We are proud to announce that the registration of MGO FUELTECH PTE. LTD. (201902380N), as a Singapore company is complete. MGO FuelTech Pte. Ltd. (201902380N) is a venture of PSCM Energy Pte. Ltd. (201843061C) and GAT Asian Ventures Pte. Ltd. (201901308D).
MGO FUELTECH PTE. LTD. will undertake oil desulfurization related projects in Asia. MGO FUELTECH PTE. LTD’S initial project will be the production of IMO-2020 compliant MGO fuel for ships to fulfill our existing contracts for IMO-2020 MGO fuel.
MGO FUELTECH PTE. LTD intends to begin the construction of the MGO production facilities in the first quarter of 2019 and will invest approximately $80 million US Dollars to create two production platforms of our desulphurization technology. These first two platforms will enable MGO FUELTECH PTE. LTD. To produce approximately 24,000 barrels per day of IMO-2020 compliant MGO fuel. Delivery is planned to begin in July 2019.
Per the International Marine Organization, “In a landmark decision for both the environment and human health, 1 January 2020 has been set as the implementation date for a significant reduction in the Sulphur content of the fuel oil used by ships.
“The decision to implement a global sulfur limit of 0.50% m/m (mass/mass) in 2020 was taken by the International Maritime Organization (IMO), the regulatory authority for international shipping, during its Marine Environment Protection Committee (MEPC), meeting for its 70th session in London.
“It represents a significant cut from the 3.5% m/m global limit currently in place and demonstrates a clear commitment by IMO to ensuring shipping meets its environmental obligations.”
About MGO FuelTech PTE. LTD.
MGO FuelTech PTE. LTD. is headquartered in Singapore, and provides oil desulphurization technology, IMO-2020 compliant MGO ship fuel production, oil desulfurization and other desulfurization related capabilities.