Sinopec Marine LSFO Global Supply Press Conference
On June 5, Sinopec issued Sinopec low-sulphur marine fuel oil global supply plan and introduced the details about the plan.
During the Second International Petroleum and Natural Gas Enterprises Conference in October 2018, the executive director of Sinopec Fuel Oil Sales Liu Zurong said that as the world’s largest oil refining enterprise and China’s largest refined oil and petrochemical product supplier, Sinopec will actively strive for policy support for large-scale production of low-sulphur marine fuel oil. Moreover, from January 1, 2020, Sinopec will provide all China’s ports with qualified, stable, green and economical low-sulphur heavy marine fuel oil.
Currently, the consumption volume of marine fuel oil of global shipping industry is about 320 million mt/a, and the annual crude oil consumption volume of global shipping industry accounts for 4% of the total global crude oil consumption volume. It is estimated that in 2020, the consumption volume of marine fuel oil of global shipping industry will be about 300 million mt. However, the marine fuel oil supply of the major petroleum enterprises is far from meeting the demand.
During the Second International Petroleum and Natural Gas Enterprises Conference in October 2018, Sinopec promised that it will provide Singapore and some ports along the Silk Road Economic Belt and the 21st-Century Maritime Silk Road with low-sulphur marine fuel oil after it satisfies China’s bonded marine fuel oil market demand. Moreover, Sinopec will gradually expand its global marine fuel oil market, and support the development of global green shipping industry.
Sinopec Shanghai Petrochemical successfully produced low-sulphur marine fuel oil in January 2019, and it was China’s first oil refining enterprise that produced low-sulphur marine fuel oil. On January 23, 2019, the first batch of 6,000mt low-sulphur marine fuel oil was successfully produced and shipped by Sinopec Fuel Oil Sales Global Marine Fuel Oil Supply Center. Besides, Sinopec Hainan Refining & Chemical and Sinopec Jinling Company are also Sinopec’s major low-sulphur marine fuel oil producers.
Currently, over 90% of China’s bonded marine fuel oil supply relies on imports. Meanwhile, due to the high producing cost, there was no China’s refinery trying to produce low-sulphur marine fuel oil before. Sinopec suggests that Chinese government should issue policies to support refineries to produce low-sulphur marine fuel oil. Many Sinopec’s refineries also plan to produce low-sulphur marine fuel oil, including Sinopec Qingdao Refining Company, Sinopec Qilu Company, Sinopec Cangzhou Company, Sinopec Zhenhai Refining & Chemical, Sinopec Maoming Company, etc.
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