Slumping diesel exports from China are proving a boon to other refiners in Asia, with the profit from producing the fuel rising to the highest in 18 months. China has been Asia's second-highest exporter of gasoil, the building block for middle distillate fuels that include diesel, heating oil and jet kerosene, but its shipments have slumped in recent months amid lower refinery processing and a lack of export permits.
Vitol Bunkers will expand its global services to the Amsterdam-Rotterdam-Antwerp (ARA) region, Europe's largest marine refuelling hub, from the start of October, the company said in a statement on Tuesday. Vitol Bunkers' ARA offering will include a range of marine fuel grades, bio-blends and Green Bunker Fuels for customers wishing to mitigate their carbon emissions through carbon offsets, the statement said. Asked if the company - a unit of the world's largest commodity trading firm Vitol - plans to add bunkering barges in the ARA area, a company spokesman said: "we will be using the existing barge pool and more details will be available soon".
Singapore is seeking to raise S$2.6 billion ($1.9 billion) from its inaugural sale of 30-year bonds to fund infrastructure projects, according to a notice on the central bank's website on Tuesday. The bond issuance is part of the government's plans to finance major long-term infrastructure over the next 15 years by borrowing up to S$90 billion.