Singapore-based oil trader Winson Group denied on Tuesday a U.N. Security Council report alleging that it supplied fuel to North Korea in breach of international sanctions.'Winson denies, in the strongest possible terms, any and all allegations and/or insinuations that it knowingly facilitated the illicit supply of oil to North Korea in breach of any United Nations Security Council resolutions, and/or that it is a 'key node' in North Korea's procurement of oil or refined petroleum products…
Morgan Stanley on Monday cut its first quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand.The market appears to be…
Singapore authorities have charged two individuals in court for alleged corruption in relation to the trade and supply of marine fuels, the Corrupt Practices Investigation Bureau (CPIB) said in a statement.Afzal Bin Mohamed Ekbar, a bunker trader at KPI Bridge Oil Singapore Pte Ltd at the time…
Nine people have been sentenced in Singapore to up to three years in jail for cheating buyers out of $337,000 worth of shipping fuel, authorities said in a joint statement on Thursday.The group was found guilty of using industrial strength magnets…
The Cambodian government is seeking the return of an oil tanker and its crew who have been detained in Indonesia, alleging that the ship had loaded oil illegally from an offshore oil field, a government official said on Thursday.The Bahamas…
A Singapore court has approved a freeze on up to $3.5 billion of assets of the family behind collapsed Hin Leong Trading Pte Ltd, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world's biggest banks among its creditors…
Indonesia will stop both liquefied petroleum gas (LPG) and fuel imports by 2030 and plans big changes to its energy infrastructure to meet that target, a top energy official said on Thursday.President Joko Widodo has tasked the National Energy Council…
Indonesia said its coast guard seized the Iranian-flagged MT Horse and the Panamanian-flagged MT Freya vessels over suspected illegal oil transfer in the country's waters on Sunday.Coast guard spokesman Wisnu Pramandita said the tankers, seized in waters off Kalimantan province…
Squire Patton Boggs continued the expansion of its commodities and shipping capabilities with the addition of partner Kate Sherrard into its Financial Services Practice. She joins the firm from Clifford Chance where she was Head of the Asia…
Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA)…
Singapore has suspended the licenses to sell ship fuel held by a subsidiary of defunct oil trader Hin Leong Trading Pte Ltd since it could no longer meet the licensing requirements, the Maritime and Port Authority of Singapore (MPA) said on Monday…
The founder of one of Singapore's biggest marine fuel suppliers has been charged for his involvement in a large-scale oil theft from Shell's refinery in the city-state, according to a charge sheet reviewed by Reuters.Pai Keng Pheng, the founder and managing director of Sentek Marine & Trading…
The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to creditors, three sources said on Wednesday. Xihe Holdings is part of the Lim family business empire…
An Indian court has issued a second arrest warrant for a marine refueling tanker owned by troubled UAE oil trader GP Global after it failed to make payments to its ship manager, court documents showed.On Sept. 10, the High Court of the western Indian state of Gujrat granted the vessel manager's…
The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block creditor OCBC's request to appoint overseers for the family's Xihe Holdings and four other subsidiaries to recoup its debt.Oversea Chinese Banking…
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