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.

Sinopec's retail operations include more than 30,500 fuel stations under its own brand as well as a network of convenience stores. It proposed a listing of the retail business in 2014, when it sold a 29.99 per cent stake for 107 billion yuan (S$22 billion) to a group of investors including China Life Insurance Co and bi…