PetroChina Plans to Open First Office in Mumbai
China’s top oil and gas producer, PetroChina is gearing up to open its first South Asia office in India to scout for business opportunities in oil and liquefied natural gas, as they plan to trade oil products and crude oil through India. This can be seen as another sign of China expanding its role in overseas markets after years of building refining capacity which would aid them in been boosting shipments of oil products such as diesel to Europe, South America and West Africa as they expand their foothold outside of China.
According to the information posted on the Ministry of Corporate Affairs website, the company was registered as PetroChina International (India) on July 17 with a total paid-up capital of 33 million rupees in Mumbai. PetroChina already buys refined products from Nayara Energy and Reliance Industries.