Brightoil Petroleum to Finance Anadarko Blocks Purchase through Cash, Loans

Reuters

HONG KONG, Feb 20 (Reuters) – Brightoil Petroleum Holdings Ltd said on Thursday it plans to finance its acquisition of Anadarko Petroleum Corp's oil blocks in China's Bohai Bay through cash as well as loans from state-backed China Development Bank (CDB).

Chairman Sit Kwong Lam, speaking after Brightoil reported its earnings, said 30 percent would be financed through internal resources and the remainder with CDB loans.

The company announced earlier this week that it had agreed to buy Anadarko's stakes in two oil blocks in Bohai Bay for $1.08 billion in a major push into the upstream segment.

It has also said that it secured a $4 billion credit line from China Development Bank, the country's largest policy-oriented bank, to support its business and development and potential acquisitions.

Lam said on Thursday the company had only used $700 million of that amount.

(Reporting by Charlie Zhu; Editing by Anne Marie Roantree and Himani Sarkar)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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