The audit committee of Hong Kong-listed Brightoil Petroleum has engaged an independent adviser to assist with the company’s review, it said in a recent update on its trading suspension.
The committee has been liaising with the auditor regarding the status of the work of the independent adviser.
Upon completion of the review, the company will take all necessary steps to provide information to the auditor such that the audit can be completed as soon as practicable.
“The company understands that the independent adviser has recommended further steps, and the audit committee is currently evaluating such recommendations and seeking legal advice thereon,” it says.
“The company is not yet in a position to provide a reliable estimate on when the work of the independent adviser will be completed
“Finalization of the 2017 Annual Results depends on, among other things, the work of the independent adviser.”
Manifold Times earlier reported Brightoil redeeming all outstanding unconverted Listed Convertible Bonds with a principal amount of $9.6 million in full on 12 February 2018.
Related: Brightoil redeems $9.6 million in outstanding bonds
Published: 19 February 2018
On Monday, the High Court of Hong Kong granted the dismissal of the winding-up petition filed by Petco against the company on 17 May 2019, it said.
Annual general meetings of companies/creditors will be held electronically from 29 November to 1 December for Hua Sheng Shipping, Nan Zhou Maritime and Xin Sheng Shipping.
BunkerEx, which observes over 2,000 marine fuel prices per day, integrates bunker pricing data in ZeroNorth’s platform, Optimise.
Product was delivered to the Vietnam-flagged general cargo vessel "Tay Son 4" for the first time through China’s general trade export model.
Located in Singapore, the Base Oil Desk is in line with the company’s current growth strategy to diversify its products; Sing Fuels will be trading Group I, II and III base oil products.
Group has ‘purposely trimmed down marine fuel business’ after taking into account risk factors, it states.
Discussions around the need to develop methanol bunkering operations are taking place at numerous ports ahead of estimated demand of above 7M mtpa by 2030, says Chris Chatterton of Methanol Institute.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
