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With the sudden rise in the supply and demand of the super-chilled fuel, Kpler and Powernext are planning to launch a trading platform for LNG in Singapore this year. Both the companies have set up Spark Commodities in Singapore which is majorly owned by Kpler. Spark will aim at creating a paltform for physical buyers and sellers of LNG by the fourth quarter of the present fiscal year.
ExxonMobil is strategizing according to the new global shipping fuel regulations to be effective from 2020. The energy major will plan on a multi-billion dollar investment in its Singapore refinery. It is Exxon’s chief petrochemical complex with a 592,000 bpd capacity. This move is in line with the IMO’s new rules to limit the sulphur content to 0.5% from present 3.5% in order to reduce pollution by ships worldwide.
Tech giant, Microsoft and oil major, Shell are coming together to run a pilot project on the integration of AI tools into gas stations, with initial implementation in Singapore and Thailand. Microsoft is deploying its proprietary Azure IoT Edge to find people smoking cigarettes at the station, considering the serious safety risks posed by smoking. The firms are also working on efficient drilling using AI and better communication between employees.
Trafigura, Singapore’s commodities trader, said that it has applied to build a deepwater port in Texas, capable of loading supertankers. The firm applied for the permit via its subsidiary Texas Gulf Terminals. Trafigura is looking forward to supplying the required oil export infrastructure to the US. Though the US is the second-biggest crude producer in the world, the country has failed in keeping up with its export infrastructure.
Leading engineering firm, Cyberhawk reportedly reduced oil tanker inspection by seven times through the means of unmanned aerial vehicles (UAV). The technology specialist deployed UAVs to inspect 19 tanks on a US-flagged vessel at a Singapore shipyard. The work which would otherwise have taken seven days was completed in one day. It also removed the need for several requirements that normally arise during the operation.