March 8, 2018 / 2:02 AM / 14 days ago

China's CNPC says to buy 30-pct stake in Brazilian fuel distributor

BEIJING, March 8 (Reuters) - 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 petrol 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.

Reporting by Meng Meng and Josephine Mason

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below