Maharani Energy Gateway (MEG), the Master Developer of Maharani Freeport, has introduced the MEG OSC (One Stop Centre) – a dedicated single-window facilitation centre to support investors aiming to establish and grow their businesses within Malaysia’s first duty-exempted energy freeport.

Serving as a central point of contact for investors, MEG OSC provides end-to-end business facilitation and advisory support, simplifying the investment journey and helping businesses navigate the regulatory, licensing and operational requirements associated with establishing a presence at Maharani Freeport  – Malaysia’s emerging energy and maritime services hub, Chiam Pei Pei, Head of MEG OSC, MEG OSC Sdn Bhd, told Manifold Times.

Under the approval of Ministry of Finance (MOF), MEG OSC is the authorised route to facilitate businesses to apply and qualify for Maharani Freeport’s incentives.

Maharani Freeport, a Malaysia National Project officially launched in November 2025 is located within the Muar Port limits along one of the world’s busiest waterways – the Straits of Malacca.

The project is expected to attract RM 144 billion (USD 35.16 billion) in investment value from global investors and forecasted to create at least 45,000 of direct and indirect jobs for the local Johor and Malaysian economy.

MEG OSC the First Point of Contact for Investors

According to Ms Chiam, MEG OSC serves as a central facilitation point between investors and key government authorities, including the MoF, Malaysian Investment Development Authority (MIDA), Companies Commission of Malaysia (SSM), Royal Malaysian Customs Department, Inland Revenue Board (LHDN), Marine Department, local authorities and other relevant government agencies.

Through close collaboration with government agencies and professional service providers, MEG OSC is further able to provide advice on matters including but not limited to:

• Company Establishment
• Corporate Bank Account Opening
• Tax Incentives & Advisory
• Customs Compliance
• Immigration Services
• Licences and Permits
• Environmental Approvals
• Business Support Services

“This coordinated approach streamlines approvals, simplifies administration and supports businesses from establishment through ongoing operations,” stated Ms Chiam.

Special Tax Incentives for Qualifying Activities

Moving forward, Ms Chiam highlighted companies undertaking the eligible activities at Maharani Freeport can apply through MEG OSC for Special Tax Incentives, including trading of traditional energy commodities, trading of sustainable energy products, as well as maritime related activities such as floating storage, blending, bunkering, and ship-to-ship transfer operations.

In addition to the Sales and Services Tax (SST) exemption and import duty exemption on raw materials, machinery and equipment that are not available in Malaysia. MEG OSC is authorised to provide further information on such qualifying activities and Special Tax Incentives.

“These incentives apply to the operations established within the Maharani Freeport. MEG OSC (One Stop Centre) coordinates each requirement as a single-window facilitation centre, supporting investors from initial company establishment through to ongoing operation.”

For further details, readers may contact Chiam Pei Pei, Head of the One Stop Centre, below:

Mobile: +6019-318 0618
Telephone: +603 33852668
Fax: +603 33852669
Email: [email protected]

Related: Interview: Maharani Energy Gateway – Forging a new energy nexus in the Straits of Malacca
Related: New Johor bunkering hub: Maharani debuts as Malaysia’s first duty-exempted energy freeport

Photo credit: Manifold Times
Published: 21 September 2026

China’s growing role in the marine fuels market is reshaping the competitive dynamics between Chinese bunkering hubs and established centres such as Singapore.

 In this interview with Manifold Times, Dr Kang Wu, Energy Economist specialising in China and Southeast Asia at Global Energy Research and Educational Training Pte. Ltd., discusses the impact of China’s bonded bunker fuel tax rebate, domestic refining and import trends, the adoption of LNG and methanol, and pricing differentials with Singapore, while also examining China’s surplus of UCOME:

MT: How has China’s 2020 VAT rebate policy for bonded bunker fuel, especially for low-sulphur fuel oil, affected the competitiveness of Chinese ports like Zhoushan in comparison to traditional hubs like Singapore?

The impact has been significant, mainly because the rebate extends beyond the VAT. Effective February 2020, the Chinese government introduced a rebate policy for the 13% VAT on China’s fuel oil exports (including bunker fuels) to bonded areas. More importantly, the rebate also covers the fuel oil consumption tax, which amounts to 1,218 yuan per metric tonne (mt), or roughly $27/bbl. This policy has fundamentally transformed the economics of China’s fuel oil exports to bonded areas. However, as discussed below, China still needs to import large volumes of bunker fuel because domestic supply remains insufficient to meet demand. 

MT: With China’s independent refiners (teapots) now producing more compliant low-sulphur fuel oil, what share of China’s bonded bunker demand is now met domestically vs. imported from places like  Malaysia or Russia?

Although independent (“teapot”) refiners cannot export bunker fuels directly as they do not have export quotas, their increased production helps quota-holding national oil companies (NOCs) as well as Zhejiang Petroleum & Chemical Co., Ltd. expand their exports. However, it is worth noting that China’s overall fuel oil production has been declining in recent years because refiners increasingly use deep conversion processes to maximise the production of lighter products and petrochemical feedstocks. In 2025, China exported a record 376,000 b/d of fuel oil, the vast majority of which was shipped to bonded areas. At the same time, China imported 396,000 b/d of fuel oil, primarily from Russia, Malaysia and Singapore, down from the record 514,000 b/d imported in 2024. These imports and exports together form the foundation of China’s bonded-area fuel oil market.

MT: Given China’s push for LNG bunkering and its IMO 2030/2050 decarbonisation targets, how quickly are Chinese ports and shipowners adopting LNG or methanol bunker infrastructure compared to conventional VLSFO?

Indeed, China has made a major push to promote LNG and green methanol as marine bunker fuels, and progress has been steady. However, given the relatively low starting base, their rising impact on VLSFO consumption is expected to be gradual.

MT: How do fluctuations in China’s industrial production and coal imports (via dry bulk carriers) directly correlate with bonded bunker fuel demand at major Chinese ports?

Bonded bunker fuel demand at major Chinese ports is indeed influenced by China’s overall import and export activities. Although China’s coal imports have declined since reaching a record high of 543 million mt in 2024, the country’s total merchandise trade volume has continued to grow year by year. At the same time, China’s GDP growth has slowed compared with a decade ago. In addition, structural changes in trade patterns and shipping routes (such as a decline of exports to the US and a surge of exports to other countries) have also affected bunker fuel demand. A more detailed analysis is needed to determine the precise relationship between trade activity and bonded bunker fuel demand.

MT: What is the typical price spread between Chinese bonded bunker fuel and Singapore’s delivered bunker prices, and how do factors like China’s export quotas or refinery maintenance create arbitrage opportunities?

Following the introduction of the tax rebate policy discussed above, Chinese ports have gained a pricing advantage in the bunker fuel market, as more competitively priced bunker fuel produced domestically has become available. As a result, China’s delivered bunker fuel prices have typically traded at a discount of $15–30/mt to those in Singapore. However, prices fluctuate, and China’s bonded bunker fuel prices are not always lower than Singapore’s for three main reasons. First, China still needs to import large volumes of fuel oil, including VLSFO, into its bonded areas. Consequently, prices in these markets remain closely linked to Singapore’s delivered bunker prices. Second, the volume and timing of export quota allocations to the NOCs play an important role in determining the availability of domestically produced bunker fuel in bonded areas. At times, limited quota availability can tighten supply, resulting in shortages at China’s bonded ports. Third, during periods of geopolitical or market disruption, such as the Iran conflict since February 2026, market fundamentals can change rapidly, leading to heightened price volatility.  The bottom line is that, regardless of the absolute price spread between China and Singapore, fluctuations in the spread and China’s need to import bunker fuels continue to create arbitrage opportunities for traders.

MT: Anti-dumping duties and policies introduced by the European Commission and western regulators have resulted in overcapacity of UCOME in China; given the material cannot obtain ISCC EU certification to be blended as bio-bunker fuel (i.e. EU ETS, carbon credits), what will be your advice to Chinese holders of excess UCOME?

Like many other renewable energy products (such as solar panels) and electric vehicles, China’s UCOME industry has expanded rapidly and now faces growing trade barriers in Western markets because of its strong export growth. While there are no easy solutions for producers with excess capacity, several strategies could help.  First, producers should continue improving efficiency and reducing costs to remain competitive despite the import duties and other trade measures imposed by the EU and some other developed economies. Second, they should diversify export markets beyond the EU by targeting emerging opportunities in advanced economies such as Singapore. In particular, Singapore could leverage China’s surplus UCOME supply to accelerate the development of its sustainable aviation fuel (SAF) and bio-bunkering industries. Finally, China’s UCOME industry could encourage the Chinese government to expand domestic blending mandates, including greater use of SAF and bio-bunkering fuels, to stimulate domestic demand and help absorb excess production.

Dr Wu will be leading a two-day executive briefing, China Oil Market Dynamics, held on 26 to 27 October in Singapore. The intensive briefing will provide a comprehensive outlook on China’s oil market through 2035, covering the key market, policy, economic and structural forces shaping its future. More information on the event and registration can be found here.

Photo credit: Kang Wu
Published: 28 August, 2026

Singapore-based commodities and oil cargo trading firm NW Corporation Pte Ltd (NWC) has expanded its Malaysia bunkering operations through the acquisition of Bellaa 1 (IMO 9269398), increasing its monthly bunker supply capability to approximately 30,000-35,000 mt.

“Bellaa 1 is a Malaysia-flagged bunker tanker with a loadable cargo capacity of approximately 5,000-5,500 mt of Low Sulphur Fuel Oil (LSFO),” Jason Tan, Co-founder and Head of Commercial of NWC, told Manifold Times on Tuesday (14 July).

“The addition of Bellaa 1 represents another important milestone in our fleet expansion strategy. It strengthens our operational capability, improves supply flexibility and enables us to better support the increasing demand for LSFO in Port Klang.”

Following the acquisition, the bunker tanker underwent an intermediate survey, was renamed in Singapore and is scheduled to commence commercial bunkering operations from August 2026.

According to Mr Tan, the acquisition will expand NWC’s LSFO supply capability, improve operational flexibility, increase vessel availability, enhance service reliability and support continued growth in bunker sales at Port Klang.

“NWC commenced bunkering operations at Port Klang in April 2024 with a single bunker barge and an initial monthly supply volume of approximately 10,000 mt,” said Mr Tan.

“The introduction of Bellaa 1 will increase our monthly bunker supply volume from approximately 20,000 mt to around 30,000-35,000 mt, driven by continued growth in bunker demand at Port Klang.”

Since entering the Port Klang market in 2024, NWC has steadily expanded its bunkering operations in tandem with growing customer demand. The latest fleet addition reflects the company’s continued investment in strengthening its supply capability and operational reliability.

Moving forward, Mr Tan pointed out NWC’s immediate growth strategy remains focused on Port Klang, where the company continues to strengthen its market presence and provide comprehensive bunkering solutions for its customers.

“Our immediate priority remains Port Klang, where we continue to see strong opportunities for growth. We will keep investing in fleet capability, operational efficiency and customer service while strengthening our trading activities and bunker supply network,” he stated.

“With a growing fleet, experienced operational team and strong partnerships with major bunker traders and suppliers, we are well positioned to expand our market share and reinforce our position as a trusted bunker supplier in the region.”

About NW Corporation

NW Corporation Pte Ltd is a Singapore-headquartered commodities and energy trading company engaged in oil cargo trading, bunkering, marine logistics and energy infrastructure investments across Asia. The company has been expanding its bunkering footprint in Port Klang as part of its long-term regional growth strategy.

Related: Singapore: NW Corporation welcomes “Fortune Glory” after three-week drydocking ops
Related: NW Corporation strengthens Port Klang operations with newly acquired bunker tankers

Photo credit: NW Corporation Pte Ltd
Published: 12 August, 2026