China plans next steps in 400-ton oil spill clean-up off Qingdao port
April 29, 2021, 9:41 am

China plans next steps in 400-ton oil spill clean-up off Qingdao port

Fishing boats are seen off the coast of Qingdao, Shandong province, China, following an oil spill in the Yellow Sea caused by a collision between tanker A Symphony and bulk vessel Sea Justice off Qingdao port, April 28, 2021. (File Photo: Reuters)

Chinese officials were considering siphoning the remaining cargo at sea from a huge tanker that spilled hundreds of tons of oil into the Yellow Sea after it collided with a bulk vessel in thick fog two days ago.

Officials also downgraded the size of the spill from the Liberia-flagged tanker A Symphony to about 400 tons (2,920 barrels) on Thursday, from the original estimate of 500 tons, after further analysis.

An official at the Shandong Maritime Safety Administration told Reuters the level of oil still on the tanker, which had been carrying a 150,000-tonne cargo of bitumen blend, remained “unchanged”. That indicated the spill had been contained, although the official cautioned the information was not definitive.

With the clean-up well underway and ships steering clear of the accident site near the port city of Qingdao, experts were finalizing plans to deal with the A Symphony.

The tanker was at anchor when it collided with shipping vessel Sea Justice on Tuesday. The impact caused a breach in A Symphony’s cargo tanks and ballast tanks.

“The detailed situation is still under assessment and experts are holding a meeting,” an official from the Shandong Maritime Safety Administration told Reuters. “This afternoon (we) may carry out a lighterage operation in the sea.”

Lighterage is the process of removing oil or other hazardous liquids from a compromised vessel while at sea to another vessel. The process to transfer a cargo load of the size aboard the A Symphony would likely take a day or two.

The Maritime Safety Administration also on Thursday revised the location of the accident to 40 nautical miles from Qingdao Port, compared with the original estimated 11 nautical miles southeast of the port.

Ships have been instructed to stay at least 10 nautical miles away from the A Symphony, but the agency said on Thursday the accident had not affected traffic to and from the port.

Hong Kong-based fuel trading company Run Cheng International Resource (HK) Co has said it was the owner of the 150,000-tonne cargo of bitumen blend on board the A Symphony.

Bitumen mix, a blend of heavy crude oil and residue, is used by China’s independent refiners as an alternative refining feedstock as it often incurs a lower import tax than crude oil. It is also used for road surfacing and roofing.

source: Reuters

Image source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.