Hong Kong-listed Brightoil Petroleum (Holdings) Limited on Thursday (30 May) made several changes to its board.
Tang Bo, presently an executive director and member of the Executive Committee of Brightoil, has been appointed as the Chairman, an acting CEO and a member of the Nomination Committee and Remuneration Committee of the Company with effect from 3 May 2019.
Tang had held various positions in the Shenzhen Brightoil Group. When he was the Vice President of Shenzhen Brightoil Group, he was responsible for external investment and business development. He also serves as a director of certain subsidiaries of Brightoil.
Xie Wenyan, a former General Manager of PetroChina Company Limited from September 1999 to October 2016, has been appointed as an executive director and member of the Executive Committee of the Company with effect from 3 May 2019; Xie will be responsible for Brightoil’s upstream oil and gas field business.
Tan Yih Lin, meanwhile, resigned as an executive director, a member of Nomination Committee, Remuneration Committee and Executive Committee, Group Chief Financial Officer and Company Secretary of Brightoil; he had ceased to act as an Authorised Representative of Brightoil with effect from 25 May 2019.
The former Chairman and Executive Director of Brightoil, Dr Sit Kwong Lam, left the company in April after being declared bankrupt by the High Court of Hong Kong. He undertook personal guarantees worth a total of approximately US $1.4 billion.
A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:
Related: Brightoil former Chairman undertook $1.4 billion in personal guarantees
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Hong Kong High Court issues bankruptcy order against Brightoil Chairman
Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
Related: Brightoil creditor claims amount to US $250 million, potential debt reorganisation
Related: Brightoil to defend against winding up petition at Hong Kong court
Related: Singapore: Brightoil to apply for six-month moratorium order at High Court
Related: Brightoil oilfield project secures USD $700 million CNOOC funding
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Shell to offload crude oil cargo from arrested “Brightoil Lion” tanker
Related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Brightoil bunker creditor list growing with new firms
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Related: Qatar National Bank seeks USD $21.59 million debt from Brightoil
Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 31 May, 2019
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.