THE WALL STREET JOURNAL: Shell China Units Buy 75% Stake In Shanghai Pioneer: “BEIJING -- Royal Dutch/Shell Group's two units in China have jointly acquired a 75% stake in Shanghai Pioneer Road Service Company Limited, Shell said Wednesday.” (ShellNews.net) 17 Nov 04

DOW JONES NEWSWIRES

November 17, 2004 12:36 a.m.

BEIJING -- Royal Dutch/Shell Group's (RD) two units in China have jointly acquired a 75% stake in Shanghai Pioneer Road Service Company Limited, Shell said Wednesday.

Shell China Holding B.V. and Shell (China) Ltd. acquired the stake in Shanghai Pioneer, a local company with an annual asphalt production capacity of 200,000 metric tons, from Pioneer Road Services (Overseas) Pty Limited.

Shell didn't say how much the units paid for the stake.

Shanghai Pioneer is a joint venture between Pioneer Road Services and Shanghai Textile Transportation Corporation.

Shell Australia owns 50% of Pioneer Road Services.

Following the stake sale, Shanghai Textile Transportation still owns 25% of Shanghai Pioneer.

The deal concludes the joint venture's restructuring that the Shanghai Administration of Industry and Commerce licensed Nov. 3.

-With Jane Yu, Dow Jones Newswires; 8610 6588-5848; djnews.beijing@dowjones.com

-Edited by Sharon Vong