Sinopec forms giant construction unit ahead of IPO

HONG KONG, Sept 3 Mon Sep 3, 2012 3:21pm IST

Related Topics

Stocks

   

HONG KONG, Sept 3 (Reuters) - The state parent of Asia's largest refiner, Sinopec Corp , has set up a giant refining and petrochemical engineering and construction company that state media say is expected to be listed in Hong Kong by 2014.

Sinopec Engineering (Group) Co Ltd was set up in Beijing on Monday to expand Sinopec Group's engineering, procurement and construction (EPC) businesses overseas, Sinopec Group said in a statement.

The new company, created with registered capital of 3.1 billion yuan ($488.31 million) via the consolidation of Sinopec Group's eight engineering and construction units, is capable of handling more than 20 large-scale EPC projects concurrently, it said.

Sinopec Group has undertaken energy projects in countries like Kuwait, Saudi Arabia, Qatar, Kazakhstan, Nigeria, Singapore and Bangladesh, the company said in its statement. It did not give details.

Chinese state media reported early this year that Sinopec Group planned to consolidate eight of its engineering and construction subsidiaries in preparation for a Hong Kong initial public offering (IPO) before 2014.

The newly formed company has about 50,000 employees, annual turnover of 200 billion yuan ($31.50 billion), and total assets worth "several hundred billion" yuan, the 21st Century Business Herald reported this year.

FILED UNDER:
  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Tobacco Control

Tobacco Control

India moves toward ban on loose cigarettes to deter smoking   Full Article 

Modi at SAARC

Modi at SAARC

Modi gives Buddha a miss as SAARC leaders flock to Nepal.  Full Article 

Reuters Insight

Reuters Insight

In Modi’s India, green shoots of reform from Rajasthan.  Full Article 

Investing in ETFs

Investing in ETFs

U.S. investors elevate India over other emerging markets  Full Article 

J&K Elections

J&K Elections

Kashmiris turn out to vote as BJP bids for power  Full Article 

Trade Talks

Trade Talks

India, U.S. hold first trade dialogue in four years  Full Article 

Modi's Wife

Modi's Wife

Modi's estranged wife unhappy over round-the-clock security  Full Article 

Global Economy

Global Economy

OECD sees gradual world recovery, urges ECB to do more  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage