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Singapore launches commercial methanol bunkering

  • : Hydrogen, Oil products, Petrochemicals
  • 24/05/28

Singapore has launched commercial-scale methanol bunkering at the Tuas port, after a successful run of its first simultaneous methanol bunkering and cargo operation (Simops) on 27 May.

Bunkering operations for shore-to-ship, ship-to-ship, and simultaneous cargo operations while bunkering methanol or alternative fuels like ammonia and hydrogen, will now be available at the Port of Singapore, the Maritime and Port Authority of Singapore (MPA) announced.

This development comes after MPA's inaugural Simops of Singapore-based shipping firm X-Press Feeders' first dual-fuel engine container vessel. The Rotterdam-bound vessel was refuelled in Singapore with close to 300t of bio-methanol by MPA-licensed bunker supplier Global Energy Trading. The methanol bunkering occurred concurrently while vessel containers were restowed and loaded, and was supported by digitalisation of the bunkering process for near real-time visibility for various stakeholders.

All crew members were trained to handle methanol as a marine fuel and respond to emergencies, given that safety remains a key consideration when bunkering alternative fuels.

X-Press Feeders' vessel was the first of 14 dual-fuel vessels that it has ordered. The China-built vessel is equipped with a German-designed dual-fuel engine and has the flexibility to operate on green methanol. The firm plans to operate its green methanol-powered feeders mostly in the ports of Rotterdam and Antwerp-Bruges, where it has a fuel supply contract with chemical manufacturing firm OCI Global.

"We look forward to working with other like-minded partners, including on the use of digital bunkering and mass flow meter solutions, to operationalise the delivery of the new marine fuels in Singapore," MPA chief executive Teo Eng Dih said.

Singapore is steadily advancing towards its multi-fuel transition for maritime decarbonisation. Another ship-to-ship delivery of 1,340t of blended 20pc bio-methanol combined with 80pc of conventional methanol was completed on 24 May. The alternative fuel blend is reported to provide 31pc in CO2 equivalent savings on a tank-to-wake basis as compared to operating on conventional very-low sulphur fuel oil (VLSFO) for the same distance.

The Argus-assessed price for VLSFO stood at $582.68/t delivered on board (dob) Singapore on 27 May, while prices for B24 were assessed at $720.50/t dob Singapore.


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24/07/24

Indian budget lifts spending for refining, crude SPR

Indian budget lifts spending for refining, crude SPR

Mumbai, 24 July (Argus) — India allocated 1.19 trillion rupees ($14.2bn) to the oil ministry in its budget for the 2024-25 fiscal year ending 31 March, up from Rs1.12 trillion in the 2023-24 revised budget. The budget presented by finance minister Nirmala Sitharaman on 23 July was the first since the BJP-led administration was re-elected in June . Indian state-controlled refiner IOC was allocated Rs273bn for 2024-25, up from Rs270bn in the revised budget for 2023-24. Bharat Petroleum (BPCL) received an increased allocation of Rs110bn, up from 95bn, while Hindustan Petroleum (HPCL) was allotted Rs107bn that was up from Rs102bn previously. No capital support was allocated to the oil marketing companies in the budget given IOC, BPCL and HPCL all reported record profits in 2023-24. India's crude import dependency rose to 88.3pc in April-June from 88.8pc the previous year, oil ministry data show. India's crude imports during January-June were up by around 1pc on a year earlier at 4.65mn b/d, according to Vortexa data. ONGC's allocation rose to Rs308bn for 2024-25, while fellow state-controlled upstream firm Oil India's increased to Rs68bn from Rs305bn and Rs56bn rupees respectively in the revised budget for 2023-24. India has been trying to reduce its dependence on imports and will offer 25 oil and gas blocks in the tenth bidding round in August or September under the Hydrocarbon Exploration and Licensing Policy's Open Acreage Licensing Programme (OALP). It offered 136,596.45km² in 28 upstream oil and gas blocks in the ninth bidding round. ONGC in January secured seven of the 10 areas of exploration blocks offered under India's eighth OALP round. A private-sector consortium of Reliance Industries and BP, Oil India and private-sector Sun Petrochemicals received one block each. Allocation for the Indian Strategic Petroleum Reserve (SPR) received a push to Rs4.08bn for the construction of caverns under its second phase against Rs400mn in the previous budget. The first phase of India's SPR built 1.33mn t (9.75mn bl) of crude storage at Vishakhapatnam, 1.5mn t at Mangalore and 2.5mn t at Padur. A provision of Rs119.25bn was made for LPG subsidies in 2024-25 compared with spending of Rs122.4bn in 2023-24. By Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Repsol 2Q profit doubles but cash flow turns negative


24/07/24
24/07/24

Repsol 2Q profit doubles but cash flow turns negative

Madrid, 24 July (Argus) — Spanish integrated Repsol's profit more than doubled on the year in the second quarter, as lower one-time losses and better results in the upstream and customer divisions more than offset a weaker refining performance. But its cash flow turned negative as it completed the buyout of its UK joint venture with China's state-controlled Sinopec, raised investments and experienced weaker refining margins. Net debt was sharply higher, largely reflecting share buy-backs. Repsol has said it will acquire and cancel a further 20mn of its own shares before the end of the year, which will probably further increase its debt. It completed a 40mn buy-back in the first half of the year. Repsol's profit climbed to €657mn ($714mn) in April-June from €308mn a year earlier, when earnings were hit by a large provision against an arbitration ruling that obliged it to acquire Sinopec's stake in their UK joint venture. Excluding this and other special items, such as a near threefold reduction in the negative inventory effect to €85mn, Repsol's adjusted profit increased by 4pc on the year to €859mn. Repsol confirmed the fall in refining margins and upstream production reported earlier in July . Liquids output increased by 3pc on the year to 214,000 b/d, and gas production fell by 4pc to 2.1bn ft³/d. Adjusted upstream profit increased by 4pc on the year to €427mn. The higher crude production and a 13pc rise in realised prices to $78.6/bl more than offset lower gas production and prices, which fell by 6pc to $3.1/'000 ft³ over the same period. Adjusted profit at Repsol's industrial division — which includes 1mn b/d of Spanish and Peruvian refining capacity, an olefins-focused petrochemicals division, and a gas and oil product trading business — was down by 16pc on the year at €288mn. Profit fell at the 117,000 b/d Pampilla refinery in Peru after a turnaround and weak refining margins, and there was lower income from gas trading. Spanish refining profit rose on a higher utilisation rate and gains in oil product trading. Repsol's customer-focused division reported adjusted profit of €158mn in April-June, 7pc higher on the year thanks to higher retail electricity margins, a jump in sales from an expanded customer base, higher margins in aviation fuels and higher sales volumes in lubricants. Repsol swung to a negative free cash flow, before shareholder remuneration and buy-backs, of €574mn in the second quarter, from a positive €392mn a year earlier. After shareholder remuneration, including the share buy-backs and dividends, Repsol had a negative cash position of €1.12bn compared with a positive €133mn a year earlier. Repsol's net debt more than doubled to €4.595bn at the end of June from €2.096bn on 31 December 2023, reflecting the share buy-backs and new leases of equipment. By Jonathan Gleave Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Air passenger traffic up at Australia’s Sydney, Perth


24/07/24
24/07/24

Air passenger traffic up at Australia’s Sydney, Perth

Sydney, 24 July (Argus) — Australia's Perth airport logged its highest ever passenger numbers in the 2023-24 fiscal year to 30 June, breaking a record set in 2013-14, while Sydney remained behind pre-Covid-19 pandemic levels. About 16.1mn passengers used Perth airport topping the previous 14.9mn high a decade earlier. Perth's regional passenger numbers for 2023-24 edged over 6mn, outstripping interstate passengers of 5.7mn and international at 4.3mn, likely showing an increase in mining and resources activity in the state's minerals and gas provinces. Fly-in, fly-out passengers comprise a major part of Perth's total because of the remote location of many of the state's resources projects. Sydney airport, Australia's largest, reported 9.74mn passengers for April-June, led by increased international traffic and representing a 94pc recovery rate on international passengers recorded in pre-pandemic April-June 2019. Sydney's passenger numbers for this year's first half remained 7pc below 2019 but 10pc higher than the same time last year. Australia's second-largest airport Melbourne reported 35.13mn passengers for 2023-24 . Australian jet fuel sales averaged 158,000 b/d for January-May, behind the 161,000 b/d in 2019 but 8pc above 2023's average of 146,000 b/d, according to Australian Petroleum Statistics. Imports were also up by 11pc on a year earlier for the same period. By Tom Major Sydney air passenger traffic (mn) Apr-Jun '24 Jan-Mar '24 Apr-Jun '23 Jan-Jun '24 Jan-Jun '23 Jan-Jun '19 q-o-q % ± y-o-y % ± Total 9.74 10.30 9.16 20.06 18.17 21.60 -5 6 International 3.77 4.16 3.36 7.93 6.69 8.30 -9 12 Domestic 5.97 6.16 5.80 12.13 11.49 13.30 -3 3 Source Sydney Airport Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US House passes waterways bill


24/07/23
24/07/23

US House passes waterways bill

Houston, 23 July (Argus) — The US House of Representatives overwhelmingly approved a bill on Monday authorizing the US Army Corps of Engineers (Corps) to tackle a dozen port, inland waterway and other water infrastructure projects. The Republican-led House voted 359-13 to pass the Waterways Resources Development Act (WRDA), which authorizes the Corps to proceed with plans to upgrade the Seagirt Loop Channel near Baltimore Harbor in Maryland. The bill also will enable the Corps to move forward with 160 feasibility studies, including a $314mn resiliency study of the Gulf Intracoastal Waterway, which connects ports along the Gulf of Mexico from St Marks, Florida, to Brownsville, Texas. Water project authorization bills typically are passed every two years and generally garner strong bipartisan support because they affect numerous congressional districts. The Senate Environment and Public Works Committee unanimously passed its own version of the bill on 22 May. That bill does not include an adjustment to the cost-sharing structure for lock and dam construction and other rehabilitation projects. The Senate's version is expected to reach the floor before 2 August, before lawmakers break for their August recess. The Senate is not scheduled to reconvene until 9 September. If the Senate does not pass an identical version of the bill, lawmakers will have to meet in a conference committee to work out the differences. WRDA is "our legislative commitment to investing in and protecting our communities from flooding and droughts, restoring our environment and ecosystems and keeping our nation's competitiveness by supporting out ports and harbors", representative Grace Napolitano (D-California) said. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Japan’s Resonac to optimize petchem business


24/07/23
24/07/23

Japan’s Resonac to optimize petchem business

Tokyo, 23 July (Argus) — Japanese petrochemical producer Resonac plans to optimize part of its petrochemical business by creating a new wholly-owned subsidiary by 1 August. Resonac decided on 23 July to set up Crasus Chemical, which will take over production of basic petrochemical goods from Resonac. It aims to set up the subsidiary as an independent, listed company to clarify and facilitate performance evaluations and to simplify a chain of command to speed up decision making. Resonac plans to achieve quicker decarbonization of its petrochemical production and to enhance competitiveness and profit growth. Crasus will be in charge of manufacturing and selling basic petrochemical goods like ethylene and propylene, goods made from acetic acid and synthetic resins. Resonac owns the 618,000 t/yr Oita ethylene cracker in south Japan's Oita prefecture that will will also be transferred to Crasus. Petrochemicals has accounted for around 20pc of Resonac's sales revenues. Japan's petrochemical firms have attempted to optimize their businesses with intensifying international competition and shrinking domestic demand. Mitsubishi Chemical has also tried to reorganize its basic petrochemical business, although it has yet to announce firm plans. By Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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