Total and Sinochem China joint venture gets approval

French oil company Total said on Friday Chinese authorities approved its formation of a joint venture called Total Sinochem Fuels Co with Chinese oil company Sinochem. Total would own 49 percent of the venture and Sinochem, 51 percent. Total said it expects the venture's first service stations to open in Beijing in the autumn.
The partners, which already have worked together at a refinery in Dalian, China, plan to develop a network of 200 service stations around Beijing and Tianjin and in the Hebei and Liaoning provinces.
Sinochem specialises in oil logistics and trading, as well as chemicals manufacturing and trading.