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Low oil price pushes Brightoil to issue profit warning

Low oil price pushes Brightoil to issue profit warning
The low oil price environment has affected the best intentions of fuel trading group Brightoil Petroleum Holdings to diversify upstream.

The group issued a profit warning, saying in a stock market announcement that although the group’s business in International Trading and Bunkering, Marine Transportation and Upstream Tuzi and Dina 1 Gas Field projects recorded profits for the year ended 30 June 2016, this would be significantly lower compared with that of the corresponding period of the year before.

"The decrease was mainly attributable to the loss on the Caofeidian oilfields in China as a result of the significant drop of and the continuously low international crude oil price," Brightoil explained.