Sign up
Log in Sign up
Mon 22 Apr 2013 18:38

Brightoil secures loan deal


Agreement arranged with China Development Bank Corporation via its subsidiary Win Business Petroleum Group.

Hong Kong-listed Brightoil Petroleum (Holdings) Ltd. has secured a loan agreement of up to US$30 million from China Development Bank Corporation.

The three-year agreement was obtained by Win Business Petroleum Group Ltd., a wholly-owned subsidiary of the company, as borrower, with Win Business Petroleum Group (Grand Desert) Ltd. and Win Business Petroleum Group (Dina) Ltd. as the guarantors.

Under the facility agreement, current Brightoil chairman Dr. Sit is required to continue as the company's controlling shareholder. If this position were to change, it would effectively constitute a default and China Development Bank would be able to cancel all or part of the loan, or declare that all or part of the loan become immediately due and payable.

South Africa flag illustration. Peninsula expands marine fuel operations to Algoa Bay  

Supplier partners with Linsen Nambi to launch bunkering services from October.
Palace of Westminster, London. UK government commits GBP 448m to maritime decarbonisation research programme  

UK SHORE funding aims to accelerate clean shipping technologies through 2030.
Header image for ABS 2025 Sustainability Outlook, Beyond the Horizon: Vision Meets Reality. ABS chief urges IMO to pause net zero framework over fuel availability concerns  

Christopher Wiernicki says LNG and biofuels are 'mission critical' to shipping decarbonisation success.
Quadrise production process — illustration. Quadrise appoints veteran Peter Borup as CEO to drive commercialisation  

Former Maersk executive to lead decarbonisation technology company from October 1.
HMS Bergbau logo. German commodities trader HMS Bergbau enters marine fuels market  

Company acquires experienced team to trade bunkers and lubricants globally.
Product tanker Artizen, owned by Hong Lam Marine. Hong Lam Marine takes delivery of Artizen tanker in Japan  

Singapore-based firm receives new vessel from Kegoya Shipyard.
Birdseye view of containership. Panama Canal launches NetZero Slot to incentivize low-emission transits  

New reservation category prioritizes dual-fuel vessels capable of using alternative fuels from November.
Van Oord's Vox Apolonia. Van Oord deploys bio-LNG dredger for Dutch coastal project  

First bio-LNG-powered trailing suction hopper dredger operation begins in the Netherlands.
Model testing for Green Handy methanol-powered vessel. Methanol-fuelled Green Handy ships pass model tests ahead of 2026 construction  

Baltic carrier reports model testing exceeded performance targets for 17,000 dwt methanol-powered vessels.
Miguel Hernandez and Olivier Icyk at AiP for FPSO. SBM Offshore's floating ammonia production design gets ABS approval  

Design converts offshore gas to ammonia while capturing CO2 for maritime and power sectors.




 Recommended