Brightoil Appoints New CEO as Focus Shifts to Upstream

by Ship & Bunker News Team
Tuesday January 5, 2021

Formerly Hong Kong-listed oil company Brightoil has appointed a new CEO, as the company's focus shifts away from bunkering and other areas into upstream projects.

The firm appointed Xie Wenyan as CEO as of the start of 2021, it said in a statement on its website Monday.

"Given the change in focus of the Company's business to its upstream business following discontinuance of the International Trading & Bunkering and Marine Transportation businesses, and the signing of the Zhoushan agreements for the disposal of the Zhoushan project, the Board welcomes Mr. Xie as an executive director and the chief executive officer to lead the future development of the Company," the company said.

Brightoil was delisted in Hong Kong in October after several years of delayed earnings releases and legal proceedings.

Founder Sit Kwong Lam was forced to step down in April 2019 after being declared bankrupt. The company has auctioned off its bunker barge fleet, and intends to refocus on the upstream oil business as it restructures itself.