Business

Brightoil justifies why it claims to be subject to procedural unfairness by HKSE

Brightoil explains the various steps it has undertaken to comply with trade resumption requirements and the unexpected extenuating circumstances along the way.

Published

6 years ago

August 4, 2020

Admin

Hong Kong-based oil and bunkering firm Brightoil Petroleum Holdings on Friday (31 July) published a quarterly update announcement on its position regarding the Listing Department’s recommendations to delist the company altogether.

When the trading of Brightoil on HKSE was suspended in 2017, the company said it “started preparation of the resumption without delay” based on the given conditions from HKSE.

Brightoil explained that due to certain unexpected events including:

extensive time required to determine the scope and complete of forensic investigation which was just concluded
postponement of audit work pending for the result of the forensic investigation
The resignation of PricewaterhouseCoopers as auditors of the Company;
substantial time spent in negotiation with creditors in debt restructuring;
longer than expected lead time in going through the High Court of Singapore auction process for disposal of the Group’s vessels and purchaser seeking approval for acquisition of the Zhoushan Oil Storage and Terminal Facilities
Covid-19 and its various travel restrictions hindering audit procedures

The resumption was expected to take longer than originally contemplated, and it submitted a resumption plan in January 2020, which included an application to seek an extension of the resumption deadline to 29 May 2020.

On 24 February 2020, the Listing Department informed Brightoil that it had failed to fulfil all the resumption conditions and the department would proceed to recommend the Listing Committee to delist Brightoil on 27 February 2020.

On 25 February 2020, Brightoil said it wrote to the Stock Exchange and requested to read the reasons of the Listing Department’s recommendation, to be present in the Listing Committee and make written or oral submission to the Listing Committee.

Brightoil also requested the Listing Department not to present the case to the Listing Committee unless its requests are met.

However on 28 February 2020, the Stock Exchange notified Brightoil that the Listing Committee had decided to:

reject the company’s various requests
cancel the company’s listing

The committee reasoned that listing rules do not enforce the right of companies to receive written explanations nor grant them any form of oral hearing before the committee for the department’s recommendations.

If any company is dissatisfied with the committee’s decision and would like to be granted the above, an appeal may be made to the Listing Review Committee on a de novo review basis of the company’s merits.

As to the Listing Committee’s decision to delist Brightoil, it explained that it did not consider the ‘unexpected events’ presented by the company to qualify as extenuating circumstances and Brightoil had failed to fulfill the given conditions to resume its trading.

In the published update, Brightoil claims that the Listing Department and the Listing Committee was “grossly unfair” towards the company.

Brightoil added that its applications for judicial review against the delisting decision made by the Listing Committee on the ground of procedural unfairness were dismissed by the High Court of Hong Kong after being heard.

With regards to being delisted, Brightoil noted that listing rules state that the Listing Committee may extend the remedial period in exceptional circumstances or there are factors outside the company’s control.

Alongside the circumstances above, Brightoil states that it has taken various remedial actions to comply with the Resumption Conditions including:

Forensic Investigation – RSM Corporate Advisory (Hong Kong) Limited has issued the investigation report, detailing the findings of their investigation on the events which have led to suspension in trading.
Outstanding Financials Results – Brightoil has published the management account for the financial years ended 30 June 2017, 2018 and 2019, and for the six months ended 31December 2017 and 2018 on 31 January 2020. The Company expects all the outstanding audited annual results and unaudited interim results to be published in due course; and
Debt Restructuring and Discharge of Winding-up Petitions – Upon completion of the debt restructuring, the total debt amount would be substantially reduced with various loans extended from 1 to 12 years and the winding-up petitions are expected to be discharged.

Brightoil said it has since made a formal request to the Stock Exchange for a review of the Listing Committee’s decision by the Listing Review Committee and a hearing date has been set for Monday, 31 August, 2020.

Trading in the company’s shares will remain suspended until further notice and Brightoil said it will make further announcements as and when appropriate.

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.

Photo credit: Manifold Times
Published: 4 August, 2020

Biofuel

Petrochina International blends over 30,000 mt of marine biofuel since March

Company has been developing marine biofuel blending operations at China (Zhejiang) Pilot Free Trade Zone, leveraging storage and logistics facilities at its Aoshan base.

Published

23 hours ago

September 21, 2026

Admin

Zhoushan completes China’s first batch of marine biofuel blending under pilot programme

Petrochina International Co Ltd recently said it has blended more than 30,000 metric tonnes (mt) mt of biofuel since completing the country’s first biofuel marine fuel blending operation on 13 March.

The company said the milestone demonstrates its ability to conduct continuous and large-scale biofuel marine fuel blending operations.

The company has been developing marine biofuel blending operations at China (Zhejiang) Pilot Free Trade Zone, leveraging storage and logistics facilities at its Aoshan base.

Its latest product, B24 marine fuel containing 24% biofuel component, meets relevant International Maritime Organization (IMO) requirements and marine fuel standards, according to the company. It said the product can be supplied for bunkering vessels operating on international routes.

It has used its global trading network to secure feedstock supplies and support cost control and supply security for the blending operations, it added.

The company said the large-scale blending of its marine biofuel products marks a development in China’s marine biofuel blending market.

It plans to work with upstream and downstream businesses within its group to support the development of Zhoushan Port as a major bonded marine fuel bunkering hub and contribute to its parent group’s transition towards lower-carbon energy.

Manifold Times previously reported China (Zhejiang) Pilot Free Trade Zone launching the first pilot programme for marine biofuel blending in China with the completion of the first batch of B24-HSFO.

The launch was marked with the blending of 2,000 mt of biodiesel and 6,300 mt of high sulphur fuel oil (HSFO) in storage tank F-02 of Sinochem-Xingzhong Oil Staging (Zhoushan), producing 8,300 mt of B24-HSFO.

Manifold Times also reported the first cross-regional bonded bunkering operation of blended biofuel in East China was successfully completed at the Meishan Port Area of Ningbo-Zhoushan Port.

The B24-HSFO used in the bunkering operation was supplied by the Aoshan Petroleum Base in Zhoushan from the first pilot programme for marine biofuel blending in China.

Photo credit: Sinochem-Xingzhong Oil Staging (Zhoushan)
Published: 21 September, 2026

Winding up

Singapore: Final general meetings scheduled for Dromond Shipping, related firms

A member is entitled to attend the meetings and should notify the liquidators’ team office via email no later than 48 hours prior to the meeting.

Published

23 hours ago

September 21, 2026

Admin

The final general meetings of Dromond Shipping Pte Ltd and related companies have been scheduled to take place on 19 October, according to the company’s liquidator on a notice posted on Friday (18 September) on the Government Gazette.

The other companies are Tidewater Emergency Response Services Pte Ltd, Tidewater Production Solutions Pte Ltd and Tidewater Salvage Pte Ltd.

The final general meetings of the members of the companies will be held via electronic means on 19 October 2026 at 2.00 pm, 2.30 pm, 3.00 pm and 3.30 pm (Singapore time), respectively.

The meetings are being held for the purpose of having accounts laid before the members showing the manner in which the winding up of the respective companies has been conducted and how the property of the respective companies has been disposed of and to hear any explanation that may be given by the liquidators.

The details of the liquidator is as follows:

Tan Kim Han
Joint and Several Liquidators
137 Amoy Street, #02-03, Far East Square
Singapore 049965

Note: A member is entitled to attend the above meeting and should notify the Liquidators’ team office via email to [email protected] or [email protected] no later than 48 hours prior to the meeting.

Photo credit: steve pb from Pixabay
Published: 21 September, 2026

Ammonia

NYK wraps up first STS ammonia bunkering operation in Japan

Ammonia fuel was transferred from the ammonia carrier “Shoei Maru” via the STS method to an ammonia-fuelled medium gas carrier, scheduled for delivery in November 2026.

Published

23 hours ago

September 21, 2026

Admin

NYK wraps up first STS ammonia bunkering operation in Japan

NYK Line, on Thursday (17 September) with Japan Marine United Corporation, Nihon Shipyard Co Ltd, Mitsubishi Gas Chemical Company, and Kokuka Sangyo Co Ltd, has completed the world’s first ship-to-ship (STS) ammonia bunkering operation to an ammonia-fuelled vessel.

At a quay within Japan Marine United Corporation’s Ariake Shipyard, ammonia fuel was transferred from the ammonia carrier Shoei Maru via the STS method to an ammonia-fuelled medium gas carrier (AFMGC) scheduled for delivery in November 2026.

The operation was conducted in preparation for sea trials of the AFMGC using fuel ammonia.

“This achievement represents an important initiative that has put into practice an operation essential for the future practical deployment of ammonia-fuelled vessels,” the company said.

The bunkering operation was conducted following extensive discussions among the companies involved. Safe operating procedures and work processes were established prior to the operation, enabling the transfer to be completed safely. Through this initiative, we have accumulated practical insights regarding safe fuel supply operations.

This operation serves as a pioneering example of the fuel-supply framework that will be required for the widespread adoption of ammonia-fuelled vessels.

The AFMGC is currently in the final stage of construction and is scheduled for delivery in November 2026.

“The successful completion of this operation marks a significant milestone toward the broader commercial use of fuel ammonia and the practical deployment of ammonia-fuelled vessels. It also represents an important step forward in establishing an ammonia supply chain,” the company added.

Photo credit: NYK
Published: 21 September, 2026