China's bunker fuel sales are expected to grow at a steady 10% per annum in the next five years and the country is poised to surpass Hong Kong to become Asia's second largest bunker market, local reports quoted a senior official from China Marine Bunker (PetroChina) Co., or Chimbusco, as saying.
"China's rapid economic growth, continued investments into port infrastructure, and an increasing number of international voyages will ensure that the local bunker market continues on a growth path," Niu Huoming, general manager of Chimbusco, told delegates at a conference in east China's Qingdao city earlier this week.
The government is pumping investment dollars to improve oil discharging facilities at several ports and in the future, Shanghai, Tianjin, Qingdao and Shenzhen will become the key bunkering ports in the country, Niu said.
Currently, China is ranked third in terms of bunker sales volumes, after Singapore and Hong Kong.
In 2009, China sold an estimated 7.1 million mt of bonded bunker fuel.
According to reports, China's total domestic port throughput in 2009 was 14 times that of Singapore, but the nation's entire sales volume of bonded bunker fuel was only one-fifth of that of Singapore's.
Bunker sales in Singapore reached 36.4 million mt last year.
"China's rapid economic growth, continued investments into port infrastructure, and an increasing number of international voyages will ensure that the local bunker market continues on a growth path," Niu Huoming, general manager of Chimbusco, told delegates at a conference in east China's Qingdao city earlier this week.
The government is pumping investment dollars to improve oil discharging facilities at several ports and in the future, Shanghai, Tianjin, Qingdao and Shenzhen will become the key bunkering ports in the country, Niu said.
Currently, China is ranked third in terms of bunker sales volumes, after Singapore and Hong Kong.
In 2009, China sold an estimated 7.1 million mt of bonded bunker fuel.
According to reports, China's total domestic port throughput in 2009 was 14 times that of Singapore, but the nation's entire sales volume of bonded bunker fuel was only one-fifth of that of Singapore's.
Bunker sales in Singapore reached 36.4 million mt last year.