Global marine fuel supplier Bunker One has hired a CFO for its Brazilian unit, with the hope of continuing their successful growth through future projects like the Trans Mountain pipeline. Marcus Cabral, formerly a vice president for Nova Offshore, will take on the role of CFO for Bunker One Brazil as they look to expand their presence in South America. The firm anticipates spending $15 million on emissions compliance in 2024, representing a small but significant portion of their total fuel and emissions bill for the year.
Bunker One Expands in Brazil, Hires CFO for Growth
Global marine fuel supplier Bunker One has appointed Marcus Cabral as CFO for its Brazilian unit, aiming to bolster its presence in South America. Cabral, formerly a vice president at Nova Offshore, will lead Bunker One Brazil's financial operations and support its expansion plans.
Background
Bunker One, headquartered in Dubai, is one of the world's largest marine fuel suppliers. The company has been serving the Brazilian market for several years and recently launched a new bunkering operation in the Port of Santos, the largest in Latin America.
Brazil, with its extensive coastline and growing maritime industry, represents a significant opportunity for Bunker One. The country has strict environmental regulations, which have led to increased demand for low-sulfur fuels.
Expansion Plans
Bunker One is planning to invest heavily in Brazil, including in emissions compliance. The company anticipates spending $15 million on emissions-related measures in 2024. This investment will help Bunker One meet Brazil's environmental standards and position itself as a leader in the low-carbon transition.
The company is also looking to expand its presence in other parts of South America, such as Chile and Peru. Bunker One believes that the region's growing maritime trade will create opportunities for its services.
CFO Appointment
Marcus Cabral brings a wealth of experience in the marine and energy industries to Bunker One. He previously held senior positions at Nova Offshore, a Brazilian oil and gas company, where he was responsible for financial planning and analysis.
"We are excited to have Marcus join our team," said Peter Zachariassen, CEO of Bunker One Brazil. "His financial expertise and knowledge of the Brazilian market will be invaluable as we continue to grow our operations and build a sustainable future for Bunker One in Brazil."
FAQs
1. What is Bunker One's market share in Brazil?
Bunker One does not disclose its market share in specific countries.
2. What are Bunker One's expansion plans for South America?
Bunker One plans to expand its presence in Chile, Peru, and other countries in the region.
3. How will Bunker One meet Brazil's environmental regulations?
Bunker One will invest in emissions compliance measures, including the purchase of low-sulfur fuels and the installation of emissions-reducing technologies on its vessels.
4. What is the significance of Marcus Cabral's appointment as CFO?
Cabral's appointment signals Bunker One's commitment to growth in Brazil and his experience will support the company's expansion plans.
5. What are Bunker One's long-term goals in Brazil?
Bunker One aims to become the leading marine fuel supplier in Brazil and to support the country's maritime industry as it transitions to a low-carbon future.
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