Singapore Bitumen:
In this article, we will inform you about Singapore bitumen.
In fact, Singapore is one of the countries in Southeast Asia with its own refineries that can produce bitumen.
Please read the text below if you are interested in knowing more about the production, supply, price, import, and export of this valuable substance in this country.
Singapore’s Refineries:
Initially, we want to speak about the refineries in this port.
In the first step, the refineries need imported crude oil. As a matter of fact, imported crude oil supplies Singapore’s refineries, and this oil is imported chiefly from the United Arab Emirates (UAE).
But countries such as Saudi Arabia, the US, and Qatar are the other locations that have the potential to export oil there.
In brief, three refineries produce bitumen:
The first one is ExxonMobil’s Singapore refinery, the second is the Shell refinery, and the third is the Singapore Refining Company (SRC).
To sum up, we summarized the percentage and capacity of production through these refineries in the picture.
Singapore Bitumen Production:
Singapore produced almost 2.9 million tons in 2018 and around 2.5 million tons in 2019.
Fortunately, it is several years since Singapore refineries have begun to reduce HSFO production (high sulfur fuel oil) and replace it with LSFO (low sulfur fuel oil) in response to International Maritime Organization (IMO) storage fuel demands.
Notation: According to estimations, GDP will be 1-2.5% up to 2024.
Singapore Bitumen Consumption:
Only 3 to 5% of bitumen production in Singapore is used for domestic consumption. Moreover, its consumption was 110000 tons in 2018, and estimations show a stable range of around 105000 by 2024.
In 2020, this country became the second-largest bitumen exporter in the world by exporting $869 million. That year, bitumen was almost the 45th most exported material in the country.
By the way, some of the countries which are the target of importing this petroleum product from Singapore are:
– China
– Indonesia
– Malaysia
– Vietnam
– Australia
Singapore Bitumen Export:
Generally, South Korea includes 15%, Iran includes 11%, and Singapore includes 12% of the bitumen export market worldwide. Therefore, these countries are the biggest competitors in the market. Accordingly, Singapore bitumen is very famous among the countries in the world.
Another key point is that the refineries export different grades of bitumen of high quality. To explain more, we can name the most famous grades in this port:
- Pen 60/70 FOB Singapore (Bulk)
- HSFO 180 CST FOB Singapore
- HSFO 380 CST FOB Singapore
Singapore Bitumen Imports:
The import volumes from 2015 to 2019 were minimal. However, in 2020, Singapore was the 89th largest importer of bitumen in the world, importing $8.16 million.
It imports from:
- United States
- South Korea
- United Arab Emirates
Singapore Bitumen Price:
Over the past three years, we have seen a dramatic increase in the price of bitumen in this country. Here, in the diagram, we have shown you the changes in the price of Pen 60/70 FOB Singapore (Bulk) in November 2022, according to the reports of Infinity Galaxy.
In 2022, the demand from Vietnam, Malaysia, and Indonesia increased. Furthermore, about 20,000 tons of contracts were made for loading in Vietnam for FOB Singapore. Also, business people signed other contracts in Indonesia and Malaysia to purchase bitumen from Singapore. In addition, In the second week of July, the prices decreased further due to two reasons:
– First, the high supply
– Second, the pressure came from buyers to reduce the price.
Infinity Galaxy:
Infinity Galaxy is a professional company in the Middle East that supplies bitumen for many countries in Southeast Asia, . Hence, if you have any questions in any bituminous field, like the price, grades, shipping line, or packing, we will be glad to help you.