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Singapore bunker supplier Brightoil Petroleum (S’pore) Pte. Ltd. to be disposed by parent company

‘It is most appropriate and in the Shareholders’ interest to delineate the Group from BOPS through disposal of the Company’s interest in BOPS,’ says Board of Brightoil.
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Singapore bunker supplier Brightoil Petroleum (S’pore) Pte. Ltd. (BOPS), an indirect wholly owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil/Company), will be disposed at a future date, says the Board at Brightoil.

“The business operation of the BOPS was ceased,” it stated on Friday (31 January) in an update on the Hong Kong Stock Exchange.

“In view of the above issues and with a view to resume trading which would bring best return to Shareholders, the Board considers that it is most appropriate and in the Shareholders’ interest to delineate the Group from BOPS through disposal of the Company’s interest in BOPS.

“After the proposed Disposal of BOPS, the Remaining Group would comprise mainly the upstream oil and gas production business, the business model of which is different from the oil/gas trading business of BOPS.”

The update described key findings of a forensic review conducted by RSM Corporate Advisory (Hong Kong) Limited (RSM) regarding certain oil trading transactions of BOPS.

PricewaterhouseCoopers (HK) (PwC), the former auditor of Brightoil, earlier expressed  concerns in relation to certain transitions made between BOPS and several specific customers where seven were new customers to BOPS.

PwC had made the following observations:

  1. nine of the Subject Customers might be related owing to common registered and/or correspondence addresses;
  2. the corresponding purchases of the sales transactions with the Subject Customers were made from five Subject Suppliers, including three of the Subject Customers, Shenzhen Brightoil Group Co Ltd. (SZBO), owned and controlled by Dr. Sit, the ultimate controlling shareholder of Brightoil, and another entity;
  3. there were multiple transactions of potentially the same cargos of oil; and
  4. there were substantial amount of accounts receivables due from the Subject Customers outstanding as at 30 June 2017 whereas other substantial sums of accounts receivable were netted off against accounts payables due to SZBO via tri-parties agreements.

In its review, RSM noted SZBO being involved in various back-to-back transactions providing discounts ranging from 3% to 10% in BOPS’s purchase transactions, which directly translated to the profit of BOPS.

While BOPS’s profit retained would be financially beneficial to the Group, the discount given by SZBO did not appear to be at arm’s length.

In addition, other than SZBO, RSM noted certain customers were also involved in back-to-back transactions, including, the “structured deals” which the relevant parties gained nil or relatively insignificant profit from them.

“This leads to the next matter as to whether the trades in the structured deals were dealt or negotiated simultaneously, perhaps pre-arranged or pre-matched,” stated the update.

“If this was not pre-arranged, the counterparties would have the liberty to find the next buyer down the chain, and hence the transactions might not have resulted in circular transactions.

“If the trades were indeed dealt simultaneously as if planned or pre-arranged, RSM found certain indication during the forensic review which might suggest that the Group or the SZBO Group had managed (or at least had knowledge) to get the counterparties to enter into the trades.

“Since the Group have ceased or substantially reduced many of its trading business since 2018 and most management of BOPS have resigned.

“The current management has no knowledge but suggested that this would not be possible and based on the information currently available, RSM is unable to ascertain or form a conclusive opinion at this stage.”

The full disclosure of RSM, remedial actions to be taken by the Board of Brightoil, and more, can be found in the following link here.

Related: Brightoil publishes unaudited financial results for FY 2017, 2018, 2019
Related: PricewaterhouseCoopers resigns as auditors of Brightoil Petroleum
Related: HKSE probes ‘management integrity’ of Brightoil Petroleum Holdings
Related: Brightoil faces $161 million claim from China Petroleum Pipeline Engineering
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Petrolimex Singapore wins USD 30 million bankruptcy order against ex-Brightoil Chairman
Related: Hong Kong: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here. 

 

Photo credit: Brightoil
Published: 4 February, 2019

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Mass Flowmeter

Hong Kong backs MFM adoption with voluntary scheme to boost bunkering competitiveness

Hong Kong’s Marine Department launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems on their bunker vessels.
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RESIZED EH dual mfm setup

Hong Kong’s Marine Department (MD) on Wednesday (3 June) launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems (MFM systems) on their bunker vessels.

MD said the scheme aims to enhance Hong Kong’s bunkering service quality and the competitiveness of Hong Kong ports, thereby further consolidating Hong Kong’s position as an international maritime centre and a major bunkering port.

Under the Scheme, bunker operators of traditional maritime fuel and biodiesel that install and use MFM systems on their bunker vessels, with the MFM systems inspected and certified by an accredited body in accordance with the International Organization for Standardization’s ISO 22192 Standard or equivalent requirements, can apply to the MD for inclusion in the scheme’s “List of Quality Bunker Vessels”, provided they meet the relevant technical and operational requirements. 

Details of the bunker vessels successfully included in the List will be published on a dedicated page on the MD’s website for reference by shipping companies and relevant stakeholders.

Participation in the Scheme is voluntary. In addition to receiving recognition from the MD, participating bunker operators will benefit from enhanced corporate image and competitiveness through the adoption of MFM systems, thereby boosting customers’ confidence and helping to create new business opportunities.

 A spokesman for the MD, said: “As an international maritime centre supported by our country, Hong Kong has a strategic location adjacent to major international fairways. Coupled with years of development in marine fuel bunkering, Hong Kong possesses rich experience and talent in the field. For many years, Hong Kong has consistently ranked as the seventh-largest bunkering port globally, the second-largest in our country, and the largest in the Greater Bay Area, providing reliable and competitive fuel bunkering services to ocean-going vessels from around the world. 

“As the international shipping industry has an increasing demand for accuracy and transparency in bunkering services, service quality and measurement precision in bunkering operations have become important indicators of a bunkering port’s competitiveness. The Scheme will enhance bunkering accuracy and transparency, further enhancing the quality of Hong Kong’s bunkering services.

The spokesman added that comprehensive port services are one of Hong Kong’s key advantages as an international maritime centre.

“We will also mandate the use of MFM systems on all methanol bunker vessels this year to ensure that Hong Kong continues to provide high-quality bunkering services in the era of green maritime fuels.” 

Note: The application form for the Scheme can be found on the MD’s website. Interested bunker operators can download the application form from the website or contact the MD’s Green Maritime Fuel Team via email ([email protected]) for details.

 

Photo credit: Manifold Times
Published: 4 June, 2026

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Alternative Fuels

MPA and MSC ink MoU to support adoption of alternative bunker fuels

MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency.
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MPA and MSC ink MoU to support adoption of alternative bunker fuels

The Maritime and Port Authority of Singapore (MPA) on Wednesday (3 June) said it signed a Memorandum of Understanding (MoU) with MSC Mediterranean Shipping Company to strengthen collaboration in maritime decarbonisation, digitalisation, innovation, and manpower development. 

The MoU was signed on 25 May 2026 by Mr Ang Wee Keong, Chief Executive of MPA, and Mr Soren Toft, Chief Executive Officer of MSC.

The MoU underscores the shared commitment of MPA and MSC to foster a sustainable, digital, and future-ready maritime sector, while enhancing MSC’s operational and business activities in Singapore. This year also marks the 30th anniversary of MSC establishing its Asia Regional Office and local office in Singapore.

Under the MoU, MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency and operational performance.

MPA and MSC will also collaborate on maritime digitalisation initiatives to improve operational efficiency, including streamlining vessel arrivals and port operations. 

On manpower development, MSC will support internship and scholarship opportunities through Singapore Maritime Foundation’s Maritime Outreach Network (MaritimeONE) platform, an industry-led tripartite partnership comprising industry, government and institutes of higher learning that aims to raise awareness of the maritime industry and attract quality talent into the maritime sector.

Mr Ang Wee Keong, Chief Executive of MPA, said: “This partnership reflects the strong collaboration between MPA and MSC in driving sustainability and digitalisation in the maritime sector. By working together on decarbonisation, operational efficiency and talent development, we aim to strengthen Maritime Singapore’s position as a trusted and future-ready global maritime hub.”

Mr Soren Toft, Chief Executive Officer of MSC, said: “Singapore is a strategically important hub for MSC and a key gateway to the broader Asia region. As we mark 30 years in Singapore, this MOU reinforces our long-term commitment to strengthening our presence here. MSC and Singapore are closely aligned on the priorities shaping the future of global shipping, and we look forward to deepening this partnership to drive the continued growth and resilience of the maritime industry.”

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 June, 2026

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Emissions reporting

StormGeo and OceanScore link emissions data, compliance workflows

Cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and UK ETS requirements.
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StormGeo and OceanScore link emissions data, compliance workflows

Weather intelligence and decision support solutions provider StormGeo and Hamburg-based technology platform OceanScore on Wednesday (3 June) said they have deepened their ongoing cooperation through the signing of a collaboration agreement during Posidonia 2026 in Athens on 2 June.

The cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and upcoming UK ETS requirements.

Together, the companies aim to help shipping companies seamlessly navigate increasing regulatory complexity more efficiently — from emissions reporting and data validation to compliance exposure management, pooling and financial settlement.

As emissions regulation becomes an increasingly important part of commercial shipping operations, the need for reliable operational data and streamlined compliance processes continues to grow. The cooperation between StormGeo and OceanScore is designed to support shipping companies with more connected, transparent and actionable processes across operational and commercial teams.

“From the outside, companies like StormGeo and OceanScore may sometimes be perceived as competitors because both operate around emissions and compliance workflows,” said Albrecht Grell, Managing Director at OceanScore. 

“But in reality, the industry increasingly needs both perspectives working together: trusted operational emissions data on one side and commercial compliance execution on the other. Our cooperation reflects that shipping companies are no longer looking for isolated solutions — they need connected processes, automated across different systems and reliable decision-making throughout the full compliance chain.”

By connecting validated operational emissions data with commercial compliance management, the cooperation supports workflows across:

  • emissions reporting and validation 
  • compliance management across EU ETS, FuelEU Maritime and upcoming UK ETS requirements
  • exposure visibility and cost transparency
  • pooling, settlement and financial processes 

The cooperation also aims to improve commercial transparency and coordination across operational and commercial stakeholders.

“StormGeo plays a central role in helping shipping companies turn operational vessel and emissions data into trusted, decision-ready insights,” said Espen Martinsen, Chief Commercial Officer at StormGeo. 

“As emissions regulations become more complex, this data is essential for transparent and efficient compliance management. By working with OceanScore, we can help customers connect StormGeo’s validated operational data with commercial compliance processes, creating a more integrated and practical approach to emissions management.”

The signing ceremony took place at the StormGeo booth during Posidonia 2026 in Athens and was attended by representatives from both companies.

Both companies expect the cooperation to continue evolving alongside upcoming regulatory developments, including FuelEU Maritime, EU ETS, the upcoming UK ETS and future emissions-related frameworks affecting global shipping.

 

Photo credit: StormGeo
Published: 4 June, 2026

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