PetroChina plans to open first In­dian of­fice in Mum­bai: sources

Global Times - - Bizmarkets -

China’s top oil and gas pro­ducer PetroChina is pre­par­ing to open its first South Asia of­fice in In­dia to scout for busi­ness op­por­tu­ni­ties in oil and liq­ue­fied nat­u­ral gas, Reuters re­ported, cit­ing three in­dus­try sources.

This is an­other sign of China ex­pand­ing its role in over­seas mar­kets after years of build­ing refin­ing ca­pac­ity and as a re­fined oil prod­uct glut builds in Asia.

The com­pany was reg­is­tered as PetroChina In­ter­na­tional (In­dia) on July 17 with a to­tal paid-up cap­i­tal of 33 mil­lion ru­pees ($444,000) in Mum­bai, ac­cord­ing to the in­for­ma­tion posted on the Min­istry of Cor­po­rate Af­fairs web­site.

It has three di­rec­tors listed in­clud­ing Ra­jesh Sam­patku­mar Mo­dani, who had been work­ing as a prin­ci­pal con­sul­tant with the law firm Tri­le­gal, ac­cord­ing to his LinkedIn pro­file.

The oth­ers are Xia Hong­wei, who is cur­rently at PetroChina’s Sin­ga­pore of­fice, and Zhang Chi.

PetroChina plans to trade in oil prod­ucts and crude oil through the In­dian of­fice, one of the sources fa­mil­iar with the mat­ter said.

“For prod­ucts, In­dia is nearer to Africa, so it makes sense to buy from In­dia and ex­port,” the source added.

PetroChina al­ready buys re­fined prod­ucts from Na­yara En­ergy and Reliance In­dus­tries, said a sec­ond source fa­mil­iar with the firm’s plan.

He said the com­pany is scout­ing for space to open its cor­po­rate of­fice, and is us­ing a tem­po­rary ad­dress for reg­is­tra­tion of the In­dian en­tity.

Chi­nese re­fin­ers have re­cently been boost­ing ship­ments of oil prod­ucts such as diesel to Europe, South Amer­ica and West Africa as they ex­pand their foothold out­side of China.

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