PetroChina Fuel Oil Company Establishes Subsidiary in TEDA

CNPC (China National Petroleum Corporation)-owned PetroChina Fuel Oil Co., Ltd. established its subsidiary PetroChina (Tianjin) Fuel Oil Co., Ltd. in TEDA on 10th September. The company will operate the project of PetroChina’s North China base for bunker fuel supply energy. The project is set to serve as CNPC’s North China bunker fuel refueling center, the North China bunker fuel resource turnover center, and the North China bunker fuel supply energy base.

Following the settlement of the Tianjin Fuel Oil Company, the bonded bunker fuel refueling volume is expected to gradually increase to a stable annual level at 2 million tons by 2025, with an associated boost to imports and exports exceeding RMB 8.4 billion. Going forward, the Tianjin Fuel Oil Company will continue to expand and promote the refueling business of bio-bunker fuel, bonded LNG, and green methanol for oceangoing vessels, filling the gap in CNPC’s bonded bunker supply business in North China. This will also enhance TEDA’s competitiveness in the energy trade industry chain and promote the aggregation of industries such as energy and bunker supply, shipping services, financial services, and maritime legal services.

PetroChina Fuel Oil Co., Ltd. is the only fully-owned professional bunker fuel sales company under CNPC. It has a registered capital of RMB 5 billion and total assets of RMB 18.9 billion. The company operates 18 subsidiaries, including asphalt plants, storage facilities, regional sales companies, and research institutes, with three major bonded bunker fuel production bases in the Bohai Rim, Yangtze River Delta, and Pearl River Delta.