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Wed 20 Oct 2010, 15:02 GMT

Chimbusco to apply for Singapore licence - sources


Chinese firm is expected to apply for a licence to supply marine fuel at the world's leading bunker port.

China Marine Bunker (PetroChina) Co. (Chimbusco) is reportedly planing to apply from a bunkering licence to supply at Singapore, the world's largest bunker port.

The Chinese firm is said to be looking to set up a joint venture with China Ocean Shipping (Group) Co. in order to sell marine fuel from leased storage facilities in Singapore using company-owned bunker barges.

It is understood that the licence application has not yet been made to the Maritime and Port Authority of Singapore (MPA), but will be made in the near future.

Chimbusco - China's largest physical supplier of marine fuel - is set to join rival Chinese firms Brightoil Petroleum Holdings Ltd. and Southern Petrochemical Co. as a physical supplier in Singapore. The port currently has 80 accredited bunker suppliers with the Maritime and Port Authority of Singapore.

Annual sales volumes in Singapore have steadily increased in recent years. In 2009 sales reached 36.39 million tonnes, surpassing the previous year's figure of 34.94 million tonnes.

This year, the port is on course to achieve annual sales of over 40 million tonnes for the first time with sales up until the end of September at 30,513.300 tonnes.

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