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Total Fina Elf to Open More Branches in China
The French oil group, Total Fina Elf, announced Monday in Chengdu, capital of southwest China's Sichuan Province, that it will set up 15 additional subsidiary companies in China and its local staff will be about 4,000.
The country's huge market is irresistible to multinationals like Total, said Jean-Louis Petit, president of Total Investment ( China), and China is the most important place in Total's Asian operation.
The company, keen to expand investment in cooperation with China's counterparts, predicts a ten-year fast growing period for the Chinese market and wants the opportunity to deal with gas- related management and gas station network construction, said the president.
The country's ongoing campaign to develop its western regions offers an ideal opportunity for overseas companies, which will find an increasing market with fewer competitors, said the official.
Total, a world oil giant, entered China about 20 years ago. It is already operating 30 branches with 2,500 staff and has investments of nearly one billion U.S. dollars in China.
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