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Sinopec Gets Capital Injection for Marketing

Asia's largest refiner, China Petroleum and Chemical Corp, said on Jan 6 that it has received approval for a 107.1 billion yuan ($17.2 billion) capital increase for its marketing subsidiary, a big step in the country's mixed-ownership reform of state-owned enterprises.

Sinopec said that the National Development and Reform Commission, the top planning agency, and the Ministry of Commerce had approved the cash injection by 25 foreign and domestic investors into Sinopec Marketing Co Ltd.

Fu Chengyu, chairman of Sinopec, told reporters last year that the company will pursue mixed-ownership reform to share the benefits of its operations with private and social investors. He said Sinopec will become a full service provider instead of merely remaining an oil company, which he called a "big dream".

( China Daily Edited by Topco)