April 3 China Petroleum & Chemical Corp
(Sinopec) , Asia's biggest oil refiner, has
picked Goldman Sachs Group Inc to help sell a stake in
its retail assets, Bloomberg reported, citing people with
knowledge of the matter.
Beijing-based Sinopec could raise about $30 billion from
what would be the biggest asset sale by a Chinese state-owned
company, Bloomberg said. (link.reuters.com/rus28v)
Sinopec did not immediately return calls seeking comment.
Goldman Sachs declined to comment.
Sinopec on Feb. 20 said it would sell up to 30 percent of
its marketing arm, which owns more than 30,000 petrol stations,
in a multi-billion dollar asset restructuring.
That announcement of major restructuring was China's first
since President Xi Jinping unveiled sweeping reforms of the
socialist economy at a Communist Party conclave in November.
Xi promised to encourage private participation in
state-owned enterprises, which include some of the world's
(Reporting by Arnab Sen in Bangalore; Editing by Christopher