Chinese state refiner Sinopec Corp. said on Dec. 29 its Hongkong subsidiary has acquired a 49% stake in Thailand's Susco Dealers Company Ltd to expand fuel retail business there.

The investment by Sinopec Hongkong Co. Ltd combines the Chinese refiner's fuel supply base and its brand with the Thai company's retail network, Sinopec said in a statement, without providing the size of the investment.

The joint venture will also explore developing into low-carbon and new energy business such as electric vehicles, hydrogen fuel and biofuels, it added.

Sinopec Hongkong supplies and trades refined fuel products in Hongkong and nearby Asia-Pacific markets.

A unit of fuel wholesaler and retailer Susco Public Company Ltd, Susco Dealer specializes in supplying fuel in the Thai capital Bangkok, including jet fuel refueling at its main airports.