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Brightoil to sell bunker tanker for $8.4m to its Singapore subsidiary

Brightoil to sell bunker tanker for $8.4m to its Singapore subsidiary
Brightoil Petroleum (Holdings) has announced that its Shenzhen Brightoil Shipping will sell a bunker tanker to its wholly-owned Brightoil 319 Oil Tanker for a cash price of $8.4m.

The bunker tanker, Vessel 319, is built by Rizhao Kingda and it is presently at Rizhao, China where final preparatory steps for delivery in the last week of May are being undertaken

Shenzhen Brightoil Shipping is controlled by Sit Kwong Lam, executive chairman and controlling shareholder of Brightoil Petroleum, making the deal a connected transaction for Brightoil Petroleum.

Brightoil Petroleum believed that with Singapore incorporated Brightoil 319 Oil Tanker having established itself as one of the leading bunker suppliers in Singapore, the purchase of the bunker tanker will enhance the competitive strength in the bunkering business and bring in higher revenue through increased bunker fuel sales.

Hong Kong-listed Brightoil Petroleum is principally engaged in exploration, development and production of oil and gas fields, trading and bunkering, marine transportation as well as oil storage and terminal facilities businesses.