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Reuters: Yanchang, Shell plan gasoline retail JV in China

Tue Nov 6, 2007 6:02am GMT

SHANGHAI, Nov 6 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research) is finalising plans for a gasoline retailing venture with Shaanxi Yanchang Petroleum (Group) Co, with total investment of up to 4 billion yuan ($537 million), a Shaanxi Yanchang executive said on Tuesday.

“We’ve signed an initial agreement with Shell to build and operate roughly 100 petrol stations in Shaanxi,” Xue Junmin, the planning chief of Shaanxi Yanchang, told Reuters on the sidelines of an industry fair in Shanghai.

The two sides are finalising the technical details of the venture, to be majority-owned by Shaanxi Yanchang, and the deal could be closed before the end of the year, Xue said. ($1=7.453 Yuan)

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