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1st ocean going tanker for Brightoil

1st ocean going tanker for Brightoil
Brightoil Petroleum (Holdings) Limited has today taken delivery of our first ocean-going oil tanker in Singapore purchased in November 2009 for the consideration of US$52.5million.

Brightoil Petroleum (Holdings) Limited has today taken delivery of our first ocean-going oil tanker in Singapore purchased in November 2009 for the consideration of US$52.5million.

Brightoil Petroleum (Holdings) Limited, one of the largest service providers of marine bunkering in China, announced that the Group has today taken delivery of our first ocean-going oil tanker in Singapore purchased in November 2009 for the consideration of US$52.5million (equivalent to approximately HK$409.5million). The double-hulled aframax oil tanker, with a capacity of 107,500 DWT, has an overall length of 243.8m. Built in Japan in 2009, it is coupled with 3 sets of cargo pumps, each having a discharge rate up to 3,000 m3/hr and hence totaling a maximum discharge rate of 9,000 m3/hr. The vessel is built to Common Structural Rules (CSR), the latest standard for newly-built tankers, featuring increased strength requirements and durability of hull structures to make it safer and more dependable to operate.

The oil tanker will mainly be used for transporting fuel oil or crude oil internationally. The Group has been contemplating the formation of a fleet of vessels comprising ocean-going oil tankers and marine bunker tankers with sizes ranging from approximately 5,000 DWT to 300,000 DWT through acquisition, leasing or hire-purchase arrangements for the purpose of supporting its marine bunkering and petroleum products trading businesses and to provide marine transportation services to its customers. The Group intends to charter out the oil tanker to generate additional revenue and to streamline the procurement process for its core marine bunkering business worldwide.

Dr. Sit Kwong Lam, Chairman and CEO of the Group, said, "The delivery of our first ocean-going oil tanker represents a milestone for Brightoil Petroleum in rolling out its marine transportation business. This is in line with the Group's business strategy and it also marks an important step for us to expand our fleet of vessels. The Group reckons the timing to purchase an oil tanker is highly attractive given the current price of a newly-built high quality tanker vessel is down from around US$80million in 2008. In addition, the Group also anticipates benefits from the gradual recovery of the shipping industry."

Dr. Sit added, "This, along with the tremendous oil storage facilities and terminal projects in Dalian and Zhoushan, as well as the Tuzi gas exploration and production project, shows that we have progressively started the various oil-and-gas businesses we have previously envisioned. In the long run, the Group will put equal focus on its four major businesses - marine bunkering, marine transportation, oil storage and terminal facilities as well as oil and gas exploration and production, and strive to become a highly integrated global energy conglomerate."

Brightoil Petroleum (Holdings) Limited is mainly engaged in the marine bunkering service and oil trade business in the Greater China region and is one of the largest chain service providers of marine bunkering in China. Brightoil Petroleum has been actively expanding its chain network of marine bunkering business worldwide. While building a 2.2 million m3 oil storage facility and a wharf with fifteen 1,000 to 300,000-DWT class berths on Waidiao Island, Zhoushan City in the Yangtze Delta, the Group plans to construct a 8 million m3 oil storage facility and a wharf that could accommodate vessels with capacity of 1,000 to 300,000 DWT, on Changxing Island, Dalian, Bohai Bay. Meanwhile, the Group intends to establish a large-scale oil tanker fleet for supporting its marine bunkering service and oil trade business. In long run, the Group will strive to develop the upstream business by stretching its tentacles in the exploitation, production and sale of oil fields with a view to becoming a highly integrated global energy conglomerate.

www.TurkishMaritime.com.tr

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