EMEA News
New Kuwait Refinery to Halve Europe's LSFO Exports to Singapore: Report
The new Al Zour refinery in Kuwait may cut Europe's LSFO exports to Singapore by as much as 50%, according to price reporting agency S&P Global Commodity Insights.
The refinery will have 615,000 b/d of crude refining capacity once its third CDU comes online later this year. Once that happens its LSFO export volumes are set to rise to almost 1 million mt/month, S&P Global reported on Wednesday, citing fuel oil cargo market sources.
The majority of these exports will be sent on to Singapore and the wider Asia-Pacific market, and may lead to a halving of European LSFO exports to Singapore, according to the report.
Bunker prices in both Northwest Europe and Singapore would be likely to decline relative to other parts of the world as a result.
