Yanchang Petroleum plans to run 1,000 gas stations in 3-5 yrs
Tuesday, September 14, 2021 10:46 PM

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BEIJING, Sep. 15, 2010 (Xinhua News Agency) -- Yanchang Petroleum plans to run 1,000 gas stations in central and western China in 3-5 years, reported China

Chemical Industry News.

This is regarded as part of effort of the Shaanxi-based oil firm ow ned by local government, to expand its downstream sector.

As planned, the Yanchang Petroleum will develop its gas stations th rough acquiring, building and leasing stations and it targets to make the size of its sales terminals the third largest in China after Petro China (PTR.NYSE; 0857.HK; 601857.SH) and Sinopec (NYSE:SNP) (SNP.NYSE; 0386.HK; 6 00028.SH). Meanwhile, the oil firm attempts to have 70-80 percent of i ts oil products production sold via its own gas stations.

China since January of 2009 has levied fuel tax on oil products sal es in the refining sector, making refineries have to expand their dist ribution network to earn higher profit margin.

PetroChina (PTR.NYSE; 0857.HK; 601857.SH) and Sinopec (SNP.NYSE; 03 86.HK; 600028.SH), China's largest oil products retailer, are also try ing to expand presence via newly building gas stations in its competit or's turf. PetroChina in April of last year announced a plan to build 300 gas stations in Sinopec's turf of Jiangsu province before 2015, wh ile Sinopec in return claimed to build 300 new gas stations in Chengdu

and Chongqing, traditionally territory of PetroChina. (Edited by Lin Fanjing, linfanjing@xinhua.org)

 

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