Sinopec picks four for jumbo restructuring

By Rev Hui
30 Apr 2014

Asia’s top refiner, China Petroleum & Chemical Corporation (Sinopec), has picked Bank of America Merrill Lynch, CICC, Citic Securities and Deutsche Bank to advise on the restructuring of its retail unit, the company announced on April 24.

Sinopec operates more than 30,000 fuel stations and 23,000 convenience stores in China, and claims to be the country’s largest retail network.

The company is planning to inject those assets into Sinopec Sales and sell a 30% stake in the wholly-owned subsidiary — a transaction that could be ...

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