BEIJING (AFX) - State-owned chemical trader Sinochem Corp and French firm ElfTotalfina will open their first joint gas station in the northeastern province of Liaoning soon, followed by some 200 more in neighboring regions, the Economic Information Daily reported.
New gas stations to be opened by the pair in the next few years will be located in Beijing, Tianjin and Hebei province, the paper said, citing company sources.
Sinochem and ElfTotalfina teamed up in October 2004 to explore China's lucrative gas station market, holding 51 pct and 49 pct stakes in the 900 mln yuan venture, respectively.
Other foreign giants, such as BP Plc and Dutch/Shell Group, also operate gas stations in the country with local partners, including China Petroleum & Chemical Corp and China National Petroleum Corp.
(1 usd = 8.3 yuan)
yan.fang@xinhuafinance.com total
fy/ap/dk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
New gas stations to be opened by the pair in the next few years will be located in Beijing, Tianjin and Hebei province, the paper said, citing company sources.
Sinochem and ElfTotalfina teamed up in October 2004 to explore China's lucrative gas station market, holding 51 pct and 49 pct stakes in the 900 mln yuan venture, respectively.
Other foreign giants, such as BP Plc and Dutch/Shell Group, also operate gas stations in the country with local partners, including China Petroleum & Chemical Corp and China National Petroleum Corp.
(1 usd = 8.3 yuan)
yan.fang@xinhuafinance.com total
fy/ap/dk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
