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Report: CNPC to enter Myanmar's fuel retailing sector with Singapore brand

China National Petroleum Corp., or CNPC, is planning to open dozens of gasoline stations in Myanmar as part of its plan to expand its retail oil business, Reuters reported May 20, citing company officials.

"Myanmar is one of the few markets in this region that's open to outside investment and where demand is growing fast," an executive from CNPC unit PetroChina Co. Ltd. with direct knowledge of the matter told Reuters.

The PetroChina executive said CNPC plans to open "several dozen" gasoline stations in Yangon, Mandalay and Naypyidaw under a longer-term goal of setting up hundreds of outlets in the country. However, no timeline was given. CNPC will use the brand of subsidiary Singapore Petroleum Co. Ltd., or SPC, which it acquired in 2009. Another PetroChina executive told Reuters that this will be SPC's first venture outside of Singapore.

PetroChina officials said SPC's 290,000-barrel-per-day refinery in Singapore supplies roughly 1 million tonnes of fuel per year to Myanmar.