Brightoil Secures $700 Million Financing from CNOOC
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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