How BGN is building a sustainable future

July 5, 2023

The following is a copy of an article published by Oil&Gas Middle East
www.oilandgasmiddleeast.com

BGN, a leading player in the global trade, storage, and transportation of petroleum products and petrochemicals, recently participated in the prestigious Middle East Petroleum & Gas Conference (MPGC) held in Dubai on May 22-23. Emin Imanov, CEO of BGN Trading, shared valuable insights about BGN’s operations during an exclusive panel discussion that focused on the company’s ability to connect producers, processors, and end-users through robust supply and logistics networks and partnerships.

Imanov expressed BGN’s mission to become one of the top-tier integrated energy companies by expanding its core business and investing in new potential areas, nature-based solutions, and green technologies. The company aims to embrace the energy transition, create value, and foster synergy within its core business and beyond.

Emin Imanov, CEO of BGN Trading
Emin Imanov, CEO of Trading, BGN

BGN is dedicated to paving the way for a low-carbon economy, responsibly meeting global energy supply and demand flows. With a strong presence in strategic markets like Dubai, Geneva, Singapore, and Morocco, BGN operates in 24 locations across North America, EMEA, and Asia, engaging in trading activities in over 120 countries worldwide. As a leading provider of LPG and crude oil, they have established themselves as a key player in the industry.

Integrated business model

During his remarks, Imanov emphasized BGN’s extensive expertise, seamless business network, and diverse customer and supplier base. With a team of over 500 local and international experts, the company combines its knowledge with new technologies and insights to serve as a reliable partner and deliver sustainable value. 

BGN’s integrated business model enables them to be involved in every step of the energy sector, from trading and distribution to financing energy projects. Their strong relationships with refineries, producers, state oil companies, and international traders contribute to their success. BGN also continually invests in improving its assets and infrastructure to enhance its trading activities. With an impressive annual trade volume of 10 million tons of LPG and 150 million barrels of crude oil, they hold the position of being the leading LPG buyer from both the US and the Middle East. Managing 250,000 cubic meters of liquid storage globally and operating 100 sea vessels for cargo transportation, BGN ensures efficient operations and trade execution.

BGN’s positioning statement, ‘Sourcing energy for a sustainable future,’ reflects the company’s commitment to taking sustainable steps for the benefit of its employees, customers, suppliers, partners, shareholders, and society as a whole. The company collaborates with Mundo Verde Climate, their business partner, to promote green technologies and nature-based solutions. BGN actively introduces innovative climate change management and climate finance tools to support their customers’ zero-carbon goals.

Shipping market volatility

When assessing the shipping market for the remainder of 2023, Imanov acknowledged the current volatility experienced compared to previous years, expecting this fluctuation to continue. As deficits arise in Eastern or Western markets, resulting in a structural tightness in tonnage, Imanov believes there are opportunities for owners to rapidly increase rates. Furthermore, the ongoing Russia-Ukraine conflict, which led to approximately 600 vessels being withdrawn from global fleets, has worsened the situation.

Concluding the panel discussion, Imanov mentioned MundoVerde Climate’s significant contribution to developing project-based carbon offsets across various technologies, including nature-based solutions. Additionally, Mundo Verde Climate provides strategic advisory services in climate change risk management to assist companies in achieving their Net Zero goals. BGN is proud to offer a carbon-neutral cargo option within its value chain and is actively taking steps to reduce itscarbon footprint, aligning with a strong commitment to sustainability.

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