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Magnora, Prime Capital, Troms Kraft to develop green bunker fuel production facility at Tromsø

Project involves large-scale production of green hydrogen and further processing into green ammonia and/or liquid organic hydrogen carriers.
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Renewable energy development company Magnora on Thursday (16 September) said it has entered into agreement with Prime Capital and Troms Kraft for the development of a green maritime fuel project in the Tromsø area in Norway.

The project involves large-scale production of green hydrogen and further processing into green ammonia (NH3) and/or liquid organic hydrogen carriers (LOHC). 

Tromsø is the main logistics hub in Northern Norway for land-based transportation, fishery and other maritime industry.

With more than 3,000 fishing boat calls per year Tromsø is one of the largest fishing ports in Norway, and it is also an increasing popular cruise destination. The region has a surplus of green electricity from hydropower and onshore wind, which makes it attractive for green fuel production, says Magnora.

In line with Magnora’s strategy of engaging early, the project is currently in the feasibility-stage aiming for final investment decision late 2022 to mid-2023. If proceeding as planned, the green fuel project will be in commercial operations by 2025. 

“Magnora is very optimistic when it comes to the ongoing energy transition. We believe that fuels produced from green electricity will play a significant role in reducing carbon emissions, especially in the maritime industry,” says Torstein Sanness, executive chairman of Magnora.

“With an existing electricity surplus from renewables, a large and innovative maritime and fisheries industry, and a competent industrial workforce, Tromsø has all the right ingredients for success.

“Magnora is pleased to enter into a strong partnership together with Troms Kraft and Prime Capital. Troms Kraft brings in-depth local knowledge about the power industry and region, as well as over 100 years of operational experience.  Prime Capital has an impressive track record of business development in the Nordics within renewable energy, and an existing footprint in Northern Norway.”

The partnership with Prime Capital brings the funding and operational capability to execute and operate large industrial projects. 

The company is an investment and asset management company, with a portfolio of green infrastructure investments, with a dedicated team of 110 professionals from diverse backgrounds, including engineering, project management and finance. 

“The report from IPCC (UN) is clear, immediate action is needed from all industries in order to limit the impact of global warning. Prime Capital is heavily involved in the Troms region through the large-scale wind farms Raudfjell and Kvitfjell (Nordlys Vind) and wants to continue to contribute to the further green development of the local industry,” says Mathias Bimberg, Head of Infrastructure at Prime Capital.

“On the short term we believe there is a significant potential for production of green fuels for local consumption, especially in the shipping and fishery industry, and in the longer-term Prime Capital clearly see the potential for national and international export from the region.”

Troms Kraft is a publicly owned power company in Tromsø that produces, distributes and sells electricity from renewable energy sources. The company has about 320 employees and focuses on securing a clean power supply to help stop the climate change. 

“We in Troms Kraft believe we can play a significant role in the development of new industry in our region. This is from our perspective best done through strong partnerships. Together with Magnora and Prime Capital, we do believe our consortium has a good mix of local, national and international footprint,” says Erling Dalberg, Director of Market and Technology of Troms Kraft. Contacts Erik Sneve, CEO.

“We see a promising future for our region, with the combination of access to green electricity, blooming industries such as fishery and tourism and an entrepreneurial spirit.”

 

Photo credit: Nazreen Banu from Unsplash
Published: 21 September, 2021 

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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July 21, 2026

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RESIZED Sora Shimazaki on Pexels

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

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3 hours ago

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July 21, 2026

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RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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July 21, 2026

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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