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Fri 23 Jul 2010, 07:28 GMT

August start for Southernpec in Singapore


Chinese firm set to begin supplying bunker fuel in Singapore from next month after receiving MPA license.

The Singapore-based bunkering arm of China's Southern Petrochemical Co. Ltd. (Southernpec) - an affiliate of Sinopec Corp - is set to begin supplying marine fuel in Singapore from August 1st, according to industry sources.

Southernpec (Singapore) Pte Ltd. is understood to have already received its bunker license from the Maritime and Port Authority of Singapore (MPA) and is scheduled to commence its marine fuel selling operation from the start of next month using two barges - Southernpec 6 and Southernpec 7 - to carry out deliveries to ships.

The company has been supplying marine fuel on an ex-wharf or wholesale basis since last year, using its two VLCCs - the Southernpec 3 and the Southernpec 5 - to store fuel oil offshore Malaysia.

Southernpec is estimated to have been selling approximately 200,000 tonnes of product per month, the majority of which has been larger fuel oil cargo lots to local suppliers.

The Maritime and Port Authority of Singapore currently has 77 accredited bunker suppliers listed on its website with Southernpec expected to be added to the list over the next few days.

Bunker sales in Singapore - the world's leading bunker port - reached a new record of 36.5 million tonnes in 2009 and are on course to break through the 40 million tonne barrier this year following sales of 20 million tonnes during the first six months of 2010.

In addition to Southernpec, another two Sinopec affiliates - Sinopec (HK) and Unipec - are also trading fuel oil cargoes in Singapore.

Last month Sinopec also launched Sinopec Fuel Oil Sales Corp., a new sales and marketing arm which will be responsible for selling fuel oil production and bunker fuel in the growing Chinese bunker market.

The new Sinopec subsidiary is said to be planning new storage sites in order to build a bunker supply network that will enable the company to carry out deliveries in all major Chinese ports.

The launch of Sinopec Fuel Oil Sales Corp. follows the announcement in March that the oil giant was aiming to increase its market share of fuel oil in 2010.

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