China’s Hontop Energy goes into receivership in Singapore

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Hontop Energy (Singapore) Pte Ltd, the trading arm of a Shandong-based refiner, has gone into receivership, according to its business profile on the website of Singapore’s accounting and corporate regulator.

Singapore bank DBS, one of Hontop‘s creditors, has appointed accounting firm KPMG as the receiver, a KPMG official told Reuters.

Hontop officials and DBS declined to comment. ACRA directed Reuters to its website in response to requests for comment.

Receivership is a type of corporate bankruptcy in which a trustee or receiver is appointed by bankruptcy courts or creditors to run the company.

Hontop, a unit of China Wanda Group, buys crude oil for the group’s 100,000 barrels per day refinery in Dongying, Shandong province, operated by Tianhong Chemicals Co Ltd.

China Wanda Group, which also owns petrochemical, electric cables and property businesses, has no relation with the conglomerate Dalian Wanda Group.

Hontop last issued a tender in October, said a Singapore-based trader who regularly participates in its tenders. Hontop typically buys Russian, Angolan and Brazilian crude.

Chinese independent refiners, or teapots, account for about 20% of China’s oil imports, but they have recently come under pressure with ample fuel supplies at home and bleak demand due to the coronavirus outbreak weighing on margins.

Reuters reported earlier this week that banks have suspended credit lines for some of these teapots amid rising concerns about overall industrial defaults.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.