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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India Economy

REUTERS SHOWCASE

Reliance Projects

Reliance Projects

Exclusive: Reliance plans $13 billion projects including new refinery.  Full Article 

Chopper Deal

Chopper Deal

India nears $2.5 billion deal for Boeing military helicopters.  Full Article 

Coal Scam

Coal Scam

CBI drops coal scam case against Kumar Mangalam Birla.  Full Article 

Low Stocks

Low Stocks

Indian power station coal stocks lowest since 2012 blackouts.  Full Article 

Markets This Month

Markets This Month

Tata Motors, M&M top Sensex gainers  Full Article 

Google Drones

Google Drones

Google is testing unmanned drones to deliver anything from dog food to medicine.  Video 

#RiceBucketChallenge

#RiceBucketChallenge

In India, rice replaces ice in bucket challenge.  Full Article 

Reuters India Mobile

Reuters India Mobile

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