China Petroleum and Chemical Corp. (SNP), better known as Sinopec, is quickly chipping away at PetroChina Co.'s (PTR) once dominant position in China's bunker fuel market as it expands to more ports and acquires more infrastructure.
China Petroleum and Chemical Corp. (SNP), better known as Sinopec, is
quickly chipping away at PetroChina Co.'s (PTR) once dominant position in
China's bunker fuel market as it expands to more ports and acquires more
infrastructure.
Bonded sales of bunker fuel--or sales of the fuel to international ships--have
reached 200,000 metric tons a month, up from 10,000 tons a month when sales
first started in July 2006, the company said in a statement Thursday. Sinopec's
bonded sales last year averaged only 30,000 tons a month, according to data
provided by C1 Energy.
China
's is
the fastest-growing marine fuel market in
Asia
, and
its ports see more shipping traffic than any other country's in the region. However,
it usually is a second choice for refueling by foreign vessels, which prefer to
buy cheaper and more standardized fuel at ports in more competitive markets
such as
Japan
,
Hong
Kong
,
South Korea
and
Singapore
.
Sinopec's growing market share comes at the expense of China Marine Bunker
(PetroChina)
Co.
, better known as Chimbusco,
which held a monopoly on bunker fuel sales in
China
for
more than 30 years. In 2006, the Chinese government issued licenses to four new
players, including Sinopec, to enter the business.
Although Chimbusco is still the leading supplier, with average bonded sales of
about 430,000 tons a month, Sinopec is closing in on the second-largest
supplier, Brightoil Petroleum (Holdings) Ltd., which had average bonded sales
last year of 180,000 tons a month.
China
's
bonded bunker fuel sales are expected to reach 11.41 million tons in 2011, up
33% from 8.55 million tons in 2010, according to C1 Energy.
Separately, Sinopec said domestic sales of bunker fuel also reached 200,000
tons, bringing combined sales to 400,000 tons a month.
As part of its expansion, Sinopec now has 152 million cubic meters, or about
150,000 tons, of onshore storage for bunker fuel, and owns a fleet of more than
50 oil tankers used for fuel delivery, the company said.
Over the past five years, Sinopec has expanded sales of bunker fuel to 21 ports
across
China
and
now reaches about 50% of the total market, it said.
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