Sinopec ponders fate of stake sale proceeds

By Colin Shek 21 February 2014 14:19 GMT
Sinopec plans to sell up to 30% of its oil product marketing business. (Interfax) Sinopec plans to sell up to 30% of its oil product marketing business. (Interfax)

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.