Date
23 May 2018

Brightoil heads upstream with US$1 bln Bohai rim buy, paper says

Hong Kong-listed marine fuel supplier Brightoil Petroleum (Holdings) Ltd. (00933.HK) has signed a deal to buy Kerr-McGee China Petroleum Ltd. from its US-based parent, Anadarko Petroleum Corp., for US$1.07 billion, Economic Information Daily reported Wednesday. The buyout will enable Brightoil to acquire the unit’s oil and gas assets in the Bohai rim, suggesting Brightoil wants to expand into oil exploration. Brightoil’s board said the deal will strengthen its upstream footing and raise production, the report said.

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