Sinopec enters the Thai refined oil market

The reporter recently learned from the Information Office of Sinopec that Sinopec (Hong Kong) Co.
, Ltd.
signed an equity acquisition agreement with Susco Refined Oil and Aviation Coal Sales Company of Thailand to acquire its wholly-owned subsidiary Susco 49% equity interest in Dealers Company Limited to jointly expand the refined oil end market
in Thailand.

Li Jicong, General Manager of Sinopec (Hong Kong) Co.
, Ltd.
, said that the cooperation between China and Thailand will actively give full play to Sinopec's advantages in resources and brands and Susco's network advantages, further expand the scale of terminal networks, continuously expand the sales volume of refined oil, actively explore new energy and low-carbon environmental protection related businesses, and jointly explore the refined oil and new energy markets
in Thailand and Southeast Asia.

Monkol, chairman of Susco Simaroj said that with Sinopec's huge resources, technological advantages and localized operation experience, the joint venture is expected to develop
rapidly.
In the future, the company's business will not be limited to oil retail business, but will extend to other new business areas, such as electric vehicles, hydrogen fuel, biofuels and other new energy businesses
.

Sinopec (Hong Kong) Co.
, Ltd.
is a wholly-owned subsidiary of Sinopec Corporation Limited, principally engaged in the sales of refined oil products in Hong Kong and the Asia-Pacific region
.

Susco is a well-known oil sales enterprise in Thailand, listed on the main board of Thailand, and its business scope covers refined oil sales and international trade, jet fuel sales and non-oil business
.