World News
Exxon Confirms Investment in Low Sulfur Fuel Production at Singapore
Friday August 2, 2019
Oil major Exxonmobil has made a final decision to investment in its Singapore plant to produce more low sulfur fuel, the company said as part of its second quarter earnings release.
The multi-billion dollar expansion is "to convert fuel oil and other bottom-of-the-barrel crude products into higher value lube base strocks and distilles", the company said.
The move will increase the production of lower-sulfur fuels by 48,000 barrel a day, according to the company.
The global 0.5% sulfur cap on bunker fuel is widely expected to lead to a signficant increase in demand for distillates and low sulfur fuel oil.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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