Asia/Pacific News
Agastya Signs Green Methanol Offtake Deal with Sri Lanka's SAR Group
India-based Agastya Green Fuels has signed a long-term offtake agreement with Sri Lanka's SAR Maritime Agencies, part of the SAR Group, for the supply of 250,000 mt/year of green methanol.
The deal is intended to support the development of a green fuel supply chain between India and Sri Lanka, Agastya said in a LinkedIn post on Wednesday.
The fuel will be supplied from Agastya's planned green methanol facility at Mulapeta Port in the Indian state of Andhra Pradesh. The project is being developed with a planned production capacity of 1 million mt/year.
Agastya and SAR Group also plan to work on green methanol storage, bunkering and marine fuel infrastructure in Sri Lanka, including at Colombo, Hambantota and Trincomalee.
Methanol is seen as one of the more practical alternative fuels because it can be handled using relatively familiar infrastructure compared with some other emerging marine fuels.
The container segment has been one of the early adopters of methanol as marine fuel, with container shipping firm A.P Moller Maersk operating a fleet of more than 20 methanol-fuelled ships.
"The Indian Ocean is emerging as the world's next green fuel corridor, Shashi K Reddy Arjula, CEO of Agastya, said.
“Agastya Green Fuels intends to be at its center.”
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 889.50 | 18.50 | 1281.00 | 10.50 |
| Rotterdam | 715.00 | 13.00 | 1374.00 | 42.50 |
| Houston | 763.00 | 3.00 | 1419.50 | 4.50 |
| Fujairah | 967.50 | 20.50 | 1694.50 | 21.50 |
| APAC Average | 1025.50 | 26.50 | 1476.50 | 7.50 |
| Global 20 Ports Average | 895.50 | 1.50 | 1548.50 | 6.50 |
| Global 4 Ports Average | 833.50 | 12.50 | 1442.50 | 17.50 |
| Global Average Bunker Price | 959.50 | 13.50 | 1592.50 | 0.00 |
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