Sinopec to raise $16b from re­tail unit di­vest­ment

China Daily (Canada) - - BUSINESS -

China Pe­tro­leum & Chem­i­cal Corp (Sinopec), owner of more than 30,000 gas sta­tions around the coun­try, is seek­ing to raise 100 bil­lion yuan ($16 bil­lion) by sell­ing about a one-third stake in its re­tail unit, peo­ple fa­mil­iar with the mat­ter said. The sale would pave the way for an even­tual list­ing of the unit, they said, ask­ing not to be iden­ti­fied be­cause the in­for­ma­tion hasn’t been made pub­lic. Sinopec said in Fe­bru­ary it was look­ing to sell as much as 30 per­cent of the busi­ness as the govern­ment en­cour­ages more pri­vate in­vest­ment in State-owned in­dus­tries. ship­ments to­taled 36.4met­ric tons, com­pared with 52.3 tons in­May and 100.9 tons a year ear­lier, ac­cord­ing to cal­cu­la­tions by BloombergNews based on data from the Hong Kong Cen­sus and Sta­tis­tics De­part­ment. Ship­ments toHong Kong from the main­land rose to 19.7 tons in June from 14.9 tons in­May, the sta­tis­tics de­part­ment said in a sep­a­rate state­ment.

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