Brightoil's Fuel Oil Sales Grow 38% for 2H 2016

Brightoil's total revenue during during 2016's second half saw an increase of about 44 percent.

Brightoil Petroleum (Holdings) Limited (Brightoil), in its unaudited financial results for the six months ending December 31, 2016, has reported its international trading and bunkering business sold 3.6 million tons of fuel oil for the period, an increase of 38 percent year-on-year.

The division also sold 59.8 million barrels of crude oil, an increase of 60 percent.

The was jump was said to have been a key driver in growth for Brightoil's total revenue for the period, which saw an increase of about 44 percent, increasing to HKD 31,257 million ($4,027.26 million), compared to HKD 21,649 million ($2,789.33 million) during the same period of 2015.

However, revenues from marine bunkering dipped for the period, falling to HKD 2,008 million ($258.72 million) compared to HKD 2,539 million ($327.13 million) during the same period of 2015.

"In the future, the Group will continue to develop its international trading of crude oil, fuel oil and other products as well as the marine bunkering business," said Brightoil, noting that the company also intends to actively participate in the trade of liquefied natural gas.

"The Group will also continue to build out and develop a comprehensive e-commerce platform for maritime transportation, by way of new technology and the Industrial Internet. We will also launch an upgraded marine bunkering platform alongside an energy information platform on which customers can not only receive the latest information about shipping market news and international oil market trend via mobile devices, but also experience a one-stop solution for shipping."

As for it's outlook for the next six months, Brightoil says "profits are expected to grow further due to oil price recovery and continued sales increase."

The company also highlighted its business' increased focus on the use of Mass Flow Meter (MFM) technology and, as reported in October, says its use of MFMs in Singapore has not only improved efficiency, but had reduced quantity disputes "significantly."