The following article published by Manifold Times on 8 March was sourced from China’s domestic market through a local correspondent. An online translation service was used in the production of the current editorial piece:
State-owned PetroChina on Thursday (3 March) said it has signed a strategic cooperation agreement with several parties increase the regional bonded bunkering volume of the Guangdong-Hong Kong-Macao Greater Bay Area.
The agreement was signed by Zhang Jun, Executive Director and Secretary of the Party Committee of International Business at PetroChina, at the Guangzhou International Voyage Vessel Bonded Oil Bunkering Launch Event and International Oil Merchant Cooperation and Development Conference on 28 February.
The bonded bunker fuel supply market in Guangdong Province has broad prospects, according to Zhang Jun.
The Guangdong-Hong Kong-Macao Greater Bay Area has the world’s largest seaport group and airport group, and Guangdong province’s accounts for about 7.3% of China’s bonded ship fuel supply market.
On 18 February, the “Guangzhou Interim Measures for the Administration of Bonded Bunkering of Ships on International Voyages” was officially released, marking the official launch of Guangzhou’s pilot program for the right to undertake bunkering for ships on international voyages.
The direct supply of bonded oil is carried out throughout the province, and PetroChina intends to support new development opportunities as a resource supplier, said Zhang Jun.
PetroChina will firmly support the geographical advantages of the Guangdong-Hong Kong-Macao Greater Bay Area and make good use of the preferential policies of the relevant free trade zones to provide improved bunkering services to its customers to support Guangzhou’s ambition for the development of a “super” bunkering hub in the Greater Bay Area.
Photo credit: PetroChina
Published: 8 March, 2022
Managers from EY said the directors ‘breached their fiduciary duties’ by transferring the funds when OTPL was financially troubled, against the interest of creditors.
Most HSFO supplies are based on long-term contracts, as shipowners look to lock in supplies even after the bulk of the market switched to VLSFO, reports Argus Media.
‘We owe this success to the excellent partnership with our longstanding clients and key maritime stakeholders,’ says MD.
Application was filed in February when judicial managers deemed HLT was ‘not in a position to trade out of its insolvency or restructure its debts’, reports Reuters.
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Development follows departure of Mabanaft’s fuel oil team and Bomin Bunker Oil from Singapore in 2018.
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.
