Sinopec Started Up 2nd Petrol Station in Singapore

Sinopec Started Up 2nd Petrol Station in Singapore

Sinopec started operation of the second petrol station in Singapore this week, and before that, the first one was started in December 2018.

It has become normal that foreign companies invest in petrol stations in China in recent years, especially after July 2018 when China relaxed the restrictions on foreign investment in petrol stations. The foreign investment certainly brings in fiercer competition in China’s retail market of gasoline and diesel, and this also gives China’s major refining groups an incentive to explore the international market.

There are around 200 petrol stations in Singapore, and most of them are operated by Singapore Petrochemical Company (purchased by CNPC), Exxon Mobil and Shell. CNPC has over 40 petrol stations in Singapore and takes up over 20% of the retail market shares of gasoline and diesel.

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