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.

Corporate Milestones

In June 2008, Dr. Sit Kwong Lam acquired a 68.26% stake in First Sign International Holdings Limited, which was listed on the Mainboard of Hong Kong Stock Exchange, for HK$700 million through his two privately owned companies: Energy Empire Investment Ltd. and Canada Foundation Ltd.

In August 2008, the company was renamed Brightoil Petroleum (Holdings) Limited and clearly identified marine bunkering as its core business.

At the end of 2008, the group expanded its business to oil storage and terminal facilities by investing in the constructions of an oil storage and terminal facility in Zhoushan City in the Yangtze Delta and another on Changxing Island in Dalian.

In August 2009, the Group entered into an agreement with China National Petroleum Corporation (“CNPC”) for joint development and production of natural gas in the Tarim Basin in Xinjiang, and received from CNPC the approvals of the Ministry of Commerce of the PRC in relation to the PSC of the project. This marks an important step for the Group to enter into the upstream business of oil and gas exploration and production.

In November 2009, the Group acquired its first 107,500 DWT ocean-going oil tanker, which has been delivered in Jan 2010 and already started operation.

In December 2009, the group has commenced the early stages of evaluation and development and is now targeting the second half of 2011 for the first production of the Tuzi field.

In January 2010, marine bunkering business has been expanded to 6 ports, including Shenzhen, Shanghai, Ningbo, Zhoushan, Hong Kong and Singapore.

In March 2010, the group acquired its second 107,500 DWT ocean-going oil tanker, and has been delivered in April 2010.

In April 2010, Brightoil successfully placed 100 million shares through placing and subscription, broadening the group’s shareholders’ base and enhancing its capital strength. The first fund-raising of the group through the capital market received overwhelming response. Along with the over-subscription of the shares indicated the investors’ confidence in Brightoil as well as its business development outlook.