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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (486)	8/22/2003 10:27:41 PM
From: RealMuLan	Respond to of 6370

Sino-foreign gas stations officially endorsed in China Shanghai. (Interfax-China) - With hundreds of Sino-foreign gas stations already providing fuel for local vehicles everyday, the Chinese government has finally given public consent to an oil retail joint-venture participated by foreign investors in China, although it remains doubtful how much weight the approval carries with the domestic retail market, which is to be fully opened up in a few months' time. Sinopec, the top oil refiner and largest outlet chain operator in China, has already been given the government go-ahead for its retail joint-venture with Shell in east China's Jiangsu Province, according to an industry source. Yang Gang, a senior oil retail official from Shell, was quoted earlier by the domestic media as saying that the first batch of the JV gas stations should be open for service within as little as three months, though Shell China spokesman Nick Wood told Interfax that the company is still awaiting official confirmation that the government has approved the project's feasibility study report. Shell has set up a USD 200 mln retail JV with Sinopec in Jiangsu and projects that a chain of 500 stations, through acquisition, renovation or construction on the existing Sinopec chain, will be formed in three years' time. interfax.com