China National Petroleum Corporation (CNPC) plans to open dozens of gas stations in Myanmar to expand its oil retail business, executives said. CNPC is the first large foreign investor to enter Myanmar's energy market.
The investment could eventually reach tens of millions of dollars, a move after CNPC adopted a new strategy to develop overseas retail markets. At present, China's internal combustion fuel market has been saturated. Previously, CNPC also entered the Brazilian market in a similar way, with a larger investment scale. Last year CNPC's Global trade and refining unit acquired a 30% stake in a major Brazilian fuel trader.
After years of experience in fuel marketing, Tian Jinghui became the leader of PetroChina International Business Co., Ltd. and began to develop overseas retail business. PetroChina International Business Co., Ltd. is also involved in investment in Myanmar.
CNPC believes that Myanmar is the preferred frontier market for expanding fuel retail business. The participation of foreign capital is very low, and there is hardly any refining industry. With the rapid growth of car ownership, fuel demand is growing at a rate of about 10% per year.
"Myanmar is one of the few markets open to foreign investment in the region, and local demand is growing rapidly," said an executive in Beijing of PetroChina Limited (PetroChina). Several executives are reluctant to be named because they do not have the right to speak to the media.
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