Sinopec supplies 10,000 T of low-sulphur bunker fuel to east China
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low-sulphur bunker fuel |
China’s Sinopec has provided 10,000 tonnes of very low-sulphur fuel oil (VLSFO) to the eastern port city of Zhoushan, in order to supply vessels during the approaching Lunar New Year, the energy giant said.
The company plans to supply more such fuel to ensure market stability during the week-long national holiday that starts from Jan. 24, it said in a statement late on Wednesday.
The fuel, compliant with low-sulphur standards set by the International Maritime Organization (IMO), was produced by Sinopec’s Shanghai refinery.
The IMO rules that took effect from Jan.1 ban the global shipping industry from using fuels with sulphur content of more than 0.5%, down from 3.5% earlier, unless the vessels are equipped with exhaust-cleaning “scrubbers”.
Relying on its proximity to major Chinese ports, Zhoushan, in the province of Zhejiang, has gathered a few domestic fuel firms, including PetroChina, another state-owned energy giant, to offer VLSFO.
Sinopec said it had supplied a total of about 37,800 tonnes of VLSFO in last year’s fourth quarter.
China has approved a long-awaited tax waiver on exports of the fuel, paving the way for refiners to boost output, though Beijing may initially limit shipments to focus on growing its coastal marine fuel market.
Source : Reuters (Reporting by Muyu Xu and Shivani Singh; Editing by Clarence Fernandez)
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