Sinopec reportedly picks Goldman Sachs for $30B unit sale

|By:, SA News Editor

Sinopec (SNP) is working with Goldman Sachs (GS) on the sale of a 30% stake in its retail assets, which includes China’s biggest network of fuel stations, Bloomberg reported earlier.

Such a deal could raise as much as $30B, which would be the biggest asset sale by a Chinese state-owned company.

China Petrochemical, SNP's parent company, raised $5B yesterday from the biggest offering of dollar-denominated notes by an Asian issuer in more than a decade; Goldman was among banks that arranged the bond sale and was sole manager of SNP’s $3.1B share offering in Hong Kong last year.