PetroChina Reviews Push for Transport LNG
China's biggest energy firm PetroChina is reviewing its multi-billion-dollar push to produce liquefied natural gas (LNG) to fuel trucks and ships in place of diesel, shutting two major gas liquefaction plants, sources said. Seen just a year ago as a fast-growing profit engine, PetroChina unit Kunlun Energy Co Ltd is now reconsidering its investment in the niche business after being wrongfooted by rising costs and China's slower economic growth, two sources with direct knowledge of the situation said.
Asia Fuel Oil: 380-cst cash premium rises 76 percent
The cash premium of the benchmark 380-cst fuel oil grade firmed for the fourth straight session on Wednesday, underpinned by lower supply in the region in early April. The 380-cst cash premium rose 76 percent or close to $1 a tonne to a two-week high of $2.22 a tonne, Reuters data showed. this period has provided some support for the 380-cst market. Around 4.17 million tonnes of fuel oil will arrive in April from the West, of which only an estimated 950,000 tonnes or just 20 percent of the total, will make a landfall in the first 10 days of the month, Reuters reported earlier.
ExxonMobil Expands MobilGard Supply in Shanghai
ExxonMobil Marine Lubricants completed the first bulk delivery of Mobilgard 570 cylinder oil in the Port of Shanghai in May. The bulk delivery of Mobilgard 570 was made by Hai Gong You 30, the first double-hulled marine lubricants-delivery barge to operate in Shanghai. Built and owned by China Marine Bunker PetroChina Co. Ltd (Chimbusco), the IMO-compliant barge is 278 deadweight tonnes. It is equipped with state-of-the-art flow meter technology and a 1.5 metric ton crane to ensure accurate and efficient deliveries. The barge is on charter to ExxonMobil for two years.