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Total, Sinochem in venture
French oil major Total has signed a US$100 million joint-venture agreement with Chinese oil firm Sinochem Corp to set up a network of petrol service stations in eastern China.
The deal will intensify competition in Jiangsu province where rival European oil giant Royal Dutch/Shell last year formed a joint venture to set up a 500-strong petrol retail station chain.
Total and Sinochem on Friday said that they would set up 300 service stations in Shanghai and the provinces of Jiangsu and Zhejiang.
Sinochem will have a 51 per cent stake and Total 49 per cent. The joint venture is subject to mainland government approval.
The firms last year formed a joint venture to set up 200 petrol stations in northeast China.
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