The following article published by Manifold Times on 3 March was sourced from China’s domestic market through a local correspondent. An online translation service was used in the production of the current editorial piece:
Oil tanker Dahai Oil 15 on Friday (25 February) unloaded 15,000 metric tonnes (mt) of low sulphur fuel oil (LSFO) material into storage tanks operated by Qingdao Shihua Crude Oil Terminal Co., Ltd.
The facility is the first designated futures delivery warehouse for LSFO in northern China, according to the Port of Qingdao.
The development builds upon the launch of LSFO futures by the Shanghai International Energy Exchange Center on 22 June 2020, a service which is seeing increasing demand from traders and local refiners.
Local bunkering firms will now be able to take advantage of the LSFO futures to mitigate operational risks, said Zhuang Yuan, business director at Qingdao Shihua Crude Oil Terminal Co., Ltd.
The implementation of the LSFO futures delivery business will help Qingdao Port further establish itself as a marine oil bunkering centre in Northeast Asia.
Photo credit: Manifold Times
Published: 3 March, 2022
Cash of SGD 4.43 million and USD 243,100, and one piece of 100-gram gold-coloured bar recovered in safe belonging to Abdul Latif Bin Ibrahim kept at Extra Space warehouse storage facility, show court documents.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.