Brightoil Enters a US$4 Billion Strategic Co-operation

Brightoil enters into a US$4 billion Strategic Co-operation Agreement with China Development Bank for a term of 5 yearsMoves forward on its future development with the strong support received through the strategic co-operation.

One of the largest  global marine bunkering service providers – Brightoil Petroleum (Holdings) Limited (“Brightoil” or the “Group”; stock code: 933.HK) today  announced  that the Group has entered into a US$4 billion Strategic Co-operation Agreement with China Development Bank Corporation Hong Kong Branch (“China Development Bank Hong Kong Branch”)for a term of 5 years.

Pursuant to the Agreement, China Development Bank Hong Kong Branch  is delighted to  provide financing support for Brightoil’s operations which require approximately  US$4  billion,  including 1)  the  acquisition of tankers to expand its vessel fleet; 2) the provision of letters of credit and bank guarantees for Brightoil to expand its petroleum products trading business; and 3) support for any newly developed projects or mergers and acquisitions in China and overseas.

China Development Bank Hong Kong Branch shall provide better lending terms to Brightoil, its controlled corporations or other invested companies than  those available in the market.

Full story could be found here!

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Tags: Brightoil, Bunker

This entry was posted on 10 January, 2011 at 15:59 and is filed under All News Stories, Others. You can follow any responses to this entry through the RSS 2.0 feed.