PetroChina,China’s biggest oil producer is gearing up to buy petrol stations and fuel storage facilities in Pakistan. PetroChina seems interested in Pakistan. It appears that China not only wants to lead in electric cars business but also in oil industry internationally. The latest move by the company was made subsequent to its new vice president, Tian Jinghui, took over Chinaoil—PetroChina’s trading vehicle eight months back.
A business executive in Beijing said that after Tian took over Chinaoil, the speed of execution is speeding up and the strategy fits its proficiency.
It is anticipated that the PetroChina would be buying petrol pumps in Pakistan next year. Additionally, it would be notable here that a few time back two other large oil merchants Vitol and Trafigura have also made billions of investment in Pakistan, purchasing many petrol pumps nationwide. Both the companies also purchased many petrol pumps in Turkey and Africa too.
As per a business executive, the chief aim of the company is to get hold of much space in emerging markets, transportation fuel market, and to grow up market share locally.
Apart from investing in Pakistan, PetroChina would also be investing in West Africa and Brazil. As of now PetroChina’s Chinaoil presently trades and procures 7 million barrels of oil a day, which after investing in Pakistan, West Africa and Brazil will certainly boost upwards.
Supplies to the above mentioned countries were being done through random means that were very pricey. It was not benefitting the company much, nevertheless with the aim to buy petrol pumps and storage facilities in the regions/countries, the company would accomplish much of its targets without spending much.
