The reporter learned from Shanghai Xingcheng Petroleum Co., Ltd. yesterday that CNOOC has invested 388 million yuan to formally acquire 83.2% of the company's shares. This marks a significant move by CNOOC as it expands beyond its refinery operations in Huizhou and enters the oil terminal market, taking a major step toward integrating its mining, refining, and marketing sectors.
Shanghai Star City Petroleum Co., Ltd., established in 1996, is currently the largest private oil company in Shanghai. It holds franchise rights for wholesale gasoline, diesel, heavy oil, and various lubricants, sourcing most of its products from the Shanghai Refinery. Over the past few years, the company has invested over 50 million yuan to establish 20 gas stations, an oil depot, and several service points across towns like Jiangqiao, Anting, Malu, Fangtai, Jiaxi, and Zhennan Road, as well as Jiaotong Road in Putuo District. Its strategic locations near major highways such as the Shanghai Jiajia Expressway and the Shanghai-Nanjing Expressway provide access to both passing vehicles and local businesses.
CNOOC Limited recently finalized a framework agreement with Shanghai Star City, and has already transferred the initial payment into the company’s account. If all goes smoothly, Shanghai Star City is expected to rebrand itself by March. Notably, the "Star City Oil" logo at the 20 gas stations will be replaced with CNOOC’s signature blue logo.
CNOOC has placed high importance on this acquisition. The Beijing headquarters has already sent key personnel, including the general manager, deputy general managers, and financial staff, to Shanghai Star City. Meanwhile, CNOOC’s large-scale Huizhou refinery, which can process 12 million tons of crude oil annually, has recently started operations. This acquisition aligns well with the refinery’s production capacity, and in the future, refined products from Huizhou may be distributed to Shanghai, forming a comprehensive retail network through the 10 gas stations.
Shanghai Star City has a history of selling equity, and in recent years, it has engaged with several major oil companies. Prior to CNOOC’s acquisition, CNPC and BP had also shown interest, while Sinopec had been in talks with the company. However, in July last year, a severe domestic oil supply shortage led to a suspension of Sinopec’s promised deliveries, causing the partnership to stall. CNOOC’s recent move is seen as a potential breakthrough, challenging the long-standing dominance of Sinopec and PetroChina in Shanghai’s oil market.
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