China Petroleum & Chemical and Shell Electric to form joint venture in Jiangsu

The spokesman of Shell Electric Mfg¡]0081¡^said that the company was planning to form an oil product retail company with China Petroleum & Chemical (0386) in Jiangsu province. The co-operation will involve US$150 mln, reported by sources.It is also reported that Shell Electric would account for 40% shareholding of the joint venture and China Petroleum & Chemical would account for 60%. The joint venture will found new oil stations and acquire other oil stations in mainland. The number of the oil stations held by the joint venture was expected to reach 50. 

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