March 24, 2014 / 8:15 AM / in 4 years

Sinopec says aims to finish marketing business stake sale in Q3

HONG KONG, March 24(Reuters) - State-run oil group China Petroleum and Chemical Corp (Sinopec Corp) said on Monday it aims to complete the sale of up to 30 percent of its marketing buiness in the third quarter of this year.

The company also plans to set up a holding company for the marketing assets by the end of March, Sinopec chairman Fu Chengyu told reporters at a results briefing.

Sinopec unveiled a plan last month to restructure its massive marketing business, which includes convenience stores and petrol stations, as well as oil-products pipelines and storage facilities across China.

It plans to sell the stake in its marketing business in a restructuring that analysts say could raise $10-$20 billion.

Reporting by Charlie Zhu; Additional reporting by Twinnie Siu; Editing by Anne Marie Roantree and Miral Fahmy

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