By an OGJ Online Correspondent
BEIJING, Mar. 21 -- China Petroleum & Chemical Corp. (Sinopec) said it plans to build 450 retail stations with foreign companies this year, as China lifts the ban on foreign investment in the retail business.
This will be the first wave of about 1,500 such sites to be built with Royal Dutch/Shell Group, ExxonMobil Corp., and BP PLC in the next 3 years.
In addition, Sinopec will build 1,000 independent retail outlets this year. In the last 2 years, Sinopec has invested 35 billion yuan to expand its retail business. It now owns about 24,000 gasoline stations in southern and eastern China, vs. 8,000 3 years ago. In total, China has 75,000 retail stations.
China had banned foreign investment in the oil products retail business until it joined the World Trade Organization in December last year.
Under WTO rules, China agreed to open its oil retail markets 3 years after joining the WTO and oil wholesale markets 5 years after its entry.
