A former director at BP Singapore and an executive at a Singapore-based marine fuels supplier were each sentenced on Tuesday to four and a half years in jail for corruption. Chang Peng Hong Clarence, a former regional director for marine fuels with BP Singapore, was found guilty last year of receiving some $3.95 million in .
Asia Fuel Oil-380-cst cash discount widens on weak demand, ample stocks
Asian cash differentials for cargoes of 380-cst high-sulphur fuel oil (HSFO) extended losses on Tuesday, dipping to a fresh 2021 low amid sluggish seasonal demand for use in power generation and ample supplies, trade sources said.
The HSFO market is expected to receive a boost from increased demand from Middle Eastern utilities in the hot summer months, primarily Saudi Arabia, but the ramp up in demand for Asia cargoes has so far been slow compared to last year, the sources said.
The 380-cst HSFO cash discount slipped to minus 64 cents a tonne to Singapore quotes, down from 52 cents on Monday and its widest discount since Dec. 31.
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A former manager at oil giant BP and a businessman were each sentenced to 4½ years jail yesterday for their roles in a graft case involving close to US$4 million (S$5.3 million).
Clarence Chang Peng Hong, 56, had accepted bribes from businessman Koh Seng Lee, 59, on 19 occasions between July 2006 and July 2010 in exchange for advancing the business interests of Koh s company with BP.
Koh had also corruptly agreed to pay $500,000 to a pre-school - Mindchamps Pre-school @ City Square - of which Chang s wife was a director.
They were found guilty of 20 corruption charges each last year after a trial spanning more than two years.