[For Immediate Release]

Brightoil Announces Strategic Reform of Fuel Oil International Trading and Bunkering Business and Establishment of Crude Oil Trading Team

(21 November 2012 - Hong Kong) Brightoil Petroleum (Holdings) Limited ("Brightoil Petroleum" or the "Group"; stock code: 933.HK) is pleased to announce the strategic reform of its fuel oil International Trading and Bunkering business and the establishment of a crude oil trading team.
Following the announcement of Brightoil's International Trading and Bunkering segment, which faced an extremely challenging shipping market environment with poor demand and lower margins, Brightoil has new updates on its International Trading and Bunkering business.
As part of its strategic reform, the Group appointed Mr. Stephen Qi Jun International Trading and Bunkering Chief Operating Officer, a capacity in which he will lead the daily operations team, which comprises fuel oil traders Mr. Patrick Latham, Mr. Jason Song Qi and Mr. Tan Chuan Hong. Furthermore, to better develop the trading and bunkering business as well as to strengthen risk management, the Group also appointed Mr. Li Gang Head of Global Marine Bunkering and Mr. Gary Wu Chief Risk Officer and Brightoil Petroleum (Singapore) Ltd Risk Officer. They will work together closely after the reorganization of the international trading and bunkering team.
The Group announced that Mr. Quek Chin Thean will no longer be CEO of the trading and bunkering team, and would like to express its sincere gratitude to Mr Quek for his contributions to the Group, and wishes him all the best in his future endeavours.
International Trading and Bunkering has been one of the Group's core businesses. In the past two years, the Group has established a solid foundation of front, mid to back office framework for the business to stabilize the consistency of market operations.
With an eye on Brightoil's long term sustainable development, the Company established its crude oil trading team in April 2012, which has been at full strength since October
2012. The Group's crude oil business is led by Crude Oil Vice President Mr. Kevin Du, and also includes Crude Oil Vice President Mr. Franck Zhang Xincheng, Crude Oil Far East

1

Regional Team Leader Mr. Tsuyoshi Minami, as well as three crude oil senior traders - Mr. Robert French, Mr. Li Shiyong and Mr. Manosh Saha. The team will work towards satisfying the growing demand for crude oil in the Asia region, especially in the China market.

-End-

About Brightoil Petroleum

Brightoil Petroleum (Holdings) Limited is principally engaged in the International Trading and Bunkering Business, Oil Storage and Terminal Facilities, Marine Transportation as well as Upstream Business. The Group entered into a US$4 billion Strategic Cooperation Agreement with China Development Bank in January 2011 to support current business development and potential M&A projects.

The Group is one of the largest marine bunkering service providers in China and has expanded services to international ports in the USA, Europe and Asia. Currently, the Group is constructing a 3.2 million m3 oil storage and terminal facility with thirteen 1,000 to 300,000

DWT class berths on Waidiao Island, Zhoushan City in the Yangtze Delta. The Group is also constructing a 7.7 million m3 oil storage facility and terminal that could accommodate vessels with capacities of 1,000 to 300,000 DWT on Changxing Island, Dalian, Bohai Bay. The Group currently operates four Aframax oil tankers and two VLCCs. The remaining three VLCCs are in the course of manufacturing and will be delivered soon. With a total of nine oil tankers, the Group's marine transportation capacity will exceed 2 million tonnes. The Group has been very active in upstream business development and has cooperated with China National Petroleum Corporation (CNPC) in two natural gas field projects: Tuzi Gas Field and Dina 1 Gas Field. Dina

1 Gas Field is now in steady production. Along with the increasing trend of natural gas price in China, the value of the Tuzi Gas Field will continue to escalate. The Group will continue to develop its upstream business by stretching its tentacles in the exploitation, production and sale of oil fields with a view to becoming one of the leading global energy conglomerates in the world.

For additional information about Brightoil, please visit the Company's website at

www.brightoil.com.hk

Press Release distributed by: Brightoil Petroleum (Holdings) Limited

For media enquiry, please contact: Hill+Knowlton Strategies Asia Fax: (852) 2576 1990

Jacqueline Lee Tel: (852) 2894 6221 jacqueline.lee@hkstrategies.com

Maggie Chui Tel: (852) 2894 6293 maggie.chui@hkstrategies.com

2

distributed by