As per three senior oil industry executives, PetroChina is planning to buy the petrol stations and fuel storage facilities in Pakistan. The company wants to establish its business in Pakistan, Brazil, and West Africa.
This move is eight months after vice president at PetroChina Tian Jinghui took charge at Chinaoil, PetroChina’s trading vehicle. It seems that PetroChina, after the change in authority is ready to take big leaps in the industry.
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Tian is an expert in fuel marketing at PetroChina. In the past four years, foreign investors and local companies have invested almost $10 billion in petroleum exploration & production (E&P) sector of China. In Pakistan, there is a huge dependence on oil and gas resources.
The Beijing-based executive said, “The pace of execution is accelerating after Tian took over and the strategy fits his expertise.”
He along with two other officials talked about the future plans of PetroChina that they cannot name yet.
This much we know though, that the investments will start from 2018. They will be similar to investments done by Vitol and Trafigura the top oil merchants around the world who invested billions to purchase thousands of petrol pumps in Pakistan.
It is not clear how much PetroChina is ready to invest in Pakistan but the aim is clear. PetroChina wants to have a strong hold over the emerging markets around the world.