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Brightoil Petroleum (Holdings) Limited, one of the leading service providers of marine bunkering in China, has announced today that it has taken delivery of its first ocean-going oil tanker in Singapore.

The double-hulled aframax oil tanker, which was purchased in November 2009 for US$52.5million, has a capacity of 107,500 DWT and an overall length of 243.8m.

Built in Japan in 2009, it is coupled with 3 sets of cargo pumps, each having a discharge rate up to 3,000 m3/hr and hence totalling a maximum discharge rate of 9,000 m3/hr. 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 oil tanker will mainly be used for transporting fuel oil or crude oil internationally. The group says it has been contemplating the formation of a fleet of vessels comprising ocean-going oil tankers and marine bunker tankers with sizes ranging from approximately 5,000 DWT to 300,000 DWT through acquisition, leasing or hire-purchase arrangements for the purpose of supporting its marine bunkering and petroleum products trading businesses and to provide marine transportation services to its customers.

Brightoil says it intends to charter out the oil tanker to generate additional revenue and to streamline the procurement process for its core marine bunkering business worldwide.

Dr. Sit Kwong Lam, Chairman and CEO of the group, said, "The delivery of our first ocean-going oil tanker represents a milestone for Brightoil Petroleum in rolling out its marine transportation business. This is in line with the group's business strategy and it also marks an important step for us to expand our fleet of vessels.

"The group reckons the timing to purchase an oil tanker is highly attractive given the current price of a newly-built high quality tanker vessel is down from around US$80million in 2008. In addition, the group also anticipates benefits from the gradual recovery of the shipping industry."

Dr. Sit added, "This, along with the tremendous oil storage facilities and terminal projects in Dalian and Zhoushan, as well as the Tuzi gas exploration and production project, shows that we have progressively started the various oil-and-gas businesses we have previously envisioned. In the long run, the group will put equal focus on its four major businesses - marine bunkering, marine transportation, oil storage and terminal facilities as well as oil and gas exploration and production, and strive to become a highly integrated global energy conglomerate."