Asia/Pacific News
Shenzhen Brightoil Renews Service Agreement with Brightoil E-Commerce
Brightoil Petroleum (Holdings) Limited (Brightoil) has announced that Shenzhen Brightoil Group Co. Ltd. (Shenzhen Brightoil) has renewed its agreement with Brightoil E-commerce for another year.
The agreement will see Brightoil E-commerce provide operational e-commerce services, and is noted to be specifically related to Shenzhen Brightoil's single-purpose commercial prepaid cards business.
"The 2017 E-commerce Agreement serves to continue the innovative development synergy between the Group and the Shenzhen Brightoil Group," said Brightoil.
The renewed E-commerce Agreement holds a term of 1 year, expiring December 31, 2017.
Under the agreement, Shenzhen Brightoil Group will pay to Brightoil E-commerce a consultancy service fee that is subject to an annual cap of RMB850,000,000 ($122,307,435).
"The Company considers that the 2017 E-commerce Agreement and the participation and expansion into the oil and gas e-commerce business sector in the PRC can further boost the income of the Group's existing oil product trading and bunkering business and downstream business and provide the Company the means to gain meaningful insight of the future prospects of the developing oil and gas e-commerce business sector," explained Brightoil.
Last year, Brightoil, aiming to give its bunker business a boost, launched Brightoil Online, which it has described as the "first 'internet-petroleum-finance' comprehensive energy and financial e-commerce platform in the PRC."
