Venture plans 100 gas stations in Shaanxi
By Fu Chenghao |
October 13, 2009, Tuesday
|
Print Edition
Print Edition
ROYAL Dutch Shell Plc and China's Shaanxi Yanchang Petroleum (Group) Co plan to build 100 petrol stations in the northwest Shaanxi Province, the Netherlands firm said yesterday.
Shell and Yanchang, China's fourth-largest oil producer, formed a 45-46 joint venture last year to construct and operate the stations. The remaining 9 percent is held by Shaanxi Tianli Investment.
The joint venture launched its 10th station yesterday in the province.
Yanchang, affiliated to the Shaanxi provincial government, is one of only four companies qualified to explore for oil and gas in China.
The Chinese government implemented a new fuel pricing mechanism this year that ties gasoline and diesel retail prices more closely to international crude price movements, which guarantees refining profit margins for the firms.
Other foreign companies including BP Plc, Exxon Mobil Corp and Total SA have also set up a network of service stations in China as they geared up for keen competition in the world's largest auto market.
Shell and Yanchang, China's fourth-largest oil producer, formed a 45-46 joint venture last year to construct and operate the stations. The remaining 9 percent is held by Shaanxi Tianli Investment.
The joint venture launched its 10th station yesterday in the province.
Yanchang, affiliated to the Shaanxi provincial government, is one of only four companies qualified to explore for oil and gas in China.
The Chinese government implemented a new fuel pricing mechanism this year that ties gasoline and diesel retail prices more closely to international crude price movements, which guarantees refining profit margins for the firms.
Other foreign companies including BP Plc, Exxon Mobil Corp and Total SA have also set up a network of service stations in China as they geared up for keen competition in the world's largest auto market.
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