April 10, 2018 / 4:15 AM / a year ago

China's Sinochem hires three sponsors for $2 bln IPO of oil assets - sources

BEIJING/HONG KONG, April 10 (Reuters) - China’s Sinochem Group has chosen BOC International, CLSA and Morgan Stanley as joint sponsors for the Hong Kong stock listing of its key oil assets that is expected to raise about $2 billion, three people with direct knowledge of the matter said.

Sinochem has also picked China International Capital Corp (CICC), HSBC, ICBC International, and JPMorgan to work on the initial public offering (IPO) expected in the second half of this year, said the people.

The planned IPO for the state-owned group’s unit will likely include its oil refining, oil trading, storage and logistics, as well as distribution and retail businesses.

Sinochem and all the investment banks did not immediately respond to a request for comment. The people declined to be named as the deal details are not public yet. (Reporting by Matthew Miller and Julie Zhu; Writing by Sumeet Chatterjee; Editing by Muralikumar Anantharaman)

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