Sarah Raffoul of global energy and commodity price reporting agency Argus Media on Tuesday (25 August) published an update on UAE-based oil and bunkering firm GP Global’s decision to retain its assets in its current restructuring process:
Dubai-based commodity trading firm GP Global will not sell assets as part of a financial restructuring.
The firm, which is one of the biggest marine fuel suppliers in the Middle East bunkering hub of Fujairah, has been forced into the restructuring after it failed to win backing from some of its lenders, leaving it short of cash.
It said it has not held, nor does it plan to hold, discussions on asset sales. Instead, it said it is focusing on making some redundancies in lesser performing areas of its business and talking with banks and creditors for ways to return to normal operations. The company expects more progress to be made on those efforts by the beginning of next month.
GP Global owns bunkering terminals at Hamriyah and Fujairah, UAE. It has 412,000m³ (2.6mn bl) of storage capacity in Fujairah and 204,000m³ at Hamriyah. It owns a 7,600 b/d refinery in Sharjah that produces naphtha, gasoil and fuel oil and is a major supplier of bitumen to the Indian market. Its other operations include oil trading, lubricants, and steel, minerals and agricultural trading.
Photo credit and source: Argus Media
Published: 27 August, 2020
Glencore International A.G. (Glencore) and Glencore Ltd. agreed to pay over USD 1.1 billion to resolve the government’s investigations into violations, says U.S. Department of Justice.
The 13,000 TEU capacity OOCL boxship docked on 22 May, and completed scrubber installation on 9 July.
Idemitsu forecasts the Chiba residue desulphuriser will increase its output of VLSFO by 3.15mn bl/yr while cutting output of HSFO by 3.77mn bl/yr, it said.
The new office will accommodate further growth of the team and is physically nearer to local partners, says Rakesh Kumar Sharma, Vice President, Business Development.
Planned hydrogen bunker fuel system based on Liquid Organic Hydrogen Carrier design by Hydrogenious LOHC Maritime AS; vessels to be delivered in January and July 2024.
Vessel, which was delivered on 2 August, will be chartered to ENI Trade & Biofuels and will be engaged in oil transportation in the North Sea and Barents Sea.
‘The MOU will foster innovation in smart and autonomous ship technologies, and support the use of green ammonia as a sustainable fuel to help decarbonise global shipping,’ says the Chief Executive of MPA.
PetroSeraya appoints YTL PowerSeraya veteran See Yoong Hwee to drive its fuel tank leasing operations; together with Rafe Liam as Commercial Manager, they will spearhead the company’s initiatives.
‘This biofuel bunker delivery represents a new chapter for Eng Hua as we are now moving with the times towards the era of decarbonisation,’ Mike Sin, Director at Eng Hua, tells bunkering publication Manifold Times.
MPA has also asked Glencore to improve its internal procedures to ensure that prompt action is taken in future when it becomes aware of, or reasonably suspects, any irregularity in fuel quality, it states.
Dynamic Asset Investments Limited and Goldsland Holdings Co Ltd helped Vermont UM Bunkering maintain a “Cash Float” of about SGD 100,000 to facilitate “buyback” bunker transactions at Singapore port.
Senior Cargo Officer gained SGD 48,800 worth of commission from “buyback” bunker transactions and illegally obtained SGD 410,712.257 by cheating Vermont, a Singapore court heard on Thursday (21 July).
