France's Total Acquires 20 Gas Stations in N.China

   Date:2007/09/04     Source:

France's Total has acquired more than 20 private gas stations in the northeastern Chinese province of Liaoning, as well as a number of oil wholesalers, according to industry officials.

The purchase was confirmed by the head of the oil distribution section of the China General Chamber of Commerce, Zhao Youshan, at a private oil company conference over the weekend.

Although the oil retail and wholesaling markets have already been opened up to foreign companies in order to meet China's commitments to the WTO, domestic companies have continued to face restrictions.

Government controls over prices, as well as the monopoly that the China National Petroleum Corporation (CNPC) and the China Petroleum and Chemical Corporation (Sinopec) have over upstream oil supplies, have persuaded many private companies to consider selling to foreign firms.

In June, 80 private oil companies announced their intention to sell up to a group of international oil majors including Shell, BP and Mobil, but the deal was blocked by the state planner, the National Development and Reform Commission.

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