Hong Kong-based Brightoil Petroleum (Holdings) Limited (Brightoil) on Monday (4 January) appointed a new CEO, and made several internal changes to its company and management.
Appointment of Executive Director and Chief Executive Officer:
Xie Wenyan has been appointed executive director and chief executive officer of the company with effect from Friday, 1 January 2021.
Xie will be focusing on the company’s upstream business following the discontinuance of its international trading & bunkering and marine transportation businesses, and the signing of the Zhoushan agreements for the disposal of the Zhoushan project.
Aged 57, Xie is a professor-level senior engineer with 33 years of experience in production and management of oil and gas field enterprises. Prior to joining Brightoil, Xie has worked in PetroChina Company Limited from September 1999 to October 2016 and his last position was general manager.
Previously in May 2019, Xie was appointed as an executive director of Brightoil and resigned in October 2019.
Dissolution of Audit Committee, Remuneration Committee and Nomination Committee
Following Brightoil’s delisting from the Hong Kong Stock Exchange on 20 October 2020 and following the Board’s restructuring set out above, the company finds it is no longer desirable to maintain its Audit Committee, Nomination Committee, and Remuneration Committee.
The Board announced the Committees were dissolved with effect from close of business on 31 December 2020.
Re-designation from Independent Non-Executive Director to Executive Director
Following the closure of various committees, Chan Wai Leung has ceased to be the chairman of Brightoil’s Audit Committee, a member of the nomination committee and a member of the remuneration committee
Chan has been redesignated from independent non-executive director to executive director of the company with effect from 1 January 2021.
Resignation of Non-Executive Directors and Independent Non-Executive Directors
The above development has led to the resignation of Dai Zhujiang and Zhao Liguo as Brightoil’s non-executive directors with effect 31 December 2020.
Additionally, Dr. Lo Wing Yan William, JP and Wang Tian have resigned as the company’s independent non-executive directors from close 31 December 2020.
Following the resignations of Dr. Lo and Wang as independent non-executive directors:
(a) Dr. Lo has ceased to be the chairman of the Remuneration Committee, a member of the
Audit Committee and a member of the Nomination Committee of the Company;
(b) Wang has ceased to be the chairman of the Nomination Committee, a member of the
Audit Committee and a member of the Remuneration Committee of the Company.
Related: Brightoil debt restructuring progresses, proceeds from vessel sales hindered by COVID-19
Related: Brightoil Petroleum publishes notice regarding winding-up application filed by creditor
Related: Brightoil to focus on upstream business in future development following HKSE delisting
Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.
Photo credit: Brightoil
Published: 5 January, 2021
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.