Shell Acquires Full Control of Chinese Gas Station Joint Venture
- Chongqing Doyen said to sell its 51% stake for $149 million
- Joint venture had 41 gas stations in Chongqing city in 2014
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Royal Dutch Shell Plc has acquired full control of one of its gas station joint ventures in China as the oil major doubles down on the fuel retailing market in the world’s second-largest economy.
Shell has agreed to buy the stake it didn’t already own in Chongqing Doyen Shell Petroleum & Chemical Co. and completed the deal on Oct. 19, a company representative said following a Bloomberg inquiry.