August 2, 2018 [Ship & Bunker] - Brightoil Petroleum (Holdings) Limited (Brightoil) today said it is in preliminary talks to sell its Zhoushan Oil Storage and Terminal Facilities along with 15 vessels, including VLCCs, Aframaxs, and barges.
“These two intended sales, once realized, shall bolster the financial strength and provide support to the long term strategic developments of the Group,” Brightoil said in a statement Monday.
“The Company shall make further announcement once the details and terms of the two intended sales are ironed out and agreed.“
With IMO 2020 predicted to be extremely positive for the Chinese bunker market, Zhoushan is one of the country’s key bunkering areas and one Brightoil has previously been bullish on.
In 2016, the company’s at-the-time Global Bunker Director, Hans Staal, told Ship & Bunker that the Zhoushan facility would help it “not only in the local markets but also in the wider region.”
Article republished with permission from Ship & Bunker.
