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PetroChina Co. is planning to further increase its oil trading network with the launch of an energy trading desk in the United Arab Emirates and is also looking at the possibility of setting up a storage facility there, according to industry sources.

The Chinese oil giant is expected to follow in the footsteps of other international oil firms to have recently set up trading outposts in the UAE.

Lukoil, Vitol and BP have been recently joined by U.S. oil firm ConocoPhillips and a unit of Thailand's PTT Philippines Corporation to establish operations in the Arabian Gulf. Energy trading firm Trafigura and oil major Shell have also expanded their respective trading desks in Dubai over the past year.

Petrochina is expected to set up a three-person crude oil trading desk and is said to have already relocated one of its Singapore-based crude oil traders to the UAE. It is thought that once a crude oil trading team is established, the company could then expand into other areas, including fuel oil.

The plan to launch an energy desk in Dubai is likely to be linked to the crude oil pipeline running from Abu Dhabi to Fujairah, which, once completed, will allow the world's third largest oil exporter to send approximately 60 percent of its crude exports to Fujairah.

Meanwhile, the Chinese oil giant is also said to be looking at the option of either constructing or acquiring an oil terminal facility in the United Arab Emirates.

A Middle East-based trader is already understood to have been approached by Petrochina to discuss the economic feasibility of developing a terminal in the UAE, which Petrochina has been studying for approximately a year, sources said.

News of Petrochina's interest in the Middle East follows the company's recent increase in activity in South East Asia and the Americas.

Last year Petrochina acquired Keppel Oil and Gas Services Pte Ltd's stake in Singapore Petroleum Company Limited (SPC). SPC has a 50 percent interest in Singapore Refining Company Private Limited, one of the three major petroleum refiners in Singapore. SPC also conducts terminalling and distribution and trading of crude and refined petroleum products.

Earlier this month Petrochina also reached an agreement with Nustar Energy, to lease 5 million barrels of oil storage capacity from its 13 million barrel Statia Terminal on the island of St. Eustatius. The oil firm is also understood to have agreed to lease 400,000 barrels of fuel oil storage in Los Angeles from Nustar.