Sinopec to raise $16b from retail unit divestment
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.