Published June 11, 2019
By CHEN AIZHU & POPPY MCPHERSON @mmbiztoday
China National Petroleum Corp is planning to open dozens of petrol stations in Myanmar, the first major foreign investor to enter the fast-growing Southeast Asian fuel market, as the state giant expands its retail oil business, company officials said.
The investment, which could eventually reach tens of millions of dollars, follows a new strategy to tap overseas retail margins as China's domestic fuel market is saturated. The move follows a similar but larger investment in Brazil, where CNPC's global trading and refining unit bought 30% of a leading Brazilian fuel dealer last year.
CNPC's external retailing push came after Tian Jinghui, a veteran fuel marketing executive took the helm at the global unit, PetroChina International, which is also handling the Myanmar investment.
Original Source: https://www.mmbiztoday.com/articles/china-s-cnpc-breaks-myanmar-fuel-retailing-singapore-brand