China’s Sinopec buys 49% of Thai oil retailer Susco Dealer

CHINESE state refiner Sinopec said on Thursday (Dec 29) its Hongkong subsidiary has acquired a 49 per cent stake in Thailand’s Susco Dealers to expand fuel retail business there.

The investment by Sinopec Hongkong combines the Chinese refiner’s fuel supply base and its brand with the Thai company’s retail network, Sinopec said in a statement, without providing the size of the investment.

The joint venture will also explore developing into low-carbon and new energy business such as electric vehicles, hydrogen fuel and biofuels, it added.

Sinopec Hongkong supplies and trades refined fuel products in Hongkong and nearby Asia-Pacific markets.

A unit of fuel wholesaler and retailer Susco Public, Susco Dealer specialises in supplying fuel in the Thai capital Bangkok, including jet fuel refuelling at its main airports. REUTERS