World News
Gazprom Neft Sets up Lubes Base in Singapore
Russian oil and gas company Gazprom Neft has set up Gazpromneft Marine Lubricants in Singapore.
The new office will oversee "the effective development of an international sales and logistics network for Gazprom Neft marine lubricants", the company said in a statement.
The base will focus on markets in southeast Asia and Europe, the statement added.
Deputy cheif executive for logistics Anatoly Cherner said the move forms part of Gazprom Neft's planning to 2030.
"We are planning a significant increase in the production and sale of specialist lubricants, and expect to achieve a 4% market share in the international marine lubricants market by 2030," according to Cherner.
Singapore is the world's largest bunkering hub with over 130,000 ship calls a year, according to the Maritime and Port Authority of Singapore.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 0.00 | 680.00 | 0.00 |
| Rotterdam | 515.00 | 1.00 | 674.00 | 2.00 |
| Houston | 550.00 | 2.50 | 678.00 | 6.50 |
| Fujairah | 560.50 | 0.50 | 753.50 | 2.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 761.00 | 2.00 |
| Global 4 Ports Average | 549.00 | 1.00 | 696.50 | 2.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 800.50 | 2.00 |
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