BP: agreements for joint venture in China
(CercleFinance.com) - BP and Dongming Petrochemical have announced signing joint venture agreements to develop a gasoline and service distribution business covering the Chinese provinces of Shandong, Henan and Hebei.
Subject to the usual regulatory approvals, this partnership is expected to begin operations this year, with the network expected to expand to 500 outlets within ten years. The British oil group will own 49% of the joint venture, with its Chinese partner the other 51%.
“New market growth is one of the key strategic priorities for BP's fuels marketing business. Our retail business offers customers a differentiated experience through our brand, high-quality products and services,” said Tufan Erginbilgic, BP's chief executive for Downstream.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Subject to the usual regulatory approvals, this partnership is expected to begin operations this year, with the network expected to expand to 500 outlets within ten years. The British oil group will own 49% of the joint venture, with its Chinese partner the other 51%.
“New market growth is one of the key strategic priorities for BP's fuels marketing business. Our retail business offers customers a differentiated experience through our brand, high-quality products and services,” said Tufan Erginbilgic, BP's chief executive for Downstream.
Copyright (c) 2018 CercleFinance.com. All rights reserved.