Sinopec shares surge 9 pct on restructuring and private investment plans

HONG KONG Wed Feb 19, 2014 8:26pm EST

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HONG KONG Feb 20 (Reuters) - Shares of Sinopec Corp were set to open up 9 percent on Thursday after Asia's largest oil refiner said it planned to restructure its retail and wholesale business and sell up to 30 percent of the unit.

The stock was set to open at HK$6.6o in Hong Kong, outpacing a 0.3 percent fall in the benchmark Hang Seng Index.

With China promoting private investment in its oil industry, the state-run company's board passed a resolution on Wednesday to restructure the oil product marketing activities.

In a filing with the Hong Kong stock exchange it said it wanted to "diversify the ownership by way of introducing social and private capital". (Reporting by Donny Kwok; Editing by Anne Marie Roantree and Paul Tait)

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