Brightoil Eyes Upstream as Long-term Growth Driver after Bohai Buy

Reuters

HONG KONG, July 16 (Reuters) – Hong Kong-listed oil trader Brightoil Petroleum Holdings Ltd said on Wednesday it expects its upstream business to be the key long-term growth driver for the group following its acquisition of oil blocks in China's Bohai Bay.

Chief financial officer Danny Tan was speaking at a media briefing on the company's strategy.

Brightoil, which is involved in oil trading and also owns tankers and storage facilities, announced in February that it had agreed to buy Anadarko Petroleum Corp's stakes in two oil blocks in Bohai Bay off China's northeast coast for $1.08 billion in a major push into the upstream segment.

(Reporting by Charlie Zhu; Editing by Anne Marie Roantree and Michael Urquhart)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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