PetroChina International Co., a subsidiary for the overseas business of the China National Petroleum Corp group (CNPC) has agreed to purchase a 30% stake in TT Work, one of the most important oil product distribution groups in Brazil, according to a statement issued in Beijing.
Signing of the agreement is part of the efforts of the CNPC group to expand its presence in the Brazilian market, with Recife-based TT Works having well-built infrastructure including 13 warehouses with a combined storage capacity of 70,000 cubic metres and a national network of 2,200 service stations.
The statement said the CNPC group intends to increase overall trade between regions through the agreement, while ensuring the sale of its oil products regionally.
PetroChina International Co. was founded as a 100% subsidiary by the CNPC group in January 2002, with a registered capital of 14 billion yuan, and is responsible for international trade in crude oil, refined products, natural gas, petrochemicals and other related businesses. (macauhub)