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The concept started to be used by oil traders in the market in early 1990. [2] But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5]
Used oil re-refining is the process of restoring used oil to new oil by removing chemical impurities, heavy metals and dirt. [2] Used industrial and automotive oil is recycled at re-refineries. The used oil is first tested to determine suitability for re-refining, after which it is dehydrated and the water distillate is treated before being ...
The U.S. EPA defines the term "used oil" as any petroleum or synthetic oil that has been used, and as a result of such use is contaminated by physical or chemical properties. [2] "Used oil" is a precise regulatory term. "Waste oil" is a more generic term for oil that has been contaminated with substances that may or may not be hazardous. [1]
An oil terminal (also called a tank farm, tankfarm, oil installation or oil depot) is an industrial facility for the storage of oil, petroleum and petrochemical products, and from which these products are transported to end users or other storage facilities. [1]
Salvagers abandoned an initial effort to tow away a burning oil tanker in the Red Sea targeted by Yemen's Houthi rebels as it “was not safe to proceed,” a European Union naval mission said ...
Oil and gas law practitioners usually fall into three broad categories. First, oil and gas companies usually have in-house attorneys that advise the company of its rights and the legal issues. These attorneys are usually assisted by landmen, who examine property titles, land oil and gas rights, and acquire property for the company. Landmen may ...