Sinopec to sell marketing unit stakes

SINOPEC19 February 2014, News Wires – China’s Sinopec is to sell up to 30% of its oil product marketing business as it seeks to restructure the segment.

The refinery giant’s board has approved the measure and given the go-ahead for the sale of stakes to “social and private investors”, it said in a statement to the Hong Kong Stock Exchange on Wednesday.

The board agreed to restructure Sinopec’s oil product marketing segment based on the results of the audits and valuation to be conducted on the current assets and liabilities of this segment,” the statement read.

“It also agreed to diversify the ownership of this segment by way of introducing social and private capital investment.

“The shareholding percentage for social and private investors will be determined according to the market conditions.”

The percentage of shares to be sold will not, however, exceed 30%.


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