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Shell in talks with Chinese for Iraq oil bid -CEO

Reuters

Tue Apr 14, 2009 2:54am EDT

BEIJING, April 14 (Reuters) – Royal Dutch Shell Plc RDSA.L said on Tuesday it is holding discussions with Chinese state oil firms to jointly bid for oil projects in Iraq.

The Anglo-Dutch oil major has said it wants to expand its presence in the vast fuel retail and refining businesses in China, which are currently dominated by state-run Chinese giants who are keen to boost oil reserves overseas.

Chief Executive Jeroen van der Veer made the comments to reporters while in Beijing. He did not elaborate.

Shell, the world’s second-largest non-government controlled oil company by market value, has been downsizing its refining and retail assets in Europe and Africa as demand falls in the regions.

But it has been eager to have a bigger presence in China, the world’s No.2 oil consumer, after setting up a small joint-venture fuel marketing firm with top Chinese refiner Sinopec Corp (0386.HK).

(Reporting by Jim Bai and Eadie Chen; Writing by Chen Aizhu; Editing by Ken Wills)

 

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