Qatar National Bank seeks USD $21.59 million debt from Brightoil

Qatari commercial bank Qatar National Bank (QNB) is seeking USD $21.59 million debt from Singapore bunker supplier Brightoil Petroleum (S'pore) Pte Ltd (Brightoil), reports Reuters.

A pre-trial conference between Brightoil and QNB has been scheduled at the Singapore High Court on 28 November.

Hong Kong-listed Brightoil Petroleum Holdings Limited, the parent firm of Brightoil, on Wednesday (21 November) announced several developments signalling its return to the shipping sector and reorganisation of debt.

It decided to terminate the commercial negotiation of the sale of 15 vessels; the Hong Kong firm’s Singapore-based shipping subsidiary Brightoil Shipping Singapore Pte. Ltd. (BOSS) and Shell International Eastern Trading Company has entered into charter agreements in relation to BOSS’s five VLCCs and four Aframax tankers.

Brightoil Petroleum Holdings Limited stated it is working with a lead bank under the overall guidance and coordination lead by the People's Bank of China to formulate a package for financing and debt optimisation adjustment plans.

Related: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Petrolimex in winding up application against Brightoil at Singapore High Court

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 26 November, 2018