Brightoil Petroleum (S’pore) Pte. Ltd., a wholly-owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited, on Monday (27 July) said it has successfully reached settlement on the outstanding debts with Petco Trading Labuan Company Ltd (Petco) and other interested creditors in the Hong Kong court proceedings.
On Monday, the High Court of Hong Kong granted the dismissal of the winding-up petition earlier filed by
Petco against the company on 17 May 2019, it said.
The company added that trading of its shares on the Hong Kong Stock Exchange has been suspended since 3 October 2017 pending the publication of its Outstanding Financial Results, and will remain suspended until further notice.
Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.
Photo credit: Manifold Times
Published: 28 July, 2020
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
Mok’s offence affected public confidence in the use of the MFM system onboard Singapore bunker tankers, and caused an embarrassment to the MPA, said Deputy Public Prosecutors.