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Brightoil Petroleum (Holdings) Ltd. has announced that the Hong Kong Branch of China Development Bank Corporation has approved a US$600 million loan facility to develop its international bunkering business.

The facility is based on an earlier strategic cooperation agreement reached in January 2011, worth US$4 billion.

According to the group's interim results, sales volumes for the last half year reached 3.4 million tonnes, twice that of sales achieved during the corresponding period last year and equivalent to 87 percent of sales volumes for the whole of the previous year.

As part of its effort manage price fluctuations in relation to oil procurement, the group said it will utilize trading contracts of derivative financial instruments to hedge spot products.

Dr. Sit Kwong Lam, Chairman and CEO of the Group, said, "The US$600 million loan facility not only demonstrates China Development Bank, Hong Kong Branch's robust support but it also shows a sound understanding and strong belief in the company's developmental direction, which is a dedicated commitment to the development of our international supply and bunkering business. In this regard, the group is expanding its global bunkering network while actively exploring opportunities, widening its customer's base and consolidating its market position."

Brightoil currently provides customers with bunker supply operations in major Chinese and international ports, and is also involved in petroleum products trading.

The group said it is in the process of opening offices or planning to offer services in Houston, Tokyo, Taipei, Oslo, Rizhao and Qingdao as part of its growth strategy.

In addition, business developments under the scope of the US$4 billion strategic cooperation agreement are underway. "We think this arrangement supports the growth of our business as a whole," added Dr Sit. "It will extend Brightoil's influence in worldwide markets and rapidly promote the growth of the company's various businesses."