BRIGHTOIL PETROLEUM (HOLDINGS) LIMITED (8 October 2015 - Hong Kong) Brightoil Petroleum (Holdings) Limited ('Brightoil Petroleum' or the 'Group'; stock code: 933.HK) announced that Brightoil E-Commerce (Shenzhen) Limited ('Brightoil E-commerce'), the wholly-owned subsidiary of the Group, and Shenzhen Brightoil Group Co., Ltd ('Shenzhen Brightoil'), the private company of controlling shareholder, entered into the E-commerce Exclusive Technical Consultancy and Services Agreement. Based on the Group's oil industry chain, entity foundation including oil tanks, large terminals, crude carrier, oil and gas fields, and oil product supply chain system which are established by the Group over the past two decades, both parties will launch Brightoil Online, the first 'internet-petroleum-finance' comprehensive energy and financial e-commerce platform in the PRC.
Brightoil Online, based on the storage and transaction of the physical petroleum product, provides a series of novel petroleum and financial products. Its aim is to provide a brand new online and offline consumption model for customers and to build a comprehensive consumption data base in the combination of petroleum and finance, so as to transfer the petroleum into hard currency for the public, and to provide them with diversified experience of oil usage and consumption.
Apart from targeting the corporate customers to launch the B2B model and the O2O model as a combination of online and offline interaction, Brightoil Online will innovatively launch a C2B model, which is to cater for the need and experience of individual customers and making innovation for petroleum consumption model and taking the lead of innovative development of the petroleum industry. Endeavour to build a petroleum product storage and duty-free storage, large scale storage, large scale terminals, oil tankers, transportation and distribution, retail and wholesale, duty-free bunkering commercial prepaid card, transaction and financial service integration petroleum and energy full industrial chain and e-commerce ecosphere. At this stage, the primary four products and services categories to be launched include: CROWDOIL (C2B), CLOUDOIL (C2B), CORPOIL (B2B & O2O) and Marine Bunkering (B2B & O2O) online platform.
Through this agreement, Brightoil E-commerce will be the exclusive provider of single-purpose commercial prepaid cards service which is related to oil business for Shenzhen Brightoil. The services include brand strategy and marketing services, corporate internal management, corporate operational services, IT research and development and system operation maintenance services.
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The huge oil consumption market provides a broad space for Brightoil to develop oil e-commerce business; meanwhile, the demand for reform and innovation in the domestic oil circulation system also bring opportunities for the business. With its various advantages, the Group expands its business to the oil and gas e-commerce sector in a timely manner. By combining the advantageous resources from home and abroad and by integrating online and offline businesses, relevant internet and financial services are combined to enhance the core competitive edge of the Group in the petroleum and energy sector, and the e-commerce business is expected to achieve rapid development.
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About Brightoil PetroleumBrightoil Petroleum (Holdings) Limited is a resource-based energy enterprise focusing on upstream oil and gas resources exploration, along with further developments in midstream and downstream businesses. The Group is principally engaged in the exploration, development and production of upstream oil and gas fields, marine transportation, oil storage and terminal facilities, international trading and bunkering and e-commerce Business.
The Group has owned two in production natural gas field projects in Xinjiang Province, China - Tuzi Gas Field and
Dina 1 Gas Field and acted as the operator for these two projects. Also, it has owned the interests for two offshore producing blocks in Caofeidian Oil Field in Bohai Bay. The Group owns Proved plus Probable ('2P') net entitlement reserves of approximately 93 million boe, and its average daily net production is around 25,000 boe, the annual production is around 9 million boe. As promising gas reserves were detected at Tuzi Gas Field during drilling tasks and approved by relevant departments for operation while the new development plan of Caofeidian Oil Field has been implemented, the Group's oil and gas reserves and production are expected to double.
The Group currently operates a modernized tanker fleet which includes five Very Large Crude Carriers (VLCCs), four Aframax and four bunker barges with advanced mass flow meter system. The total capacity of the fleet is over 2 million deadweight tonnages.
The Group's oil storage facility on Waidiao Island in Zhoushan, with a total capacity of 3.16 million cubic meters, is under construction. The terminal facility will be equipped with 13 berths which can accommodate vessels from 1,000 to 300,000 deadweight tonnage. Meanwhile, the Group's oil storage facility on Changxing Island in Dalian, with a total capacity of 7.19 million cubic meters, is also under construction. The terminal facility will be equipped with 13 berths to accommodate vessels from 1,000 to 300,000 deadweight tonnage. Upon the completion of construction of the storage facilities, the total storage capacities of the Group will reach 10.35 million cubic meters, making the Group one of the top 10 oil storage service providers in the world.
The Group is one of the major offshore oil product suppliers for China and Singapore with services expanding to ports all over the globe. Trading products of the Group include fuel oil, crude oil, gas oil and petrochemicals. The Group has established extensive and stable supply and distribution channels in the international market with a leadership by trading volume.
The Group captures the opportunities from the state's encouragement of developing Internet-based economy. By combining the advantageous resources from home and abroad and by integrating online and offline businesses, relevant internet and financial services are combined to enhance the core competitive edge of the Group in the petroleum and energy sector so as to innovatively develop the first 'internet-petroleum-finance' comprehensive energy and financial e-commerce platform in China. The e-commerce business can fully utilize the Group's current entity industry chain, and make the best of existing physical assets for benefit maximization. Meanwhile, the e-commerce business will further boost the development of the Group's oil product trading and offshore bunkering businesses as well as downstream industry chain, helping which realize rapid growth in income and yielding substantial profits for the Group.
Brightoil Petroleum has been included in the Hang Seng MidCap Index, effective from 9 March 2015.
The Shenzhen Brightoil Group has been engaged in the provision of oil storage services, investment in gas stations and wholesale of petroleum products in the PRC. It has also engaged in the supply of duty-free oil for marine bunkers in the PRC. It is one of the five approved marine bunkering operators in the PRC. Shenzhen Brightoil is also licensed to issue single-purpose commercial prepaid cards in the PRC. Dr. Sit is the ultimate controller and beneficial owner of Shenzhen Brightoil.
For additional information about Brightoil Petroleum, please visit the Company's website at www.brightoil.com.hk.
Press Release distributed by: Brightoil Petroleum (Holdings) Limited
For media enquiry, please contact Wonderful Sky Financial Group Limited Elaine Wang / Ivy Zhang
Tel: (852) 2851 1038
Fax: (852) 2598 1588
Email: elainewang@wsfg.hk /ivyzhang@wsfg.hk
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