Shell to set up oil-shale development JV

A Chinese unit of Royal Dutch Shell PLC has signed an agreement with a Chinese company to set up Jilin Shell Oil Shale Development Co, a joint venture that will develop oil-shale deposits in northeastern Jilin province, the Wall Street Journal reported. Shell will hold 61%, while Jilin Guangzheng Mineral Development Co will own the remainder. The two companies will invest a combined total of $150 million in the new company.