Caixin
Sep 29, 2014 04:27 PM

Hopes for Rapid Growth High after Sinopec Picks 25 Outside Investors

(Beijing) – China Petroleum & Chemical Corp. (Sinopec) has chose 25 investors to back its sales subsidiary as part of a plan to invite private investors that it announced in February.

The state-owned oil giant has also signed cooperation agreements with 12 partners, most of them investors.

As of April 30, the subsidiary had total assets of around 341.8 billion yuan, and debt or 277.4 billion yuan, an audit by PricewaterhouseCoopers China said. The subsidiary had about 1.5 trillion yuan in revenue last year, contributing 25.1 billion yuan in net profit to Sinopec.

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