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OFAC sanctions Singapore, Malaysia firms of Triliance Petrochemical network

Singapore-based Asia Fuel PTE. Ltd., Unicious Energy PTE. Ltd., Malaysia-based Sense Shipping and Trading SDN. BHD., amongst firms added to OFAC list.

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on 9 February sanctioned nine entities across multiple jurisdictions that have played a critical role in the production, sale, and shipment of Iranian petrochemicals and petroleum to buyers in Asia.

It has targeted six Iran-based companies, and three firms in Malaysia and Singapore for facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., which OFAC designated on January 23, 2020 for facilitating the sale of Iranian petroleum products from the National Iranian Oil Company (NIOC).

IRANIAN PETROCHEMICAL PRODUCERS

OFAC is designating Iranian petrochemical producer Amir Kabir Petrochemical Company (AKPC), a major polyethylene producer. Triliance has purchased millions of dollars’ worth of low density polyethylene (LDPE) produced by AKPC for shipment to buyers in the People’s Republic of China (PRC). OFAC is also adding Simorgh Petrochemical Company, a fully owned subsidiary of AKPC, to the List of Specially Designated Nationals and Blocked Persons (SDN List).

OFAC is also taking action against four subsidiaries of Iran’s Marun Petrochemical Company, which OFAC designated on June 16, 2022 for its role in supplying millions of dollars’ worth of petrochemicals to Triliance. Iran-based Laleh Petrochemical Company, Marun Tadbir Tina Company, Marun Sepehr Ofogh Company, and Marun Supplemental Industries Company, each of which operate in different capacities within the petrochemical and industrial sectors, are majority- or fully owned by Marun Petrochemical Company.

OFAC is adding Laleh Petrochemical Company, Marun Tadbir Tina Company, Marun Sepehr Ofogh Company, and Marun Supplemental Industries Company to the SDN List for being owned in the aggregate, directly or indirectly, 50 percent or more by Marun Petrochemical Company.

TRILIANCE NETWORK ENABLERS

Since late 2021, Singapore-based Asia Fuel PTE. Ltd. (Asia Fuel) has facilitated the shipment of petroleum products worth millions of dollars to customers in East Asia. Asia Fuel also arranged to pay storage fees on behalf of Triliance to house petroleum products in a Malaysia-based floating storage vessel.

Sense Shipping and Trading SDN. BHD. (Sense Shipping) is a Kuala Lumpur, Malaysia-based front company for Triliance that has facilitated Triliance’s shipment of tens of thousands of metric tons of petrochemicals to foreign customers. Sense Shipping previously operated under the name Eastchem Shipping SDN. BHD.

Singapore-based Unicious Energy PTE. Ltd. serves an important role in Triliance’s network, coordinating millions of dollars in petroleum-related payments for other companies within the network and aiding Triliance in its sale of hundreds of millions of dollars of petroleum products.

Related: Singapore: MPA investigation traces contaminated bunker fuel back to source at Port of Khor Fakkan
Related: OFAC updates list with shipping and petroleum firms over Iran involvement
Related: OFAC adds eight entitles from Iran, China, and Singapore due to petrochemical trades

 

Photo credit: tommao wang on Unsplash
Published: 2 March, 2023

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FuelEU

FincoEnergies launches pooling service for FuelEU Maritime compliance

FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable bio bunker fuels.

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GoodFuels biofuel supplier FincoEnergies on Wednesday (16 April) announced the launch of its FuelEU Pooling service, created to enable shipowners to meet FuelEU Maritime compliance in a cost-effective way.

FuelEU Maritime, effective from 1 January 2025, mandates the reduction of greenhouse gas intensity of energy used on board ships trading in the EU. For many operators, particularly those with limited access to low-carbon fuels, compliance can be both complex and costly.

Designed for shipowners, operators, charterers, and technical managers, FincoEnergies’ FuelEU Pooling service enables undercompliant vessels to meet their compliance targets by pooling with vessels running on GoodFuels sustainable biofuels, when these vessels are overcompliant and have ‘Surplus’ emission reduction available for allocation.

FincoEnergies also partnered with Lloyd’s Register (LR), who supported the development of the service. Their technical expertise has enabled shaping a solution that aligns with both regulatory requirements and FincoEnergies' established position as a biofuel supplier in the fuel supply chain.

“FuelEU Maritime represents one of the most important regulatory shifts for the shipping industry in decades,” said Alberto Perez, Global Head, Maritime Commercial Markets at LR. “By integrating technical expertise with strategic guidance, we ensure shipowners, operators, and suppliers not only comply with evolving emissions standards, but also proactively transform their operations, embracing new technologies and alternative fuels to ensure a sustainable and profitable future.”

“With a decade of experience in biofuel bunkers and carbon certificate trading in the voluntary market, we are excited to expand our creative and solution-oriented product portfolio with FuelEU Pooling,” said Johannes Schurmann, Commercial Director International Marine at FincoEnergies. 

“Thanks to our physical presence in the supply chain, shipping companies looking for FuelEU surplus can confidently rely on us as a trusted partner in their decarbonisation journey.”

Through its role as Pool Organiser, FincoEnergies streamlines the entire pooling process – from performing biofuel bunkers and prefinancing Surplus, to Surplus allocation and pool verification. With cost-effective pricing, FuelEU Pooling provides shipping companies with a competitive alternative for changing their fuel mix themselves.

 

Photo credit: FincoEnergies
Published: 21 April, 2025

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ECA

PO/Marine launches supply of MED ECA-compliant ULSFO bunker fuel

In preparation of the upcoming Mediterranean Emission Control Area regulation, PO/Marine successfully delivered its first supply of ULSFO with 0.10% sulphur content on 15 April.

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Aydın Yıldız, Head of Marine Sales at Petrol Ofisi Group

Petrol Ofisi’s bunkering arm PO/Marine on Thursday (17 April) said it has completed the bunkering operation of ULSFO—a marine fuel with 0.10% sulphur content—in alignment with the upcoming Mediterranean Emission Control Area (MED ECA) regulation. 

Under the new regulation, all vessels operating within the Mediterranean must use low-sulphur marine fuels.

Effective 1 May 2025, the Mediterranean will officially be designated as an Emission Control Area (MED ECA), prohibiting the use of marine fuels with sulphur content exceeding 0.10%. 

In preparation for this regulatory transition, PO/Marine successfully delivered its first supply of ULSFO (Ultra Low Sulphur Fuel Oil) with 0.10% sulphur content on 15 April.

PO/Marine launches supply of MED ECA-compliant ULSFO bunker fuel

Aydın Yıldız, Senior Maritime Manager at Petrol Ofisi Group, said: “Our leadership in the maritime fuel sector is defined not only by our market share but also by the innovative steps we take to shape the industry. 

“Successfully completing the supply of marine fuel with 0.10% sulphur content in alignment with the MED ECA transition in Türkiye is a concrete reflection of this. We previously led the way with the country’s first VLSFO bunkering operation, setting a precedent in our sector. 

“With our ULSFO bunkering, we have once again demonstrated that we are setting the standard in Türkiye’s marine fuel landscape. The designation of the Mediterranean as an Emission Control Area is not only a regional development but a historic turning point for global maritime operations.”

 

Photo credit: PO/Marine
Published: 21 April, 2025

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Bunker Fuel

Oilmar completes first ULSFO bunker fuel delivery in Türkiye

Company announced the successful completion of its first ULSFO 0.1% Sulphur delivery in Istanbul and is now offering the marine fuel in several key locations including Istanbul Anchorage and Marmara Sea.

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UAE-based marine fuel and petroleum products trader Oilmar DMCC on Friday (18 April) announced the successful completion of its first ULSFO 0.1% Sulphur delivery in Istanbul, marking one of the very first trades of its kind in the country.

“With this milestone, Oilmar proudly steps forward as one of Türkiye’s pioneering trading companies in ULSFO 0.1% Sulphur fuel,” it said in a social media post. 

Oilmar is now offering ULSFO 0.1% across key locations:

  • Istanbul Anchorage
  • Marmara Sea
  • Gulf of Derince
  • Bozcaada Anchorage
  • Southern Türkiye Ports

In addition, High Sulphur Fuel Oil (HSFO), Very Low Sulphur Fuel Oil (VLSFO), Ultra-Low Sulphur Fuel Oil (ULSFO), and Low Sulphur Marine Gasoil (LSMGO) are available at all ports across Türkiye.

 

Photo credit: Dima Rogachevskiy on Unsplash
Published: 21 April, 2025

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