Sinopec invites banks to submit proposals for retail sale

|By:, SA News Editor

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.