Latest market news

Vitol delivers its first B30 biofuel blend in Singapore

  • Market: Biofuels, Oil products
  • 03/04/24

Trading firm Vitol has bunkered its first B30 biofuel blend in Singapore through its Singapore bunkering company V-Bunkers.

A total of 1,100t of B30, which is made of 30pc used cooking oil methyl ester blended with 70pc very-low sulphur fuel oil, was delivered by V-Bunker's Marine Future barge in mid-March to the Grand Hero vehicle carrier chartered by logistics firm Hyundai Glovis. The Marine Future is a specialised bunker barge and is able to supply biofuel blends of up to B100. This is the first time V-Bunkers has delivered biofuel with concentration above B25.

More maritime industry participants are to adopt biofuels as an alternative marine fuel as the maritime industry progresses towards net zero emissions by 2050. The Singapore bunkering hub is working towards decarbonisation goals, with ammonia as a marine fuel being trialled in the city-state from March and 11 electric harbour craft designs being shortlisted by the Maritime and Port Authority of Singapore on 23 February.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
22/07/24

Dangote refinery's diesel quality proves divisive

Dangote refinery's diesel quality proves divisive

London, 22 July (Argus) — Nigerian conglomerate Dangote Group has defended the quality of diesel output from its 650,000 b/d refinery near Lagos after the country's downstream regulator said it contained much higher levels of sulphur than imported product. Dangote said the sulphur content of its diesel is now as low as 88ppm, citing laboratory tests on a sample from the refinery's mild hydrocracking unit. The company issued the statement in response to claims from the head of the downstream regulator NMDPRA, Farouk Ahmed, that diesel from Dangote and some of Nigeria's small modular refineries lies between 650ppm and 1,200ppm. Dangote said it aims to achieve 10ppm diesel production this week, in line with Euro V specifications and lower than the 50ppm cap on west African imports, adding that the NMDPRA allows domestic refiners to produce up to 650ppm diesel until January next year. Since receiving its first crude feedstock cargo late last year, the refinery has exported low-sulphur straight run fuel oil, naphtha, gasoil and jet fuel via its offshore single point moorings, according to vessel trackers Vortexa and Kpler. The refinery also hosts its own truck-out gantries to load product for overland delivery. Farouk said the NMDPRA has not complied with a request from Dangote to suspend imports of middle distillates due to concerns around security of supply and market monopoly. Dangote has pushed back against the monopoly concerns, saying there are multiple players in the industry, including state-owned NNPC. Nigerian imports of diesel, jet fuel/kerosine, naphtha and fuel oil have declined since the Dangote refinery came online, falling to 8,600 t/d so far this year from 10,900 t/d across the whole of 2023, according to Vortexa data. Nigeria's gasoline imports have declined too, but at a slower pace — to 27,500 t/d from 30,200 t/d over the same period — reflecting the fact Dangote's gasoline production units have yet to start up. By George Maher-Bonnett and Adebiyi Olusolape Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Find out more
News

German diesel prices drop with demand low


22/07/24
News
22/07/24

German diesel prices drop with demand low

Hamburg, 22 July (Argus) — German middle distillate prices fell in the week to 19 July, as declining Ice gasoil futures coupled with low domestic demand. The extent of the price drop varied significantly across regions. Traders in areas with the lowest prices made only minor downward adjustments, while prices fell most sharply in those regions that were relatively expensive. This is because of varying supply and demand situations. At the Miro consortium's 310,000 b/d Karlsruhe refinery, oversupply of diesel has been decreasing steadily in recent weeks. The build up has led to a significant price drop at the end of June, but suppliers no longer seem compelled to significantly lower their prices to attract buyers. In southern Germany at Shell's 334,000 b/d Rhineland refinery, spot supply of diesel is being rationed. Scheduled maintenance work at the Bayernoil consortium's 215,000 b/d Neustadt-Vohburg refinery and a resulting shortage of spot offers are cushioning the price drop. Around the Rhineland refinery the price decrease was relatively small, as a previously defective plant for diesel production in the 147,000 b/d Wesseling part of the plant was only ramped up at the beginning of the past week. Spot offers will be limited until stocks are refilled, traders said. The largest price drop was in northern Germany, again primarily a result of diesel oversupply. Imports of diesel into northern Germany in July are at their lowest since February, as domestic supply is sufficient to meet regional demand. An importer said demand is so low that contract volumes imported by cargo are barely being sold. Another importer has reduced its barge term volumes in view of weak diesel demand. Importers are worried that the situation will not change fundamentally until at least autumn, when maintenance work begins at TotalEnergies' 236,000 b/d Leuna refinery and at the 187,000 b/d Godorf section of the Rhineland complex. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

ExxonMobil Joliet refinery may be limited for 3 weeks


19/07/24
News
19/07/24

ExxonMobil Joliet refinery may be limited for 3 weeks

Houston, 19 July (Argus) — It could take up to three weeks for ExxonMobil's 252,000 b/d Joliet refinery in Channahon, Illinois, to resume normal operations after severe weather caused a facility-wide shutdown Monday . The company has limited its unbranded fuel supply in the region and placed customers on allocation, according to buyers. Restoring power and ramping-up the refinery to full operations could take up to three weeks, lasting well into August. ExxonMobil confirmed this afternoon that power has not been restored to the plant and previously declined to comment on a time line for a return to normal operations as it assesses damage at the plant. Channahon's emergency management director told Argus that Monday's tornado skirted the refinery and it faced no direct damage. US Interstate 55 which borders Exxon's refinery was closed due to downed power lines, but these have since been cleared and the road re-opened. By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Von der Leyen faces new Green Deal challenges


19/07/24
News
19/07/24

Von der Leyen faces new Green Deal challenges

The president promises a ‘clean industrial deal', but will need to make compromises over climate policy, writes Dafydd ab Iago Brussels, 19 July (Argus) — Ursula von der Leyen's re-election by the European Parliament as president of the European Commission on 18 July promises to see a doubling down on climate and energy policy, with her 2024-29 mandate stipulating greenhouse gas (GHG) emissions cuts of at least 90pc by 2040 compared with 1990. "I have not forgotten how [Russian president Vladimir] Putin blackmailed us by cutting us off from Russian fossil fuels. We invested massively in homegrown cheap renewables and this enabled us to break free from dirty Russian fossil fuels," von der Leyen says, promising to end the "era of dependency on Russian fossil fuels". She has not given an end date for this, nor specified if this includes a commitment to ending Russian LNG imports. Von der Leyen went on to detail political guidelines for 2024-29. She has pledged to propose a "clean industrial deal" in the first 100 days of her new mandate, albeit without giving concrete figures about how much investment this would channel to infrastructure and industry, particularly for energy-intensive sectors. The clean industrial deal will help bring down energy bills, she says. Von der Leyen told parliament that the commission would propose legislation, under the European Climate Law, establishing a 90pc emissions-reduction target for 2040. Her political guidelines also call for scaling up and prioritising investment in clean technologies, including grid infrastructure, storage capacity, transport for captured CO2, energy efficiency, power digitalisation and a hydrogen network. She plans to extend aggregate demand mechanisms beyond gas to include hydrogen and critical raw materials, and notes the dangers of dependencies and fraying supply chains — from Putin's energy blackmail to China's monopoly on battery and chip raw materials. Majority report Passing the necessary legislation to implement her stated policies will now require approval from EU states and parliament. Unless amplified by Germany's election next year, election victories by far-right parties in France and elsewhere appear not to threaten EU state majorities for specific legislation. Parliament's political centre-left S&D and liberal Renew groups, as well as von der Leyen's own centre-right European People's Party (EPP), have elaborated key policy requests. These broadly call for the continuation of the European Green Deal — a set of legislation and policy measures aimed at 55pc GHG emissions reductions by 2030 compared with 1990. A symbolic issue for von der Leyen to decide on — or compromise on — is that of internal combustion engine (ICE) vehicles. EPP wants to stick to technological neutrality and revise the current mandate for sales of new ICE cars to be phased out by 2035, if they cannot run exclusively on carbon-neutral fuels. The EPP wants an e-fuel, biofuel and low-carbon fuel strategy. Von der Leyen's guidelines reflect the need to gain support from centre-right, centre-left and greens. She says the 2035 climate neutrality target for new cars creates investor and manufacturer "predictability" but requires a "technology-neutral approach, in which e-fuels have a role to play". She has not mentioned carbon-neutral biofuels. It will be impossible for von der Leyen to satisfy all demands in her second mandate. This includes policy requests put forward by the EPP, ranging from a "pragmatic" definition of low-carbon hydrogen and market rules for carbon capture and storage, to postponing the EU's deforestation regulation. EU member states are expected to propose their candidates for commissioners in August, including for energy, climate and trade policy, with von der Leyen's new commission subject to a final vote in parliament in late October. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Trump vows to target 'green' spending, EV rules


19/07/24
News
19/07/24

Trump vows to target 'green' spending, EV rules

Washington, 19 July (Argus) — Former president Donald Trump promised to redirect US green energy spending to other projects, throw out electric vehicle (EV) rules and increase drilling, in a speech Thursday night formally accepting the Republican presidential nomination. Trump's acceptance speech, delivered at the Republican National Convention, offered the clearest hints yet at his potential plans for dismantling the Inflation Reduction Act and the 2021 bipartisan infrastructure law. Without explicitly naming the two laws, Trump said he would claw back unspent funds for the "Green New Scam," a shorthand he has used in the past to criticize spending on wind, solar, EVs, energy infrastructure and climate resilience. "All of the trillions of dollars that are sitting there not yet spent, we will redirect that money for important projects like roads, bridges, dams, and we will not allow it to be spent on the meaningless Green New Scam ideas," Trump said during the final night of the convention in Milwaukee, Wisconsin. Trump and his campaign have yet to clearly detail their plans for the two laws, which collectively provide hundreds of billions of dollars worth of federal tax credits and direct spending for renewable energy, EVs, clean hydrogen, carbon capture, sustainable aviation fuel, biofuels, nuclear and advanced manufacturing. Repealing those programs outright could be politically difficult because a majority of spending from the two laws have flowed to districts represented by Republican lawmakers. The speech was Trump's first public remarks since he was grazed by a bullet in an assassination attempt on 13 July. Trump used the shooting to call for the country to unite, but he repeatedly slipped back into the divisive rhetoric of his campaign and his grievances against President Joe Biden, who he claimed was the worst president in US history. Trump vowed to "end the electric vehicle mandate" on the first day of his administration, in an apparent reference to tailpipe rules that are expected to result in about 54pc of new cars and trucks sales being battery-only EVs by model year 2032. Trump also said that unless automakers put their manufacturing facilities in the US, he would put tariffs of 100-200pc on imported vehicles. To tackle inflation, Trump said he would bring down interest rates, which are controlled by the US Federal Reserve, an agency that historically acts independently from the White House. Trump also said he would bring down prices for energy through a policy of "drill, baby, drill" and cutting regulations. Trump also vowed to pursue tax cuts, tariffs and the "largest deportation in history," all of which independent economists say would add to inflation. The Republican convention unfolded as Biden, who is isolating after testing positive for Covid-19, faces a growing chorus of top Democratic lawmakers pressuring him to drop out of the presidential race. Democrats plan to select their presidential nominee during an early virtual roll-call vote or at the Democratic National Convention on 19-22 August. By Chris Knigh t Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more