Sinopec forms giant construction unit ahead of IPO
HONG KONG, Sept 3
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.
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