Chinese state-owned oil company Sinopec has opened its first petrol station in Australia, located in Frankston, a suburb in outer eastern Melbourne. The company stated that this opening is part of an investment push into renewable energy and energy retailing within Australia. Sinopec is the world’s second-largest oil refiner. Its most notable investment in Australia has been its 25 per cent stake in Origin Energy’s Australia Pacific LNG venture in Queensland. Sinopec also sells lubricants and other products to the mining, construction, agriculture and automotive sectors.
To celebrate the opening, Sinopec offered an opening day promotion of 98.9¢ per litre for unleaded petrol and premium diesel. The company reported “a large turnout of enthusiastic local motorists” eager to take advantage of the offer. Premium 95 unleaded petrol was priced at a rate closer to the typical level of $1.779 per litre on the same day, providing customers with a range of options.
Sinopec Australia general manager Yang Boyu stated that the company’s mission is “to bring green and premium energy to Australia and to the wider communities we serve”. As part of its commitment to the local community, Sinopec announced sponsorship support for Frankston’s Accessible Beach initiative.
The company noted that the launch of the Frankston petrol station coincides with the 10th anniversary of the China-Australia free trade agreement. Sinopec stated that the trade agreement has strengthened trade, investment and “mutual understanding” between the two nations.
