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Wed 18 May 2011, 08:57 GMT

Hong Kong: Chimbusco to lease additional storage - sources


Supplier is reported to be planning to lease additional storage capacity for fuel oil in Hong Kong.

Hong Kong marine fuel supplier Chimbusco Pan Nation Holdings (HK) Ltd. is planning to lease additional storage capacity for fuel oil from ExxonMobil in July, according to industry sources.

The exact amount to be leased by Chimbusco is as yet unclear, but sources claim that the company is set to lease 250,000-280,000 metric tonnes of storage capacity from the oil major by the end of the year.

Tsing Yi oil terminal has the largest fuel oil storage capacity in Hong Kong with 280,000 cubic metres (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.

Last year it was speculated that 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. Reports that ExxonMobil is set 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.

With the additional storage capacity, Chimbusco is thought to be plannning to sell more bunker fuel in South China ports such as at Zhuhai and Shenzhen.

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