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Brightoil Petroleum (Holdings) Ltd has announced that Mr. Wang Wei, an executive director of the firm and chief executive officer of its Singapore subsidiary, Brightoil Petroleum (Singapore) Pte. Ltd., has formally notified his employers that he will be retiring from office and will not be seeking re-election by shareholders.

According to Brightoil, Wang entered into a three-year Service Agreement with Brightoil in May 2015, and ceased to be an executive director of the company with effect from May 18, 2018, and was no longer CEO of the Singapore business from May 21, 2018.

Wang, who has more than 30 years' experience in the oil and gas industry, was in charge of Brightoil's International Trading & Bunkering (ITB) division as well as the leasing and operation of Brightoil's oil storage facilities.

"Mr. Wang has confirmed that he has no disagreement with the Board and there are no matters in relation to his retirement that need to be brought to the attention of the shareholders of the Company," Brightoil said.

"The Board would like to express its appreciation to Mr. Wang for his contributions to the Group throughout his term of office," Brightoil added.

The development means that Brightoil's board has been reduced to three executive directors: Dr. Sit Kwong Lam (chairman), Tang Bo and Tan Yih Lin.

The list of non-executive directors (Dai Zhujiang) and independent non-executive directors (Kwong Chan Lam, Lau Hon Chuen and Chang Hsin Kang ) remains unchanged.