Relative stocks of fuel oil in Singapore, a major trading hub, rose after falling for three consecutive weeks. It received a boost from increased shipments from Brazil, Indonesia and Kuwait, according to government statistics released Thursday.
According to Enterprise Singapore data, onshore fuel oil stocks rose 6% to a three-week high of 20.71 million barrels (3.26 million tonnes) in the week ending February 1.
Weekly net imports rose 85% to 697,000t in the same week as supply from West Asia and local increased through the end of January. Brazil had the largest net fuel oil imports with 154,000 tons, followed by Indonesia with 139,000 tons and Kuwait with 127,000 tons. For the first time this year, Malaysia dropped out of the top three.
Western arbitrage supplies held steady in January, while trade sources predicted that the trend could moderate slightly in the second half of February. As regular tender offers were made, entries from Indonesia increased and Kuwait’s Al-Zour refinery has been actively trading cargoes since November last year as operations ramp up.
The main destinations of Singapore’s net fuel oil exports were all in Asia. 43,000 tons of exports went to China, followed by 38,000 tons to Hong Kong and 29,000 tons to South Korea. In recent trading sessions, premiums for 0.5% very low sulfur fuel oil (MFO05-SIN-DIF) rose to six-month highs, while those for 0.5% very low sulfur fuel oil 380 cst (FO380-SIN-DIF) showed few changes.
Coal miner Seriti to begin construction of a 155 MW wind farm
Seriti has signed a power purchase agreement, Seriti Green, to deliver 155 MW of wind power to its coal mining activities. According to Seriti, the wind farm will cost 4 billion rand ($235 million).
Last August, privately owned Seriti announced the purchase of Windlab Africa’s wind and solar power assets, kicking off its foray into renewable energy. Seriti is a major supplier of coal to South Africa’s state-owned electric power company, Eskom.
Seriti Resources CEO Mike Teke described the 155 MW wind farm, which is expected to supply electricity to the national grid by 2025, as the organization’s first step in becoming a diversified power producer.
According to Teke, they believe it is crucial to take responsibility and think about investing in renewable energy. He added that carbon neutrality is important and they will do everything they can to fight climate change.
The 155 MW wind farm will be able to meet 75% of Seriti Resources’ energy needs from its coal mining activities, according to Seriti Green CEO Peter Venn.
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