Asia/Pacific News
Brightoil Bunkering Business Develops at a "Steady Pace", "Twin-Engines" Drive Group to Steady Growth
Brightoil Petroleum (Holdings) Ltd. (Brightoil) Tuesday announced it had achieved “steady growth” in the six months to December 31, 2014.
The group said its International Trading and Bunkering business grew at a steady pace, despite price volatility, with Brightoil Chairman Sit Kwong Lam saying the group “responded proactively to the situation.”
The group’s Marine Transportation segment recorded its best ever results, owing to increased demand for tankers.
“The Contango situation resulting from the downward spiral of oil prices led to increased demand for tankers as a means of floating storage which, combined with winter seasonal demand,” said Sit Kwong Lam.
Brightoil’s move towards upstream operations also continued successfully, it said, with the Caofeidian Project in Bohai Bay, in which the group owns a stake, exceeding production targets of 1.3 million barrels of oil equivalent.
The group also said its upstream expansion plans were continuing, pointing to its late 2014 bid for certain Newfield Global Inc. (Newfield) assets, although reports in January suggested the deal had collapsed.
“The twin-engines business model (upstream and mid-downstream businesses) enabled the Group to secure steady growth amid volatile oil prices,” said the group.
Brightoil reported a 3 percent year-on-year rise in profit attributable to the owners of the company, to HK$561 million ($72.3 million).
Revenue grew 11 percent compared to the same period of 2013, hitting HK$44.9 billion ($5.8 billion).
In November, Brightoil appointed a new CEO, Wang Wei, from Sinochem’s Singapore business.
