PetroChina, the country’s largest oil producer, has set up a unit to invest in overseas oil refining and chemical production, Bloomberg reported. The unit, called PetroChina International, will manage the construction and management of storage facilities, retail distribution networks and refineries for its parent.
PetroChina set up a separate company last year to invest in overseas oil and gas fields. The company has said that it is talks with Russian, Canadian and Indonesian oilfields. Pertamina, Indonesia’s state oil company, announced in February that it was in talks with PetroChina to jointly develop oilfields and build refineries in Indonesia.