Tag: refineries

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Rotterdam industry cuts its CO2 emissions in 2018

For the second year in a row, industry in the Port of Rotterdam has released less CO2 into the atmosphere. This becomes clear from new figures presented by the Dutch Emissions Authority. The sector has reduced its emissions by 13.6%, namely 4.2 million tonnes over the course of the past two years. The key driver of this decrease is the closure of several outdated coal-fired plants in mid-2017.

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Hainan refinery ships low sulphur marine fuel

Sinopec’s subsidiary refinery in Singapore's province of Hainan delivered its first shipment of low-sulphur bunker fuel, complying withe upcoming IMO 2020 sulphur cap regulation. Namely, a ship with 2,200 tonnes of low-sulphur fuel departed the Hainan refinery in late February heading to Ningbo on the east coast. The fuel will be put to pilot use at a maritime institution in Shanghai.

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Greek oil refiner readies for 2020 sulphur cap

Hellenic Petroleum, one of Greece's biggest oil refiners, informed on February 28 that two of its three refineries are already ready to comply with the 2020 sulphur cap. Specifically, its refineries in Elefsina and Thessaloniki have adjusted to the new rules. As for the third refinery in Aspropyrgos, which produces high sulphur fuel oil, it will comply with the new rules in November.

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IUMI obliges refineries to conduct testing on low sulphur fuels

IUMI, the International Union of Marine Insurance, forces refineries to test on low sulphur fuels ahead of the introduction of the global sulphur cap on 2020. IUMI stated that fuel testing is undertaken by the end-user but this has to change. IUMI is calling for regulation that obliges refineries to guarantee the quality of their fuel and for vessel operators to improve their systems, processes and training to protect their vessels against the potential impact of using low sulphur bunkers.

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Saudi Aramco to buy 20% stake in HHI’s refining subsidiary

Saudi Aramco aims to invest up to $1.6 billion for about for up to 19.9% of Hyundai Oilbank from Hyundai Heavy Industries Holdings, which owns 91.13% of Hyundai Oilbank. The latter has 650,000 barrels per day of refining capacity in the southwestern city of Daesan and plans to expand its petrochemical business. Saudi Aramco will probably value Hyundai Oilbank at 10 trillion won, or 36,000 won per share.

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Gibson Shipbrokers expects 2.6m b/d to start operations in 2019

Gibson Shipbrokers published a Weekly Tanker Market Report, on January 25, based on EIA's recent report that 2019 is expected to see the largest wave of refinery capacity additions. Gibson expects that 2.6 million b/d of new capacity will initiate operations this year. In terms of pure volumes, this is an optimistic sign for the product tanker market. Yet, the report focuses on how global product flows shape up.

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