Brightoil's US operations hit by $15m in losses
Major South China bunker player Brightoil Petroleum revealed its US operations had accumulated losses of up to $15m while under ex-managing director Vince Matassa, Seatrade Asia online reports.
The former BP trader, who moved to Brightoil after the Macondo spill in 2010, is no longer employed by Brightoil, the company said in a statement, adding that it is doing an audit of its US operations.
Brightoil is sending Asia operations managing director John Foo to cover till a replacement can be found, the company said. It emphasised its commitment to the US business although wire reports cited a source as saying the company has been seen trying to sublet its US Gulf Coast oil storage.
