(Yicai Global) March 8 -- The overseas arm of China National Petroleum Corp., the world's third-largest oil company, plans to acquire a 30 percent stake in one of Brazil's biggest petroleum product distributors as part of its efforts to expand market share in the country.
Beijing-based PetroChina International Co. has signed a share acquisition agreement with TT Work, based in Recife, says a statement on the State-owned Assets Supervision and Administration Commission website. The deal value has not been disclosed.
Brazil is the biggest consumer and importer of petroleum products in Latin America, and a stake in TT Work can boost CNPC's presence in the country thanks to the firm's well-established infrastructure consisting of 13 oil depots with a combined storage capacity of 70,000 cubic-meters as well as a nationwide network of 2,200 filling stations.
CNPC aims to expand global cross-region trade operations through the deal while also ensuring the smooth sale of its petroleum products regionally, the company said in the statement.
The state-owned firm operates oil and gas operation centers in Asia, Europe, and the Americas. The influence of its Americas operation is expanding and has become an active exchange for West Texas Intermediate Crude Oil and the Henry Hub Natural Gas index.