The Shanghai International Energy Exchange (SIEE) on Monday (28 February) approved Sinopec Fuel Oil Sales Co., Ltd. as Group Delivery Center, Sinopec Zhejiang Zhoushan Petroleum Co., Ltd. as Group Delivery Factory, and Sinopec Fuel Oil (Singapore) Pte. Ltd. as Overseas Commodity Storage Facility for its Low Sulphur Fuel Oil (LSFO) Futures.
The approved storage capacity of the Group Delivery Factory (i.e. Sinopec Zhejiang Zhoushan Petroleum Co., Ltd.) is 80,000 metric tonnes (mt), and the active storage capacity is 40,000 mt.
SIEE will closely track and review market developments, and timely adjust the storage capacity for LSFO futures, it states.
The Group Delivery Center (i.e. Sinopec Fuel Oil Sales Co., Ltd.) shall release the benchmark premiums and discounts for overseas take-delivery on SIEE’s website in accordance with applicable rules. There is no premium/discount for deliveries made within the Chinese Mainland.
The Group Delivery Center and Group Delivery Factory and Commodity Storage Facility will conduct group delivery services in accordance with all relevant rules under SIEE.
The LSFO commodity shall be loaded out in a month after its relevant factory standard warrants are written off in the Standard Warrant Management System of SIEE.
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.