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Tue 29 Oct 2013, 09:11 GMT

Brightoil secures loan agreement


Capital to be used to support Brightoil's marine transportation business 'in particular'.

Brightoil Petroleum (Holdings) Ltd. has announced that a wholly-owned subsidiary of the group has entered into a facility agreement with China Development Bank Corporation Hong Kong Branch for a term of 10 years. The total loan amount has been set at up to US$50 million.

"The facility agreement will enhance the financial strength of Brightoil, in conjunction with the existing facility entered into on 2 July 2013," Brightoil said.

"These facilities would support the development of the group's four core businesses, in particular the marine transportation business," the bunker supplier added.

Dr. Sit Kwong Lam, Chairman and CEO of Brightoil Petroleum, commented: "The continuous support from China Development Bank provides clear evidence in the bank's confidence in Brightoil Petroleum's development direction and future prospect. Through the support, we can better allocate our resources and accelerate the pace of achieving our strategic goals to develop into an integrated international conglomerate."

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