BP Plc, Europe's second-largest oil company, said it will meet a target to have 1,000 gas service stations in China by the end of this year under joint venture deals with the nation's two largest oil firms. BP will add about 300 retailing stations this year under its 2004 accords with China Petroleum & Chemical Corp and PetroChina Co.

China, the world's fastest-growing vehicle market, has as many as 80,000 retail fuel stations, more than half of which are run by the parent companies of PetroChina and China Petroleum & Chemical, also known as Sinopec. BP is competing with foreign companies, including Royal Dutch Shell Plc, to tap the country's rising demand.

BP signed agreements to build and operate 500 service stations in Zhejiang Province with Sinopec and another 500 in Guangdong Province with PetroChina, the European oil company said in 2004. BP owns 40 percent of the Sinopec venture and 49 percent of the project with PetroChina.

Shell has similar accords in China. It signed an agreement with Sinopec to spend US$200 million building 500 gasoline stations in the eastern province of Jiangsu, Europe's largest oil company said last year. Shell will build a retail service station network with local partner Chongqing Shurun Petroleum Co Ltd in southwest China.

China is opening up its oil sales market to foreign and privately owned domestic firms under its World Trade Organization obligations. Overseas companies that own a refinery or hold an import license will be allowed to sell oil products in the country from the start of this year.

Source:未知