Caixin
Jan 04, 2019 04:21 AM
BUSINESS & TECH

Brightoil Secures $700 Million Financing from CNOOC

Brightoil’s oil storage facilities in Zhoushan, Zhejiang province. Photo: VCG
Brightoil’s oil storage facilities in Zhoushan, Zhejiang province. Photo: VCG

Brightoil Petroleum, a troubled private Chinese oil company in debt restructuring, said it obtained $700 million of financing from China’s state-run energy giant, China National Offshore Oil Corp., or CNOOC.

The financing includes a $400 million, 5-year credit for the company’s offshore oilfield from CNOOC’s lease finance unit and a $300 million advanced payment arrangement from CNOOC’s Hong Kong-listed unit to help increase oil production, the company said Friday a statement.

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