China oil company eyes car boom
Thursday, 11 October 2007
CNOOC, China's third-largest oil producer, says it has opened its first petrol station as the firm seeks to tap into the country's booming car market, reports BBC.
The petrol station, in Guangdong province, is the company's first move into the retail sector.
A further 20 or so such stations are also planned in Guandong.
To date, China's petrol retail market has been dominated by PetroChina and Sinopec, but others have been keen to compete as more Chinese buy cars.
The stations are set to rely on a new refinery the firm plans to build in Dongguan, also in Guandong.
China's appetite for oil, among other commodities has soared in recent years.
CNOOC, like other firms, is seeking overseas oil and gas assets to supply its domestic market.
The petrol station, in Guangdong province, is the company's first move into the retail sector.
A further 20 or so such stations are also planned in Guandong.
To date, China's petrol retail market has been dominated by PetroChina and Sinopec, but others have been keen to compete as more Chinese buy cars.
The stations are set to rely on a new refinery the firm plans to build in Dongguan, also in Guandong.
China's appetite for oil, among other commodities has soared in recent years.
CNOOC, like other firms, is seeking overseas oil and gas assets to supply its domestic market.