Total enters China retail market

Sinochem Corp, China's fourth largest state-owned oil company, signed a joint venture deal with France's TotalFinaElf to market oil products in northern China. According to the agreement, Sinopec and Total will invest US$108.8 million in the JV with Sinochem holding a 51% stake. Subject to central government approval, the venture is expected to build 200 petrol stations in Liaoning and Hebei provinces as well as the municipalities of Beijing and Tianjin.