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China's non-oil business still young

03-01-2011 09:40 BJT

The non-oil business might have just taken off in China, but in other countries like the US and Australia it's a very mature industry. And as CCTV reporter Zou Yun reports, it's also very lucrative.

According to Statistics, non-oil business in many international oil companies like BP, and Shell, could account up to 60 percent of the company's revenue.

But Chinese oil companies only started developing their non-oil business in recent years. Petro China started exploring non-oil business in 2002, and Sinopec in 2004.

In 2008, McDonald's established a strategic alliance with Sinopec. They set up "Drive-Thru" restaurants in the company's gas stations, so there was no need to exit the car.

One industry insider said "The non-fuel business is still at an early stage. We aim to expand non-fuel products and services, like outdoor advertising, auto care and beauty stores, in the future."

Both Sinopec and Petro China have high hopes for their non-oil business.

Sinopec intends to expand its non-oil business by 50 percent this year, with plans to upgrade gas stations into integrated service stations.

In spite of the great ambition, some insiders have also expressed concern. They say if China's non-oil business wants to grow, its distribution and purchasing capability needs to be strengthened.


Editor:Xiong Qu |Source: CNTV.CN

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