Brightoil Petroleum, one of China's leading bunker fuel traders, on Thursday said it acquired an east China-based local fuel trading and logistics company for HK$1.485 billion ($191 million).
Brightoil, in the spotlight recently after its hire of a group of former BP fuel oil traders in May has led to a court case in Singapore, bought Access Wealth Holdings Ltd that produces and trades naphtha as well as operates oil berths and storage facilities in Jiangsu province.
The acquired entity would have a capacity to process annually 2.3 million tonnes of bitumen and other petrochemical products by 2011, up from this current 1.4 million tonnes, the company said.