PetroChina International Co. Ltd., a subsidiary of PetroChina Company Limited, China's largest oil producer, has recently purchased shares in an international petroleum terminal in Singapore, said sources with PetroChina on Friday.

This is the first investment made by PetroChina in international oil reserves and also the first time that the company has been involved in the construction of a large-scale oil terminal overseas.

The initial investment of 455 million U.S. dollars in the oil terminal, named Universal Terminal, was made by Hin Leong Trading (Pte.) Ltd, a private company in Singapore.

PetroChina purchased a 35 percent share of the project for 160 million U.S. dollars.

Planned to be put into operation at the end of 2007, the terminal could reserve two million tons of a variety of oil products.

PetroChina International Co. Ltd. was established in 2002. PetroChina Company Ltd. holds 90 percent of the total shares and PetroChina Refining and Marketing Company owns the remaining 10 percent.

As the international trading company arm for PetroChina, PetroChina International manages the international trade business on its behalf.

Source: Xinhua