March 8, 2018 / 2:02 AM / a year 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

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