rss icon Subscribe
desktop mobile

IMO Rules a Cliffhanger for Oil Storage -Vitol's Chris Bake

© Arthit Somsakul / Adobe Stock

Vitol executive committee member Chris Bake says a big question facing oil storage sector is how world handles new International Maritime Organisation rules for cleaner shipping.

New IMO rules to slash the use of high sulphur fuel oil in global shipping will come into effect in 2020.

"It's going to be more and more difficult to burn that fuel oil with more economies going to natural gas for power," he said.

"(Lower sulphur) marine gasoil has to build ahead of 2020. At the same time fuel oil will have to build because there is lack of demand but it's difficult to figure out when that inflection point is," he said.

He added that the industry has missed the opportunity to install scrubbers on a wide scale.

Scrubbers, which reduce sulphur content of fuel on board ships, are seen as an alternative to buying more expensive, cleaner fuel.


(Reporting by Julia Payne; editing by Jason Neely)

Feb 23, 2018

 

Environmental

Chevron, ExxonMobil, Occidental Petroleum Join Oil and Gas Climate Initiative

Image: Oil and Gas Climate Initiative

The Oil and Gas Climate Initiative (OGCI) announced three new member companies that together

WE Tech Equips World’s First Dual-fuel Handysize Bulker

The first LNG dual-fueled handysize bulk carrier in the world, M/V Haaga, features a range of energy efficiency solutions on board (Photo: ESL Shipping)

The world’s first liquefied natural gas (LNG) dual-fueled handysize bulk carrier, M/V Haaga

C-Job Researching Ammonia as Marine Fuel

(Image: C-Job Naval Architects)

C-Job Naval Architects based in the Netherlands announced it has joined the Ammonia Energy

Fuels & Lubes

Chevron, ExxonMobil, Occidental Petroleum Join Oil and Gas Climate Initiative

The Oil and Gas Climate Initiative (OGCI) announced three new member companies that together represent 5% of global oil and gas production as it welcomed Chevron Corporation

C-Job Researching Ammonia as Marine Fuel

C-Job Naval Architects based in the Netherlands announced it has joined the Ammonia Energy Association, strengthening its commitment to research ammonia as a renewable fuel for

BW Adolo FPSO Produces First Oil

BW Adolo. Photo: BW Offshore

BW Offshore has announced that first oil from the BW Adolo FPSO was safely achieved on Sunday

Maritime Apps