CNPC stake in fuel firm

Source:Reuters-Global Times Published: 2018/3/8 21:13:40

China's CNPC said on Thursday that its international unit, PetroChina International Co, has agreed to buy a 30 percent stake in Brazilian oil products trader TT Work, as it pushes to expand abroad.

Privately owned TT Work is Brazil's fourth-largest oil products distributor, with more than 13 storage facilities serving 2,200 gasoline stations in the South American country, according to a statement from State-owned CNPC. No financial details were disclosed.

The step comes as PetroChina's oil and gas trading arm looks to expand globally almost a year after a veteran fuel marketing executive took charge of the business. Reuters reported on the international expansion plan in December.

Posted in: ECONOMY

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