SIBCON22: Panel Backs Singapore Biofuel, LNG Demand to Reach 5 Million MT/Year by 2030

by Ship & Bunker News Team
Monday October 10, 2022

A panel of local Singapore market experts has backed the possibility of both biofuel blend and LNG sales in the city-state reaching 5 million mt/year by 2030.

A panel session at the Sibcon industry event last week addressed the medium-term outlook for Singapore's bunker market and its future energy mix. The panel was held under the Chatham House rule, meaning individual speakers cannot be identified without their consent in the interests of holding a freer discussion.

A majority of the panel agreed 5 million mt/year demand for both biofuel blends and LNG would be possible by 2030. Singapore saw a total of just short of 50 million mt of conventional bunker sales last year.

"I think 5 million can be done," one of the panellists said.

"If not, then we would never hit our 2050 net zero."

Singapore has seen about 70,000 mt of biofuel blend sales so far this year. Assuming the 2022 total reaches 100,000 mt, the sales would need to grow by just over 63% each year between now and 2030. LNG sales in Singapore, which totalled 50,000 mt last year, would need to grow by 67% each year from then to 2030.

"I wouldn't say it will be easy, but do I think it could be achieved before 2030? I think so," another panellist said.

Ship & Bunker News Team
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