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Sinopec invites banks to submit proposals for retail sale

  • Sinopec (SNP) reportedly has invited banks to pitch for handling the sale of part of its retail assets of thousands of gas stations and convenience stores.
  • SNP has said it would allow outsiders to own up to 30% of the retail business, which Barclays believes is worth more than $20B and could attract the interest of supermarket operators.
  • To improve their share performance, SNP and PetroChina (PTR) are restructuring their volatile downstream refinery and marketing businesses, including the gas stations, by introducing outside investors.
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