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  • BP to expand retail business in China, partnering with Dongming Petrochemical across three fast-growing provinces
    édité le 05/02/2018 - Plus de news de "BP" - Voir la fiche entreprise de "BP"


BP to expand retail business in China, partnering with Dongming Petrochemical across three fast-growing provinces
BP and Shandong Dongming Petrochemical Group (Dongming Petrochemical) announced the signing of joint venture agreements to develop a leading branded retail fuels and convenience business covering the Chinese provinces of Shandong, Henan and Hebei.

Subject to regulatory approvals, the partnership with Dongming Petrochemical will start operations in 2018 and the network is expected to grow to 500 sites in 10 years. BP has a 49% equity share of the joint venture and Dongming Petrochemical the remaining 51%.

“New market growth is one of the key strategic priorities for BP’s fuels marketing business. Our retail business offers customers a differentiated experience through our brand, high-quality products and services,” said Tufan Erginbilgic, BP’s chief executive for Downstream.

“This joint venture plans to create a modern retail fuelling network, delivering high-quality customer experiences and contributing to a safer, cleaner and more efficient industry in China. Building our retail presence in China supports our goal to grow our earnings in the Downstream.”

BP already has over 740 retail sites in China through existing joint ventures. Today’s agreement is part of a focused growth strategy that will see BP continue to expand its retail presence in China through both new and existing partnerships, bringing its leading offer to customers across the country.

“China offers exciting opportunities for growth for the BP group,” Dev Sanyal, BP’s executive vice president regions, including Asia, commented. “Dongming Petrochemical are a strong local partner and we are pleased to be working with them to expand our footprint into Shangdong, Henan and Hebei, which are among the fastest-growing Chinese provinces.”

“I believe our strategic partnership will further promote the in-depth reform of the retail sector in China,” Xiangping Li, Chairman of Dongming Petrochemical, commented: “I also look forward to a sound development of mutual benefit and complementary advantages.”

BP currently operates more than 740 dual-branded retail stations in Guangdong and Zhejiang provinces with partners China National Petroleum Corporation (CNPC) and China Petroleum & Chemical Corporation (Sinopec) respectively. Across this network BP serves 400,000 customers and sells over 12 million litres of gasoline and diesel every day.

BP in China

BP is one of the leading foreign investors in the Chinese oil and gas sector. BP’s business activities in China include oil and gas exploration and development, petrochemicals manufacturing and marketing, aviation fuel supply, oil products retailing, lubricants blending and marketing, oil and gas supply and trading, LNG terminal and trunk line operation and chemicals technology licensing. Building on its business successes in China, BP has also expanded partnerships with Chinese national energy companies internationally.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About Shandong Dongming Petrochemical Group

Shandong Dongming Petrochemical Group is an independent refining and petrochemical company located in Heze city, Shandong province. It has around 6,300 employees and total assets of RMB 30 billion. Its refining capacity is 15 million tons per year. The company is a large-scale diversified equity petrochemical enterprise group integrating crude oil processing, petrochemical industry, fine chemical industry, gas chemical industry, engineering technology, real estate, sales terminal of refined oil product, international financing, international trading, international investment, international logistics, infrastructure and culture education.


Origine : Communiqué BP

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