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Sinopec opens to private investors

Staff writer |
China Petroleum and Chemical Corp (Sinopec) opened up to 30 percent of its oil retail business sector, including more than 30,000 fuel stations, pipelines and storage, to private investors.

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"Introducing private investors is helpful in accelerating the company's specialization processes. Under the supervision of both the investors and authorities, the company can explore new business models and raise market operation levels," a Sinopec said in the statement.

Sinopec is the first of the three big State-owned oil companies, the others are PetroChina Co and China National Offshore Oil Corp, to introduce private capital into its sales business since a key reform meeting promised to actively develop a diversified ownership economy.

Sinopec's oil retail business has high profitability and offers big investment returns with a complete distribution network. The oil retail unit has 30,532 fuel stations, total oil products pipelines of more than 10,000 kilometers and overall storage capacity of 15 million cubic meters.

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