Global commodity trading firm Gunvor Group has reportedly stopped plans to upgrade its Rotterdam refinery, which was supposed to produce 0.5% sulphur limit bunker fuel for the shipping industry when the IMO 2020 mandate takes effect.
“The price environment and other relevant economics have changed considerably since Gunvor first began exploring the concept a year ago,” the company said in an internal memo obtained by Dutch newspaper Het Financieele Dagblad.
Reports noted Gunvor deciding to put on hold plans to introduce a delayed coker unit (DCU) as an upgrade to its Rotterdam refinery.
The DCU is a refinery sub unit which processes high sulphur fuel oil into various types of diesel fuel.
In January, Dutch authorities reportedly gave Gunvor permission to upgrade its Rotterdam refinery with a delayed coker unit without first conducting any environment assessments.
Gunvor is reportedly considering a partial sale of its 1.5 million cubic metre capacity Rotterdam oil storage facility.
Published: 29 August, 2018
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