Shell Senses Huge Profit Potential on Oil in China

Multinational oil company Royal Dutch Shell Plc will continue to invest in China and considers the country to be its most important market in which to grow its retail business, a senior official said on Thursday.

Istvan Kapitany, executive vice-president of Shell Retail, said China plays a key role for the company in 70 targeted countries. "We will continue to invest in China since the potential of the retail market in China is significant," said Kapitany.

According to the Netherlands-based company, Shell opened almost one service station per day in China in 2012 as demand grew. At present, the company operates about 1,100 service stations in the country.

Kapitany said the company is shifting its core market from Europe to Asia as the global economy changes. "Our business in Europe is no longer in a growth phase, but it is still growing in North America and Asia," he said. As market leader in North America, Shell has 15,000 service stations in the United States and Canada.

In China, the petroleum retail industry is dominated by Sinopec Group, the country's largest refiner, and PetroChina Corp, the nation's biggest oil and gas producer.

(ecns.cn  Edited by Topco)