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Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 19 — RELATED PARTY TRANSACTIONS

 

The Company has established an Audit Committee, which operates under a formal charter. In accordance with this charter, the Audit Committee is responsible for the ongoing review and approval of all related-party transactions to ensure they are conducted on an arm’s-length basis and in the best interests of the Company and its shareholders.

 

Set forth below are related party transactions of our Company for the financial years ended December 31, 2024, and 2025, which are identified in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related party transactions under Singapore law.

 

The amounts due from related party consisted of the following:

 

         As of December 31, 
Name of related party  Relationship  Nature  2024   2025 
         USD’000   USD’000 
Mega Origin Holdings Limited  Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director  Non-trade loan, unsecured, interest-free and recoverable on demand   152    95 

 

The amounts due to related party consisted of the following:

 

         As of December 31, 
Name of related party  Relationship  Nature  2024   2025 
         USD’000   USD’000 
Mega Origin Holdings Limited  Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director  Non-trade loan, with simple annual interests charged at 3.5% per annum, not repayable upon demand, save upon the request by Delixy Energy, whichever earlier   5,000    
— 
 
Mega Origin Holdings Limited  Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director  Non-trade loan, with interest-free and repayable on maturity date   
— 
    4,000 

 

The following represents the other significant related party transactions that occurred in the financial years ended December 31, 2023, 2024 and 2025.

 

              Year ended December 31,  
Name of related party   Relationship     Nature     2023     2024     2025  
                USD’000     USD’000     USD’000  
Wisecome Oil Pte. Ltd.   Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director     Non-trade loan, unsecured, interest-free and repayable on demand     (175 )    
—
      
—
  
            Year ended December 31,  
Name of related party   Relationship   Nature   2023     2024     2025  
            US$’000     USD’000     USD’000  
Wisecome Oil Pte. Ltd.   Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director   Proceeds from disposal of property    
—
       957      
—
  
Wisecome Oil Pte. Ltd.   Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director   Freight expenses    
—
       (1,151 )      (96 )
Wisecome Oil Pte. Ltd.   Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director   Agent Charge    
—
      
—
       (1 )
Wisecome Oil Pte. Ltd.   Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director   Rental and maintenance expenses    
—
       (17 )     (35 )
Wisecome Oil Pte. Ltd.   Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director   Advances    
—
       1,125      
—
  
Mega Origin Holdings Limited   Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director   Dividend paid     (1,500 )     (4,745 )    
—
  
Mega Origin Holdings Limited   Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director   Non-trade loan, unsecured, interest-free and repayable on demand     6      
—
       —  
Mega Origin Holdings Limited   Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director   Non-trade loan, unsecured, interest-free and repayable on demand     (87 )     (152 )     57