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Fri 7 Jan 2011, 14:42 GMT

Brightoil signs US$4 billion loan deal


Bunker supplier agrees financing deal as it pushes forward with expansion strategy.

Brightoil Petroleum (Holdings) Ltd. has today announced that it has signed a US$4 billion financing deal with China Development Bank as the marine fuel supplier pushes forward with its expansion plans.

Brightoil said that the loan would be used to purchase tankers for the expansion of its oil products trading business, and for mergers and acquisitions and new projects.

Hong Kong-listed Brightoil, the leading supplier in China's Pearl River Delta, has pushed ahead with its global expansion strategy over the last two years, expanding its business in Hong Kong, Shanghai, Singapore (January 2010) and Rotterdam (May 2010).

In November, the company announced that it would also be expanding its business into commodities trading for non-fuel oil products such as gas oil and crude oil.

Speaking at a news conference in Hong Kong, Brightoil's Executive Director William Chia said "For all of our four business segments we are looking for opportunities in China as well as overseas. Not only limiting to the tank facilities, but we are also looking into upstream projects as well as tankers."

Chia added that Brightoil had no firm plans to acquire storage facilities in Singapore.

"We believe we are in a great position to drive the rapid development of our business, ultimately creating greater returns for the bank and investors," Chairman and CEO Sit Kwong Lam said in statement.

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