Brightoil Petroleum to expand construction of oil storage facilities

Brightoil Petroleum (Holdings) Ltd., the largest service provider of marine bunkering in Shenzhen port and its surrounding areas, has entered into a non-legally binding letter of intent with Zhoushan municipal government. The company plans to increase its total investment to enlarge the scale of the construction and development of wharf and ancillary facilities and oil storage facilities for petroleum products located in Waidiao island, Zhoushan city, from the original planned capacity of 2.2 million cubic meter to approximately 5 to 5.5 million cubic meter. The expected total investment for the project is approximately 7.1 billion yuan (US$1.04 billion). (January 13, 2010)