Business

Brightoil to propose restructuring scheme for Singapore subsidiary in Jan 2021

Legal cases in Singapore court due to the company’s arrested vessels were completed as of end of September 2020. It shares in an operational update.

Published

4 years ago

December 24, 2020

Admin

Hong Kong-based Brightoil Petroleum (Holdings) Limited (Brightoil) is planning to propose a restructuring scheme for subsidiary Brightoil Petroleum (Singapore) Pte Ltd, a former bunker supplier operating at the republic, in January 2021, according to a Wednesday (23 December) operational update.

Singapore proceedings

The restructuring scheme will be proposed during the next hearing at the Singapore Court which has been fixed on either 18 January 2021 or 25 January 2021; it has been planned for implementation by end of January 2021, subject to the comments to be received from the scheme creditors.

Since the last update, the net proceeds from the sale of Brightoil’s six series vessels, namely Brightoil Lion and Brightoil Grace, by the High Court of Singapore were successfully paid out to the respective parties. As of end of September 2020, the legal cases in Singapore court due to arrested vessels were completed.

Hong Kong proceedings

An earlier winding up petition filed by a creditor with the High Court of Hong Kong in relation to an alleged unpaid sum pursuant to a deed of guarantee allegedly signed by Brightoil has reached a settlement on 20 October and the winding up petition was dismissed by an order of the High Court on 9 November.

Loan with Luso International Banking

In addition, Brightoil’s loan restructuring and loan settlements with one of its major creditors, Luso International Banking Ltd, has been fully paid off pursuant to the terms of the respective settlement agreements.

Upstream business

The company continued to make progress with its upstream business. Though Covid-19 has severely damaged global economic activity the production of the Group's oil fields, oil wells and natural fields was not affected, it says.

As of 30 September 2020, the daily output of Caofeidian Oilfield was 55,000 barrels. From January to September 2020, crude oil output reached 13.425 million barrels, 81.2% of the annual plan.

As of 30 September 2020, the total daily natural gas output of the onshore Dina 1 and Tuzi gas field was 3.147 million cubic meter. From January to September 2020, natural gas output reached 809.0687 million cubic meter, 77.1% of the annual plan.

Brightoil has earlier stated it intends to focus on its upstream business, going forward.

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 Holdings Limited
Published: 24 December, 2020

Alternative Fuels

Argus Green Marine Fuels Asia eBook released ahead of February bunker conference

eBook features interviews with Microsoft, JERA, IBIA, Anglo American, Sumitomo Corporation, Hafnia, BHP, Global Maritime Forum, DS NORDEN, ADNOC Group, and Standard Chartered Bank.

Published

2 days ago

January 17, 2025

Admin

Argus Media organises Green Marine Fuels Asia Conference in Singapore

Independent global energy and commodity market intelligence provider Argus Media recently published an eBook as part of a prelude leading towards the Argus Green Marine Fuels Asia Conference on 18 to 19 February in Singapore.

The Pre-conference content: Argus marine fuels Asia eBook features exclusive industry interviews with Microsoft, JERA, IBIA, Anglo American, Sumitomo Corporation, Hafnia, BHP, Global Maritime Forum, DS NORDEN, ADNOC Group, and Standard Chartered Bank.

It offers a peek into their thoughts on infrastructure readiness, the marine fuels shipowners are gravitating towards, LNG decarbonisation pathways, collaboration across the marine fuels value chain, and more.

The eBook is available for download through the image below:

The Argus Green Marine Fuels Asia Conference will be held at PARKROYAL COLLECTION Marina Bay, 6 Raffles Boulevard, Singapore 039594 on 18 to 19 February in Singapore.

Key speakers for the event include Kenneth Lim, Assistant Chief Executive (Industry & Transformation), Maritime and Port Authority of Singapore (MPA); Torben Nørgaard, Chief Technology Officer - Energy & Fuels, Maersk Mc-Kinney Moller Center; Jerid Soo, Assistant General Manager (Global Sustainability and ESG), Pacific International Lines; Kazuki Yamaguchi, General Manager and Head, Maritime Energy Solution, Energy Transformation Business Group, Sumitomo Corporation; and Mahua Chakravarty, Editor, Marine Fuels (Asia), Argus.

Photo credit: Argus Media
Published: 17 January, 2024

Bunker Fuel

TFG Marine, OOMCO form bunker fuel joint venture to supply in Oman ports

TFG-OOMCO will deliver bunker fuels to vessels visiting Oman’s ports of Duqm, Muscat and Sohar and offer customers a reliable and transparent bunkering provider in the Arabian Gulf.

Published

2 days ago

January 17, 2025

Admin

TFG Marine, OOMCO form bunker fuel joint venture to supply in Oman ports

TFG Marine, the international marine fuel joint venture founded by Trafigura, Frontline and Golden Ocean on Thursday (16 January) said it has established a bunker fuel joint venture with Oman Oil Marketing Company (OOMCO) to supply vessels visiting Oman’s ports of Duqm, Muscat and Sohar.

TFG-OOMCO LLC, incorporated in Oman, will combine the local knowledge of OOMCO with the international footprint, sourcing of all grades of marine fuels, infrastructure and logistics capability of TFG Marine, to offer customers a reliable and transparent bunkering provider in the Arabian Gulf.

Tarik Al Junaidi, CEO of Oman Oil Marketing Company, said: “This partnership aligns with Oman Oil Marketing Company’s efforts to develop the maritime transport and shipping infrastructure in Oman, which is in alignment with the objectives Oman Vision 2040.”

“It underscores our commitment to meeting the increasing demand of compliant, high-quality marine grades of fuel while adhering to the highest international health, safety, and environmental standards.”

“Through our partnership with TFG Marine, the adoption of cutting-edge technologies and the implementation of global best practices in fuel bunkering, we strive to lead towards excellence and sustainability in the bunker fuel business in the Sultanate’s ports.”

Mark Russell, Chief Commercial Officer, TFG Marine, said: “This is TFG Marine’s first venture in the Middle East and we look forward to serving our customers in this region. Oman has a rich history as a maritime nation and is well located close to the main shipping routes connecting the Arabian Gulf and the Indian subcontinent with the rest of the world.”

The announcement follows the signing of an MOU agreement between SOHAR Port and Freezone and TFG Marine, to establish an international bunker fuel supply operation.

TFG Marine has already deployed bunker vessel Margherita Cosulich to the region to supply vessels at SOHAR’s deep-sea port. The vessel is fitted with a Mass Flow Meter (MFM), calibrated to the ISO 22192 international standard as required by SOHAR Port. SOHAR Port in February 2024 announced a mandate on the alignment of ISO 22192 standards ‘Bunkering of marine fuel using the Coriolis MFM system’ for all marine fuel supply operations within the port.

TFG Marine added it has long been an advocate of the global adoption of calibrated MFMs to bring much-needed transparency to bunkering and encouraging digitalisation in the long-term interests of the bunker industry and helping to further the decarbonisation goals of the shipping industry.

Photo credit: TFG Marine
Published: 17 January, 2025

Biofuel

Burando Energies delivers B30 bio bunker fuel to tug “MV Bylgia” in Rotterdam

Firm said it successfully delivered ISCC-certified B30 biofuel blend, derived from renewable feedstocks, to Heerema’s Anchor Handling Tug “MV Bylgia” at Port of Rotterdam.

Published

2 days ago

January 17, 2025

Admin

Burando Energies delivers B30 bio bunker fuel to tug “MV Bylgia” in Rotterdam

Burando Energies on Thursday (16 January) announced it successfully delivered ISCC-certified biofuel to Heerema’s Anchor Handling Tug MV Bylgia at the Port of Rotterdam.

The delivered B30 biofuel blend, derived from renewable feedstocks, will help reduce carbon emissions by an estimated 25% (well-to-wake)—an impactful move in Heerema’s ongoing commitment to sustainability.

“This delivery not only reflects our commitment to offering sustainable energy solutions but also strengthens our partnership with Heerema in their green ambitions,” said Duncan Huisman, Sustainable Bunker Trader at Burando Energies.

“We are proud to contribute to initiatives that prioritise the well-being of our planet and future generations.”

Burando Energies said it will continue to focus on innovation and sustainability, striving to provide energy solutions that drive both environmental progress and business success.

Photo credit: Burando Energies
Published: 17 January, 2025