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.