World News
BP Sinopec Joint Venture to Expand to Fujairah Bunker Market
Thursday July 9, 2020
The bunkering joint venture launched by BP and Sinopec five years ago is set to join the Fujairah market, according to price reporting agency S&P Global Platts.
BP Sinopec Marine Fuels has now rented storage space for bunker fuel at Fujairah and will start delivering high- and low-sulfur marine fuels there next month, Platts reported Thursday, citing a source close to the matter.
The JV listed Fujairah among the ports it planned to serve upon its launch in 2015, but has focused on Asian locations so far.
Sinopec is taking a greater role in the marine fuels space this year after a long-awaited tax rebate on fuel oil in China helped to incentivise the production and export of very low sulfur fuel oil.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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