Source of Wealth:Oil and Transportation
Occupation:Founder and Chairman of Brightoil Petroleum Holdings Ltd.
Sit Kwong Lam is the founder and chairman of Brightoil Petroleum Holdings Ltd., with an estimated net worth of $2.3 billion as of April 2016 according to Forbes. He is also ranked 1088th on the World's Billionaires List.
Sit earned his estimated net worth through more than 20 years of experience in the oil industry. He has specialized in the oil energy production industry and is dedicated to developing energy businesses.
He founded the Shenzhen Brightoil Group Co. Ltd where he is also the chairman as well as its subsidiaries. It has business interests in oil storage and international trading of petroleum products, marine transportation, gas stations, marine bunkering as well as its engagement in oil and gas exploration and exploitation.
The year 2012 was unkind to Sit, whose oil shipping and fuel storage businesses were set back by economic conditions.
In November, the company’s COE resigned and it warned of a loss for the second half of the year. Recent months and seen several top executives and traders leave the company. His shares in Brightoil, worth early his entire net worth, fell by 40%. The company is currently diversifying through developing interests in gas holdings in Northwest China, and is one of the growing number of private-sector companies to expand in the energy industry.
Sit Kwong Lam is a member of the Chinese People’s Political Consultative Conferenece, and the Vice President of the China Chamber of Commerce for Petroleum Industry. He is also a standing committee member of the United National Chinese Youth Association and the director of Energy Empire Investments Limited and Canada Foundation Limited, both substantial shareholders in Brightoil.
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