Domestic very low sulphur fuel oil (VLSFO) production has seen growth in China leading to increased bunker sales by the leading supplier Sinopec at the country’s ports, according to S&P Global Platts.
Sinopec’s bunker sales at Chinese ports are close to 4.8 million tonnes/year, while the company increased its share of the China bunker market to 40%, of the 1 million tonnes/month traded at Chinese ports, reported Platts.
The Asian giant has applied a long-awaited rebate on value added tax on fuel oil from February this year, according to Ship&Bunker.
