PetroChina

Oil and chemical giant PetroChina International wanted to break into UK and European markets. Think London helped the company find a permanent base in west London and provided vital intelligence on local trading conditions.

The company

PetroChina is China’s largest producer of crude oil and natural gas and the parent company of China National United Oil Corporation (China Oil).

Aim

PetroChina sought to exploit markets across Europe. Before it set its sights on London in 2002, all PetroChina’s petroleum and natural gas reserves and production-related assets were located in China.

Think London helped with

• advising on temporary and permanent office accommodation, resulting in a permanent base close to Marble Arch. The three-strong start-up team has now grown to seven
• assisting with immigration issues
• finding the right school for children of staff
• assisting with work permits

Market factors

• unrivalled company: London is home to more than 150 international petrochemical companies including BP, Shell Transport & Trading, Total, Exxon Mobil, BHP Billiton, Texaco, Elf Exploration, ENI, Conocophilipps, Statoil, Aquila, Cosmo Oil, Amoco, Gazprom
• London’s multi-lingual population
• the UK’s competitive tax regime

Business success

The Guangdong Retail Joint Venture Project, a joint venture between PetroChina and BP, is building 500 service stations across the UK over three years.

In their own words

“We chose to set up in London because it is the international capital of the market, the financial centre. That was the biggest reason, along with the language and the fact that it is close to central Europe.

There are so many other investors with offices here in London. Every investor is here for the same reason. There are over 150 international petrochemical companies here, either with a headquarters or a subsidiary in London. London is the marketplace — there is so much information and so many people gathered here.

Think London suggested an agent to look for an office for us and were extremely helpful. They provided useful information, and, in terms of putting forward useful intelligence on London, they have done their work excellently.”

Bingjun Si, Managing Director
PetroChina International

For more information about PetroChina, please visit www.petrochina.com.cn