World Fuel Oil Summit VII
Athens, Greece
15 - 17 May 2014

Summit Sponsors

Corporate Sponsors

Media Partners

2014 Program

Day One

Thurdsay, 15 May

Day Two

Friday, 16 May

Day Three

Saturday, 17 May
Registration
14:00
  • Place: Lobby
    • The Westin Athens
    • Astir Palace
Afternoon Facility Tour
15:00
  • Visit Public Power Corporation's Lavrion power/storage complex.
Evening Cocktail Reception
19:00
  • Place: The Westin Athens
    • Astir Palace
Speakers and Sponsors Dinner
20:00
  • For hosts, speakers, and sponsors.
  • By invitation only.
Registration and Pastries
8:00
  • Place: Cosmos Hall
    • The Westin Athens
    • Astir Palace
Conference Proceedings
9:00
  • Place: Cosmos Hall
    • The Westin Athens
    • Astir Palace
Cocktails and Gala Dinner
19:30
  • For all delegates.
Executive Excursion
9:00
  • Historical and cultural sites of Athens.
Lunch Reception
12:30
  • Lunch at an off-site restaurant.
Dress code: For the facility tour, long pants and closed shoes are preferred. For the executive excursion, casual is fine. Business casual for the remainder.
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World Fuel Oil Summit
Past Atttending Companies (Selected)

  • Aegean Oil
  • Aiteo Energy Resources
  • ANCAP
  • Bahrain Petroleum
  • Baker Hughes
  • Bakri International Energy
  • BB Energy
  • BNP Paribas
  • BP Oil International
  • Burmeister & Wain
  • Cabot
  • Cargill
  • Cepsa
  • Citigroup
  • ConocoPhillips Co
  • Davison Petroleum Supply
  • Daxin Petroleum
  • Ecopetrol
  • Electricity Authority of Cyprus
  • Endesa SA
  • Enel Trade
  • Enemalta Corporation

  • Energie Pro International Trading
  • ENI Trading & Shipping
  • Enjet
  • ENOC
  • E.ON
  • Falzon Group
  • Galaxy Energy International
  • Gibraltar Port Authority
  • Glencore
  • Goldman Sachs
  • Gunvor International BV
  • Hess Energy Trading
  • Holt Global
  • Houston Fuel Oil Terminal
  • Island Bunker Oils
  • JP Morgan
  • Koch Supply and Trading
  • Kuwait Petroleum Corp.
  • Lia Oil SA
  • Libyan Emirates Oil Refining
  • Litasco
  • Macoil International
  • Master Chem Oil
  • Mercuria Energy Group
  • Merrill Lynch Commodities
  • Mitsui
  • Morgan Stanley
  • Nordic Storage
  • Oiltanking
  • Opet Trade
  • ORL
  • Ovlas Trading
  • OW Global Trading
  • Paz
  • Peninsula Petroleum
  • Petro Summit
  • Petrobras
  • PetroChina
  • Port of Rotterdam Authority
  • Public Power Corporation
  • Reliance Industries
  • Repsol
  • Risler
  • Royal Caribbean
  • RWE
  • SAMIR
  • Saudi Aramco
  • Shell Trading
  • Société Générale
  • Sonatrach
  • Tauber Oil
  • TELF
  • TEWOO
  • TOTSA
  • Toyota Tsusho Petroleum
  • Trafigura
  • Tupras
  • Vattenfall
  • Vilma
  • Vitol Trading
  • VTTI
  • Vopak
  • Vopak EOS
  • Wärstila
  • World Fuel Services
  • Xeray Systems

Conference Proceedings

Conference Agenda

Friday, 16 May 2014

Place: The Westin Athens Astir Palace
Registration and Pastries 08:00
Greetings from the Conference Chair
Lawrence Axelrod, Axelrod Energy Projects LLC
09:00
Welcome to Greece
Konstantinos Mathioudakis, Greece's Ministry
for Energy and Climate Change
Session One: The World Oil and Tanker Markets 09:30
The View from Cargill
Eric Aboussouan, Cargill
The View from Total
Joel Couse, Total
The View from ISIS Maritime Trading
Nigel J. Dean, ISIS Maritime Trading
Break for Refreshments 10:30
Session Two: Russian Fuel Oil Flows 10:50
The Macro Level
Marco Montefiori, Rosneft Trading SA
The Micro Level
Vadim Antipov, Rosneft Oil Company
Session Three: Oil Storage 11:30
Dirty and Clean Storage In the Baltics and Scandinavia
Ulf Vleeshouwers, InterTank Nordic AB
Break for Lunch 12:00
Session Four: Selected Fuel Oil Markets 13:30
Fuel Oil in Senegal and West Africa
Cheikh Mbodje, Société Africaine de Raffinage (SAR)
Fuel Oil and Bunker Fuel in Turkey
Aydin Ozu, Channoil Consulting Limited
US East Coast Fuel Oil
Jesse Axelrod, Axelrod Energy Projects LLC
Session Five: Perspectives on Bunker Fuel 14:30
A Supplier's Perspective
Steve Leonard, formerly with V-Marine Fuels
A Shipowner's Perspective
Peter Beekhuis, Maersk Oil Trading
A Technological Perspective
Kenny Strandberg, Green Tech Marine
Break for Refreshments 15:30
Session Six: Fuel Oil and Mediterranean Power 15:45
The View from Malta
Fredrick Azzopardi, Enemalta Corporation
The View from Cyprus
George Skarparis, Electricity Authority of Cyprus
The View from Greece
Konstantinos Chronis, Public Power Corporation
Conference Chair's Concluding Remarks
Adjournment 17:00
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2014 Summit Presentations

Presentations are password protected.
Session 1:
The World Oil and Tanker Markets

The View from Cargill
Eric Aboussouan, Cargill

The View from Total
Joel Couse, Total 

Session 2:
Russian Fuel Oil Flows

The Macro Level
Marco Montefiori, Rosneft Trading SA

The Micro Level
Vadim Antipov, Rosneft Oil Company 

Session 3:
Oil Storage

Dirty and Clean Storage in the Baltics and Scandinavia
Ulf Vleeshouwers, InterTank Nordic AB

Session 4:
Selected Fuel Oil Markets

Fuel Oil in Senegal and West Africa
Cheikh Mbodje, Société Africaine de Raffinage (SAR)

Fuel Oil and Bunker Fuel in Turkey
Aydin Ozu, Channoil Consulting Limited

US East Coast Fuel Oil
Jesse Axelrod, Axelrod Energy Projects LLC

Session 5:
Perspectives on Bunker Fuel

A Shipowner's Perspective
Peter Beekhuis, Maersk Oil Trading

A Technological Perspective
Kenny Strandberg, Green Tech Marine

Session 6:
Fuel Oil and Mediterranean Power

The View from Malta
Fredrick Azzopardi, Enemalta Corporation 

The View from Cyprus
George Skarparis, Electricity Authority of Cyprus

The View from Greece
Konstantinos Chronis, Public Power Corporation

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World Fuel Oil Summit

Oil and Gas in World Markets: The Big Drivers
Fuel Oil & Feedstock Trader

This issue’s “In-Conference” looks at the main drivers in world oil and gas markets in recent years. It compares and contrasts today’s oil and gas markets with those of the pe- riod prior to 2008, that is to say, the period before the fi- nancial collapse, the Eurozone crisis, and the Arab Spring.

What Drives the Asian Fuel Oil Market: The View from Sumitomo
Fuel Oil & Feedstock Trader

Since 2008, Asia’s refining capacity has grown steadily. Asia’s estimated aggregate refining capacity will reach al- most 40 million b/d in 2013, up from 32 million b/d as recently as 2008 (see the accompanying chart). The most notable rises in 2013 refining capacity will be seen in China (up nearly 500 kb/d) and Saudi Arabia (up 400 kb/d). By contrast, Japan’s refining capacity can be expected to contract in 2013 by over 100 kb/d.

Royal Caribbean Purchases Four Scrubbers Ahead of Toughening ECA Rules
Fuel Oil & Feedstock Trader

Royal Caribbean has purchased four scrubbers for its cruise fleet—two are retrofits and two are for newbuilds. The use of abate- ment technology is but one of a series of measures designed to cope with higher fuel oil costs and the forthcoming drop in ECA sulfur caps from 1%S to 0.1%S in January 2015. Other measures include improving fuel efficiency through diesel generators, using silicon hull paint, which creates less friction with the water, optimizing vessels trim, optimizing vessel speed, and air bubble hull lubrication systems.

LSFO and LSSR in the Western Hemisphere: The View from Petrobras
Fuel Oil & Feedstock Trader

An integrated energy company, Petrobras is the second largest company in Latin America and seventh largest energy company in the world. Outside of Rio de Janeiro, trading offices are located in Beijing, Buenos Aires, London, Rotterdam, Singapore, and Houston. Shares in Petrobras are traded on the Sao Paulo, New York, Madrid, and Buenos Aires stock exchanges. The Brazilian government retains a controlling majority stake through a golden share.

Houston Fuel Oil Terminal Company Considering Repurposing of Fuel Oil Tanks
Fuel Oil & Feedstock Trader

The owner of the largest third-party fuel oil storage facility on the US Gulf Coast is considering repur- posing some portion of its fuel oil tanks. The owner, Houston Fuel Oil Terminal Company (HFOTCO), already has some tanks devoted to crude oil. Even though 100 percent of HFOTCO’s tank capacity is contracted and inquiries for fuel oil tanks contin- ue, the company has chosen to pursue repurposing tanks to respond to changes in the US crude oil market and the booming US diesel export business.

In Perspective: Enemalta, Malta, and World Fuel Oil Summit VI
Fuel Oil & Feedstock Trader

World Fuel Oil Summit VI, held in Malta, on May 9-11, 2013, examined trends and developments in the world fuel oil market. Topics ranged from LSFO markets in the Western Hemisphere and Northwest Europe to the fuel oil markets in Singapore and China. Speakers addressed US refining and storage as well Russian fuel oil exports. One speaker gave a shipowner’s perspective on bunker fuel while another discussed tick- ets for compulsory security stocks in the European Union.

Petrobras May Divert LSFO to Mediterranean
Argus

A shift by Puerto Rico away from fuel oil to natural gas for power generation could see Brazil's state-controlled Petrobras diverting around 1.8 mn bl/month of low-sulphur fuel oil (LSFO) from the Caribbean to the Mediterranean.

Speaking at the sixth World Fuel Oil Summit in Malta, Petrobras America fuel oil trader Rodrigo Berkowitz said that, with long-term demand for LSFO in Puerto Rico uncertain, there would need to be new outlets for the fuel elsewhere, with the Mediterranean representing “a good alternative”.

Berkowitz added that Northwest Europe and the Far East also represent attractive destinations for displaced LSFO.

Puerto Rico currently consumes 1.8 mn bl/month of 0.5pc sulphur fuel oil supplied by Petrobras, but has plans to convert all of its power plants to natural gas in the near future – although no timetable has yet been announced.

Argentina is also expected to shift towards further natural gas power generation and away from residual fuel oil.

Royal Caribbean Skeptical of LNG Bunkering
Argus

The impact of fuel oil emission regulations on cruise liners can be mitigated through energy efficiency improvements and the development of exhaust gas scrubbing technology, while the widespread use of LNG as a bunker fuel is still a long way off, said Royal Caribbean Cruises head of energy management Michael McNamara.

Speaking on the sidelines of the sixth World Fuel Oil Summit in Malta, McNamara said the company's approach to tightening regulation is to reduce the energy intensity of existing cruise liners, reducing the amount of fuel oil consumed.

New regulations include tighter 0.1pc sulphur limits in existing Emission Control Areas (ECAs) from 2015, applicable in the Baltic, North Sea and North America zones. The sulphur emission limit is currently set at 1pc for fuel oil sulphur emissions.

Royal Caribbean is retrofitting scrubbers in its older cruise ships, but this is time-consuming and expensive, McNamara said.

But he described the LNG shipping fuel alternative as “a very long-term solution at best”, with fuel cost and availability a bigger issue. Limited infrastructure for LNG fuelling at ports will restrict the movement of vessels, much like recharging stations for electric cars, he added.

“We are decades away from LNG as a shipping fuel. The space required on ships, and lack of availability at ports around the world is a major challenge. You would need excess space on board, which would displace areas normally used for accommodation,” he said.

“If LNG eventually succeeds in most ports for regional bunker demand, long-haul shipping might relax its requirement for a 14-day operating range, and/or the need for redundant traditional fuel storage,” he added.

Royal Caribbean is currently seeking exemption for its larger vessels from the North American ECAs, and is pursuing a fleet emissions averaging programme in cooperation with the regulatory body.

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Contact Us

Axelrod Energy Projects LLC
250 West 57th Street, Suite 1315
New York, NY 10107
(212) 749-1902
Click here to register for the World Fuel Oil Summit VII