With a total investment of 900 million yuan, Sinochem signed an agreement with TOTAL SA to establish a fuel oil company on October 10. According to the agreement, a retail network of nearly 200 gas stations will be built within seven years in four municipalities and provinces in north China's Bohai ring region including Beijing, Tianjin, Hebei and Liaoning.

Sinochem holds 51% of the total share and TOTAL SA 49%. Through the retail network of 200 gas stations, the agreement plans to achieve a sales volume of no less than one million cubic metres (800,000 tons) by 2012.

By People's Daily Online