Sinopec could net up to $38 billion from the sale of a large stake in its retail fuel business, a windfall analysts said the state-run energy giant may plough into exploration and production to build a bigger and better upstream business.
Sinopec – China’s second-biggest oil and gas company after PetroChina – said on Wednesday that it plans to sell up to 30% of its oil product marketing segment, which controls more than 30,000 petrol stations and more than 10,000 km of pipelines.
The value of the...
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