World News
Gulf Petrochem Building Gujarat Terminal
Gulf Petrochem Group says it has started construction on an oil terminal in Gujarat, India that will help it expand its business into northwest and central India.
The Pipavav Oil Terminal will cover more than 90,500 square meters and will give the company access to rail and road networks leading into new markets in the country.
"Gulf Petrochem's Pipavav Oil Terminal is strategically located in southern Gujarat, giving us a logistical advantage and strongly positioning the company to take advantage of India's abundant northwest markets," said Sanjeev Sisaudia, Group Chief Executive of Gulf Petrochem.
"This project will accelerate our expansion drive in key Asian markets, while strengthening Gulf Petrochem's position as a leading player in the global oil space."
Gulf Petrochem is based in the United Arab Emirates (UAE) and has operations in Singapore, India, and Geneva.
It operates a refinery in Sharjah's Hamriyah Freezone in the UAE and is developing a terminal in Fujairah, as well as the project in India, according to its website.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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