30th Sep 2005 15:09
Total S.A.30 September 2005 New Joint Venture between Total and Sinochem for a Service Station Network in Eastern China Paris - September 30, 2005 - On 29 September, Total signed a second jointventure agreement with Sinochem, to set up a network of 300 service stations inthe provinces of Jiangsu, Zhejiang and Shanghai, in Eastern China, with a globalinvestment of around $100 million. This new joint venture (49% Total and 51%Sinochem) is subject to the approval of the Chinese authorities. Total and Sinochem have been partners for over 10 years in one of the country'smain refineries, located in Dalian, in Northern China and, since 2004, in ajoint venture to set up a network of 200 service stations in the provinces ofBeijing, Tianjin, Hebei and Liaoning, also in Northern China. They are co-operating again for this new network around Shanghai. Sinochem is one of thefour Chinese oil companies, specialising in logistics and trading, as well aschemicals manufacturing and trading. "This investment builds on our co-operation in refining and marketing withSinochem in Northern China", said Thierry Desmarest, Chairman and CEO of Total,when the agreement was signed in Beijing. In addition to its interest in theDalian refinery and the first joint venture in Northern China, Total is alreadyactive in the downstream sector, with service stations in the province of Hubei,lubricants sold under the Elf and Total brands, in liquid petroleum gas,specialty fluids, petrochemicals and specialty chemicals. * * * * * * Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total's activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals. Total has more than 111,000 employees worldwide. More information can be found on the company's website: www.total.com Sinochem Corp. is a large state-owned Chinese enterprise and one of the fournational oil companies. It is also the country's largest fertilizer importer andphosphate and compound fertilizer producer. To learn more, go to:www.sinochem.com Media Relations: TotalParis : Christine de Champeaux, Tel. : +33 (0)1 47 44 47 49 or +33 (0)6 82 82 71 71, Fax :+33 (0)1 47 44 66 21Beijing: Jean-Louis Petit, General Manager of Total China Tel +8610 6505 2921 (ext 701/702) Fax +8610 6505 1881 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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