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Petrol Ofisi delivers IMO-compliant fuel in Istanbul

  • : Oil products
  • 19/10/07

Turkish oil product supplier Petrol Ofisi has delivered IMO-compliant 0.5pc sulphur fuel oil in Istanbul for the first time.

The company — a subsidiary of trading firm Vitol — supplied 100t of 0.5pc fuel oil to a tanker in Istanbul on 4 October. "Our current price for delivered 0.5pc fuel oil is at $560/t," Petrol Ofisi said today.

This compares with Argus' assessments of $653.75/t for delivered 0.1pc sulphur marine gasoil (MGO) and $362.50/t for delivered high-sulphur fuel oil on 4 October.

The lower price of 0.5pc fuel oil against MGO could drive demand for the product ahead of the IMO 2020 sulphur cap from ships not sailing in the European Emission Control Area (ECA), where shipowners must burn 0.1pc sulphur marine fuels.

Petrol Ofisi has started using independent surveyors for all of its marine fuel deliveries in the past month to ensure quality and compatibility, especially for 0.5pc sulphur fuels. Under the new "Bunker Quality Quantity Security System", independent surveyors will approve each delivery and take samples of the fuel supplied. IMO 2020-compliant marine fuels are largely untested by shipowners. This has led to calls for greater clarity on compatibility with fuels from different sources.

Turkey will rely more on marine fuel imports next year as domestic refineries, operated by Tupras and Azerbaijan's Socar, will not produce 0.5pc sulphur fuels.

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26/04/20

Iran yet to commit to new US ceasefire talks

Iran yet to commit to new US ceasefire talks

Dubai, 20 April (Argus) — Iran has signaled deep mistrust of the US and is yet to commit to joining potential renewed negotiations in Pakistan. Foreign ministry spokesman Esmail Baghaei today said Tehran is wary of Washington's intentions. "We must be cautious of the enemy's conspiracies," Baghaei said in comments carried by state-news agency IRNA, adding that Iran "cannot forget" recent experiences in which diplomacy was, in his view, undermined. Iranian president Masoud Pezeshkian echoed that stance today, calling for a "rational approach" to the current situation while stressing the need for "utmost vigilance" in dealings with the US, who he said had been displaying contradictory behavior. He said Iran should pursue diplomatic efforts to reduce tensions while continuing to resist external pressure. The remarks come as a two-week ceasefire, brokered by Pakistan and nominally in effect until 22 April, faces growing strain. The US at the weekend said it intercepted and disabled an Iranian-flagged cargo vessel attempting to breach its blockade on Iranian ports. Tehran described this as "armed piracy" and warned of potential retaliation. Oil prices rose today with the prospect of the ceasefire ending. At 11:20 GMT, the Ice front-month June Brent contract was at $95.19/bl, up by $4.81/bl from its settlement on 17 April, when it ended $9.01/bl lower. The weekend episode underscores the central friction point between the two sides: the US blockade of Iranian ports, and Iran's chokehold over commercial transit through the strait of Hormuz. Baghaei today rejected what he described as "unrealistic" US demands, reiterating that key issues — including its missile programme and broader defensive capabilities — are not open for negotiation. But neither side appears to be closing the door entirely. US officials had been preparing for a new round of talks in Pakistan ahead of the ceasefire's expiry, and regional mediators continue to engage both sides, suggesting that diplomatic channels remain active despite the escalation in rhetoric. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

German traders turn to Karlsruhe for cheap heating oil

26/04/20
26/04/20

German traders turn to Karlsruhe for cheap heating oil

Hamburg, 20 April (Argus) — German traders from the south, southeast and west of the country increased heating oil purchases from the Miro consortium's 310,000 b/d Karlsruhe refinery in order to capture lower prices stemming from the current oversupply at the facility. Increased supply at Miro's Karlsruhe refinery is a result of weaker buying interest in Southwestern Germany because of warmer weather and higher refinery runs in recent weeks. Germany's southwest is the cheapest region nationwide for heating oil and several traders from neighbouring regions have told Argus that they have sourced product in Karlsruhe, depending on logistics capacities. Rising diesel and gasoline prices resulting from supply disruptions in the Mideast Gulf have weighed on demand for the fuels in Germany and suppliers such as PCK's 204,000 b/d Schwedt refinery have started to cut prices. Lower exports to Poland after state measures reduced domestic road fuel prices there have also contributed to prop up supply in East Germany. Middle distillate prices in northern Germany remain higher than in the Southwest, with premiums against PCK supplies in April reaching its highest since 2022. Market participants attributed this mainly to the region's import dependence, as Hamburg relies heavily on seaborne imports. The nearby 103,000 b/d Holborn and 84,000 b/d Heide refineries make limited contributions to domestic supply because most of their products are exported. In the German gasoline market, traders in the south reported temporarily limited availability at the 207,000 b/d Bayernoil refinery because of production issues. But supply improved by the end of the week, and traders expect spot availability to normalise in the coming days. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Earthquake hits northeast Japan; impact limited: Update

26/04/20
26/04/20

Earthquake hits northeast Japan; impact limited: Update

Updates with information on nuclear, thermal power plants Tokyo, 20 April (Argus) — A 7.7-magnitude earthquake struck northeastern Japan today, but no major damage has been reported so far to domestic refineries, nuclear power plants or thermal power facilities, according to industry sources contacted by Argus . The earthquake occurred offshore Iwate prefecture at around 16:52 Japan time (07:52 GMT), according to the Japan Meteorological Agency. The agency issued tsunami alerts for the Pacific coastal areas of Iwate, Aomori and Hokkaido prefectures. An 80cm tsunami was observed in Iwate, while smaller waves were recorded in Hokkaido, Aomori, Iwate and Miyagi. Nuclear facilities not affected The earthquake did not impact nuclear power facilities. Tohoku Electric Power's Onagawa No. 2 reactor in Miyagi prefecture was unaffected, as it has been shut for a regular turnaround since 14 January. Japan's Nuclear Regulation Authority said no abnormalities were detected at Onagawa No. 2 or Higashidori No.1 and Onagawa No.3 reactors, which have remained offline since the Fukushima disaster. The Onagawa No.1 reactor was undergoing decommissioning. A Japanese government spokesperson said no abnormalities were reported at nuclear facilities near the epicentre following the earthquake and subsequent tsunami. Some minor disruptions to lifeline infrastructure were reported, including power outages affecting around 100 households in the Tohoku region, as well as partial suspensions of Shinkansen services and road closures on some expressways. Thermal power generation has also remained unaffected so far. All thermal power plants in the Tohoku region are operating normally, according to the Japan Electric Power Exchange. The electricity reserve margin in the region stood at above 9pc at 20:00-20:30 Japan time on 20 April, exceeding the 8pc level generally considered necessary for stable supply. Refineries not damaged No damage has been reported at oil facilities. Refiners including Idemitsu, Eneos and Cosmo Oil told Argus that their refineries were not affected by the earthquake. Japanese refiner Idemitsu has a 140,000 b/d refinery in Hokkaido prefecture which was not impacted by the earthquake, Idemitsu said, adding that the Hokkaido refinery has continued operations and the refiner's other refineries were not affected either. Fellow refiner Eneos also has a 145,000 b/d Sendai refinery in the Miyagi prefecture which has been halted since 16 April after a gas leak. Eneos reported no damage to its refineries, including the Sendai refinery. Japanese refiner Cosmo Oil's refineries were also not affected, the firm said. By Fumito Nagase, Kohei Yamamoto, Nanami Oki, Reina Maeda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Australian fuel stocks exceed levels before US-Iran war

26/04/20
26/04/20

Australian fuel stocks exceed levels before US-Iran war

Sydney, 20 April (Argus) — Australia's fuel stocks are higher than at the outbreak of the US Iran war, energy minister Chris Bowen said on 18 April. Australia held fuel stocks equivalent to 31 days of gasoil consumption, 30 days of jet fuel and 46 days of gasoline under its minimum stockpile obligation (MSO) on 14 April, data released on the same day show. Volumes include those in country storage and cargoes located within Australia's exclusive economic zone. Australia's fuel requirements are contracted until the end of May, Bowen added. Fuel suppliers are required to report stocks every Tuesday and prove compliance with the MSO under federal law by Friday. MSO data were published quarterly prior to the US Iran war but shifted to weekly disclosures in early March . Australia had average holdings equivalent to 32 days of gasoil consumption, 29 days of jet fuel and 38 days of gasoline, according to the most recent quarterly MSO figures, covering September–December 2025. The Australian government will allow domestic sales of 50ppm sulphur gasoline until the end of September, extending earlier temporary relaxations introduced in March. The initial waiver permitted refiner Ampol to sell gasoline above the national 10ppm sulphur limit for 60 days and allowed imports of 50ppm material. From September, suppliers will be permitted to blend higher sulphur gasoline into the broader fuel pool at lower rates until 31 December, Bowen said. Suppliers subject to the MSO can paper trade S-21 tickets with other importers to ensure compliance. An S-21 ticket is a ticket for one litre of gasoil, jet fuel or gasoline. Gasoil remains the tightest market for MSO compliance and the requirement became more stringent after the mandated gasoil stock levels increased from 1 July 2025 to 32 days of cover for importers and 20 days for refiners Viva Energy and Ampol. Viva is typically long on S-21 tickets thanks to its lower days of consumption requirements owing to its 120,000 b/d Geelong refinery. Lower distillates output at Geelong could mean it has less tickets to offer other importers who could be short of their MSO requirements. Importers had their MSO requirements for gasoil and gasoline lowered by 20pc in an attempt to boost supply after a surge in demand from panic buying led to service stations running dry in regional areas. Meanwhile, the fire at Viva's Geelong refinery on 15 April was confined to the alkylation unit, while processing units including the crude distillation and reformer units remain unaffected. The residue catalytic cracking unit (RCCU) is temporarily off line as part of stabilisation efforts. The RCCU unit was restarted in mid-October 2025 following a major maintenance. Viva expects production of diesel, jet fuel and gasoline to return to above 90pc of capacity in coming weeks, subject to plant inspections. The Geelong refinery does not typically process Middle Eastern crude, sourcing supplies mainly from North and South America, southeast Asia and Australia. Viva said it has secured crude supply through July, with high confidence of continued availability. Around one-third of Viva's transport fuel sales are supplied by the Geelong refinery, with the remainder largely met by imports from the Asia Pacific region through its partnership with Vitol. By Tom Woodlock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Vessels attacked as Iran reasserts control of Hormuz

26/04/18
26/04/18

Vessels attacked as Iran reasserts control of Hormuz

Singapore, 18 April (Argus) — Two vessels came under attack in the Mideast Gulf on Saturday, according to UK Maritime Trade Operations (UKMTO), the Royal Navy-operated shipping security authority. The incidents followed Iran's decision to reassert control over shipping through the strait of Hormuz. Tehran said on Friday that the waterway would be open for the duration of the current US-Iran ceasefire. But the country's military leadership has since said passage has returned to the strict control of Iran's armed forces , citing the continued US naval blockade of Iranian ports. In one incident, the master of a tanker reported being fired upon by the Iranian navy about 20 nautical miles northeast of Oman. Two Iranian navy gunboats opened fire on the unnamed tanker without prior warning over radio communications, according to the master's report. The vessel and crew were reported to be safe, UKMTO said. Separately, a container vessel reported being hit by an unidentified projectile about 25 nautical miles northeast of Oman. The ship, which was not identified, reported damage to containers but no fire. The latest incidents add to a list of attacks on commercial shipping in the Mideast Gulf since the US and Israel began strikes on Iran on 28 February. By Sean Lui Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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