REUTERS - Oil refiner China Petroleum & Chemical Corp, also known as Sinopec, is considering an initial public offering of its retail business next year in Hong Kong that could raise as much as $10 billion, Bloomberg reported on Tuesday.
The state-owned oil company has asked banks to submit proposals for roles to manage a listing, Bloomberg reported, citing people familiar with the matter. (bloom.bg/2gHHnAk)
Sinopec’s retail business runs a network of fuel stations and convenience stores in China.
Sinopec has not made a final decision as yet and may also decide against floating the business if market conditions are unfavorable, Bloomberg said.
Sinopec was not immediately available for comment.
Reporting by Komal Khettry in Bengaluru; Editing by Savio D'Souza