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Aug. 22, 2014 /PRNewswire/ -- The expansion of
Singapore as a leading
Asia-Pacific energy hub, combined with the country's moratorium on the development of further onshore storage, has led to the hub expanding beyond national borders to encompass infrastructure in
Malaysia, according to the Platts Special Report "
FOB Singapore Beyond Singapore –Towards FOB Straits" released at the Platts Crude Oil & Refined Products Forum in
Singapore's storage capacity is a key reason for the country's status as
Asia's leading oil trading hub. As
Singapore's storage terminal market has matured, further capacity growth has been curtailed by limited waterfront land availability. Market participants have embraced terminals in
Indonesia to accommodate higher trading volumes, as supply and trading of oil has steadily climbed across
Asia as a whole.
"With Singapore's land scarcity, it only makes sense for market participants to look beyond
Singapore's shores for more cost effective developments of new storage capacity," said
Jonty Rushforth, Platts editorial director of
Middle East oil markets. "And we have seen a shift in market dynamics."
These developments mean the oil industry is evolving from a specified loading of Free-on-Board (FOB) basis
Singapore ports, towards a broader FOB "Straits" basis. Platts, a leading global provider of benchmark price references and pioneer in
Asia oil price benchmarks, is engaging with interested parties across the market to expand the definition of its own assessments accordingly.
"Methodologies evolve through time and must continuously adapt to the changing conditions that are a hallmark of physical commodity markets," said
Calvin Lee, Platts senior manager of
Asia markets reporting. "By being more flexible with the port locations that our price assessments embrace, we can better match the evolution taking place in oil movements, storage, refining and trading."
To access the full report, visit this link:
Platts Special Report – Oil. For more information about Platts' on-going dialogue with industry and market participants and its request for feedback on price assessment enhancements, access this link for
FOB Singapore expanding to FOB Straits and this link for
Middle East oil and refined products.
For more information about
oil and Platts price assessments
methodology, visit the Platts website
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