Hong Kong-listed Brightoil said the establishment of the e-commerce company in China is in line with the Chinese government’s industrial policy which encourages the development of internet technology for traditional industries.
“This initiative is aiming to utilise the company’s existing infrastructure including oil storages and terminals and ocean tankers; to fully optimise the company’s operational capacity in the oil and gas sector; combing the new business model of internet and e-commerce, to provide customers with online and offline experience of all aspects; and to further expand room for the company’s development,” Brightoil explained.
“The specific business scope and operational models are still in conceptual stage and in the process of seeking cooperation. No legally binding agreements with any other entities have been signed by the company,” it added.
Privately-owned Brightoil also has interests in upstream oil and gas exploration, oil storage terminal operations, and bunkering.
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