PetroChina’s oil and gas trading arm aims to buy petrol stations and fuel storage facilities, setting up business in Pakistan, West Africa and Brazil in a major global expansion aimed at taking on international rivals, according to three senior oil industry executives briefed on the plans.
The ambitious drive at one of the world’s top oil merchants is taking shape eight months after Tian Jinghui, a vice-president at PetroChina, took over the reins at Chinaoil, PetroChina’s trading vehicle.
Tian is a veteran of fuel marketing at PetroChina, a listed unit of State giant CNPC and Asia’s largest oil and gas producer, China Daily reported on Wednesday.
Analysts believe the aim of PetroChina is to have a foothold in emerging markets and grow market share locally.
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