SIL undertook a corporate guarantee to fulfil requirements by MBSB Bank Berhad to secure facilities for TMD to run its ordinary course of business.
Group announced earnings before tax doubling from USD 77.3 million to USD 155.2 million, while revenue grew to USD 10.9 billion.
‘The renewal [...] been a success in difficult market conditions, underlying the strong vote of confidence coming from our banking partners,’ said CFO.
‘The expansion in revenue was attributable to more bunkering jobs being secured to provide LSFO as a result of the IMO 2020 sulphur cap effective 1...
Full focus has been given to taking a proactive approach to expand the portfolio to include other commodities besides oil and oil-related products, it said.
Chinese oil importers seemingly capitalized on low oil prices, leading to record-high crude oil imports of 47.9m tonnes in May, a 19% month-on-month increase, said BIMCO.
OPEC+ adherence implies stronger prices and would signal Singapore VLSFO nearing the $400 range by late 2020 and moving towards $500 in late 2021, it said.
A study by independent Norwegian research group SINTEF confirmed burning HSFO with a scrubber has a lower carbon footprint than using LSFO.
A mandate to implement the plan was received at the end of April 2020, and on Monday (22 June) 2,700 mt of compliant marine fuel was...
Chinese refineries would be able to produce 18.1 million mt of low sulphur bunker fuel this year, independently serving its own market, said PetroChina VP.
