• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 1 hour Wonders of Shale- Gas,bringing investments and jobs to the US
  • 23 mins Why is Strait of Hormuz the World's Most Important Oil Artery
  • 17 mins IMO2020 To scrub or not to scrub
  • 26 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? To get Jared (Frisch School w/ 2.8 GPA) a Mideast win with peace deal ? China greatest threat next 50 years.
  • 7 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 1 hour Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 2 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 4 hours California's Oil Industry Collapses Despite Shale Boom
  • 7 hours Devastating Sanctions: Iran and Venezuela hurting
  • 7 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 6 hours Shale to be profitable in 2019!!!
  • 2 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 1 hour "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
Beware Of Saudi Oil Tanker Sabotage Stories

Beware Of Saudi Oil Tanker Sabotage Stories

Reports of attacks on Saudi…

The 2 Energy Giants Reshaping The Middle East

The 2 Energy Giants Reshaping The Middle East

Typical crude oil producers such…

Singapore Revokes Transocean Oil’s Bunker License Over Falsification

Singapore

The Maritime and Port Authority (MPA) of Singapore is revoking the bunker fuel supply license of Transocean Oil at the port of Singapore, effective immediately, after finding “falsifications of records and discrepancies,” MPA said on Monday.

The authority had carried out checks on Transocean Oil operations at the port of Singapore in March and April this year and those checks found “falsifications of records and discrepancies in the stock movement logbooks on board the bunker tankers” the company operates, Reuters quoted MPA as saying.

Transocean Oil Pte Ltd, set up in 2003, had been accredited by the MPA as an independent licensed bunker supplier and trader to provide bunkering services to international ships calling at Singapore and other ports in the region.

As of January 1 this year, Singapore made mass flow meters (MFM) mandatory for fuel-oil deliveries at the port in an attempt to bring more transparency to the bunkering services, bunker quantities, and prices.

Transocean Oil is not the only bunker operator stripped of license at Singapore in recent months.

At the end of August, the authority said that it would not be renewing the bunker supplier licenses of Panoil Petroleum Pte Ltd and Universal Energy Pte Ltd when they expire on August 31, 2017, due to unauthorized alterations they had made on their bunker tankers. Universal Energy’s bunker craft operator license was not renewed either, and as a result neither company will be allowed to operate as a bunker supplier and bunker craft operator in the Port of Singapore, MPA said.

Related: Will The Third Great Energy Revolution End The Oil & Gas Industry

The International Bunker Industry Association (IBIA) said at the time that “the news that the bunkering licenses of the two companies won’t be renewed shows that the MPA is taking appropriate action against companies trying to circumvent the effectiveness and accuracy of MFM systems.”

Last week, Aegean Marine Petroleum Network said that it would exit the Singapore market as a physical supplier as of January 2018, with president Jonathan McIlroy saying that “The bunkering market in general, and the Singapore market in particular, are extremely competitive. We had hoped that enforcement of mandatory mass flow meter (MFM)-equipped bunker barging in January would have driven commercial improvement in the Singapore market allowing Aegean to compete profitably. However, 2017 has seen heightened commercial pressures in Singapore, and as a result, management has determined that Aegean’s resources can be more profitably deployed elsewhere.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Phil Mckracken on November 06 2017 said:
    Can you say oil market manipulation? Could this have contributed the the glut hype promoted by Bloomberg (the anti middle-east company media organization)? It's making a lot of sense now.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News