Indian refiner Reliance Industries Ltd believes it will stand to profit from the upcoming 0.5% sulphur cap for marine fuel effective 2020.
“As a result of our robust and flexible configuration, we are also uniquely positioned to take advantage of emerging opportunities in view of IMO 2020,” Mukesh Ambani, chairman and managing director of RIL, said at the firm’s 41st annual general meeting, as quoted by LiveMint.
A Macquarie Research report Monday estimated RIL’s gross refining margin (GRM) to hit $20 a barrel by the financial year 2020-21 against the estimated $12 as RIL stands to gain from expansion in middle distillate cracks.
“RIL is a prime beneficiary of IMO 2020 regulations. Unsurprisingly, on an absolute basis, RIL ranks at the top with refining margins expanding to $20 per barrel in FY3 from $12 today,” it says.
Other Indian refiners, Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp have also started production of low-sulphur fuel and will equally benefit from IMO 2020, it notes.
Published: 13 July, 2018
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
‘We [Consort Bunkers] have the opinion that the bunker business in Singapore is not related to the widely reported earlier cargo commodity trading mishaps,’ company source tells Manifold Times.