China National Petroleum Corp. (CNPC) has announced that a subsidiary, PetroChina International Co. Ltd, intends to buy 30 percent of the stock of Brazilian distributor of oil products TT Work.
A written statement issued by CNPC makes no mention of how much PetroChina International will pay.
The Brazilian regulator has yet to give permission for the purchase, according to the statement.
The purchase is part of the PetroChina International strategy of expansion around the world, Reuters says.
The news agency reports that TT Work is the fourth-largest trader in oil products in Brazil, having at least 13 storage facilities, which serve 2,200 petrol stations.