The UAE announced a target of 25% of the hydrogen market by 2030. A group of 40 global leaders announced 2030 ambitions to make clean hydrogen widely available.

Prices for the benchmark 10 ppm sulfur gasoil grade have been supported by tightened supply following leaner export volumes from the major supply centers of Taiwan, Japan, South Korea and China in November, traders said.

Stocks were last lower Sept. 8 at 18.73 million barrels, the data showed.

Demand-supply fundamentals in the Zhoushan bunker market remain stable, while offer prices have risen in line with Singapore cargo values, market sources said.

Open interest for the entire HSFO forward curve contracts, however, bucked the trend by falling 8.5% month on month to 30.29 million mt end-November, the ICE data showed.

"Not all physical suppliers here [in Singapore] supply HSFO. Shipping bottlenecks and delayed vessel sailing schedules [in the Asian region] are also weighing on overall demand," an industry source said.

An increased outlet for HSFO comes in the form of sustained demand from the marine fuel sector, despite the International Maritime Organization's sulfur cap reduction for marine fuels.

Rotterdam FOGO bunker spread widens on heating demand

Continued firm bunker prices were compounded by a consistently replenishing tonnage list in both the Atlantic and Mediterranean basins.

Singapore's Economic Development Board announced the sustainability goals for Jurong Island in a report released on Nov. 23.

The growing refining capacity for advanced biofuels in China will make the region an important production hub in the future.

The deal shows Vitol, the world's biggest independent oil trader, remains focused on expanding its downstream oil business in key growth markets even while it looks to build up a portfolio of renewable energy projects.

S&P Global Platts will not publish any Americas container shipping, clean and dirty tanker assessments on Nov. 25-26, 2021, due to the US Thanksgiving holiday.

The transaction will "significantly expand" VTTI's position in the port of Fujairah, it said in the statement.

"This is a grand social experiment. I do not know if the national average price can actually be maintained [at Yen 170/liter in the first stage], but at least the uptrend will be suppressed," the official said.

"The forecast we have is, within this decade, roundabout 2030, green hydrogen will be cheaper than blue hydrogen," Maloney said.

Earlier this week, all provincial environment ministries were required to confirm emission quotas assigned to each company in the national trading scheme.

The next important step will be for proponents of different mechanisms to submit assessments of the likely impacts on the cost of maritime trade, ICS' Bennett said.

Between June 2017 and August 2018, Muhammad Afzal Bin Mohamed Ekbar, a bunker trader at KPI Bridge Oil Singapore Pte Ltd at that time, had allegedly obtained gratifications totaling at least $191,250 from Mohammad Shafiq Bin Nezammuddin, director of Straits Bunkering Pte Ltd at that time, the CPIB said in a statement on Oct. 19