News on Singapore.

Singapore plans center for decarbonization

The Singapore Port Authority now supports a proposal to establish a center for decarbonization. The center will create a framework through which stakeholders can coordinate and implement solutions that can help reduce CO2 emissions in shipping.

Singapore banks tighten control after oil trade scandals

28 banks in Singapore introduce a new code of best practices aimed at ensuring that banks can assess risks and other factors when they finance the city state's massive commodities market. This comes after several large oil trade scandals.

PwC looking for buyers for bunker supplier in Singapore

PwC is looking for buyers for an unnamed "independent bunker fuel and lubricant supplier in Singapore" in an ad placed in local media in Singapore. The firm has already been appointed as temporary manager of crisis-stricken Ocean Bunkering.

Bunker CEO charged in case of oil theft from Shell

The founder of a major bunker company has been charged with having participated in a large-scale theft of oil from Shell's refinery in Singapore. A captain has previously received a multiple-year prison sentence in the case.

Hin Leong founder and his children sued for USD 3.5 billion

The founder of scandal-stricken Hin Leong Trading, Lim Oon Kuin, and his two children, are now being sued by accounting firm PwC, which is serving as judicial manager of the bunker company. The claim totals USD 3.5 billion, reports The Strait Times.

Will Singapore take over Keppel and merge it with Sembcorp Marine?

Shareholders in Singapore's pride, the hard-strained Keppel Fels shipyard, will have to wait to find out whether the island state's investment company Temasek will become majority shareholder. Perhaps they are waiting for Sembcorp's decision to spin off its marine division. This will happen next week.

New oil scandals put the spotlight on Singapore's rule of law

It is crucial that the cases concerning million dollar fraud at oil traders Hin Leong and Zenrock are handled by the book, says a maritime lawyer. He notes that Singapore's reputation as a state where everyone is equal under the rule of law is at stake.

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