Business

Middle East: Lukoil enters lube oil renewal agreement with KOTC

Supplies 24-strong fleet consisting of bunkering vessels, VLCCs, product carriers, LPG carriers for next three years.

Published

7 years ago

June 12, 2019

Admin

Dubai-based subsidiary of LUKOIL, Lukoil Marine Lubricants (Lukoil), has recently reached a renewal agreement with the subsidiary of Kuwait Petroleum Corporation (KPC), Kuwait Oil Tanker Company (KOTC) for the supply of marine lubricants.

As per the contract terms, Lukoil will supply KOTC’s 24-strong fleet consisting of Very Large Crude Carriers (VLCC’s), Product Carriers, Liquefied Petroleum Gas (LPG) Carriers, and Bunker Vessels, for the next three years.

The new deal between the two companies will help to build upon the existing foundation of an earlier three-year agreement.

“Though our business relationship with Lukoil has been brief thus far, the company and its personnel have demonstrated nothing short of first-class quality with both their marine lubricant product, and the excellent services they have provided us with during our three-year collaboration,” stated Ali Shehab, the Chief Executive Officer of Kuwait Oil Tanker Company.

“Ultimately, deciding to renew our contract was the best decision for KOTC as through their services, Lukoil has aided in our vision of pursuing commercially viable opportunities within the hydrocarbon shipping sector, and our mission of conducting operations to world class standards in an efficient manner while promoting safety and environmental responsibility.”

Echoing a similar sentiment, Jihad Al Bannay, the Acting Manager for Kuwait Oil Tanker Company added, “managing an extensive fleet, we are continually seeking optimization methods to enhance our operations. This is not just for the benefit of our business, and to the advantage of our clients, but also for the well-being of the environmental landscape.”

“Since 2015, Lukoil has helped us achieve this by repeatedly proving their innovative and technological expertise within the industry. This is something we are deeply appreciative of, and it was a major factor which contributed to our ability to easily agree upon a contract extension.”

Bader Al Najjar, Team Leader for Dry Docking elaborated, “Given that our entire fleet of 24 vessels will be dry docking this year, the renewal of our deal with Lukoil couldn’t have come at a more opportune time. In the past three years of using Lukoil’s marine lubricants on board our vessels, our KOTC engineers have been very vocal about the numerous positive benefits which it has had in relation to previous products we have used. This combined with their iCOlube unit which works hand-in-hand to provide better vessel performance makes us optimistic about the next three years ahead.”

June Manoharan, Director of Lukoil Marine Lubricants emphasized, “This marks another landmark milestone for Lukoil as we seek to maintain our leading position in the market. We are thrilled to have reached this renewal agreement with KOTC both quickly and efficiently, and with both parties being more than satisfied with the final outcome. We understand the importance which Kuwait Oil Tanker Company places on being a world class provider of marine transport, and we are firmly committed to reinforcing their values and objectives through our products and services. Lukoil is certain that the next three years will be just as, if not more, remarkable than the past three and we are confident that our strategic partnership is a sign of great things to come in the future.”

Saif Anabtawi, Regional Sales Manager of Lukoil Marine Lubricants clarified, “Kuwait Oil Tanker Company is one of our most prestigious clients, and though they have been generous in highlighting how we have added value to their operations, the great benefit which their cooperation has provided our organization with cannot be overlooked. The latter part of this decade has been fruitful in terms of the partnership we have established and developed, and we are enthusiastic that the next decade shall be even greater.”

Published: 12 June, 2019

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

18 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

18 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026