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Chinese oil group CNPC plans to open fuel retail network in Myanmar

China National Petroleum Corp. (CNPC) plans to open dozen of service stations in Myanmar and to invest tens of millions of dollars in the development of its retail network in the country. The group would start with stations in Yangon (first one opened in March 2019), Mandalay and capital Naypyidaw and could later reach hundreds of outlets, even if no timeline has been specified so far. The service stations would use the Singapore Petroleum Company (SPC) brand, a Singapore refinery acquired by CNPC in 2009.

CNPC is seeking to expand globally - the company acquired a 30% stake in Brazilian fuel product trader TT Works in 2018 - as its Chinese domestic fuel market is saturated. The group already benefits from a foothold in Myanmar, as it operates oil and gas pipelines to the southwest of China.

Since the opening of the fuel retail market to private investors and the removal of fuel subsidies in 2007, the number of service stations in Myanmar has increased tenfold to more than 2,000. Myanmar is a very dynamic market (oil sales for the transport sector rose by around 15%/year between 2010 and 2017), where foreign participation is still limited and where economic growth is sustained (+6.8% expected in 2020).

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