Shell takes over retail gas station chain in Chongqing

Oil and gas group Shell has taken over the rest of the shares from the Chinese Chongqing Doyen Shell Petroleum & Chemical. For it Shell paid about 1 billion yuan (130 million euros) for 51% of the joint venture, reports Bloomberg press office based on sources.

Doyen Shell had 41 gas stations in the Chinese City of Chongqing a few years ago. The company reported a net profit of 155 million yuan in 2017.

In 2018, China removed the restrictions on foreign investment in petrol stations. Before that time, a Chinese partner had to have the majority of the shares in a chain with more than 30 outlets.

About the author: David Foster

With a background in international relations and a deep understanding of strategic intelligence, David Foster is a sought-after commentator on global security dynamics.

Related assays

60,000 emails were stolen during Chinese hack attack

Sarah Thompson

Member of the Metropolitan Police confesses in multiple rapes

Sarah Thompson

Park in London cordoned off in manhunt for Daniel Abed Khalife

Sarah Thompson

Leave a Comment