Marine fuel oil supplier Brightoil Petroleum has been granted $600m worth of revolving letter of credit and trust receipt facilities from China Development Bank last Friday, Seatrade-asia reports. The grant followed a January announcement that Brightoil has entered into a strategic cooperation agreement with the Chinese bank to access a total of $4bn of loans. The credit facilities will be used for working capital purposes of Brightoil, including developing its global supply and bunkering business. Brightoil is headquartered in Shenzhen, where it owns onshore oil depots and a fleet of bunker tankers. The privately-owned firm is currently the second biggest supplier of bonded bunker fuel in China, behind state-run Chimbusco.
All news