HONG KONG Feb 20 Brightoil Petroleum Holdings
Ltd said on Thursday it plans to finance its
acquisition of Anadarko Petroleum Corp's oil blocks in
China's Bohai Bay through cash as well as loans from
state-backed China Development Bank (CDB).
Chairman Sit Kwong Lam, speaking after Brightoil reported
its earnings, said 30 percent would be financed through internal
resources and the remainder with CDB loans.
The company announced earlier this week that it had agreed
to buy Anadarko's stakes in two oil blocks in Bohai Bay for
$1.08 billion in a major push into the upstream segment.
It has also said that it secured a $4 billion credit line
from China Development Bank, the country's largest
policy-oriented bank, to support its business and development
and potential acquisitions.
Lam said on Thursday the company had only used $700 million
of that amount.
(Reporting by Charlie Zhu; Editing by Anne Marie Roantree and