Brightoil details US losses

Hong Kong: Hong Kong-listed oil conglomerate Brightoil Petroleum said on Wednesday that its US business had suffered losses of up to $15m while being headed up by former managing director Vince Matassa.

The company said it was carrying out an audit of its US operations.

"Brightoil confirms that Mr. Vince Matassa, regional Managing Director ISB (International Supply and Bunkering) Americas and Caribbean, is no longer working with Brightoil," the statement said.

"During his term at Brightoil the Group's U.S. business accumulated losses of up to approximately $15 million."

Matassa was among a number of BP employees who joined Brightoil in 2010.

John Foo, managing director of the company's Asia operations, will head the US operations until a replacement is found.  [21/06/12]

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