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.