Asia/Pacific News
Sinopec to Take Over Gunvor Fuel Oil Storage Capacity in Singapore: Report
Thursday November 9, 2023
Commodity trading firm Gunvor is set to rid itself of some of its fuel oil storage capacity in Singapore.
The firm will exit from about 600,000 m3 of its fuel oil storage at the Oiltanking Seraya terminal, news agency Reuters reported on Thursday, citing sources familiar with the plan. Sinopec Fuel Oil Singapore is set gradually to take over the vacated storage facilities.
Gunvor also has fuel oil capacity at the Jurong Port Universal Terminal, but the lease for this capacity will need to be renewed at the end of this year, according to the report.
Sinopec was awarded its licence to supply bunkers in Singapore in June 2022.
