Global companies keen to tap fuel retailing opportunities in China

British energy company BP Plc opened its first branded station in Shandong, East China in January, the latest move of global energy giants investing in gas stations after China lifted restrictions on foreign investments in the sector in June 2018.

The new site is the start of BP's plan to add 1,000 new sites across China over the next five years through its joint venture partnership with Shandong Dongming Petrochemical Group, a private refiner. Half of the new sites will be in Shandong, Central China's Henan and North China's Hebei provinces, a result of its joint venture with Dongming Petrochemical, which was formed last February.

The new location will also be BP's first retail site in the country to offer fast charging for electric vehicles, it said.