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Brightoil gains financial support for expansion

Brightoil gains financial support for expansion

Hong Kong: One of the largest global marine bunkering service provider-Brightoil Petroleum (Holdings) Limited (Brightoil) has entered into a US$4bn strategic cooperation agreement with Hong Kong branch of China Development Bank to back its future development.
Brightoil said the five-year deal includes funds for tanker purchases, provision of letters of credit and bank guarantees for its petroleum products trading business and any newly developed projects or mergers and acquisitions in China and overseas. according to a statement.
Dr. Sit Kwong Lam, chairman and ceo of Brightoil said," Energy helps ensure and drive the growth of the national economy. The development of the energy and resources sector has always been highly regarded by the Chinese government," "The cooperation agreement will serve to complement the competitive edges of Brightoil and China Development Bank, reaping synergy to fuel our growth while accelerating the pace of reaching our strategic goals in the upstream business." Dr. Sit added. [10/01/11]

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