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BP's CEO Tony Hayward has said that the company's marine fuels division 'performed well' in a review of the oil major's performance in 2008, according to OilVoice.

In answer to a question about how far BP has addressed its most critical problems in refining and marketing, Hayward said: "We improved refining availability on an annualized basis from 83% to 89% and restored full economic capability at the Texas City and Whiting refineries. In our fuels value chains we are achieving greater integration between refineries, terminals, pipelines and retail sites."

Hayward added "International businesses, which include lubricants, petrochemicals, aviation and marine fuels and liquefied petroleum gas, have performed well... Now it’s about driving greater consistency and efficiency through the business to capitalize on the leadership positions we enjoy in the most valuable markets."

In 2008, BP retained the position of leading supplier in Singapore - the world's leading bunker port - for the sixth year in a row.

Bunker sales in Singapore continued to rise last year, reaching a new record of 34.9 million tonnes in 2008, according to data released by the MPA. The figure surpassed the previous year's record of 31.5 million tonnes by 10.7 percent in 2008. BP is reported to have a market share of between 16 to 18 percent.

Commenting on the topic of emissions legislation, Hayward said "Looking ahead, on the issue of greenhouse gas (GHG) emissions, we believe legislation is required to ensure that a cost of carbon is included in the price of everything. This would enable companies such as BP to make even greater investments in low-carbon energy."

Hayward added: "We favour cap-and-trade as it provides environmental certainty based on an absolute emissions cap. A global system is the ultimate objective, but progress must be made at national and regional levels first."

Speaking about the company's financial performance, BP's CEO said "In a year that will be remembered for extremely volatile oil prices and exceptional stock market turbulence, BP delivered an excellent set of results. We made good progress on achieving safe and reliable operations, and delivered strong operational momentum that reduced the performance gap with our competitors."

"During the year we benefited from record high oil prices. Replacement cost profit for the year was a record $25.6 billion, with a return on average capital employed greater than 20%. We outperformed the FTSE 100 by 17% and our ADSs outperformed the S&P 500 index of large cap US by 2%."

Looking ahead, Hayward concluded "Our priorities remain the same – safety, people and performance, focusing on the delivery of safe, reliable and efficient operations while maintaining flexibility so we can respond to oil price volatility."