BP, Sinopec plan $260m gas station deal

BP, Sinopec plan $260m gas station deal

SHANGHAI: British oil giant BP and China's Sinopec are
awaiting government approval of a US$260 million gas station
joint venture in the eastern province of Zhejiang, state press
reported on Wednesday.

The two petro-chemical groups will renovate and build 150 gas
stations annually in Ningbo, Hangzhou and Shaoxing in Zhejiang,
with plans to expand the network to 500 stations within three
years of operation, the Shanghai Daily reported, citing officials
with both companies.

Sinopec will own 60 percent of the new company, BP-Sinopec
Zhejiang Oil Company, the reports said.

China's gas retail market is scheduled to be open to foreign
investors by the end of this year as stipulated under the
country's commitments to the World Trade Organization (WTO).--AFP