Marine fuels supplier Brightoil Petroleum has secured a loan of RMB1bn ($156.5m) from China Development Bank (CDB) for a term of 12 months, Seatrade Asia online reports. Hong Kong-listed Brightoil said on Monday that the loan will be used for working capital requirements of its marine bunkering business and front-end costs of its upstream oil and gas projects.
“The facility is secured by a personal guarantee executed by Sit Kwong Lam, the controlling shareholder of the company, in favour of CDB,” Brightoil said in a statement. Privately-owned Chinese firm Brightoil is founded by Sit.
Brightoil last week announced a first-half net profit of HK$1.3bn ($166.7m), up 14.6% compared to HK$1.1bn in the same period of last year.
“The facility is secured by a personal guarantee executed by Sit Kwong Lam, the controlling shareholder of the company, in favour of CDB,” Brightoil said in a statement. Privately-owned Chinese firm Brightoil is founded by Sit.
Brightoil last week announced a first-half net profit of HK$1.3bn ($166.7m), up 14.6% compared to HK$1.1bn in the same period of last year.