CNOOC, private firm ink gas station deal

Oil producer, Zhangjiagang retailer to jointly tap downstream businesses

China's third-largest oil producer CNOOC Ltd has teamed up with the privately owned CNPC&TAFO Petro Corp to jointly develop gas station businesses, a further step in the opening-up of the nation's energy sector.

CNOOC gained nine franchise gas stations owned by CNPC&TAFO, a Zhangjiagang-based private company majoring in oil retailing in Jiangsu province via the contract, according to CNOOC's statement. CNPC&TAFO will follow the standards of CNOOC to operate the nine gas stations.