The Maritime Port Authority of Singapore (MPA) has awarded two new bunker supplier licences to Minerva Bunkering and TFG Marine, following its call for applications for new licences in December 2019.
In a statement, it says the agreement, struck in partnership with Enterprise Singapore (ESG) is a sign of Singapore’s bunkering operations remaining resilient during the COVID-19 pandemic and that it will consolidate its position as the leading bunkering port in the world.
It brings the total number of MPA-licensed bunker suppliers to 45 in the Port of Singapore. Minerva Bunkering and TFG Marine will also be required to each operate at least two clean energy dual-fuelled bunker barges.
Additionally, it said the two companies will complement ESG’s effort in the bunker fuel trading sector comprising more than 70 players, ensuring that Singapore can meet the demands of the oil trading industry.
“These two companies complement ESG’s effort in the bunker fuel trading sector comprising more than 70 players, ensuring that Singapore can meet the demands of the oil trading industry,” MPA said.
“Minerva Bunkering and TFG Marine are related entities by shareholding to Mercuria Group and Trafigura Pte Ltd respectively, two of the world’s largest independent energy trading companies with significant presence in Singapore.
“Their entry will further strengthen Singapore’s eco-system of global players which includes oil majors (Shell and BP), national oil companies (Sinopec and Aramco) and other independent trading companies (Glencore, Vitol and Mitsui).
“This will help drive more sustainable bunkering activities in the Port of Singapore.”
Bunker sales in Singapore grew 5.4%, from 12.07 million tonnes in the first quarter of 2019 to 12.72 million tonnes in the first quarter of 2020.