Brightoil seals another $50m loan with China Development Bank

The latest facility agreement is in addition to an earlier 10-year term loan for $50m entered with China Development Bank in July this year, bringing Brightoil's total loan with the bank to $100m.

Under the facility agreement, chairman and executive director of Brightoil, Sit Kwong Lam, is required to maintain control of the company. Sit currently owns approximately 74.88% of the Hong Kong-listed company's issued share capital as at 28 October 2013.

Brightoil had earlier posted a full year net loss of HKD721.7m ($93.08m) due largely to a HKD709m loss on fair value change of derivative financial instruments and a 21% year-on-year drop in revenue.

Brightoil is the leading bunker fuel supplier in China's southeastern Shenzhen port region. It owns a fleet of VLCCs, aframaxes and bunker tankers, and operates oil storage and terminals in China.