Sinopec forms new lubricants subsidiary, part of effort to seek private capital

• Sinopec (NYSE:SNP) says it is establishing a new subsidiary to house its lubricants business as part of an effort to bring private capital into the division.
• The move comes as SNP restructures its operations following last year's landmark reform blueprint from Chinese leaders that called for state-owned enterprises to bring in private investors in a bid to improve returns and efficiency.
• The lubricants business is one of the fastest growing industries in China's energy sector, driven by the rapid growth of auto purchases.