(Yicai Global) Dec. 22 -- Zhejiang-based logistics firm Transfar Zhilian Co. and oil giant Royal Dutch Shell Plc's China division yesterday laid out an agreement under which the pair will found a joint venture and build gas stations in the world's second largest economy.

Transfar Zhilian will contribute CNY111 million (USD17 million) to take a 51-percent stake in the new company, while its partner will chip in CNY106 million for the remaining shares, the logistics company said yesterday.

The pair will use the joint venture to build and operate 60 gas stations nationwide to cover Transfar Zhilian's urban distribution centers, marking the Zhejiang-based company's first foray into the oil and gas sector. The move comes less than a week after its Transfar Logistics Group announced plans to enter the new-energy vehicles sector and develop green logistics trucks, which Forbes reported on Dec. 19.

Founded in 2001, Transfar Zhilian is committed to forging an intelligent logistics network covering all of China. As of June, it had expanded to more than 200 cities across the country and served 162,000 customers.

The world's largest petroleum company Shell began operations in China a century ago. It has more gas stations in the company than any other foreign-backed energy firm and closed up its international Make the Future marketing campaign in Shanghai last week.