BEIJING/HONG KONG, March 18 Top Asian refiner
Sinopec Corp said on Tuesday it
plans to incorporate a company to hold its convenience store
assets in a major push to boost non-fuel sales at its vast
network of service stations.
The oil giant will set up a retail company to hold 23,000
convenience stores and other related assets at its over 30,000
service stations across China, it said in a Chinese statement.
The establishment of the retail company "marks a significant
step taken by Sinopec to make its non-fuel business a more
specialised and market-oriented operation", the statement said,
adding that Sinopec had 23,000 convenience stores and sales of
13.3 billion yuan ($2.15 billion) in 2013.