The addition of Sinopec takes the list's total to 42 licensed suppliers in Singapore. File Image / Pixabay
Chinese energy firm Sinopec has joined Singapore's list of licensed bunker suppliers, the first new entrant to the world's largest marine fuels market since April 2020.
Sinopec Fuel Oil (Singapore) Pte Ltd has joined the Maritime and Port Authority's list of licensed bunker suppliers as of June 1, according to a document on the Singapore authority's website. The company is listed as supplying marine diesel oil, marine gasoil and fuel oil.
Sinopec has been taking a greater role in the marine fuels space since 2020 after a long-awaited tax rebate on fuel oil in China helped to incentivise the production and export of very low sulfur fuel oil.
Sinopec also has a 50:50 bunkering venture with BP based in Singapore, BP Sinopec Marine Fuels. It is not yet clear how this partnership will be affected.
The addition of Sinopec takes the list's total to 42 licensed suppliers. The addition is the first since Minerva Bunkering and TFG Marine won their Singapore licences in April 2020.
The total was as high as 73 suppliers in 2012.