Four BP Plc staff members on its crude oil team in Singapore has left the company at the end of September, more than two months after investigations began in their involvement in disputes between banks and other commodity trading firms, reported Bloomberg.
Allegedly, these staff members included three traders and one manager overseeing Asian crude oil trades as they held portfolios on BP’s oil sales to Chinese firms.
They were placed on leave in July after being named in court filings in disputes and accusations of suspicious behavior between banks and other commodity trading firms.
BP was connected to CIMB bank and Natixis SA’s filing against Hontop Energy, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd and Sugih Energy International Pte. Ltd. (renamed Aeturnum Energy International Pte Ltd).
In the filing, the banks claimed they had exposure of up to USD 192 million as they agreed to finance some trades for Hontop when they were shown that the cargo would be sold to BP.
However, when they approached BP for payments, they were told that BP had not entered into any contract with Hontop for the cargo and so was not required to make payment.
Related: China Wanda Group approaching settlement of Hontop Energy debts with creditors
Related: Hontop Energy placed under judicial management over fraudulent conduct accusations
Related: Hearing date set for Hontop Energy to be placed under judicial management
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP
Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations
Photo credit: Gerd Altmann
Published: 2 October, 2020
Spin off digital business at republic will combine Minerva’s ADP and rise-x.io’s DIANA EOP to enable end-to-end bunkering solutions in a digital ecosystem.
Letter of credit was issued on 6 April followed by a notice on 23 April that OCBC would revoke its decision due to doubts over HLT’s financial status, reports Bloomberg.
Partnership follows bp’s ties with Global Maritime Forum, Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, and Blue Sky Maritime Coalition.
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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.
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‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.
