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Brightoil eyes Chinese market
Written by Administrator
Sunday, 15 July 2012 18:38
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Hong Kong-listed Brightoil Petroleum (Holdings) will commence crude trading operations in the third quarter, aiming to become a key supplier to China, the world’s second-largest oil consumer, industry sources said.

Brightoil, with a market capitalisation of $3 billion, is eyeing a slice of China’s massive 5-million-barrels-per-day crude import market that is dominated by state-owned PetroChina, China Petroleum and Chemical Corp (Sinopec Corp), China national Offshore Oil Corp (CNOOC Group) and Sinochem Group.

Its expansion into crude trading comes after the top bunker fuel supplier in China’s Pearl River Delta extended its footprint globally by establishing trading units in Hong Kong, Shanghai, Singapore and Rotterdam in the past two years. The crude business would be supported by two upcoming storage terminals in China, which would have a total capacity similar to that of Asia oil hub Singapore, sources said. The Zhoushan terminal has a storage capacity of 3.2 million cubic metres, while the facility in Dalian will have the potential to hold up to 7.7 million cubic metres of crude and fuel oil, according to the company’s website.

“This is a massive facility; Brightoil will have the ability to buy crude at low prices, store it and then sell it when the market runs up,” said a Singapore-based trader, adding that the trading strategy would mirror that of Hin Leong. Brightoil has said it will also double its fleet of Very Large Crude Carriers (VLCC) to 10 vessels by the first half of 2013.

The expansion demonstrates the aspirations of Brightoil Chairman Raymond Sit - a member of political advisory body the National Committee of the Chinese People’s Political Consultative Conference and who enjoys warm ties with top officials in Beijing - to turn the company into a global energy conglomerate.

“His ambitions are clear, he wants to dominate the secondary market in China. Of course he won’t be competing with the big guns, but he sees opportunity in cornering the medium and smaller refiners,” a Singapore-based crude trader said.


The company started in 2010, founded by an expert who brings with him 30 years offshore experience, 15 of them in quality assurance and quality control services.

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