The company, a refiner and fuel seller, is expected to earn 7 cents in 2002, the average estimates of analysts surveyed by Thomson First Call.
TESORO PETROLEUM INC., San Antonio, an oil refiner and fuel seller, agreed to buy eight gasoline stations in the western United States from closely held Gary-Williams Retail Co. for an undisclosed price.
CROWN CENTRAL PETROLEUM CORP., Baltimore, an oil refiner and fuel seller, has been given until April 17 to choose between bids from Apex Oil Co., St . Louis and Rosemore Inc., Baltimore, an oil company controlled by relatives of Crown's chairman.
The Crown Central Petroleum Corporation, an oil refiner and fuel seller, said yesterday that its shareholder Rosemore Inc. had agreed to buy the rest of the company for about $67 million, ending a month-long bidding war with the Apex Oil Company.
These firms account for most refining, distribution and fuel sales in China.
Exxon Mobil's chairman, Lee Raymond, called it a "very broad and mutually attractive partnership," that included a deal to study the development of refining, chemicals, and fuel marketing businesses in the country's Guangdong Province.
Three scenarios are designed to discuss the mutual influence between long-term development of refining industry and fuel quality standard implementation.
China is holding gasoline and diesel fuel prices below $3 a gallon, through heavy subsidies to companies like Sinopec involved in refining and distributing fuel.
Chinese whispers suggest that BP may also soon announce a new joint venture with Sinopec, a partly government-owned Chinese firm, in refining and marketing fuels.
