Total to delay plans for retail outlets

Xinhua News reported in August that Frances Total SA will delay the construction of 500 service stations in China because of market uncertainties. Total and Sinochem established a 49-51 joint venture to market oil products in China last March, in anticipation of the opening up of its wholesale market by year end. China has made commitments to do so when it became a member of the World Trade Organization in 2001. The JV planned to build 200 service stations in north China and 300 in east China. Sinochem, which is China’s fourth largest state-owned oil company, did not comment on the report. (August 4, 2006)