NATIONAL BANK OF FUJAIRAH

Gives Insights Into The Outlook For The Marine Industry

NBF participated in FUJCON 2023 in Fujairah

The Fujairah Bunkering & Fuel Oil Conference (FUJCON 2023), which took place from March 13–15, was attended by the National Bank of Fujairah (NBF), which had already confirmed its attendance. Participants in the downstream oil and maritime industries had the opportunity to discuss the issue of “the Maritime Energy Transition and Future Fuels” at the event, and NBF’s involvement reflected its extensive knowledge and experience in both areas.

The thirteenth edition of the event, which was organised by global industry analysts S&P Global, was attended by His Highness Sheikh Hamad bin Mohammed Al Sharqi, member of the UAE Supreme Council and ruler of Fujairah.

Speaking on the forum’s sidelines, Vince Cook, CEO of NBF, commented, “This year’s edition of FUJCON reflects the intersection of two areas of critical importance to NBF – the marine industry and sustainability. Our longstanding experience and deep expertise in working with the marine and oil industries give us a unique understanding of their banking needs and allow us to develop the solutions we can offer as these critical industries evolve. As the marine and oil industries look to align with sustainability measures across the region and beyond, particularly around the uptake of clean energy sources, we see exciting new opportunities opening.”

The forum, an established fixture in the calendar, was expected to draw participants from the UAE and other countries in the MENA region and beyond. To discuss the energy transition and carbon reduction standards pushing a paradigm change in the marine industry, it gathered banks, oil and bunker producers/traders, oil majors, national oil corporations, shipowners and operators, refiners, attorneys, and more.

On the first day, the opening session featured a speech by Bilal Hasan Ashraf, Head of Energy & Marine at NBF, who discussed the importance of finance in the forecast for the maritime sector. The session included viewpoints on decarbonisation, the energy transition, future fuels, fuel sustainability in the maritime industry, and the chances for cooperation created by the green transition, new technologies, and sustainability objectives.

Lastly, the FUJCON 2023 examined market developments and Fujairah’s future fuel options from the supply, operational, environmental and economic perspectives, as well as the possible technologies, investments, delivery infrastructure and industry collaboration needed to uncover new green maritime solutions and achieve sustainability goals.