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OIL AND GAS
Tanker collision leaves oil spill off China port
by AFP Staff Writers
Beijing (AFP) April 27, 2021

A collision between a crude oil tanker and another ship in the Yellow Sea on Tuesday has left an oil spill in waters off China's biggest crude-receiving terminal, vessel managers said.

Bulk carrier "Sea Justice" struck the tanker "A Symphony" near Qingdao in northeast China around 9 am, causing the tanker to lose "a quantity of oil", managers Goodwood Ship Management said in a statement.

"The force of the impact... caused a breach in cargo tanks and ballast tanks," the statement added.

"All crew members have since been accounted for, and there are no injuries."

Vessels have since been told not to go within 10 nautical miles (18.5 kilometres) of the area, according to a separate notice by China's Maritime Safety Administration.

The incident took place off China's biggest crude-receiving terminal at Qingdao.

Goodwood Ship Management said emergency procedures have been activated to limit the loss of oil and experts were deployed to contain the spill and begin a clean-up operation.

But poor visibility in the area was hampering these efforts, it added.


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OIL AND GAS
ExxonMobil investor says its climate strategy an 'existential' risk
New York (AFP) April 26, 2021
ExxonMobil's strategy in the face of climate change poses an "existential business risk" to the company, according to an activist hedge fund that is a shareholder in the oil giant, a report in the Financial Times said Sunday. The company, which has been criticized over the last year for both its financial performance and its approach to renewable energy investment, "has no credible plan to protect value in an energy transition," hedge fund Engine No. 1 said in an 80-page investor presentation. E ... read more

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