Here is another good example of Chinese corporations expanding internationally to satisfy the need of Chinese domestic fuel demand.
Brightoil Petroleum Holdings Ltd plans to acquire oil and natural gas fields and may use a credit facility of more than US$3 billion to fund the purchases, Shanghai Daily reported.
Brightoil Petroleum Holdings Ltd is mainly engaged in international supply and global marine bunkering chain business, oil storage and terminal, marine transportation as well as oil and gas development and production. It is one of the largest chain service providers of marine bunkering worldwide. Brightoil Petroleum has been actively expanding its marine bunkering network chain around the globe according to their website.
"There is no limit on where we can acquire assets," Raymond Sit, Brightoil's billionaire chairman, said in a recent interview in Hong Kong
China Development Bank Corp agreed in January 2011 to provide US$4 billion in financing to help the company buy shipping tankers, expand its trading business and acquire additional overseas assets.
Raymond Sit told Shanghai
"Oil-storage facilities and bunker services provide steady cash-flows, but the upstream business will provide us with long-term growth."
The oil trader and shipper said on November 11 it will acquire Win Business Petroleum Group Ltd, also controlled by Sit, for HK$581 million to gain exploration and development rights for the Dina gas field in Xinjiang , China
Brightoil Petroleum Holdings Ltd will issue 322 million new shares to Raymond Sit at HK$1.80 each under the deal, according to the Shanghai Daily. Raymond Sit, who is 44 years old, owns 68.45 percent of Brightoil.
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