Street, reciprocal gesture we have pleasure in drawing the attention of our readers to their announcements. It is necessary however for it to be made clear that, whilst every care has been taken in compiling this publication and the statements it contains, the publishers Knutsford, Cheshire cannot accept responsibility for any inaccuracies, or the products or services advertised. WA16 6AG Fuel Oil News is printed on sustainable forest paper. © Ashley & Dumville Publishing Ltd. Printed by Pelican Press, Manchester Tel: 0161 273 3434 September 2011 Volume 34 No 9 www.fueloilnews.co.uk | 3 ISSN 1757-1057 Future energy - a vital topic Now chairman of Climate Change had created a renewable business within Capital, Vivienne Cox, who retired from an oil company, she pointed out that BP is BP in 2009 after 28 years, was guest an energy company and energy is shifting. speaker in the Vital Topics series at the University of Manchester’s Business If oil companies were to be more involved, School; Fuel Oil News listened to her it could facilitate a shift to renewables. In perspective on the energy markets a difficult investment climate, backing for sustainability is much lower and with long Oil and gas – mispricing risk pay backs on projects, investors need very Although disagreeing with the peak oil deep pockets. theory, Vivienne sees oil’s role in the future Seven years ago, Vivienne was ‘very energy mix becoming less important - optimistic’ about a renewable future but especially as gas production - $54 cheaper although the use of renewable energy has than a barrel of oil - and backed up by new sources of shale gas, is growing. Oil still has a reserve to production ratio of around 40- 50 years; most oil wells have only had 50% Vivienne Cox of their contents extracted and technology exists to extract more but - going deeper, hotter and sourer comes with risk - a risk that Vivienne says the world has been Security of energy supply will significantly mispricing. be the biggest incentive to Achieving renewable production on For some time, the world has been adding more renewables to a global scale will be very hard to achieve deluding itself as to what energy should but many opportunities exist for smaller cost. With huge political risk attached to the energy mix companies offering microgeneration. energy production, project development gets harder - low cost oil production in Libya Reducing CO2 emissions quickly went to no cost in the Arab spring; tripled in 10 years, the sector remains very The much-hyped Copenhagen climate shale extraction attracts complaints and “small. Even allowing for annual growth change talks in 2009 highlighted that a lawsuits; the cost of Shell’s long delayed of 20% over 10 years, renewables would global agreement to reduce CO2 emissions gas to liquid plant in Quatar went from still only account for just 10% of our total was ‘unlikely’. Believing it is too late to $5 to $19 billion dollars; Finland’s nuclear energy mix; a figure insufficient to combat stop temperature rises, Vivienne says we program is 60% over budget and 5 years CO2 emissions. Plus, in common with must accept CO2 emissions and adapt late. As the financial markets have already older energies, consistency of politics and to climate change by reducing energy found to their cost, mispricing risk is consumer acceptance also inhibit further demand and raising efficiency. To mitigate dangerous. Vivienne also highlights public growth. against the issue of environmental migrants backlash as another mispriced risk. Security of energy supply will be forced to flee rising water levels and hotter Risk and volatility comes with oil the biggest incentive to adding more temperatures, the world must help. In production in Saudi Arabia, Iraq, Iran, renewables to the energy mix. China will Vietnam, mangrove swamps have already Kuwait and Venezuela. Plus 17% of energy ‘leap frog the west’ in both technological been created to help combat rising sea supplies pass through a narrow stretch of advances for conventional fuel and levels. water governed by repressive dictators – can renewables; the country is already very we continue to rely on energy from such active in wind, solar PV and in cleaning Solutions to a massive problem sources? up its coal generation. As China has little Concluding that global energy provision was As economies grow, access to energy proven reserves of oil, the driver for such a ‘massive problem’, which will necessitate will be demanded as a fundamental right. technological advances will be the country’s investigation into every emerging China accounts for 20% of global energy energy security and its air quality. technology to help find solutions, Vivienne demand; global energy consumption has With access to both oil and gas, the said the inclusion of nuclear in the energy risen by 6% as a result of its CO2 intensive US does not have a highly developed mix was essential. industries. Is it sustainable for global energy renewables sector although Vivienne Asked by Fuel Oil News what skills use to continue to increase? expects a greater focus on wind power. would help better secure our energy future, In the UK, tidal wave offers ‘promising Vivienne replied ‘communication.’ The Will there be an increasing role for technology’. Good biofuels do make a energy industry is largely run by engineers renewables in the future energy mix? difference, with the carbon footprint of who can’t communicate. Whilst engineers As executive vice president of BP’s gas, cane-based ethanol being lower. Airlines and scientists will still be required, people power and renewables division, Vivienne have shown a willingness to adopt bio- who possess skills to better inform the public created BP Alternative Energy to focus aviation fuels but with very small margins, – perhaps social anthropologists – and raise on solar, wind, biofuels and carbon will higher cost fuels and higher costs flights their perception of the energy industry are sequestration and storage. Asked why she be acceptable? definitely needed. September 2011 September 4 | www.fueloilnews.co.uk Industry News In brief Quatar will host this year’s The UK has ‘not reaped the Hays Oil and Gas has World Petroleum Congress from full benefit of its North Sea started compiling data for China, Oil and Global Politics 4-8 December; the first time discoveries’ says The Sea of its 2012 annual salary guide; analyses China’s the event - held every Lost Opportunity, a recently to contribute go to www.