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Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels

31 Jul 2018

Hong Kong-listed Brightoil Petroleum (Holdings) Limited Monday announced an intention to sell the assets and/or shareholding of Zhoushan Oil Storage and Terminal Facilities, and 15 marine shipping vessels (VLCC, Aframax, Barge) of the Group.

The company is already “engaging in preliminary commercial negotiations with potential investors for the intended sales”, it says.

“These two intended sales, once realised, shall bolster the financial strength and provide support to the long term strategic developments of the group,” it explains.

“The company shall make further announcement once the details and terms of the two intended sales are ironed out and agreed, and until then it should be noted that these intended sales are still at a preliminary stage, and investors are advised to exercise caution when dealing in the shares and securities of the company.”

In a separate development, the firm’s Aframax tanker Brightoil Lucky has been arrested at Singapore port on Sunday, according to the Supreme Court of Singapore.

The Hong Kong-flagged vessel is primarily engaged in the transportation of crude and fuel oil from the Middle East and South East Asia into the Far East and Australasian markets, says information from Brightoil’s website.

Related: Brightoil: ‘Business as usual’ with HKSE’s new delisting rules
RelatedBrightoil Singapore introduces new Acting CEO
RelatedBrightoil: Singapore CEO resigns, trading halt continues
RelatedBrightoil continues suspension of trading activities
RelatedBrightoil: Delay in release of 2018 financial results
RelatedUpdate on suspension of trading
RelatedBrightoil redeems $9.6 million in outstanding bonds

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 31 July, 2018

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