HONG KONG Feb 18 Brightoil Petroleum Holdings
Ltd has agreed to buy Anadarko Petroleum Corp's
China unit for $1.08 billion, giving Brightoil access to
oil and gas fields in Bohai Bay in northeast China.
Hong Kong-listed Brightoil has been searching for upstream
investment opportunities in China and overseas for several
years. Trading in Brightoil's shares were suspended last week
pending an announcement of a substantial acquisition. The shares
will resume trading later on Tuesday.
The acquisition will strengthen the Brightoil's upstream
capacity and boost the company's production volumes, Brightoil
said in a statement.
Reuters reported in November that Anadarko was considering
the sale of its holdings in oil and gas projects in China as it
eyes bring its money back to the U.S. market.
Kerr-McGee China Petroleum Ltd, as the Anadarko unit is
called, earned a net profit after tax of $80.1 million for
fiscal year ended Dec. 31, 2013.
Brightoil, which has a market value of $2.5 billion, is the
third-largest marine fuel supplier by volume in Singapore, which
is the largest bunkering port in the world.
Last year, the firm's trading and bunkering business
expanded into crude oil, diesel and petrochemicals, expanding on
its shipping fuel trading roots.