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. > > Bull or Bear? Vote in Our Poll Shares of Total closed Friday up 54 cents at $55.35. Shares of Sinopec closed the session up $1.17 at $115.74.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV