With the aim of significantly reducing sulphur dioxide emissions from ships, the impending IMO regulations will reduce the global allowable sulphur content in bunker fuel oil to 0.5%, from 3.5%, starting on 1 January 2020.
Overall, it will be very challenging for the global refining industry to comply with the 2020 IMO regulations deadline due to the ‘wait and see’ approach that has prevailed with many refiners and shippers, particularly as the change will affect operations beyond merely bunker fuel production.
This challenging environment, however, will also offer new economic opportunities to the best-equipped players. Are you prepared?
Download the infographic for a view of what changes will mean for the bunker, crude oil and LNG markets: