| Abstract: | PetroChina and BP launched a gas station business joint venture in South China's Guangdong Province on November 18, marking a further move in BP's foray into China's booming oil fuel retail market. The joint venture will operate a retail network of 500 petrol stations in the province. Called "PetroChina-BP Petroleum Co Ltd" and registered in Jiangmen City of Guangdong Province, the venture is set up as a result of a memorandum of understanding reached with BP's acquisition of 20 percent of the listed shares from PetroChina's global initial public offering as the sole strategic investor in 2000. |
