Cepsa Sees Global Biofuel Blend Demand Tripling in Coming Years

by Ship & Bunker News Team
Wednesday October 16, 2024

Spanish energy firm Cepsa expects to see global demand for biofuel bunker blends roughly tripling in the coming years.

Regulatory drivers are set to deliver a significant expansion in biofuel blend sales, Daniel de Miguel Fernandez, head of biofuels business development at Cepsa, said at the Argus Biofuels Europe conference in London on Tuesday.

"This year we will match approximately one million mt of bio bunker supplies in the world," he said.

"Our expectation from 2025 onwards is to grow from two to three million mt/year of B24, taking into account the regulation and the necessities of decarbonisation, but also the other options, which are growing and yet not really available.

"Biodiesel is available today, it's an option, but will also be an option for the future."

The introduction of the FuelEU Maritime regulation next year is expected to drive a sharp increase in sales.

FuelEU Maritime comes into effect from January 2025, seeking to reduce the carbon intensity of European shipping by mandating a percentage of companies' marine energy use that must come from sustainable sources.

The regulation aims for a 2% drop in carbon intensity next year, rising to an 80% reduction by 2050.

Ship & Bunker News Team
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