Vitol Group is adding three LNG bunkering vessels to its shipping fleet. (Source: Shutterstock)
Vitol Group is adding three LNG bunkering vessels to its shipping fleet, the company announced July 3.
A bunkering boat fuels other ships. Vitol acquired one ship through a charter agreement with Avenir LNG and the other two through an order with shipyard CIMC Sinopacific Offshore & Engineering Co. in China.
The ships will be ready for service starting in 2026.
LNG-powered vessels release about 25% less CO2 than other conventional marine fuels, according to the International Council on Clean Transportation, an environmental study group. Ships can also reduce their environmental footprints by using bio-LNG, a sector in which Vitol is also investing in.
Bio-LNG is created using methane generated by organic waste, such as household garbage and sewage.
“Shipowners worldwide are looking to reduce their emissions,” said Vitol’s LNG head Pablo Galante Escobar in a press release. “We are delighted to strengthen our offering to them by investing in LNG/bioLNG bunkering, thereby increasing their options.”
Vitol has traded LNG for 20 years and traded more than 17 million tons in 2023 through the global market, according to the press release.
Recommended Reading
Oxy CEO Takes Swing for Oil, Climate at Agitator-Disrupted Program
2024-09-26 - After a New York City event was disrupted, Occidental Petroleum President and CEO Vicki Hollub said agitators were after publicity and funding to “continue a business.”
About 16% Crude Production Shut in GoM Due to Tropical Storm Helene
2024-09-24 - About 16% of crude production in the U.S. Gulf of Mexico on Sept. 24 were shut-in in response to Tropical Storm Helene.
Rice: EQT Walking the Walk on Natgas Emissions, Despite Politics
2024-09-20 - Methane emissions are falling in parts of the world as companies such as EQT, led by CEO Toby Rice, make strides to reduce emissions in their operations, although the task is not without challenges.
More Than 12% of US GoM Oil Output Still Shut After Hurricane Francine
2024-09-16 - There were 213,204 bbl/d of oil and 298 MMcf of natural gas still offline after Francine hit the coast last week.
US Gulf Coast Residents Flee, Oil Production Shut as Francine Intensifies
2024-09-10 - Energy companies shut-in output at several production platforms as Francine is poised to become a major test for U.S. LNG export plants.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.