Brightoil Petroleum (Holdings) Limited is mainly engaged in global marine bunkering chain business, oil storage and terminal, marine transportation as well as natural gas development and production. It is one of the largest chain service providers of marine bunkering in China. Brightoil Petroleum has been actively expanding its marine bunkering network chain worldwide. Currently, The Group is developing two oil storage facilities with an aggregate capacity of up to 17.5 million m3 and terminals with berths that could accommodate vessels with capacity ranging from 1,000 to 300,000 DWT in Dalian and Zhoushan. The two oil storage and terminal projects located in Dalian Changxing Island and Zhoushan Waidiao Island aim to take advantage of their strategic locations in the Bohai Rim areas and the Yangtze River Delta respectively, fortifying our marine bunkering business along the eastern and northern coastal areas in China. Meanwhile, the Group has also acquired two 107,500 DWT oil tankers with a plan to form a large-scale ocean-going oil tanker fleet progressively for supporting its marine bunkering business and oil trading business. On the other hand, the Group has also expanded into upstream business. The Group has successfully teamed up with China National Petroleum Corporation for the natural gas development and production in the Tuzi Block, Tarim Basin in Xinjiang Province. The project has a geological reserve of natural gas in place of approximately 22.1 billion m3 and is planned to have its first production in the second half of 2011. Along with the increasing trend of the price of oil and natural gas resources in China, it is expected that the value of the Tuzi project will continue to escalate. In the future, the Group will strive to develop the upstream business by stretching its tentacles in the exploitation, production and sale of oil fields with a view to becoming a highly integrated global energy conglomerate.
