Hong-Kong listed Brightoil Petroleum (Holdings), a marine bunkering service provider in China, has forecast a jump in Chinese demand for bunker fuel by as much as 8 percent in 2011, reports Bloomberg.
The company estimates that bonded bunker demand from China reached 9 million tonnes in 2010. The world's second-biggest crude user consumed 17 million tons of the fuel in 2010, the company said. According to Quek Chin Thean of Brightoil's Singapore unit, north-east Asian countries will provide sufficient demand growth for the company's China division to increase its sales.
Brightoil leases fuel storage in China and is building tanks along its north and east coast to tap rising demand. The company claims that facilities it is building in Zhoushan and Dalian will store as much as 17.5 million cubic metres of fuel. Brightoil is not planning to add to its 500,000 tonnes of fuel-storage capacity in Singapore because the bulk of the company's expansion is taking place.
{WISroYQ symbol='0933.HK'}