PS Energy wins runner-up position in Singapore E50 awards, shares bunker expansion plans

Business

Published Thu, 23rd November 2023
by Admin

Plans acquisition of additional bunker barges of between 150 dwt to 2,000 dwt capacity by end 2024; securing a waterfront site for construction of a sustainable fuels blending facility.

Singapore-based last mile fuel distribution company PS Energy Group, the parent of local inland, coastal, and marine bunkering units PS Energy Pte Ltd and CNC Petroleum Pte Ltd, on Tuesday (21 November) received the runner-up position at the Singapore Enterprise 50 (E50) awards.

“We are grateful for the recognition by the awards committee and would like to thank partners and our staff for making this possible,” Sean Chua, Managing Director of PS Energy, told Manifold Times.

“As we celebrate this milestone, we are taking stock of the valuable insights we gleaned from our journey thus far and leverage this knowledge to propel our growth initiatives.”

According to Chua, the bunkering sector is amongst core businesses of PS Energy. The firm, which is planning to become a producer of sustainable fuels in Singapore, will be undertaking a bunkering expansion plan for the coming year.

“We currently operate four bunker tankers namely Davina, CNC 5, Garene 1 and Garene 2 and are planning to acquire additional marine fuel delivery vessels of between 150 dwt to 2,000 dwt capacity by the end of 2024 to fulfil different distribution channels for our growing marine gas oil (MGO) delivery business,” he said.

“These smaller vessels will enable PS Energy to champion quicker deliveries and turnarounds for customers requiring prompt MGO supplies. We want to be the first name in this sphere.”

Chua further shared PS Energy will be securing a waterfront site in 2024 and plans the construction of a sustainable fuels blending facility within the next three years.

“This High-Mix Low-Volume facility for biodiesel and renewable diesel will be designed to produce several small MGO parcels with customized treat rates such as B20, B30 for biodiesel, or between R30 to R50 for renewable diesel, that we can offer as bunker fuel to shipowners,” he explained.

“The facility will be able to assist in Singapore’s domestic harbour craft decarbonisation plans as by 2030 the Maritime and Port Authority of Singapore (MPA) aims to reduce absolute emissions from the local fleet by 15% from 2021 levels.”

Chua was keen to inform on PS Energy’s digitalisation efforts which believes will be key in helping expand the business footprint to the Philippines.

“To support our expansion efforts, we have successfully implemented a comprehensive digital platform that encompasses modules for sales, price checking, deliveries, inventories, CRM, customer support, and more. This integrated system has been deployed across our entire organization,” he explained.

“This will also be our advantage to help expand our bunkering business, especially with the introduction of electronic bunker delivery notes (e-BDN) round the corner.”

Meanwhile, this is the second time PS Energy Group clinched the E50 Awards, marking an impressive advancement. The company ascended from forty-second place last year to an outstanding second place in 2023.

The E50 Awards, first established in 1995, recognises local, privately-held companies who have contributed to economic development in Singapore and abroad.

It is jointly organised by The Business Times and KPMG, and supported by Enterprise Singapore, Singapore Business Federation and Singapore Exchange. The E50 Awards is sponsored by OCBC Bank.

Manifold Times in early October reported PS Energy introducing a fresh brand identity and a company office move to the JTC Summit in Singapore.

Photo credit: PS Energy Group
Published: 23 November 2023

PS Energy wins runner-up position in Singapore E50 awards, shares bunker expansion plans

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