HONG KONG Aug 22 China Petroleum & Chemical Corp, better known as Sinopec, is planning a $1.5 billion Hong Kong initial public offering for its oilfield services unit in the first half of 2015, people familiar with the matter said.
Sinopec Oilfield Services Corp (SOSC), as the unit is called, provides engineering and technical services for companies engaged in oil and gas exploration and production.
Investment banks were recently invited to pitch for the IPO mandates, which are expected to be awarded in the next few months, the people added.
SOSC was established in a 2012 group restructuring at the same time as Sinopec Engineering. The engineering unit went public in Hong Kong last year, raising HK$14 billion ($1.8 billion).
Sources declined to be identified as the details of the IPO plans have not been officially announced. A media official at SOSC did not offer an immediate comment.