BP Signs JV to Develop Gas Stations in China
February 02 2018 - 10:25AM
Dow Jones News
By Maryam Cockar
BP PLC (BP.LN) said Friday that it has signed a joint venture
agreement with Shandong Dongming Petrochemical Group to develop
retail fuel stations across the Chinese provinces of Shandong,
Henan and Hebei.
Subject to regulatory approvals, the partnership with Dongming
Petrochemical will start operations in this year and the network is
expected to grow to 500 sites within a decade, BP said.
The FTSE 100-listed oil company will have a 49% stake in the new
joint venture and Dongming Petrochemical will have the remaining
51%.
BP currently operates over 740 dual-branded retail gas stations
in Guangdong and Zhejiang provinces with partners, China National
Petroleum Corp and China Petroleum & Chemical Corp,
respectively. Across this network BP serves 400,000 customers and
sells over 12 million liters of gasoline and diesel a day.
At 1446 GMT, shares in BP were down 4.50 pence, or 0.9%, at
497.10 pence.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
February 02, 2018 10:10 ET (15:10 GMT)
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