Sign up
Log in Sign up
Mon 23 Aug 2010, 07:50 GMT

ExxonMobil in Hong Kong exit speculation


Decision to lease tank storage prompts speculation that ExxonMobil may quit the Hong Kong bunker market.

ExxonMobil has leased fuel oil tank storage capacity at Tsing Yi oil terminal in Hong Kong, prompting speculation that the oil major may withdraw from the Hong Kong bunker market altogether.

ExxonMobil recently entered into an agreement with China's leading bunker supplier China Marine Bunker (PetroChina) Co. Ltd. (Chimbusco) to lease 280,000 cubic metres (cbm) of heavy fuel oil tanks.

Tsing Yi oil terminal has the largest fuel oil storage capacity in Hong Kong with 280,000 cbm, and an additional 220,000 cbm in light oil tank capacity.

Elsewhere in Hong Kong Sinopec (Hong Kong) has a 100,000 cbm fuel oil terminal and oil major Chevron owns 30,000 cbm of fuel oil storage.

According to industry sources, Tsing Yi oil terminal would be revamped before being delivered to Chimbusco towards the end of 2012. At present, Chimbusco rents around 60,000 cbm of tank capacity at the facility.

In terms of annual sales volumes, the Hong Kong bunker market is currently estimated to be around 5-6 million tonnes with ExxonMobil selling around 1.8 million tonnes per year.

The decision by ExxonMobil to lease its entire fuel oil storage capacity at Tsing Yi to Chimbusco has led to speculation regarding the company's future in Hong Kong.

It is thought that ExxonMobil may retain its fuel oil trading team in Hong Kong or quit the market and continue supplying fuel oil from its refineries in Asia on a free on board (FOB) basis.

ExxonMobil   Hong Kong  Hong Kong (HK) 
Mark Bell, SGMF. LNG marine fuel shows up to 29% emissions reduction in new SGMF study  

Latest life cycle assessment shows improved methane slip control, with well-to-wake reductions of up to 25%.
Michelle McDade, Global Fuel Supply. Blue Energy Partners appoints Michelle McDade as head of operations  

McDade brings more than eight years of bunkering experience to the Oslo-based role.
Person signing a document. Venture Energy signs green methanol supply deal with Shenji Energy  

Hong Kong-based firm to purchase ISCC EU-certified biomass-derived methanol for shipping clients.
Steel cutting ceremony of vessel with builder's hull no. CHB2060. Changhong International begins construction on second 11,400-teu LNG dual-fuel container ship  

Chinese shipbuilder starts work on vessel CHB2060, second of 18-ship series for Oceanroutes.
Keel-laying ceremony of Celsius. Keel laid for LNG bunkering vessel Celsius  

Turkish shipbuilder begins construction of dual-fuel bunkering vessel for Sirius Shipping and Gasum.
Marine ISTA alongside MSC Apollo vessel. Vitol’s Marine ISTA completes record 4,900 mt bunkering operation at Karachi Port  

Operation marks largest fuel supply at Pakistani port, highlighting potential for regional bunkering hub development.
Aurora Botnia vessel. Gasum and Wasaline extend bio-LNG supply agreement to 2027  

Nordic energy company renews fuel supply contract with Finnish-Swedish ferry operator through 2027.
Luminara vessel truck-to-ship bunkering. MOL Techno-Trade completes Japan’s first truck-to-ship LNG bunkering for foreign cruise vessel  

Ritz-Carlton cruise ship Luminara refuelled at Nagasaki Port using truck-to-ship method on 3 April.
NKT Eleonora vessel cable-laying. Methanol-ready cable-laying vessel hull launched in Romania  

Shipbuilder floats hull of dual-fuel vessel designed for offshore renewable energy cable operations.
Dr Prapisala Thepsithar, GCMD. GCMD biofuels lead receives Singapore standardisation award  

Dr Prapisala Thepsithar recognised for contributions to marine biofuel specification development.




   Fuels & Propulsion

Ammonia B100 B24 B30 Bio-LNG/LBM Biofuel Biogas Biomethanol Dual-fuel E-fuel E-methane/e-NG Electric Ethanol FAME Green hydrogen Green/e-ammonia HVO Hydrogen LNG LPG Lubes Methanol MGO Nuclear UCOME ULSFO VLSFO Wind power



 Recommended