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Total Cuts China Shale Gas Deal: Report

BEIJING ( TheStreet) -- Total SA (TOT) has reached a deal with China to explore for and produce shale gas, according to a published media report.

The CEO of the French oil and gas company said in an interview Sunday that Total had reached the agreement with China Petroleum and Chemical Corp. (SNP), also known as Sinopec, The Wall Street Journal reported on its Web site.

China hopes to begin tapping its shale gas deposits, in which natural gas is trapped in underground rock formations, the Journal noted.

Sinopec is majority-owned by China's government.

In the interview, Total CEO Christophe de Margerie also said that China's government now owns a 2% stake in Total.

His company is also in discussions to gain the right to market inside China fuel and chemicals produced at a refinery complex planned for southern China, the report said.

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Shares of Total closed Friday up 54 cents at $55.35.

Shares of Sinopec closed the session up $1.17 at $115.74.

This article was written by a staff member of TheStreet.

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