April 3, 2014 / 3:35 AM / in 4 years

Sinopec picks Goldman Sachs for $30 bln retail sale -Bloomberg

April 3 (Reuters) - 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 largest companies. (Reporting by Arnab Sen in Bangalore; Editing by Christopher Cushing)

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