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Brightoil expects higher interim profit

The better oil price environment seems to already be having a positive impact on some companies, with Brightoil Petroleum releasing a positive profit alert.

In some welcome good news for the beleaguered sector, Brightoil said in a stock market announcement that based on a preliminary review for the six months ended 31 December 2016, the group, "is expected to record an increase in its profit as compared with that of the corresponding period of the previous year".

Brightoil said: "The growth in international trading and bunkering business sales volume and margin, as well as increase in upstream oil and gas assets production and the recovery of oil price have contributed to the increase in the group’s profit as compared with the corresponding period of the previous year."

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