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| Tuesday, February 09, 2010 19:30:40 |
Shell seeks private filling station partner
Shell China is seeking alliances with private Chinese oil firms to develop gas stations, Beijing Morning Post reports. Shell China chairman Lin Haoguang, who assumed the position in September, did not reveal specifics about his company's search for a partner, but a source familiar with the situation said that Shell had chosen Shuorun of Chongqing, one of the largest private oil companies in the Southwest. Lin said that Shell would not necessarily look for a controlling interest in its Chinese partner. Industry analysts see Shell looking toward comparatively weak private oil companies after it failed in its attempt to establish control over a joint venture with China's state-owned oil giants. In 2004, Shell planned to open 500 stations in Jiangsu through a joint venture with Sinopec, ending a decade-long ban on foreign capital in domestic filling stations. Shell controlled 40% of the stock in that venture, with Sinopec carrying 60%.Link: http://news.hexun.com/detail.aspx?lm=1674&id=1483870
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