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<br /> S&P Global Platts<br /> September 2019<br /> Asian refiners gear<br /> up for IMO 2020<br /> South African gold<br /> mining under pressure<br /> Trade tensions and<br /> commodity flows<br /> The changing face of energy<br /> Information alone<br /> isn't informative.<br /> Add insight.<br /> Our unrivaled insight and analysis, alongside our<br /> independent price benchmarks and supply chain<br /> dynamics, bring clarity and transparency to the<br /> energy and commodities markets, enabling you to spot<br /> trends and uncover new commercial opportunities.<br /> #SPGPlattsInsight<br /> Visit platts.com/insights<br /> Insight<br /> ISSN 2153-1528 (print)<br /> ISSN 2153-1536 (online)<br /> Publisher<br /> Murray Fisher, +1 720 264 6644<br /> murray.fisher@spglobal.com<br /> Editor<br /> Emma Slawinski, +44 (0)20 7176 0365<br /> emma.slawinski@spglobal.com<br /> Copy Editors<br /> Alisdair Bowles, James Burgess,<br /> Keiron Greenhalgh, Jame<a title="2019 Insight APPEC page 1" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=1"> S&P Global Platts September 2019 Asian re</a> <a title="2019 Insight APPEC page 2" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=2"> Information alone isn't informative. Add insight.</a> <a title="2019 Insight APPEC page 3" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=3"> Insight ISSN 2153-1528 (print) ISSN 2153-1536 (o</a> <a title="2019 Insight APPEC page 4" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=4"> Contents September 2019 8 27 32 8 IMO 2020: Ar</a> <a title="2019 Insight APPEC page 5" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=5"> 66 80 72 Small-scale LNG making market </a> <a title="2019 Insight APPEC page 6" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=6"> Editor’s Note Economic warning signals rang out i</a> <a title="2019 Insight APPEC page 7" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=7"> Best of the Rest Our website spglobal.com/platts </a> <a title="2019 Insight APPEC page 8" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=8"> IMO 2020: Are Asian refineries ready? The upcomin</a> <a title="2019 Insight APPEC page 9" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=9"> September 2019 </a> <a title="2019 Insight APPEC page 10" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=10"> IMO 2020: Are Asian refineries ready? T </a> <a title="2019 Insight APPEC page 11" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=11"> IMO 2020: Are Asian refineries ready? The IM</a> <a title="2019 Insight APPEC page 12" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=12"> IMO 2020: Are Asian refineries ready? capabi</a> <a title="2019 Insight APPEC page 13" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=13"> IMO 2020: Are Asian refineries ready? Japan’</a> <a title="2019 Insight APPEC page 14" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=14"> instance, has already carried out detailed tests </a> <a title="2019 Insight APPEC page 15" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=15"> Register by September 20, 2019 and </a> <a title="2019 Insight APPEC page 16" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=16"> Insight Conversation: Jane Ren Insight Conversa</a> <a title="2019 Insight APPEC page 17" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=17"> Insight Conversation: Jane Ren field. It is</a> <a title="2019 Insight APPEC page 18" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=18"> Insight Conversation: Jane Ren Is there an a</a> <a title="2019 Insight APPEC page 19" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=19"> September 2019 </a> <a title="2019 Insight APPEC page 20" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=20"> likes of Shell and Chevron, to think of the futur</a> <a title="2019 Insight APPEC page 21" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=21"> Get a fresh perspective with S&P Global Platts An</a> <a title="2019 Insight APPEC page 22" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=22"> Trading up: Fujairah’s plan for growth Despite t</a> <a title="2019 Insight APPEC page 23" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=23"> The port does not reveal bunkering data, but offi</a> <a title="2019 Insight APPEC page 24" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=24"> Trading up: Fujairah’s plan for growth Expan</a> <a title="2019 Insight APPEC page 25" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=25"> Fujairah is not the only place eyeing the role of</a> <a title="2019 Insight APPEC page 26" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=26"> South African gold loses its shine South Africa’</a> <a title="2019 Insight APPEC page 27" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=27"> September 2019 </a> <a title="2019 Insight APPEC page 28" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=28"> South African gold loses its shine S </a> <a title="2019 Insight APPEC page 29" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=29"> South African gold loses its shine </a> <a title="2019 Insight APPEC page 30" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=30"> South African gold loses its shine AngloGol</a> <a title="2019 Insight APPEC page 31" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=31"> have registered windfalls and returned value to s</a> <a title="2019 Insight APPEC page 32" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=32"> 32 Insight </a> <a title="2019 Insight APPEC page 33" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=33"> #ChangePays in energy September 2019 </a> <a title="2019 Insight APPEC page 34" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=34"> ISSN 2153-1528 (print) ISSN 2153-1536 (online) L</a> <a title="2019 Insight APPEC page 35" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=35"> In commodities, a survey by S&P Global Platts sho</a> <a title="2019 Insight APPEC page 36" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=36"> </a> <a title="2019 Insight APPEC page 37" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=37"> The changing face of energy Growth in women’s re</a> <a title="2019 Insight APPEC page 38" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=38"> Women filled 15% of those senior manager pipeline</a> <a title="2019 Insight APPEC page 39" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=39"> it also currently exceeds the global average for </a> <a title="2019 Insight APPEC page 40" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=40"> and flexible work schedules, the lack of which ca</a> <a title="2019 Insight APPEC page 41" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=41"> 7. FEMALE C SUITE EXECUTIVES IN ENERGY, SELECTED </a> <a title="2019 Insight APPEC page 42" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=42"> 8. FEMALE BOARD MEMBERS AND SENIOR MANAGERS IN EN</a> <a title="2019 Insight APPEC page 43" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=43"> Figure 9. Female senior managers in energy, US vs</a> <a title="2019 Insight APPEC page 44" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=44"> better job of advocating for the measures it has </a> <a title="2019 Insight APPEC page 45" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=45"> Industry execs confident about diversity, inclusio</a> <a title="2019 Insight APPEC page 46" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=46"> Patti Poppe President and CEO, CMS Energy CEO of</a> <a title="2019 Insight APPEC page 47" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=47"> Christina Verchere CEO, OMV Petrom Having studie</a> <a title="2019 Insight APPEC page 48" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=48"> Vicky Bailey Board member, Equitrans, Cheniere En</a> <a title="2019 Insight APPEC page 49" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=49"> Laura Beane CEO, Avangrid Renewables Now holding</a> <a title="2019 Insight APPEC page 50" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=50"> Colette Honorable Partner, Reed Smith From her p</a> <a title="2019 Insight APPEC page 51" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=51"> Janet Weiss President, BP Alaska Now overseeing </a> <a title="2019 Insight APPEC page 52" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=52"> Lisa Lambert Chief technology and innovation offic</a> <a title="2019 Insight APPEC page 53" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=53"> Cheryl LaFleur Commissioner, FERC LaFleur twice </a> <a title="2019 Insight APPEC page 54" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=54"> Hilary Mercer VP, Shell’s Pennsylvania Chemicals </a> <a title="2019 Insight APPEC page 55" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=55"> Anne Pramaggiore Senior executive vice president </a> <a title="2019 Insight APPEC page 56" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=56"> Maria Victoria Zingoni Executive MD, commercial b</a> <a title="2019 Insight APPEC page 57" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=57"> Jennifer Stewart SVP, government and regulatory a</a> <a title="2019 Insight APPEC page 58" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=58"> Shareholders, regulators increase impetus to chan</a> <a title="2019 Insight APPEC page 59" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=59"> driver for business, and so I think that’s the in</a> <a title="2019 Insight APPEC page 60" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=60"> Renewables sector acknowledges uphill climb By Ma</a> <a title="2019 Insight APPEC page 61" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=61"> have programs in place. And the SEIA has signed M</a> <a title="2019 Insight APPEC page 62" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=62"> China’s quest for balance As China’s supply-side</a> <a title="2019 Insight APPEC page 63" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=63"> China’s quest for balance C hin</a> <a title="2019 Insight APPEC page 64" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=64"> with newer, more efficient ones, and improved the</a> <a title="2019 Insight APPEC page 65" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=65"> China’s quest for balance These measures pha</a> <a title="2019 Insight APPEC page 66" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=66"> The trouble with tariffs The US-China trade confl</a> <a title="2019 Insight APPEC page 67" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=67"> September 2019 </a> <a title="2019 Insight APPEC page 68" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=68"> The trouble with tariffs T he US-C</a> <a title="2019 Insight APPEC page 69" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=69"> in the possibility of demand growth falling below</a> <a title="2019 Insight APPEC page 70" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=70"> The trouble with tariffs US depended more he</a> <a title="2019 Insight APPEC page 71" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=71"> The trouble with tariffs 剕SS 䥁 䕕R</a> <a title="2019 Insight APPEC page 72" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=72"> 72 Insight </a> <a title="2019 Insight APPEC page 73" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=73"> Small-scale LNG making market inroads L </a> <a title="2019 Insight APPEC page 74" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=74"> Small-scale LNG making market inroads One s</a> <a title="2019 Insight APPEC page 75" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=75"> disrupted by Hurricane Maria, the Category 4 hurr</a> <a title="2019 Insight APPEC page 76" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=76"> Small-scale LNG making market inroads New F</a> <a title="2019 Insight APPEC page 77" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=77"> Accelerating growth within the LNG market Platts</a> <a title="2019 Insight APPEC page 78" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=78"> Insight from Brussels Insight from Brussels </a> <a title="2019 Insight APPEC page 79" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=79"> Insight from Brussels Agreeing those defini</a> <a title="2019 Insight APPEC page 80" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=80"> 80 Insight </a> <a title="2019 Insight APPEC page 81" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=81"> Uncharted waters Uncharted waters The shipping </a> <a title="2019 Insight APPEC page 82" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=82"> Uncharted waters Most shipowners have alrea</a> <a title="2019 Insight APPEC page 83" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=83"> Uncharted waters Alongside fuel switching, </a> <a title="2019 Insight APPEC page 84" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=84"> Uncharted waters that the premium will be s</a> <a title="2019 Insight APPEC page 85" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=85"> bunkering port, has already unveiled a list of me</a> <a title="2019 Insight APPEC page 86" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=86"> Insight from Washington Insight from Washington</a> <a title="2019 Insight APPEC page 87" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=87"> Insight from Washington were to come up aga</a> <a title="2019 Insight APPEC page 88" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=88"> Opening up Gas market liberalization in Japan is</a> <a title="2019 Insight APPEC page 89" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=89"> Opening up D emand growt</a> <a title="2019 Insight APPEC page 90" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=90"> Opening up Opening up its receiving termina</a> <a title="2019 Insight APPEC page 91" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=91"> The potential market for LNG in Asia outside of t</a> <a title="2019 Insight APPEC page 92" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=92"> Insight from Shanghai Insight from Shanghai </a> <a title="2019 Insight APPEC page 93" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=93"> Insight from Shanghai Because of its pivota</a> <a title="2019 Insight APPEC page 94" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=94"> Insight from Shanghai But this rapid transi</a> <a title="2019 Insight APPEC page 95" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=95"> Europe’s show of strength LNG flows, demand growt</a> <a title="2019 Insight APPEC page 96" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=96"> Europe’s show of strength E urop</a> <a title="2019 Insight APPEC page 97" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=97"> Ben van Beurden CEO, Royal Dutch Shell the </a> <a title="2019 Insight APPEC page 98" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=98"> Europe’s show of strength It was a foundati</a> <a title="2019 Insight APPEC page 99" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=99"> Europe’s show of strength Fastest Growing Fa</a> <a title="2019 Insight APPEC page 100" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=100"> Europe’s show of strength marketing sectors</a> <a title="2019 Insight APPEC page 101" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=101"> Europe’s show of strength Germany to consum</a> <a title="2019 Insight APPEC page 102" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=102"> Europe’s show of strength Top 50 Companies 20</a> <a title="2019 Insight APPEC page 103" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=103"> Europe’s show of strength </a> <a title="2019 Insight APPEC page 104" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=104"> “We refocused our business on our core strengths </a> <a title="2019 Insight APPEC page 105" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=105"> In May 2019, Aramco reached a preliminary deal to</a> <a title="2019 Insight APPEC page 106" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=106"> S&P Global Platts Top 250 2019 Top 250 Ranking</a> <a title="2019 Insight APPEC page 107" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=107"> S&P Global Platts Top 250 </a> <a title="2019 Insight APPEC page 108" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=108"> S&P Global Platts Top 250 </a> <a title="2019 Insight APPEC page 109" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=109"> S&P Global Platts Top 250 </a> <a title="2019 Insight APPEC page 110" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=110"> S&P Global Platts Top 250 </a> <a title="2019 Insight APPEC page 111" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=111"> S&P Global Platts Top 250 Top 250 Methodology </a> <a title="2019 Insight APPEC page 112" href="https://secure.viewer.zmags.com/publication/bd79bbb8?page=112"> A natural gas supplier who goes the EXTRA MILE af</a>