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China's CNPC buys a 30% stake in Brazilian trading company TT Work

Singapore (Platts)--8 Mar 2018 711 am EST/1211 GMT


CNPC's international unit, PetroChina International Co, has signed a contract to acquire a 30% stake in Brazilian oil products trading company TT Work, CNPC said Thursday.

This will help distribute CNPC's oil products in Brazil as TT Work needs to import oil products.

Private company TT Work, the fourth largest oil products distributor in Brazil, now has about 13 storage facilities which serve around 2,200 gasoline stations in the country, CNPC said.

Brazil is one of the biggest oil product consumers and importers in Latin America.

China did not export any gasoil or gasoline to Brazil last year.

CNPC last year tried to increase its oil products exports to Latin America, sending its first cargo of 10 ppm sulfur gasoil from its Guangxi Petrochemical unit in September.

--Staff, newsdesk@spglobal.com
--Edited by Jonathan Dart, jonathan.dart@spglobal.com

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