BP has ended its bunkering business in Algeciras, Spain, a year after the supplier started operations at the port, Platts reports.
The oil major ended its lease of the barge in June, and Peninsula Petroleum has added the vessel to its fleet, bringing it to five bunker barges in the Strait of Gibraltar area. "BP will probably drop the bunker business [in Algeciras]; I think it wasn't very profitable for them," one trader said.
"But this should not have a major impact on the market as the volume will be taken by competitors." The chartered barge that Peninsula is now operating is Spar Bunker 40, which has a capacity of 3,700 metric tonnes, with separate tanks for high- and low-sulfur fuel oil (HSFO and LSFO).
BP has not made an official statement on the matter. In recent years, the oil majors have generally refocused on exploration and extraction, allowing large independent bunker companies to grow rapidly, OW Bunker CEO Jim Pedersen said earlier this year.