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Wednesday, 15 June 2016, 14:10 HKT/SGT
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The Country Encourages "Oil Storage for the People"; Brightoil Online Leads "Innovation"

HONG KONG, June 15, 2016 - (ACN Newswire) - Recently, the National Energy Administration announced the "Regulations on National Petroleum Reserve (Draft for Comment)", providing that "enterprises that engaging in crude oil processing, refined oil wholesale and imports and exports of crude oil should build the compulsory reserve; encourages social capital to participate in the construction and operation of oil reserve facilities; and emphasizes that oil reserve and the rotation of the government should, in principle, be carried out by public trading market". One of the highlights is that it defines two types of reserve roles played by government and enterprises and encourages "Oil Storage for the People" for the first time ever. This marks that the era of public reserving oil will be fully open.

Oil Storage for the People, Benefiting the Nation and People

The country established oil reserves originally to maintain energy security and stabilize volatile oil prices, and also enhance initiative of China and the right to speak in the global energy market. Once uncontrollable incidents lead to the rapid rise in oil prices, the country will balance the oil price by releasing oil reserves to ensure the normal needs of enterprises and the public. Conversely, at the opportunity of low oil prices, if capacity of crude oil reserve of private enterprises can be fully realized with a collection of public resources, it will help to further improve the efficiency of China's oil reserves. Taking China's huge demand for energy into account, international oil prices still goes upward in the long run, therefore increasing national oil reserves will have a positive effect in guaranteeing supply security, stabilizing economic growth, promoting capacity building of oil reserves and other aspects in the era of low oil prices.

Bightoil Online, a Pioneer of "Oil Storage for the People"

Leveraging its industry experience over the past 24 years, complete industry chain of both upstream and downstream and the core competitiveness of international energy resources, Brightoil seizes opportunities and continuously expands overseas markets by developing and leading business in domestic and international oil trade, tankers, oil storage and marine bunkering. It has also positively responded the call of "Oil Storage for the People". Furthermore, the Company has a strong competitive advantage in boosting the national oil reserves since it owns huge oil storage bases in Shenzhen, Dalian and Zhoushan with a total storage capacity of over 15 million cubic meters and several terminals of 300,000 DWT.

Brightoil Online is China's first energy finance e-commerce platform that is operated in a business model of "oil industry chain + Internet" by playing professional advantage of Brightoil, innovating business models and combining oil and consumption launched on January 12, 2016. It is a new mode of operation provided for the national petroleum reserve. The platform calls on public reserve, establishing comprehensive consumer database that combines petroleum and finance, which expects oil to become hard currency reserve in public and bring benefits to the public by using reserve function of the resource to respond to market volatility. Through this integrated platform, the state, enterprises and the people will all benefit from the market dividends brought by low oil prices.

Brightoil Online changes the traditional patterns of consumption of refined oil products and provides consumers with investment channels of reserving oil. It is an innovative business model that is in line with the spirit of central government as a reference to the development of the industry. The end consumer has always been passively accepting ups and downs of oil prices, which results in uncontrollable oil costs. In the state of original oil circulation system and the market demand exceeding supply, end-consumer experience and service is often easily overlooked. Therefore "Brightoil Online" enables consumers customize the planning and regulation of the cost of oil consumption through online reserving, offline refueling, flexible realization, flexible reserve and consumption way to enjoy oil consumption, value retention and addition and other diverse experiences.

With the innovative consumption patterns "Reserve oil before refueling oil, online reserving, offline refueling and a win-win in consumption and financing," and advantage in income, security and other aspects, Brightoil Online is favored by many users. Users of Brightoil Online can not only get revenue through online reserve, but also refuel offline at any gas station in the country, which is fast and peace of mind for customers in many ways.

Topic: Press release summary
Source:

Sectors: Gas & Oil, Energy, Daily News
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