Chinese marine bunker supplier Brightoil Petroleum has positioned itself to acquire a stake in a Chinese oil storage firm while at the same time looks set to expand its onshore oil storage capacity.
The Hong Kong-listed company has furthered its ambitious bunker expansion plans by announcing its intentions to build oil and petroleum storage facilities with the capacity of 8 million m³ in Liaoning Province, China. This comes alongside the company announcing the potential acquisition of equity stakes in a medium-sized oil storage company in Ningbo, China.
The company already operates a fleet of bunker tankers and has 271,000 m³ of bonded oil storage capacity in Shenzhen.
Brightoils is considered to be exploring investment opportunities that will help it diversify into upstream businesses, such as exploitation of crude oil and natural gas.