BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry

« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa

BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News

Brightoil 'has no intention to acquire Noble Group'

Brightoil responds to reports suggesting it is interested in acquiring the commodity trading giant.

Updated on 26 Mar 2015 13:53 GMT

Hong Kong-listed Brightoil Petroleum (Holdings) Ltd. has officially denied that it is interested in acquiring commodity trading giant Noble Group.

In a statement, the company said this week: "In response to recent media reports which quoted a banker as saying that Brightoil Petroleum (Holdings) Limited ("Brightoil Petroleum" or the "Group"; stock code: 933.HK) could potentially be interested in acquiring Singapore-listed Noble Group Limited (stock code: NOBG.SI), Brightoil Petroleum clarifies that it has not contacted or negotiated with Noble Group Limited in relation to this issue and has no intention to acquire Noble Group Limited."

Brightoil is a physical bunker supplier in the Chinese ports of Qingdao, Shenzhen, Shanghai, Ningbo and Zhoushan. In 2014, the company was ranked as Singapore's 26th biggest supplier by volume in a list compiled by the Maritime and Port Authority of Singapore (MPA) - having been third in 2012. It also has a strong presence in Rotterdam, Tanjung Pelepas and Hong Kong.

Singapore-listed Noble Group is Asia's biggest commodity trading firm by sales. Since the first of three reports were released by a group calling itself Iceberg Research on February 15, Noble's share price has plummeted 24 percent, closing yesterday at 91 Singapore cents per share.

The first of Iceberg's 'Noble Group, a repeat of Enron' reports, entitled 'Noble's Associates and Noble Agri', claimed - amongst other things - that "Noble exploits the accounting treatment of its associates to avoid large impairments and fabricate profit".

In the third report, entitled 'Governance and debt', released on March 21, Iceberg claims that there are an "impressive series of red flags" such as "key shareholders and staff leaving the company, 'negative assurances' taken off the website, the high number of reservations expressed by the auditor in the annual report". The document also claims that Noble "substantially understates both its gross and net debt".

The report adds: "Noble Group is a repeat of Enron. Both companies use similar actions in an attempt to deceive investors. Noble, like Enron, misrepresents the three components of its financials: income statement, balance sheet and cash flow statements."

In a statement released on March 23 dismissing the Iceberg report, Noble said: "Noble Group Limited (“Company” or “Group”) refers to the statements made by Iceberg Research (“Iceberg”) in their three reports.

"We reject their allegations as inaccurate, unreliable and misleading.

"As a public company we support responsible research.

"However, Iceberg are not the independent research house they claim to be. Their actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research.

"We recognise our responsibility to protect the interests of our investors and we are in constant dialogue with our business partners who have continued to show their strong support. Now that the third report has been issued, we have examined every aspect of all three reports with our lawyers.

"Later today we will start legal proceedings against Arnaud Vagner, a resident in Hong Kong, Enlighten Ace Ltd, a Seychelles company and any associates, at the Hong Kong High Court for conspiracy to injure Noble Group.

"The management have been, and will remain, focused on running the company."

Related Links:

Singapore: Full supplier list by volume
Singapore bunker supplier expands fleet
Bunker firm records profit rise
Singapore supplier to install mass flow metering system
Brightoil secures loan agreement
Hong Kong

Latest News:

Fuel-saving ferry, LNG-powered ships were 'main milestones' of 2017: Balearia
Puget Sound maritime emissions slashed between 2005 and 2016: report
Carnival posts 20.9% rise in Q1 bunker costs
Brent briefly touched $70 yesterday as bullish news continued to emerge
Oil and fuel oil hedging market update
Bunkara Fuels halts bunkering activities
Cepsa presents South Europe's first multi-product LNG supply vessel
UK bunker firm Geos seeks operations coordinators
Aegean and RBM to try and resolve their differences in HEC case
Arctic ban on HFO: What to expect from MEPC 72
Oil and fuel oil hedging market update
Oil prices heading for $70?

Page Links:

Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Cape Town
Las Palmas
New Orleans
Latest News
Middle East
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Fuel Quality
Lubes & Additives
Oil Spills
Port News
Services, Products, Technology
Statistics & Research
Contact & Terms
Contact Us
Terms & Conditions
Privacy Policy
Upcoming Events