World News
"Bright Prospects" for Natural Gas as Bunkers Says Gazprom's Alexey Miller
Alexey Miller, Gazprom's Deputy Chairman of the Board of Directors and Chairman of the Management Committee, in a speech at the annual International Business Congress in Vienna, said natural gas holds "bright prospects" for use as bunker fuel.
"Natural gas holds great potential for use as a vehicle fuel. One of the advantages of a gas-powered engine is its eco-friendliness," said Miller.
"Nowadays, gas-driven technologies help cut down CO2 emissions from transportation by 25 percent compared to conventional fuels. Moreover, natural gas can be used in onshore and offshore transportation, reducing not only pollutant emissions, but also fuel costs."
Miller says the company has "no doubt" that natural gas meets every requirement for energy carriers in today's economy, presenting enormous reserves, "exceptional reliability" and availability, enabling considerable global market development and sustainable trade models.
In contrast, Miller says that renewable energy presents a lack of supply reliability and "is not cheap," requiring "considerable" subsidies from state budgets.
Miller says that, when it comes to natural gas, infrastructure is actively expanding alongside intensive promotion of the fuel by energy suppliers, vehicle manufacturers, and infrastructure developers.
"From a technological and environmental standpoint, gas is perfectly positioned to become the destination fuel for the future in Europe and the world at large. Our task is to jointly address challenges beyond the business strategy," said Miller.
"Despite the clear advantages of natural gas and the prospects for its use in virtually all economic sectors, there are still some difficulties with respect to the positioning of gas in political and regulatory circles."
In December, Ship & Bunker reported that, among a number of liquefied natural gas (LNG) as fuel initiatives, Gazprom signed an agreement with Mitsui & Co. Ltd. (Mitsui), intended to see the two companies collaborate in various areas, including Sakhalin II project expansion and LNG bunkering.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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