Brightoil Looks to Boost Bunker Business with Launch of Brightoil Online "Internet-Petroleum-Finance" Platform

Brightoil E-commerce will provide operational e-commerce services for a one year period, beginning January 1, 2015.

Brightoil Petroleum (Holdings) Limited (Brightoil) has announced it is looking to give its bunker business a boost with the launch of Brightoil Online, which it describes as the "first 'internet-petroleum-finance' comprehensive energy and financial e-commerce platform in the PRC."

"Brightoil Online, based on the storage and transaction of the physical petroleum product, provides a series of novel petroleum and financial products," explained Brightoil.

Through those products, Brightoil says it wants to "transfer the petroleum into hard currency for the public" and will be targeting consumer-to-business (C2B), business-to-business (B2), as well as Online-to-Offline (O2O) business.

The primary four products and services categories to be launched were said to include: CROWDOIL (C2B), CLOUDOIL (C2B), CORPOIL (B2B & O2O), and Marine Bunkering (B2B & O2O) online platforms.

"The Group considers that it is commercially beneficial and prudent to become a service provider as its initial move to enter into this sector. The platform can fully utilise the Group's existing substantive business line and further enhance the utility of its current substantive assets," commented Dr. Sit Kwong Lam, Chairman of Brightoil Petroleum.

"The platform can further boost the income of the Group's existing oil product trading and bunkering business and downstream business, and to bring considerable income for the Group."

In June, Brightoil said it was establishing an e-commerce company that was in-line with the Chinese government's industrial policy that "encourages the development of internet technology for traditional industries."