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HKEX publishes ‘disciplinary actions’ against Brightoil Petroleum and relevant directors

Sanctions applied after refusal by Brightoil to comply with repeated requests by HKEX to publish an announcement regarding the cancellation of its listing, it said.
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HKEX

The Stock Exchange of Hong Kong Limited (HKEX) on Wednesday (3 February) published a statement regarding its disciplinary action against Brightoil Petroleum (Holdings) Limited (delisted, previous Stock Code: 933) and four of its directors at the date of delisting.

According to the statement, HKEX’s disciplinary action against Brightoil involves a blatant refusal by Brightoil to comply with repeated requests by HKEX to publish an announcement regarding the cancellation of its listing.

Following Brightoil’s suspension from trading in 2017, the Exchange decided to cancel the company’s listing on 28 February, 2020 and throughout March-April 2020, the listing committee made repeated requests for Brightoil to announce the delisting and review application.

Brightoil refused to do so, on the basis that:
1. The Delisting Decision was subject to the Review Application and potential judicial review proceedings, and
2. The publication of the requested announcement was not in Brightoil’s best interests taking into account the progress being made in relation to its debt restructuring.

At a Brightoil board meeting on 20 April 2020, the relevant directors, who formed a majority of the Board, voted against a resolution to publish an announcement as requested by the Exchange.

Subsequently, in April and May 2020, Brightoil published business updates without disclosing the delisting and review application.

“The delisting decision and review application were material developments in relation to Brightoil’s listing and trading suspension status, which the Exchange expected to be disclosed in a timely manner in order to ensure an orderly, informed and fair market,” said HKEX.

“The company’s refusal to publish the requested announcement in a timely manner deprived Brightoil’s stakeholders , including its shareholders, of relevant information in relation to its listing status.”

The Exchange published the following sanctions against Brightoil:

1. Censure Brightoil for its breaches of Rules 13.06(2), 13.24A and 2.13(2);
2. Censure the relevant directors for their breaches of Rule 3.08(f) and their Undertakings;
3. state that in the Exchange’s opinion, by reason of the relevant directors’ willful and/or persistent failure to discharge their responsibilities under the Exchange Listing Rules, had Brightoil remained listed, their retention of office would have been prejudicial to the interests of investors.

For the avoidance of doubt, the Exchange confirmed the sanctions in the announcement apply
only to Brightoil and the relevant directors who were in office at the time, and not to any other past or present members of the board of directors of Brightoil.

Addendum:

Exchange Listing Rule Requirements:
Rule 13.06(2) provides that the Exchange may require the issuer to make an announcement where it considers it appropriate to preserve or ensure an orderly, informed and fair market.

Rule 13.24A provides that an issuer must, after trading in its listed securities has been suspended,
publish quarterly announcements of its developments.

Rule 2.13(2) provides that information contained in an announcement by an issuer must be
accurate and complete in all material respects and not misleading. In complying with this
requirement, the issuer must not, among other things, omit material facts of an unfavourable
nature.

Rule 3.08 provides that the Exchange expects the directors, both collectively and individually, to fulfil fiduciary duties and duties of skill, care and diligence to a standard at least commensurate with the standard established by Hong Kong law. These duties include a duty to apply such degree of skill, care and diligence as may reasonably be expected of a person of his/her knowledge and experience and holding his/her office within the issuer (Rule 3.08(f)).

Rule 3.09 provides that directors of a listed issuer must satisfy the Exchange that they have the character, experience and integrity and are able to demonstrate a standard of competence commensurate with their position as directors of a listed issuer.

The Relevant Directors were under an obligation, pursuant to their respective Undertakings, to (i) comply with the Exchange Listing Rules to the best of their ability, and (ii) use their best
endeavours to procure the Company’s compliance with the Exchange Listing Rules.

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.


Photo credit: Stock Exchange of Hong Kong Limited
Published: 8 February, 2020

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Alternative Fuels

Singapore-based Golden Island, Qingdao Port team up on alternative bunker fuels

Agreement covers green methanol, green ammonia and bio-LNG, with cooperation spanning fuel production and transportation through to storage, sales and bunkering.
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September 22, 2026

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Golden Island, Qingdao Port team up on green methanol, ammonia and bio-LNG

Singapore bunker supplier Golden Island Pte Ltd on Monday (21 September) said it has signed a strategic framework agreement with Qingdao Port International Co Ltd to collaborate on the supply of alternative marine fuels.

The agreement covers green methanol, green ammonia and bio-LNG, with cooperation spanning fuel production and transportation through to storage, sales and bunkering.

“By combining our MPA-licensed bunkering capabilities with Qingdao Port’s incredible logistics and strategic hub position, we are building something truly robust for the global shipping industry’s low-carbon future,” the company said in a statement. 

Qingdao Port International, which operates five major port areas in China, will bring its logistics network, storage facilities and customs clearance capabilities to the partnership.

Golden Island is licensed by the Maritime and Port Authority of Singapore (MPA) to conduct methanol bunkering and is ISCC EU-certified.

The companies are also engaging with container liners, bulk carriers, oil tankers and cruise ships regarding the adoption of alternative marine fuels.

 

Photo credit: Golden Island Pte Ltd
Published: 22 September, 2026

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Ammonia

HD HHI and HD KSOE secure ABS AiP for ammonia bunkering vessel design

ABS awarded approval in principle for the basic design of a 22,000 CBM bunkering vessel capable of supplying ammonia as marine fuel.
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September 22, 2026

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HD HHI and HD KSOE secure ABS AiP for ammonia bunkering vessel

Classification society ABS on Monday (21 September) said it has awarded HD Hyundai Heavy Industries (HD HHI) and HD Korea Shipbuilding & Offshore Engineering (HD KSOE) approval in principle (AIP) for the basic design of a 22,000 CBM bunkering vessel capable of supplying ammonia as marine fuel.

The approval is the result of a joint development project initiated earlier this year. ABS reviewed the design’s general arrangement, machinery arrangement, ammonia cargo handling system and fuel supply system against applicable class and international requirements.

Gareth Burton, ABS Senior Vice President, Global Engineering, said: “Bunkering infrastructure is a critical step for any marine fuel to scale, and it has to be implemented with safety designed in from the start.

“This AIP reflects the industry’s need for fuel flexibility while advancing the safe bunkering of ammonia. ABS is proud to support HD HHI and HD KSOE as they develop technologies that expand fuel flexibility.”

Ryu Hong-Ryeul, Chief Technical Officer (CTO) of HD HHI, said: “As ammonia rapidly emerges as a viable low-carbon alternative fuel, demand for ammonia bunkering vessels is expected to grow in line with the increasing adoption of ammonia-fuelled ships. 

“This AIP marks a significant milestone toward the commercialisation of ammonia bunkering vessels.”

ABS and the HD Hyundai group have worked together across a range of technologies supporting ammonia as a marine fuel. Recent projects have included AIP for HD KSOE’s ammonia cargo handling and bunkering system and initial review for HD HHI’s machinery arrangement in engine room.

 

Photo credit: ABS
Published: 22 September, 2026

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Alternative Fuels

J-ENG completes land-based testing of hydrogen-fuelled marine engine

Engine will be installed on a 17,500 DWT multipurpose vessel to be built by Onomichi Dockyard for MOL and MOL Drybulk, with onboard demonstration testing scheduled to begin in April 2028.

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September 22, 2026

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Japan Engine Corporation (J-ENG) on Friday (18 September) said it has completed land-based testing of the world’s first hydrogen-fuelled engine for large commercial vessels, the 6UEC35LSGH.

During factory testing, the engine achieved a hydrogen co-firing rate of at least 95%, reducing GHG emissions by more than 95% compared with conventional heavy-fuel-oil engines.

By adopting a high-pressure direct injection system, which injects fuel directly into the cylinder at high pressure, J-ENG said the engine achieves stable hydrogen combustion. 

Safety measures were also implemented, including a robust structure to prevent hydrogen leakage and double-walled piping for hydrogen supply lines. 

“Approval testing was conducted in the presence of ClassNK and was completed successfully,” the company said. 

The engine will be installed on a 17,500 DWT multipurpose vessel to be built by Onomichi Dockyard for Mitsui O.S.K. Lines and MOL Drybulk.

Hydrogen fuel will be supplied to the engine through a marine hydrogen fuel system, consisting of marine hydrogen fuel tanks and a fuel supply system, developed and manufactured by Kawasaki Heavy Industries.

In addition, Nippon Kaiji Kyokai (ClassNK) will conduct safety assessments throughout each stage of the engine’s development and the vessel’s design, construction and operation.

The vessel will then undergo sea trials before onboard demonstration testing begins in April 2028. 

Kawasaki will also develop and manufacture bunkering equipment for supplying liquefied hydrogen to vessels. 

“The demonstration will further evaluate the engine’s durability and performance under actual operating conditions,” J-ENG added.

 

Photo credit: J-ENG
Published: 22 September, 2026

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