PetroChina jumps into global sales

PetroChina will take over selling the refined fuel produced by European refineries of Ineos Group at the end of this month after Morgan Stanley exits the business, traders said.

State-owned PetroChina's trading arm, Chinaoil, will assume the marketing role to secure crude and sell refined fuel for the two European refineries, which are jointly owned by Ineos and PetroChina. The two refineries have a combined daily processing capacity of 420,000 barrels.

The new role is part of PetroChina's ambition to double its global trading and sales of crude oil and refined fuel to 8 million barrels per day by 2015, a target stated by chairman Jiang Jiemin last May.