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Brightoil closes audit, nomination, and remuneration committee, appoints new CEO

Following its delisting, Brightoil has decided to focus on its upstream business and have made structural changes to better develop the company in that direction.
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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

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Digital platform

Ofiniti eBDN solution chosen by FincoEnergies for marine biofuel ops in ARA region

Development takes place on the back of complex logistics and opaque operational processes experienced by the marine (bio)fuel market; which Ofiniti’s FuelBoss eBDN solution seeks to simplify.
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June 17, 2025

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FincoEnergies MT

Rotterdam-based FincoEnergies, an independent, leading supplier of (bio)fuels and decarbonisation services for the transport sector, will be adopting Ofiniti’s FuelBoss eBDN technology, with operational support from VT Group.

The development takes place on the back of complex logistics and opaque operational processes experienced by the marine (bio)fuel market; which Ofiniti’s FuelBoss eBDN solution seeks to simplify.

“Schedules are becoming increasingly tighter as demand for sustainable biofuels grows,” explains Leon Arets, Trading & Operations Director at FincoEnergies.

“We’re adopting a platform that enhances structure and responsiveness. This digital leap allows us to not only scale efficiently but also deliver greater transparency and operational excellence to our clients.”

A spin-off from global assurance and risk management leader DNV, Ofiniti brings together deep industry know-how with cutting-edge technology. Its flagship platform, FuelBoss, is designed to replace cumbersome manual processes with streamlined digital workflows that boost efficiency and data reliability.

“Our work with LNG suppliers laid the groundwork,” notes Oliver Brix Sparsø, Global Director of Sales at Ofiniti. “But this collaboration with FincoEnergies and VT Group marks the first large-scale commitment to digital delivery workflows for biofuels. It’s a turning point for the region.”

FincoEnergies’ mission, Decarbonising the transport industry together, is grounded in collaboration and innovation. The partnership with Ofiniti and VT Group exemplifies this spirit, combining technological leadership with operational expertise.

“As operators, we continuously look for ways to improve life on board and support our partners,” adds Wouter van Reenen, Business Development Manager at VT Group. “FuelBoss is a strong fit for our operations and those of our chartering clients.”

Related: Ofiniti to digitalise Azane ammonia bunkering operations across Scandinavia
Related: Ofiniti to roll out e-BDNs for Golden Island methanol bunkering operations in Singapore
Related: Global Fuel Supply to adopt FuelBoss by Ofiniti for e-BDN in West Africa
Related: Ofiniti appoints Oliver Brix Sparsø as new Global Director of Sales
Related: Ofiniti acquires Singapore-based Angsana Technology to advance digital bunkering solutions
Related: Singapore: FuelBoss by Ofiniti becomes sixth whitelisted e-BDN solution
Related: Digital bunkering platform Ofiniti successfully spun out from DNV
Related: FuelBoss to continue under new DNV company Ofiniti

 

Photo credit: Ofiniti
Published: 17 June 2025

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Business

China: Shanghai Zhongran and PetroChina Shanghai Port to promote bunker fuel blending business

Development will help improve Shanghai Port’s bonded ship fuel supply industry, noted the Shanghai Customs Inspection Office.
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22 hours ago

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June 17, 2025

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Shanghai Zhongran and PetroChina Shanghai Port meeting

A meeting between representatives of Shanghai Zhongran, Shanghai Port Energy, PetroChina Shanghai Port, and Hongkou Customs took place at the Shanghai Customs Inspection Office on Thursday (12 June).

According to Shanghai Zhongran, the meeting’s objective was to discuss the implementation of a high-sulfur and low-sulfur fuel blending business at Shanghai.

During the meeting, a member of the Shanghai Customs Inspection Office stated it will take the opportunity of PetroChina Shanghai Port to carry out this business to promote the development of enterprises in Hongkou District.

The development will improve the utilisation rate of Shanghai Zhongran bonded storage tanks, improve storage functions, and help improve Shanghai Port’s bonded ship fuel supply industry.

After the meeting, PetroChina Shanghai Port submitted a formal application to Hongkou Customs.

Moving forward, Hongkou Customs will formulate a reconciliation plan, open a special account book, and promote the implementation of this business.

 

Photo credit: Shanghai Zhongran
Published: 17 June 2025

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Newbuilding

NYK Group’s first methanol-fuelled bulk carrier “Green Future” delivered

Vessel is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.
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June 17, 2025

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Green Future MT

NYK Group on 13 May received delivery of Green Future, the company’s first methanol dual-fuel bulk carrier, at the TSUNEISHI Factory of TSUNEISHI SHIPBUILDING Co., Ltd. where a naming and delivery ceremony was also held, it said on Thursday (14 June).

The vessel will be chartered by NYK Bulk & Projects Carriers Ltd., an NYK Group company, from KAMBARA KISEN Co., Ltd.

It is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.

“Methanol has a lower environmental impact than fuel oil, and by using bio-methanol and e-methanol produced using hydrogen derived from renewable energy sources and recovered carbon dioxide, the vessel achieves significant reductions in greenhouse gas emissions,” it said.

Vessel Particulars
LOA: 199.99 m
Breadth: 32.25 m
Depth: 19.15 m
Deadweight: approx. 65,700 metric tons
Capacity: approx. 81,500 m3
Draft: 13.8 m

Related: Tsuneishi delivers world’s first methanol dual-fuel Ultramax bulker to NYK
Related: Japan: NYK to time-charter its first methanol-fuelled bulk carrier

 

Photo credit: NYK Group
Published: 17 June 2025

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