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It is understood that Shanghai Star City Petroleum Co., Ltd. was established in 1996, is currently the largest private oil company in Shanghai, the franchise wholesale gasoline, diesel, heavy oil and various lubricants, oil sources mainly from Shanghai refinery. Over the past few years, the company has invested a total of more than 50 million yuan, established 20 gas stations, an oil depot, and is located in Shanghai Jiangqiao, Anting, Malu, Fangtai, Jiaxi and other towns, Zhennan Road and Jiaotong Road in Putuo District. Shanghai Jiajia Expressway and Shanghai-Nanjing Expressway at the Jiangqiao Tollgate provide access to passing vehicles and surrounding businesses. CNOOC Limited has completed the acquisition of the framework agreement with Shanghai Star City this month. In accordance with the relevant contract, CNOOC has already entered the first sum of money into Shanghai Star City's account. If things go well, Shanghai Star City will change its face as soon as possible in March. Among them, the “Star City Oil†logo of 20 gas stations will be uniformly changed to the blue logo of “CNOOCâ€.
CNOOC Limited attaches great importance to this acquisition. The Group’s Beijing headquarters has now assigned relevant persons to enter Shanghai Star City, including the general manager, deputy general managers, and financial personnel. It is understood that 12 million tons of Huizhou’s large-scale oil refinery project of CNOOC has started production recently. This acquisition can be matched with Huizhou’s large-scale oil refinery project. In the future, it is very likely that the refined oil products produced in Huizhou will be delivered to Shanghai and be supplied to Shanghai. Ten gas stations form a refined oil terminal marketing network.
Shanghai Star City has a long history of selling equity. In recent years, it has frequently contacted several major oil companies. Prior to this, CNPC and BP’s acquisitions were quite loud. Shanghai Xingcheng and Sinopec also had business contacts, but in July last year, the domestic oil supply was unprecedentedly tight, resulting in the suspension of the supply of petroleum products promised by Sinopec. The company’s cooperation with Sinopec has also seen a stalemate. CNOOC's acquisition in Shanghai is expected to break the monopoly of Shanghai Petrochina and Sinopec's two major oil groups for many years.
The reporter learned from Shanghai Xingcheng Petroleum Co., Ltd. yesterday that CNOOC invested 388 million yuan and formally acquired 83.2% of the company's shares. This indicates that after CNOOC's refinery project in Huizhou, it began to enter the oil terminal market and took a substantial step in the integration of mining, refining and marketing.