China’s Sinochem Energy, a unit of state-owned Sinochem Group, is to float its oil refining and storage unit in a $2bn Hong Kong IPO.
Reuters reported in April that the group had hired seven banks for the listing of its key oil assets. The flotation comes as Sinochem Corporation prepares to merge with ChemChina.
Sinochem Energy, which owns storage facilities with a combined capacity of 5.1 million tonnes, is 97.8 per cent owned by Sinochem Corporation whose operations span oil and gas, chemicals, agriculture, real estate and finance industries.
For more information, visit: www.sinochem.com
10th August 2018