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Brightoil planning to divest tankers, Zhoushan facilities

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Brightoil Petroleum’s financial seem to be ongoing with the troubled oil services group planning the divestment of its Zhoushan Oil Storage and Terminal Facilities, and its 15 tankers, essentially shutting down its oil tanker and marine transportation business and severely crimping its oil storage business.

Brightoil said in a stock market announcement that the moves were in the interests of “enhancing the shareholding and asset structures of the group” and the completion of the two transactions would “bolster the financial strength and provide support to the long term strategic developments of the group”. The company did not specify what these long term developments were.

Brightoil still has bunkering operations and continues to build on its online bunker trading platform Brightoil Bunker Online.

Read More: Brightoil’s online platform starts real-time bunker trading