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(Image courtesy of Brightoil Petroleum Holdings)

Hong Kong’s Brightoil Petroleum Holdings has agreed to buy Anadarko’s China unit for just over $1 billion in an effort to become a major upstream player.

Brightoil’s trading business was hit hard by the global financial crisis, and they have been exploring ways to get into the upstream business for  a number of years, sources said.

The company had a loss of $92.97 million for the financial year ending in June 2013.

Brightoil shares were up more than 20 percent on the news of the acquisition.

The company has not specified how it will finance the deal, but it said it has a $4 billion line of credit from the national policy oriented China Development Bank.

The assets are in Bohai Bay, northern China.