Brightoil in talks to sell oil terminal and entire shipping fleet

Brightoil in talks to sell oil terminal and entire shipping fleet

Brightoil Petroleum has announced that it is engaging in preliminary negotiations with potential investors for the sale of its Zhoushan oil storage and terminal facilities as well as its entire shipping fleet of 15 vessels.

The company’s 15 vessel fleet is comprised of five VLCCs, four aframaxes and six bunkering barges.

Brightoil believes the intended sales, once realised, will boost its financial strength and provide support to the long-term strategic development of the group. The company will make further announcements once the details and terms of the intended sales are finalised.

Brightoil’s stock trading has been suspended since October last year as the company still hasn’t completed the audit review of its 2017 annual financial results and 2018 interim results.

 

Photo: Thomas Timlen

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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