World News
Trafigura Singapore Subsidiary To Build $100 Million Myanmar Storage Project
Trafigura's Singapore-based subsidiary Puma Energy International says it is constructing a major new fuel storage tank facility at one of the largest ports in the Southeast Asian nation of Myanmar, Bloomberg reports.
The new facility is located at Thilawa Port, 23 kilometers (14 miles) south of Myanmar's capital, Rangoon, according to Puma's Chief Financial Officer Denis Chazarain.
The $100 million project will have capacity of about 97,000 cubic meters, and will handle petroleum products as well as bitumen.
Puma is the first foreign company to be granted a license to build oil storage facilities in Myanmar, Chazarain said.
The company previously gained a foothold in Myanmar after signing a deal to invest $50 million in becoming the country's sole distributor of jet fuel, he added.
Puma is also understood to be one of 11 companies that have applied to form a joint venture in Myanmar for the supply of liquid petroleum gas.
"Puma Energy is interested in all segments of the market in Myanmar," said Chazarain.
Last year Ship & Bunker reported that Trafigura has been examining opportunities in fuelling ships and providing LNG in Egypt.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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