New York-listed Aegean Marine Petroleum Network has dropped a planned acquisition of H.E.C. Europe Limited (H.E.C.), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services.
Aegean was unable to obtain all necessary approvals for the previously announced share purchase agreement with the shareholders of H.E.C., and the agreement between shareholders of both parties have been terminated in accordance with its terms, it says.
Earlier in March, a group of Aegean investors, namely the Committee for Aegean Accountability, filed a lawsuit at a US court in the Southern District of New York against Aegean’s takeover of H.E.C.
The investors believed Aegean was conducting “a corrupt corporate acquisition” and the acquisition will “line the pockets” of Aegean’s founder; the development is also designed to block efforts by the activist investors to nominate their own group of ‘highly qualified’ candidates to the Aegean board.
“The proposed acquisition would be just the latest in a long history of interested corporate actions, sanctioned by an obedient and self-serving board of directors,” said the investors.
Related: Lawsuit filed against Aegean’s H.E.C. acquisition
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure
Photo credit: Aegean Marine Petroleum Network
Published: 28 March, 2018
Wang Wei tendered his notice in accordance with a three-year service agreement, says company.
Lim allegedly “instigated” a HLT executive to write an email to China Aviation Oil (Singapore) Corporation for the purpose of cheating, reports The Business Times.
Move in line with Fast Energy's objective of streamlining its businesses to focus on oil bunkering, marine oil trading and renewable energy segments, says firm’s Board.
Minimum five years’ experience in a similar position with an international cargo trading company.
B50 biofuel blend is derived from waste oil feedstock and consists of 50% Marine Gas Oil (MGO) and 50 % Very Low Sulfur Fuel Oil (VLSFO - biofuel).
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.
‘We’ll start the application [to MPA] before the end of 2022 and hopefully to receive approval within six months or sooner,’ L. Y. Hwang, Director / General Manager of Oval Asia Pacific Pte Ltd, tells Manifold Times.
Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
Fifteen incidents of misappropriation of Shell gasoil worth USD 10,4 million went undetected by Shell between 2016 to 2017 due to Muhammad Ali Bin Muhammad Nor’s involvement, learned Manifold Times.
ISO delegates represented seven countries and were in Singapore to attend a three-day meeting of ISO WG13 to develop two new ISO bunkering standards, learns Singapore bunkering publication Manifold Times.
