Brightoil aims to be a global trader

Hong Kong-based Brightoil Petroleum (Holdings) Ltd., which is expected to hire most of the former traders from BP’s global fuel oil team and Asia marine fuels desk, plans to establish a global oil trading presence. Brightoil plans to set up a trading house, Brightoil International Petroleum, with teams to trade fuel oil, distillates and crude in Singapore, Europe and the U.S. It plans to hire 165 staff, including 85 trading personnel. Brightoil will have a first-year start-up working capital of US$700 million. Traders said Brightoil would take at least six months to a year to become a major presence, particularly in the distillates and crude markets, where it has yet to establish a presence. (August 13, 2010)