Marine fuels
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Syria issues crude, products tenders: Correction
Syria issues crude, products tenders: Correction
Corrects quality of gasoil sought in paragraph 4, from 10ppm to 50ppm. This story was originally published on 22 January Dubai, 30 January (Argus) — The new administration in Syria has issued its first tenders to buy crude and refined products since the fall of Bashar al-Assad's regime in December, as acute fuel shortages continue to cause lengthy blackouts in the country. Tenders seeking 3mn bl of light crude for the 140,000 Banias refinery and 1.2mn bl of heavy crude for the 110,100 b/d Homs refinery close for bidding on 27 January. They have a 10pc flexibility either way on the volumes. The Banias refinery is undergoing maintenance at several of its production units after being taken offline last month because of a lack of crude feedstock. Syria's new administration has also issued its first import tender for refined products — 80,000t of 90 Ron gasoline, 100,000t of 50ppm sulphur gasoil and 100,000t of fuel oil — commencing as soon as possible for delivery over a 30-day period. Offers must be delivered by hand to the oil ministry in Damascus by 14:30 local time on 27 January. A tender seeking 66,000t of LPG has been issued as well. A previous tender for 20,000t of LPG was awarded at mid-teen $/t premiums to fob Lavera west Mediterranean prices. Before Assad was toppled, Syria relied heavily on Iran for its oil supplies, as international sanctions imposed in the wake of the 2011 civil war left the country critically short of feedstock for its refineries. Iran's crude exports to Syria averaged around 55,000 b/d in January-November 2024 and around 80,000 b/d in 2023, according to trade analytics firm Kpler. Iran was also sending around 10,000-20,000 b/d of oil products to Syria in recent years, according to consultancy FGE. But Tehran has halted crude deliveries to Syria since the Islamist group Hayat Tahrir al-Sham took control last month , leaving the new transitional government under pressure to find alternative suppliers. Government-to-government deals are a potential option. "Recent political developments have indicated that Qatar, Saudi Arabia and Turkey could play a role in solving Syria's crude and refined products shortage," FGE analyst Palash Jain said. Saudi Arabia is willing to help for a limited period, but discussions remain in a preliminary phase and are light on details, a source with knowledge of the matter told Argus . Riyadh is waiting to hear more from the Syrians on their energy needs and requirements, the source added. The latest tenders come just two weeks after the US waived sanctions that had previously prohibited energy trade with Syria. The waiver, issued on 6 January, is valid until 7 July. By Rithika Krishna and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US tariffs could shift Mexican HSFO to Panama
US tariffs could shift Mexican HSFO to Panama
New York, 28 January (Argus) — Proposed US tariffs on Mexican goods would raise US costs for Mexican high-sulphur fuel oil (HSFO), potentially shifting flows of the country's marine fuel to the Central American bunkering hub of Panama. US president Donald Trump has said he will impose 25pc import tariffs on goods from Mexico. US oil companies are asking Trump to exclude oil from tariffs , but it is unclear whether Trump will oblige. Mexico's residual fuel oil exports reached a record high of 218,059 b/d in the first 10 months of 2024, according to data from Mexican state-owned Pemex. The US took most of Mexico's residual fuel oil exports during that period, importing 145,830 b/d from its neighbor, including 124,341 b/d that went to the US Gulf coast, according to US Energy Information Administration data. Should Trump implement the 25pc tariffs, companies bringing Mexican residual fuel oil to the US could reduce bids in effort to recoup their tariff costs. But lower bids could prompt Mexican exporters to redirect some of residual fuel oil to buyers in Panama, northwest Europe and Singapore. If the price makes sense, Panama bunker suppliers could displace some of their US Gulf coast import barrels with Mexican barrels, as Panama suppliers "are constantly out there hunting for the best price available in the international market", a Panama supplier told Argus . Panama's HSFO bunker demand averaged 25,466 b/d (1.19mn t) in January-October 2024. The country does not have an operational refinery and is dependent on imports for all its oil product needs. Panama received the bulk of its residual fuel oil shipments from Mexico, the US Gulf coast and Peru, according to ship tracking data from Vortexa. Trump has also promised unspecified actions to take control of the US-built Panama Canal in response to what he says has been unfair treatment of US ships, a claim that Panama president Jose Raul Mulino has rejected. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Lootah Biofuels to collect UCO from UAE households
Lootah Biofuels to collect UCO from UAE households
Dubai, 28 January (Argus) — Dubai-based biofuels producer Lootah Biofuels will launch a smart app in coming months to facilitate the collection of used cooking oil (UCO) from households and businesses in the UAE. Lootah plans to increase and simplify the collection of UCO, which currently stands at 300,000 litres/month. The company wants to encourage "individuals and families to actively participate in collecting and safely disposing used cooking oil at designated collection points." Lootah Biofuels aims for the recycling of UCO to reach 80pc in the coming years, up from less than 50pc currently — largely sourced from restaurants and the hospitality sector. Lootah Biofuels' plant is the largest in the Middle East, producing 53,000 t/yr of biodiesel, which it supplies to the local transportation and aviation market and exports to the Netherlands, the UK, Germany and India. Lootah Biofuels signed an agreement with Malaysian biofuel feedstock supplier FatHopes Energy in 2023 to collaborate on supplying sustainable aviation fuel (SAF) to Dubai's aviation sector and establishing a Malaysian used cooking oil (UCO) aggregation hub. Bunker hopes Bunker market participants in Fujairah, UAE, the world's third largest marine fuels centre, hope the potential production increase will boost availability of B24 — which consists of 24pc used cooking oil methyl ester (Ucome) and 76pc very low sulphur fuel oil (VLSFO). The Fujairah bunker market has been facing competition with other industry sectors over limited supplies. Bunkering B24 has been slow in Fujairah, with sporadic demand emerging. "There is just one customer who periodically asks for B24, which is not always available," a Fujairah trader said. Still, bunker sellers expect regional demand for B24 to rise later this year as shipowners prepare to meet more stringent mandates set by the EU and the International Maritime Organisation (IMO). FuelEU Maritime aims to raise the share of renewable and low-carbon fuels in the fuel mix of maritime transport within the EU, and will set requirements for greenhouse gas emission reductions against a 2020 baseline level, starting with 2pc in 2025. The EU is an important market and a regular destination for much of the maritime traffic passing through Fujairah, so the new regulations are likely to be a trigger for change, market participants said. "Many vessels refuel in Fujairah before calling at EU ports," one trader says. "They already have to comply with the EU ETS, [Carbon Intensity Index], and will need to also comply with FuelEU." By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Monjasa first to offer biofuel for bunkering in Panama
Monjasa first to offer biofuel for bunkering in Panama
New York, 16 January (Argus) — Marine fuel supplier Monjasa will be the first biofuel for bunkering supplier in Panama. Monjasa's B30 is a blend of 30pc used cooking oil methyl ester (Ucome) with 70pc very low-sulphur fuel oil (VLSFO). It is available for delivery on barge in Cristobal, on Panama's Caribbean coast. Monjasa can also deliver B30 in Balboa, on the Pacific side of the canal "although this could lead to price adjustments due to logistical changes", Monjasa told Argus . The company can supply up to 7,000 metric tonnes (t) per month, but it aims to increase this capacity as well as offer additional grades and blend ratios. VLSFO demand on Panama's Caribbean side averaged at 57,912t/month in 2024 according to Panama Canal Authority data. Monjasa also sells biofuels for bunkering in Colombia and Peru. In Colombia, Monjasa has seen biofuel demand from container ship companies, RoRo vessels and most recently from cruise ships. In Peru, demand has been driven by dry bulk vessels used by several mining companies. In northwest Europe, B30 was assessed at $813/t average in the first half of January, 54pc higher compared than VLSFO which was at $528/t. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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