Sinopec reviving IPO of retail unit to raise up to US$10b: sources

Hong Kong

CHINA Petroleum & Chemical Corp, the world's biggest oil refiner, is reviving a long-mooted initial public offering of its retail business that could raise as much as US$10 billion, sources said.

The state-owned oil company, known as Sinopec, has asked banks to submit proposals by this month for roles to manage a potential Hong Kong listing next year, according to the sources, who asked not to be identified as the information is private.