PetroChina's LNG Bunkering Milestone Reshapes Marine Fuel Market

PetroChina Conducts First LNG Bunkering in Singapore, Expanding Alternative Marine Fuel Options 

SINGAPORE, Singapore October 15, 2026 PetroChina International executed its first liquefied natural gas (LNG) bunkering operation in Singapore on Thursday, marking a significant operational milestone for the trading arm of Chinese state major PetroChina at the world's largest marine refuelling port. The development, announced by Chairman Wu Junli at the Singapore International Bunkering Conference, broadens the alternative-fuel portfolio the company can offer shipowners and reinforces the accelerating transition within the Green Marine Fuel Bunkering Market. 

PetroChina International was among eight companies that received LNG bunkering licences from the Singapore government, and it also holds a licence to supply methanol to ships. The company is further expanding its alternative-fuel capabilities, with the acquisition of a methanol bunker vessel scheduled for completion on Friday. 

PetroChina's Singapore LNG bunkering debut follows its first commercial LNG bunkering operation in Europe last year, alongside securing methanol bunkering qualification in Rotterdam, the Netherlands. The company accounted for approximately 10% of Singapore's total bunker sales last year, a market that exceeded 56 million metric tons, and sold 7.95 million tons of bunker fuel globally, servicing 18 ports with 16 bunker vessels on time charter. 

According to Next Move Strategy Consulting, the Green Marine Fuel Bunkering Market was valued at USD 14.22 billion in 2025 and is expected to reach USD 20.58 billion by the end of 2026, with projections indicating growth to USD 574.23 billion by 2035 at a CAGR of 44.75% between 2026 and 2035. 

Chairman Wu Junli noted that global orders for alternative-fuel vessels had neared 2,000 ships by the end of 2025, including more than 1,200 LNG-fuelled vessels, citing Clarksons data. He further observed that methanol-fuelled vessels are expanding rapidly while ammonia-fuelled vessels are beginning to gain momentum. However, he cautioned that infrastructure for emerging marine fuels significantly lags fleet development, with existing and planned methanol bunkering ports remaining below 50 globally, compared with 220 LNG bunker ports worldwide. 

Key Highlights: 

• PetroChina International conducted its first LNG bunkering operation in Singapore on October 15, 2026, announced at the Singapore International Bunkering Conference by Chairman Wu Junli. 

• The company holds both an LNG bunkering licence and a methanol supply licence in Singapore, and is set to complete the acquisition of a methanol bunker vessel on October 16, 2026. 

• Global orders for alternative-fuel vessels neared 2,000 ships by end-2025, with over 1,200 LNG-fuelled vessels on order, per Clarksons data cited by PetroChina's chairman. 

• China currently holds the capacity to produce 380,000 tons per year of green methanol, underscoring the country's growing role in the alternative marine fuel supply chain. 

Analyst Insight: 

According to analysts at Next Move Strategy Consulting, PetroChina's entry into LNG bunkering in Singapore reflects a broader structural shift in the global marine fuel ecosystem, where major state-backed energy companies are actively diversifying their bunkering portfolios to align with tightening International Maritime Organization (IMO) decarbonization mandates. NMSC analysts note that LNG continues to serve as a critical transitional marine fuel due to its lower CO₂, SOx, and NOx emissions profile relative to conventional bunker fuels, and that expanding bunkering infrastructure at high-throughput ports such as Singapore is essential to enabling fleet-level compliance across global shipping corridors. The concurrent pursuit of methanol bunkering capabilities by PetroChina further signals a phased multi-fuel strategy that mirrors the industry's broader trajectory toward scalable zero- and near-zero carbon marine fuel adoption. 

Industry Outlook: 

PetroChina's inaugural LNG bunkering operation in Singapore underscores the accelerating commercialization of alternative marine fuels at one of the world's most strategically significant bunkering hubs. As fleet operators face mounting regulatory pressure to reduce carbon intensity, the expansion of multi-fuel bunkering capabilities by major suppliers is expected to improve fuel accessibility and reduce procurement uncertainty across global shipping routes. 

The persistent infrastructure gap with methanol bunkering ports numbering fewer than 50 globally against 220 LNG bunker ports highlights the scale of investment still required to support the maritime sector's long-term decarbonization objectives. Developments such as PetroChina's Singapore milestone are indicative of the incremental but consequential steps being taken to close that gap, with LNG serving as a near-term compliance bridge while methanol and ammonia infrastructure matures toward broader commercial deployment. 

Source: Reuters

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Prepared By: Sanyukta Deb