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Hong Kong: ‘No breach of procedural fairness’ in HKSE decision to delist Brightoil shares, says Judge

Listing of Brightoil’s shares on the Stock Exchange was cancelled on 16 March 2020, according to a written Judgement of Russell Coleman, a Judge of the Court of First Instance.

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A High Court of the Hong Kong Special Administrative Region Judge on 14 July rejected a claim from Hong Kong-listed oil company Brightoil Petroleum (Holdings) Limited (Brightoil) of unfairness in a delisting decision made by The Stock Exchange of Hong Kong Limited (HKSE) on 28 February 2020.

The listing of Brightoil’s shares on the Stock Exchange was cancelled on 16 March 2020, according to the Judgement of Russell Coleman, a Judge of the Court of First Instance, written on 23 July.

The document noted Brightoil claiming the listing committee of HKSE “misdirected itself in law” by turning down the company’s request for an oral hearing, while the cancellation of a request for extension of time did not afforded the company “opportunity to make worthwhile representation”.

“In my view, both proposed grounds of review have no merit,” stated the Judge, who added he found “no breach of procedural fairness in the context of the delisting procedure as a whole”.

“It is the Exchange which is tasked with making relevant decisions such as the Cancellation Decision.  Of course, if the Listing Review Committee were to make a decision in breach of administrative law requirements for fairness and procedural propriety, such decision might be amenable to judicial review.  Whilst the Court is not tasked with the merits of decisions such as the Cancellation Decision, it remains open to act in a supervisory role to ensure the integrity of the decision-making process,” stated Judge Coleman.

“But, I firmly reject the Applicant’s suggestion that there is a systemic procedural unfairness in the way in which the Exchange handles delisting decisions.

“It was for the above reasons that: (1) I dismissed the Applicant’s application for leave to discontinue its application for leave to apply for judicial review; and (2) I dismissed the Applicant’s application for leave to apply for judicial review.”

Brightoil was listed on the Main Board of the Exchange in 1995. Trading of its shares on HKSE was suspended since 3 October 2017 due to its auditor’s concerns in relation to certain back-to-back trading of oil between an indirect wholly-owned Singapore bunkering subsidiary Brightoil Petroleum (S’pore) Pte. Ltd. with 12 customers.

The HKSE Listing Division issued a report to its Listing Committee on 24 February 2020 recommending the cancellation of Brightoil’s listing.

In reaching that recommendation, the Listing Division took into account the fact that 31 January 2020 was the deadline for the resumption of trading, as opposed to submission of a resumption proposal.

As a result, the listing of the Brightoil’s shares on the Stock Exchange was cancelled on 16 March 2020.

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

 

Photo credit: Wpcpey [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)]
Published: 27 July, 2020

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Alternative Fuels

Peninsula adds tanker “Aalborg” to supply bio bunker fuel in Port of Barcelona

Chemical tanker is capable of supplying B100, in contrast to traditional fuel barges that cannot exceed 25% bio component; also has ability to blend multiple bio feedstocks and traditional fuels on board.

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Peninsula adds tanker “Aalborg” to supply bio bunker fuel in Port of Barcelona

Marine fuel supplier Peninsula on Wednesday (24 April) announced the introduction of the Aalborg, an IMO II chemical tanker dedicated to sustainable fuel distribution in the Western Mediterranean. 

The Aalborg is capable of supplying 100% biofuels (B100), in contrast to traditional fuel barges that cannot exceed 25% bio component.  

The vessel supplies FAME (Fatty Acid Methyl Esters) produced from vegetable oils and allows for neutral emissions (depending on the origin of these vegetable oils) thereby reducing a receiving vessel’s carbon footprint. 

The Aalborg will play a pivotal role in the Port of Barcelona's ongoing commitment to promoting cleaner fuel initiatives across the region.

The vessel’s ability to blend multiple bio feedstocks and traditional fuels on board, together with a certificate detailing the bio component percentage, allows ship owners to comply with impending Fuel EU Maritime regulation using the same engine.

“The importance of having a biofuel supply vessel permitted to supply up to 100% bio component, will provide Port of Barcelona users with a solution to decarbonise their activity and to fully comply with EU regulations,” explained Lluís Salvadó, president of the Port of Barcelona.

“The Port of Barcelona, as part of its Energy Transition Plan, is committed to transition and alternative fuels such as LNG, green methanol or green ammonia, as well as biofuels, which will help to reduce the maritime sector’s carbon footprint.”

Alejandro Morales Moreno, Supply Manager at Peninsula, emphasised the collaborative efforts between Peninsula and the Port of Barcelona, highlighting a shared vision for emissions reduction.

"The addition of the Aalborg creates a meaningful, new decarbonisation solution for our customers and we’re grateful to the Port Authority for facilitating its deployment in Barcelona,” he said.

 

Photo credit: Peninsula
Published: 25 April 2024

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Alternative Fuels

Argus Media: New ISO 8217 eyes wider scope for alternative bunker fuels

New edition will incorporate specification standards for a wide range of Fame-based marine biodiesel blends up to B100, 100pc HVO, as well as synthetic and renewable marine fuels.

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The 7th edition of ISO 8217, to be published in the second quarter of this year, will outline a broader integration of marine biodiesel blending, delegates heard at the International Bunker Conference (IBC) 2024 in Norway.

24 April 2024

Tim Wilson, principal specialist fuels of Lloyds Register's fuel oil bunkering analysis and advisory service (FOBAS), presented on the upcoming iteration of the ISO 8217 marine fuel specification standard, which will be released at IBC 2024. 

The new edition will incorporate specification standards for a wide range of fatty acid methyl ester (Fame)-based marine biodiesel blends up to B100, 100pc hydrotreated vegetable oil (HVO), as well as synthetic and renewable marine fuels. 

This will also include additional clauses to cover a wider scope, and briefly touch on biodiesel specifications that do not entirely align with road biodiesel EN-14214 specifications. This follows the emergence of widening price spreads for marine biodiesel blends because of specification differences and the lack of a marine-specific standard for the blends.

The new edition of ISO 8217 is also expected to remove the limit of 7pc Fame when blended with distillate marine fuels such as marine gasoil (MGO) which was in place in the previous ISO 8217:2017. 

Other changes to distillate marine biodiesel blends include changes to the minimum Cetane Index, oxidation stability alignment to be connected to either ISO 15751 for blends comprising 2pc or more of Fame biodiesel and ISO 12205 for blends comprising a Fame component of under 2pc. 

Cold-filter plugging point (CFPP) properties will be determined by the vessel's fuel storage tanks' heating capabilities and requirements will be set in place to report the CFPP for distillate marine biodiesel grades, according to the new edition of the marine fuel specification standard.

Wilson said that a minimum kinematic viscosity at 50°C will be in place for various forms of residual bunker fuel oil along with a viscosity control alerting suppliers to inform buyers of the exact viscosity in the supplied fuel. He said they have seen delivered fuel viscosity come in at much lower levels than ordered by the buyers, which was the reasoning behind the viscosity control monitoring requirement.

By Hussein Al-Khalisy

 

Photo credit and source: Argus Media
Published: 25 April 2024

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Business

Methanol Institute welcomes StormFisher as newest member

Company produces clean hydrogen, e-methane, e-methanol, and green ammonia, creating local energy security, and providing export opportunities to Asia Pacific and European markets.

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Methanol Institute welcomes StormFisher as newest member

The Methanol Institute (MI) on Monday (22 April) welcomed StormFisher Hydrogen Ltd. as its newest member. 

According to Mi, StormFisher Hydrogen Ltd. develops, owns, and operates electrolysis-based clean fuel production facilities in North America. 

“With its track record in developing and operating clean fuel facilities, StormFisher serves its customers with a sustainable and reliable fuel supply, to meet the needs of traditionally hard to decarbonize sectors,” it said. 

The company produces clean hydrogen, e-methane, e-methanol, and green ammonia, creating local energy security, and providing export opportunities to Asia Pacific and European markets.

MI CEO Greg Dolan, said: "With their expertise in developing and operating clean fuel facilities, StormFisher is a valuable addition to MI's membership. As the clean energy transition continues to gain pace, StormFisher's e-methanol production will be part of the net-carbon neutral future."

"Our company is excited to join the Methanol Institute and collaborate on developing the eMethanol market and shaping supportive policies globally," said StormFisher CEO Jud Whiteside. "Working together, we can drive methanol's potential as a key solution for decarbonization and sustainability."

Related: Methanol Institute: Progress as a marine fuel continues across supply chain (Week 15, 8-14 April 2024)
Related: Methanol Institute and SEA-LNG unite against EU trade barriers to biomethane and biomethanol fuels\

 

Photo credit: Methanol Institute
Published: 25 April 2024

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