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Brightoil Petroleum Limited, one of the largest service providers of marine bunkering in China, has announced that the group has today entered into a Memorandum of Agreement with Rasos Shipping Co. Ltd. to purchase its second ocean-going oil tanker at a price of US$52.5million.

The newly-acquired double-hulled aframax oil tanker has a capacity of 107,500 DWT, coupled with 3 sets of cargo pumps, each of which having a discharge rate up to 3,000 m3/hr and totaling a maximum discharge rate of 9,000 m3/hr.

The vessel is currently under construction in Japan and expected to be delivered by the end of April 2010. The vessel is built to Common Structural Rules (CSR), the latest standard for newly-built tankers, featuring increased strength requirements and durability of hull structures to make it safer and more dependable to operate.

The consideration of US$52.5million is intended to be funded by bank financing and internal resources of the Group, Brightoil said.

Commenting on the purchase, Dr. Sit Kwong Lam, Chairman and CEO of the Group, said, “The acquisition of the second oil tanker demonstrates that the group is committed to roll out its marine transportation business line. With the newly-acquired oil tanker, the group will own a fleet of three vessels altogether, including one bunker tanker “Brightoil 668” and two ocean-going aframaxes oil tankers.”

The group says it is looking to build a fleet of vessels comprising of ocean-going oil tankers and marine bunker tankers ranging from approximately 5,000DWT to 300,000 DWT through acquisition, leasing or hire-purchase arrangements.

The acquisition of Brightoil's second ocean-going oil tanker further expands the group's fleet of vessels aimed at supporting its marine bunkering and petroleum product trading business and to providing marine transportation services to its customers.

Brightoil says its ocean-going oil tankers will mainly be used for transporting fuel oil or crude oil internationally. The group intends to charter out the vessel to generate additional revenue and to utilize it as part of its procurement process to complement its core marine bunkering business worldwide.

Dr. Sit added, “The timing is highly attractive to purchase two newly-built high quality tanker vessels, each at the price of US$52.5 million. The Group will benefit from the gradual recovery of the shipping industry and the increase in vessel traffic.”