China Petroleum & Chemical Corporation, Asia’s biggest refiner, has shortlisted 37 companies as potential buyers of a stake in its retail unit, Chairman Fu Chengyu said at a press briefing in Hong Kong.
The company, also known as Sinopec, is at the forefront of China’s push to restructure state-controlled companies and allow markets a bigger role in the allocation of resources.
The refiner is seeking to raise as much as 100billion yuan ($16.3billion) by selling about a third of its retail unit, China’s biggest fuel station operator.
Beijing-based Sinopec on August 22 reported a better-than-expected 7.5% increase in first-half profit after widening the margin it earns from processing crude oil into fuels.
Net income was $5.3billion in the six months ended June, from $4.9billion a year ago, it said.