China National Petroleum Corporation issued a statement that on March 7, China National Petroleum International Co., Ltd. and Brazil’s TTWork Co., Ltd. formally signed an equity purchase agreement and a shareholder agreement, acquiring 30% of the latter’s shares and obtaining the company’s share of refined oil imports.
Brazil is the largest country in Latin America, and it is the largest refined oil consumer and importer in Latin America. It has an important position in the strategic layout of CNPC’s oil and gas operations center in Brazil. Brazil’s TTWork was established in 1996 as a Brazilian private company and Brazil’s The four major oil distributors control nearly 70,000 cubic meters of storage capacity in 13 oil depots, supplying steam, diesel and fuel ethanol to more than 2,200 gas stations and industrial customers in Brazil.