Brightoil secures $700m financing from CNOOC

Brightoil secures $700m financing from CNOOC

Brightoil Petroleum has announced that China’s state-run energy giant CNOOC has, through subsidiaries CNOOC International Financial Leasing and CNOOC China, provided the company $700m of financing.

The financing includes $400m for the company’s Caofeidian Oilfield for a period of five years and an advanced payment arrangement of $300m to ensure the smooth implementation of the overall development adjustment plan and the actualisation of the goal of increased production in the oilfield.

In November, Brightoil terminated a plan to sell 15 vessels in its fleet and chartered the vessels to Shell. The company also said it was working with a bank in China to formulate a package of financing and debt optimisation adjustment plans for the company.

 

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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