The Marine Fuels Alliance (MFA) is offering its KYC (Know Your Customer), sanctions reporting services, and more, to help players within the bunkering sector comply with new regulations due to the Russo-Ukrainian War.
The war has recently resulted in a series of sanctions being imposed by the US, EU and their allies against Russia, which could affect compliance operations of certain companies operating within the international maritime sector.
MFA, a bunker organisation formed in April 2021, has been set up as a platform for providing resource and guidance for bunker suppliers and its partner companies, states Executive Officer Anthony Mollet.
“One of the Marine Fuels Alliance’s key aims is to improve transparency and formalise the Know Your Counterparty process to assist counter-parties contracting with each other in full compliance of the latest regulations,” he says.
“The MFA Executive will be performing due diligence on all companies and individuals applying to join the organisation according to the rules of our constitution.
“We recognise the extremely delicate and complex issues facing suppliers and buyers currently. The MFA provides solutions and essential resources including sanctions reports for checking any vessel and its recent movements.
“Our valued Partners are available for legal assistance and debt recoveries, providing expert advice to our members around these critical areas of operation.”
Editor’s note: Readers interested in knowing more about MFA’s offerings are welcomed to contact Anthony Mollet at: firstname.lastname@example.org
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Photo credit: Marine Fuels Alliance
Published: 4 March, 2022
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.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘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.