HONG KONG, Sept 3 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
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
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
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.