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AFX Europe (Focus): Five oil giants scramble to buy Shanghai's largest private oil firm – report

Feb 10, 2006
BEIJING (AFX) – PetroChina, Sinopec, CNOOC, BP and Shell are all in talks to buy Shanghai Star City Petroleum Co Ltd (SSCP), the largest privately-owned oil firm in Shanghai, the China Business News reported.
Citing an official with SSCP, the report said SSCP are in negotiations with all five oil corps and expect an outcome later this year.
SSCP owns 20 gasoline stations in Shanghai and with China scheduled to open its oil products wholesale market by the end of this year in compliance with its WTO commitments, the five oil giants are all keen to buy the assets.
SSCP would prefer to cooperate with one of the domestic oil giants as they control oil supply in the Shanghai region, the report said.
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