Global energy and commodity price reporting agency Argus Media on Tuesday (7 May) provided a marine fuels market related update:
UK-Chinese joint venture Petroineos will start sales of 0.5pc sulphur marine fuel from its 210,000 b/d Lavera refinery, on the French Mediterranean coast, in the fourth quarter this year.
Under the new International Maritime Organisation's (IMO) cap that comes into force on 1 January 2020, vessels must limit sulphur emissions in exhaust fumes to 0.5pc, down from a current maximum of 3.5pc.
Shipowners will either have to burn new 0.5pc very low-sulphur fuel oil (VLSFO) blends, use marine gasoil (MGO) or run LNG to comply with the cap. They can also fit ships with exhaust scrubbers to continue to burn high-sulphur fuel oil.
Petroineos' IMO compliant marine fuel will meet the existing International Organization for Standardization (ISO) 8217 specifications, the firm said.
The supply of 0.5pc VLSFO will depend on market prices, it said. The company currently produces 1pc low-sulphur fuel oil (LSFO).
Other refiners in the Mediterranean have confirmed they will produce 0.5pc VLSFO, including Spanish integrated firms Cepsa and Repsol, as well as Italian refiner Saras.
Source: Argus Media
Published: 8 May, 2019
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