Sinopec, the biggest refiner in Asia has intention to sell its stake. This was according to sources familiar with the matter. The sources added that the refiner has appointed Goldman Sachs Group Inc. to work on the sale of its retail assets.
If the sale would push through, China’s Sinopec could get a hefty USD30 billion from a 30 percent stake sale in a retail unit it owns. Sinopec’s retail assets would include the largest network of fuel stations in China, said people who were familiar with the matter but spoke in condition of anonymity as the talks were held in private.
A sale of 30 percent would be the biggest from a state owned firm in China, according to a data compiled by Bloomberg. Meanwhile, two of the sources said that Sinopec was also advised by China International Capital Corp to push on the sale for a reorganization plan in the company.
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