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Brightoil reaches settlement agreement over its $30 million debt with Petrolimex

Satisfactory resolution of debts with the majority of creditors ‘will help expedite the resolution of Dr. Sit’s bankruptcy proceedings’, says the company.

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Brightoil exit

Brightoil Petroleum (S’pore) Pte. Ltd., a wholly-owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited, on Thursday (14 May) signed a settlement agreement with Petrolimex Singapore Pte Ltd (Petrolimex) to satisfactorily resolve all debts, it said.

The former Chairman and Executive Director of Brightoil Dr. Sit Kwong Lam was adjudged bankrupt by the High Court of Hong Kong on 11 April 2019 due to a debt of over USD 30 million owed by Brightoil Petroleum (S’pore) Pte. Ltd. to Petrolimex under a personal guaranteed by Dr. Sit.

The development, in addition to other negotiations to date, has resulted in Brightoil reaching settlement agreements with several creditors including:

  • Toyota Tsusho Corporation
  • Broad Action Limited
  • Luso International Banking Ltd.
  • Petco Trading Labuan Company Ltd
  • Haitong Global Investment SPC III
  • Qatar National Bank (Q.P.S.C.), Singapore Branch
  • Slaughter and May

In addition, both Brightoil Petroleum (S’pore) Pte. Ltd. and its parent firm have entered into loan restructuring agreements with the Bank of China Limited, Shenzhen Branch and China Huarong Overseas Investment Holding Co., Ltd, it updates.

China Huarong Overseas Investment Holding Co., Ltd. had provided a total amount of approximately USD 362 million in re-financing for periods of five to twelve years for various of Brightoil’s wholly owned subsidiaries at the end of 2019 for acquiring and restructuring purposes.

The investment firm provided a further USD 30 million in loan financing on 19 May 2020 to support Brightoil’s operation and for repayment of some outstanding debts; this provided “strong support” for Brightoil’s debt restructuring and operations during the epidemic, said the company.

“With satisfactory resolution of the debts relating to the majority of the creditors to which Dr. Sit had provided personal guarantee, it is expected that this will help expedite the resolution of Dr. Sit’s bankruptcy proceedings,” it states.

Dr Sit undertook personal guarantees worth a total of approximately US $1.4 billion for Brightoil.

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.

 

Photo credit: Manifold Times 
Published: 20 May, 2020

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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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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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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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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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