HONG KONG Dec 14 China Petroleum and Chemicals
Corp (Sinopec) has invited 14 banks to pitch for a
role as a financial adviser to help it revamp the corporate
structure of its fuels distribution unit ahead of a planned IPO
in Hong Kong, people familiar with the plans told Reuters on
The group of firms invited to pitch included BOC
International, CITIC Securities Co Ltd ,
China International Capital Corp Ltd (CICC), Goldman
Sachs and UBS AG, added the people, who declined
to be named because information on the proposed restructuring is
not yet public.
The adviser will help the unit, Sinopec Marketing Co Ltd,
transition from a limited liability company, which has less than
50 shareholders, into a corporation that can have a multitude of
investors and a board of directors, among other things, added
one of the people.
The IPO could raise about $12 billion next year, a separate
person said, though the value is subject to market conditions at
the time of the listing.
CITIC Securities, Goldman and UBS declined to comment, while
Sinopec, BOC International and CICC didn't immediately respond
to a Reuters request for comment.
(Reporting by Julie Zhu and Elzio Barreto; Editing by