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HKEX publishes ‘disciplinary actions’ against Brightoil Petroleum and relevant directors

Sanctions applied after refusal by Brightoil to comply with repeated requests by HKEX to publish an announcement regarding the cancellation of its listing, it said.
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HKEX

The Stock Exchange of Hong Kong Limited (HKEX) on Wednesday (3 February) published a statement regarding its disciplinary action against Brightoil Petroleum (Holdings) Limited (delisted, previous Stock Code: 933) and four of its directors at the date of delisting.

According to the statement, HKEX’s disciplinary action against Brightoil involves a blatant refusal by Brightoil to comply with repeated requests by HKEX to publish an announcement regarding the cancellation of its listing.

Following Brightoil’s suspension from trading in 2017, the Exchange decided to cancel the company’s listing on 28 February, 2020 and throughout March-April 2020, the listing committee made repeated requests for Brightoil to announce the delisting and review application.

Brightoil refused to do so, on the basis that:
1. The Delisting Decision was subject to the Review Application and potential judicial review proceedings, and
2. The publication of the requested announcement was not in Brightoil’s best interests taking into account the progress being made in relation to its debt restructuring.

At a Brightoil board meeting on 20 April 2020, the relevant directors, who formed a majority of the Board, voted against a resolution to publish an announcement as requested by the Exchange.

Subsequently, in April and May 2020, Brightoil published business updates without disclosing the delisting and review application.

“The delisting decision and review application were material developments in relation to Brightoil’s listing and trading suspension status, which the Exchange expected to be disclosed in a timely manner in order to ensure an orderly, informed and fair market,” said HKEX.

“The company’s refusal to publish the requested announcement in a timely manner deprived Brightoil’s stakeholders , including its shareholders, of relevant information in relation to its listing status.”

The Exchange published the following sanctions against Brightoil:

1. Censure Brightoil for its breaches of Rules 13.06(2), 13.24A and 2.13(2);
2. Censure the relevant directors for their breaches of Rule 3.08(f) and their Undertakings;
3. state that in the Exchange’s opinion, by reason of the relevant directors’ willful and/or persistent failure to discharge their responsibilities under the Exchange Listing Rules, had Brightoil remained listed, their retention of office would have been prejudicial to the interests of investors.

For the avoidance of doubt, the Exchange confirmed the sanctions in the announcement apply
only to Brightoil and the relevant directors who were in office at the time, and not to any other past or present members of the board of directors of Brightoil.

Addendum:

Exchange Listing Rule Requirements:
Rule 13.06(2) provides that the Exchange may require the issuer to make an announcement where it considers it appropriate to preserve or ensure an orderly, informed and fair market.

Rule 13.24A provides that an issuer must, after trading in its listed securities has been suspended,
publish quarterly announcements of its developments.

Rule 2.13(2) provides that information contained in an announcement by an issuer must be
accurate and complete in all material respects and not misleading. In complying with this
requirement, the issuer must not, among other things, omit material facts of an unfavourable
nature.

Rule 3.08 provides that the Exchange expects the directors, both collectively and individually, to fulfil fiduciary duties and duties of skill, care and diligence to a standard at least commensurate with the standard established by Hong Kong law. These duties include a duty to apply such degree of skill, care and diligence as may reasonably be expected of a person of his/her knowledge and experience and holding his/her office within the issuer (Rule 3.08(f)).

Rule 3.09 provides that directors of a listed issuer must satisfy the Exchange that they have the character, experience and integrity and are able to demonstrate a standard of competence commensurate with their position as directors of a listed issuer.

The Relevant Directors were under an obligation, pursuant to their respective Undertakings, to (i) comply with the Exchange Listing Rules to the best of their ability, and (ii) use their best
endeavours to procure the Company’s compliance with the Exchange Listing Rules.

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


Photo credit: Stock Exchange of Hong Kong Limited
Published: 8 February, 2020

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Incident

MPA: 25 crew rescued after abandoning “MSC HERMES III” east of Vietnam

MRCC Singapore coordinated the rescue after receiving a distress alert at about 8.45am as the vessel was within Singapore’s Maritime Search and Rescue Region.

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September 23, 2026

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RESIZED bunker tanker singapore

The Maritime and Port Authority of Singapore (MPA) on Tuesday (22 September) said all 25 crew members from the Liberia-registered container vessel MSC HERMES III were rescued on 22 September 2026. 

The Maritime Rescue Coordination Centre (MRCC) Singapore coordinated the rescue after receiving a distress alert at about 8.45am (Singapore Time). 

“The vessel was within Singapore’s Maritime Search and Rescue Region (MSRR), about 300km east of Vietnam,” MPA said in a statement. 

MRCC Singapore immediately issued a broadcast requesting vessels in the vicinity to render assistance. Three vessels responded, and MSC RUBY recovered all 25 crew members after they had abandoned MSC HERMES III in a lifeboat. 

“All 25 crew members are safe, with no injuries reported,” MPA said. 

“MRCC Singapore is coordinating with the Vietnamese MRCC on arrangements for the rescued crew members to return safely to shore.”

 

Photo credit: Manifold Times
Published: 23 September, 2026

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Alternative Fuels

GCMD, Equinor to combine expertise on alternative bunker fuels, decarbonisation solutions

Equinor brings extensive experience to partnership as a vessel charterer and marine fuel supplier, including chartering dual-fuel LNG and methanol tankers, testing biofuels and supplying methanol.
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September 23, 2026

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GCMD, Equinor to combine expertise on alternative bunker fuels, decarbonisation solutions

The Global Centre for Maritime Decarbonisation (GCMD) and Equinor on Tuesday (22 September) announced a five-year Impact partnership.

The partnership brings together GCMD’s capabilities in conducting real-world maritime pilots with Equinor’s experience as a charterer, energy provider and developer of low-carbon solutions.

Together, the organisations will leverage their complementary expertise to help address technical and operational gaps in scaling alternative marine fuels and supporting the development and uptake of other maritime decarbonisation solutions.

GCMD’s work on alternative fuels, including biofuels, ammonia and methanol, focuses on two critical aspects of deployment: operational safety and robust monitoring, reporting and verification (MRV). Its pilots and studies are generating operational data to support safe bunkering and handling of these fuels. 

At the same time, its assurance work seeks to strengthen confidence in quantity, quality and GHG emissions abatement.

“Equinor brings extensive experience as a vessel charterer and marine fuel supplier. This includes chartering dual-fuel LNG, LPG and methanol tankers, testing and using biofuels and supplying methanol to the maritime sector,” GCMD said.

Equinor is also piloting the use and supply of ammonia as a marine fuel, contributing to the development of associated safety, regulatory and bunkering arrangements.

Combining these perspectives can help address practical barriers to alternative fuels deployment while strengthening assurance across emerging marine fuel value chains.

Beyond alternative fuels, GCMD is working to accelerate the adoption of solutions that can reduce emissions from the existing fleet, including energy efficiency technologies (EETs) and onboard carbon capture and storage (OCCS).

GCMD’s work on EETs includes quantifying real-world fuel savings from technologies such as wind-assisted propulsion systems and developing financing mechanisms to scale their adoption. In OCCS, Project CAPTURED demonstrated an end-to-end value chain for onboard captured and liquefied CO₂, generating evidence that contributed to the recognition of captured CO2 under the EU ETS and in-principle support at the IMO for recognising carbon mineralisation as permanent storage.

Equinor brings decades of experience in offshore CO₂ storage, including its role in the development and operation of Northern Lights, the world’s first cross-border CO2 transport and storage facility, where liquefied CO₂ is transported by ship to an onshore receiving terminal before it is sent by pipeline for permanent geological storage beneath the North Sea.

Through the partnership, GCMD and Equinor will explore opportunities to combine their respective capabilities and experience to support the deployment and scaling of maritime decarbonisation solutions.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 23 September, 2026

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Decarbonisation

Wah Kwong NatPower, AREL partner on maritime electrification in Hong Kong

Collaboration will examine opportunities to deploy shore power facilities, vessel charging infrastructure and battery energy storage solutions, alongside the development of electric vessels.
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September 23, 2026

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Wah Kwong NatPower, AREL partner on maritime electrification in Hong Kong

Wah Kwong NatPower (WK NatPower) on Tuesday (22 September) said it has signed a Memorandum of Understanding (MoU) with Aberdeen Restaurant Enterprises Limited (AREL) to explore the electrification of piers, vessels and supporting energy infrastructure in the Aberdeen area of Hong Kong.

Against the backdrop of the HKSAR Government’s latest policy direction to advance green shipping, smart port development and shore power infrastructure, WK NatPower and AREL will explore the development of an integrated marine electrification ecosystem in the Aberdeen and Shum Wan areas. 

The collaboration will examine opportunities to deploy shore power facilities, vessel charging infrastructure and battery energy storage solutions, alongside the development of electric vessels for future transport and tourism services.

The initiative supports Hong Kong to become a leading hub for sustainable maritime innovation while contributing to the revitalisation of one of the city’s most iconic waterfront communities. As an initial phase of the collaboration, the two parties will explore the opportunity for the construction of a series of electric vessels and transport vessels. 

The initiative will also examine the potential deployment of the ApliAber® electric vessel fleet as a new benchmark for sustainable waterfront mobility and hospitality experiences in Hong Kong.

Vincent Ni, General Manager of WK NatPower, said: “This MoU marks an important step in supporting Hong Kong’s marine energy transition. Aberdeen has long been an iconic part of Hong Kong’s maritime heritage, and we are delighted to explore opportunities to develop integrated shore power and vessel electrification solutions that can support a cleaner and more sustainable future for the harbour.”

Wong Tai Yu, Director of AREL, said: “Through this collaboration, we look forward to exploring practical ways to introduce cleaner energy, electric vessels and sustainable waterfront experiences, while supporting the revitalization of Jumbo Kingdom® for future generations.”

 

Photo credit: Wah Kwong NatPower
Published: 23 September, 2026

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