The negotiation on the 500 joint venture petrol stations between Sinopec and Royal Dutch/ Shell Group is now under the final stage. Once the negotiation is wound up, the first number of the joint venture petrol stations will be put into operation in Jiangsu Province within three months after the signature of the agreement. The remaining ones will be constructed and put into operation in three years. Based on the bilateral plan, Sinopec and Shell China Limited will launch a US$200-million joint venture company that operates 500 petrol stations in Jiangsu Province. Sinopec is expected to hold a 60 percent stake in the joint venture while Shell takes up the remaining 40 percent. The joint ventures will supply oil to seven Jiangsu cities, including Nanjing, Wuxi, Zhenjiang, Suzhou and Xuzhou. The statistical figure show that Jiangsu is China's third largest oil consumer following Guangdong and Zhejiang provinces, with annual demand for gasoline and gas oil estimated at a combined 8 million tons.
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