Singapore-listed commodities trading firm Noble Group Limited has reportedly sold its global oil business Noble America Corp (NAC) to Vitol for $400 million, $175 million lower than earlier estimates of $575 million.
“The decrease in estimated Consideration is primarily due to operating losses of NAC from 1 October 2017 to the Closing,” it said.
“These operating losses were driven by reduced trading operations, as the business was prepared for sale, which prevented NAC from covering it fixed expenses.”
The sale of NAC, which include the company’s London and Singapore desks, marks an effective exit of Noble from the oil trading business.
Publication date: 16 January, 2018
Great Wall Lubricating Oil Company, a sub-brand of Sinopec, launches products to compliment Sinopec LSFO.
IMO, ICS, BIMCO, INTERTANKO, among maritime organisations voice concerns over threat to ships and crews.
Short-term and long-term oil storage price information of six types of material including crude oil and low-sulphur fuel oil collected and calculated by weighted average.
Development mainly attributable to the right strategy of expanding products line to bunker marine fuel oil, and acquisition of two additional bunker tankers.
Maritime Singapore Decarbonisation Blueprint 2050 will include a two-month consultation exercise to seek suggestions from various stakeholders in the industry.
Project involves Vessel Offshore Plant Research Institute, POSCO, EK Heavy Industries, Transgas Solution, Mytek, Valmax Technology, and Seoul Line
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
