Sinopec Picks 25 Investors to Hold Stake in Sales Unit

(Beijing) – China Petroleum & Chemical Corp. (Sinopec) has chosen 25 investors to be part of a restructuring plan intended to transform its sales subsidiary into a so-called mixed-share ownership company.

The investors put up a total of 107.094 billion yuan, taking 29.99 percent of the subsidiary, Sinopec said in a September 14 statement.

The investors were chosen from a pool of 37 who took part in a second round of bidding in August. A first round of bidding was held in July.