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Hengli shifts ownership of Singapore trading arm in wake of US sanctions

China’s Hengli Group company shifted most of the ownership of Hengli Petrochemical International to Dalian Changxing International Trade, a firm backed by a local Chinese government entity.

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China’s Hengli Group has reorganised the shareholding structure of its Singapore-based trading arm shortly after the United States imposed sanctions on its refinery unit, according to Reuters on Tuesday (28 April). 

On 24 April, US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned China-based independent teapot refinery Hengli Petrochemical (Dalian) Refinery Co Ltd, a unit of Hengli Petrochemical, saying it purchased billions of dollars’ worth of Iranian oil.

“Hengli Petrochemical (Dalian) Refinery Co Ltd, China’s second-largest teapot refinery, has emerged as one of Tehran’s most valued customers, purchasing billions of dollars’ worth of its oil products,” OFAC said at the time. 

Citing sources, the report said the company shifted most of the ownership of Hengli Petrochemical International to Dalian Changxing International Trade, a firm backed by a local Chinese government entity. 

The Singapore unit is now 95% owned by this new shareholder, while Hengli Petrochemical’s Dalian refinery retains a 5% stake. Previously, the refinery had full ownership of the Singapore entity.

It was reported that Hengli Petrochemical denied it has engaged in any trade with Iran. 

 

Photo credit: Manifold Times
Published: 29 April, 2026

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LNG Bunkering

Singapore: Equatorial Marine Fuel among eight selected for new LNG bunkering licences

Other recipients include Aramco Trading Singapore, ExxonMobil Asia Pacific, PetroChina International (Singapore), Shell Eastern Trading, Vitol Bunkers (S) and Sinopec Fuel Oil (Singapore).

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The Maritime and Port Authority of Singapore (MPA) on Thursday (30 July) said it will issue eight new licences to supply liquefied natural gas (LNG) as a marine fuel in Singapore from 1 September.

MPA said the new licences will expand Singapore’s LNG bunkering capacity, strengthen the supporting ecosystem to meet growing demand for LNG bunkering services, and support Singapore’s continued development as a multi-fuel bunkering hub. 

The licences will be awarded to Aramco Trading Singapore, Equatorial Marine Fuel Management Services, ExxonMobil Asia Pacific, PetroChina International (Singapore), Shell Eastern Trading, Sinopec Fuel Oil (Singapore), TotalEnergies Gas & Power Asia (TEGPA)-Sembcorp Fuels (Singapore) Joint Venture, and Vitol Bunkers (S).

“The eight successful applicants were selected following an evaluation of their supply capabilities, commercial plans, operational experience, and safety standards,” MPA said in a statement.

The evaluation also considered their capabilities to monitor and mitigate methane slip and support the supply of methane-based alternatives with lower lifecycle greenhouse gas emissions, including liquefied bio-methane and e-methane.

The licences will be valid for five years, from 1 September 2026 to 31 August 2031, subject to licensees continuing to meet the relevant licensing conditions. Licensees are required to provide end-to-end LNG bunkering services, including fuel supply, storage, cargo transfer and delivery to vessels. 

The issuance of these licences concludes the Call for Applications launched on 14 January.

To further strengthen safe and reliable LNG bunkering operations, MPA and Enterprise Singapore, through the Singapore Standards Council, will upgrade the existing Technical Reference for LNG Bunkering (TR56) into a Singapore Standard (SS) in August 2026. 

“The new SS will strengthen safety requirements, bunkering procedures, custody transfer and crew competencies, and serve as a common industry reference for LNG bunkering operations in Singapore,” MPA added.

“The SS will enhance Singapore’s LNG bunkering ecosystem and reinforce Singapore’s position as a trusted bunkering hub.”

Related: Singapore: MPA invites applications for new LNG bunkering licences

 

Photo credit: Manifold Times
Published: 31 July, 2026

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Legal

Singapore: Company, director to be charged over flag registration services for UN-sanctioned ship

Investigations revealed that in 2022, the company provided flag registration services in respect of the “PETREL 8”, a vessel designated by UNSC in 2017 for transporting prohibited items from North Korea.

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The Singapore Police Force (SPF) on Thursday (30 July) said a company and its 49-year-old male director will be charged in court on 31 July for their alleged involvement in providing flag registration services to a vessel that contravened United Nationals regulations. 

Investigations by the Commercial Affairs Department revealed that on 18 May 2022, the company provided flag registration services in respect of bulk carrier PETREL 8

The vessel had been designated by the United Nations Security Council (UNSC) on 3 October 2017, pursuant to Resolutions UN S/RES/2317 (2017) and UN S/RES/2375 (2017), for transporting prohibited items from the Democratic People’s Republic of Korea (DPRK). 

“At the material time, it is alleged that the company director had reasonable grounds to believe that PETREL 8 was a UNSC-designated vessel involved in transporting prohibited items from the DPRK when the flag registration services were provided,” SPF said in a statement. 

The company will be charged with one count under Regulation 8D(d)(ii) of the United Nations (Sanctions – DPRK) Regulations 2010. The company director will be charged with one count under Regulation 8D(d)(ii) read with Regulation 13(a) of the same Regulations, for abetting the company to commit the offence.

The offence under the United Nations Act 2001 for contravening these Regulations carries an imprisonment term of up to 10 years and/or a fine of up to SGD 500,000 (USD 389,414) for an individual. In the case for a company, the offence carries a fine of up to SGD 1 million. 

The United Nations (Sanctions – DPRK) Regulations 2010 under the United Nations Act 2001 gives effect to sanctions imposed by the UNSC on the DPRK to curb the proliferation of weapons of mass destruction. 

This includes prohibitions against the provision of services for vessels where there are reasonable grounds to believe the vessels are or were involved in activities that support the proliferation of weapons of mass destruction by the DPRK. Singapore takes its international obligations under UNSC Resolutions seriously and is committed to implementing them fully. The Police will not hesitate to take action against any individual or entity that breaches Singapore’s laws and regulations. 

 

Photo credit: Manifold Times
Published: 31 July, 2026

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Bunker Fuel

German firm IBT Bunkering & Trading establishes Singapore presence, adds second trading desk

‘Since 1976, we’ve traded bunkers out of Hamburg. Today, we’re opening our doors in Singapore — the world’s largest bunkering hub and the beating heart of marine fuel in Asia,’ says company.

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German firm IBT Bunkering & Trading establishes Singapore presence, adds second trading desk

Germany-headquartered marine fuels firm IBT Bunkering & Trading on Wednesday (29 July) announced that it is opening its doors in Singapore and will be running a trading desk in the city-state after trading bunkers out of Hamburg since 1976. 

With this move, the company now has two strategic trading desks operating in Hamburg and Singapore. 

“Since 1976, we’ve traded bunkers out of Hamburg. Today, we’re opening our doors in Singapore — the world’s largest bunkering hub and the beating heart of marine fuel in Asia,” the company said in a social media post. 

“This isn’t a flag on a map. It’s a deliberate move to trade where the fuel flows: two strategic desks across two continents, one global network, covering west and east around the clock.

 “50 years of bunkering expertise — now with boots on the ground in the Strait of Malacca.”

The company added that it will announce its Singapore team soon. 

 

Photo credit: IBT Bunkering & Trading
Published: 31 July, 2026

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