The following article published by Manifold Times on 24 February was sourced through a local correspondent. An online translation service was used in the production of the current editorial piece:
China Export & Credit Insurance Corporation (Sinosure), a state-funded company established to promote China’s foreign economic and trade development and cooperation, has recently been selected as a credit approval agency for China bonded bunker fuel suppliers, learned Manifold Times.
“The development affects all bonded fuel oil suppliers in China such as Chimbusco, Sinopec Zhoushan, China Shipping & Sinopec, Zhejiang Seaport, and more,” a local source told the bunkering publication.
“All shipowners and bunker trading companies must now apply for approval of the line of credit through Sinosure, before they can obtain a credit line from banks.
“The approval process is strict, and the time generally varies from one month to three months. After approval, it will be valid for three months. If it is not used in time, the credit limit will expire and the applicant unit needs to submit it again for approval.”
According to the source, the development in China was a result of increased challenges place on obtaining credit approval from banks within international trade.
“As such, effective and powerful financial statements are needed as reference opportunities.”
Cash of SGD 4.43 million and USD 243,100, and one piece of 100-gram gold-coloured bar recovered in safe belonging to Abdul Latif Bin Ibrahim kept at Extra Space warehouse storage facility, show court documents.
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.