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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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