-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanhan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Fun
-
Budding Writers
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Business_Markets
-
Shopping
-
Travel
-
Restaurants
-
Hotels
-
Investment
-
Yearend Review
-
In depth
-
Leisure Highlights
-
Sports
-
World
-
QINGDAO TODAY
-
Entertainment
-
Business
-
Markets
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Markets
Sinochem taps banks for listing of oil assets
    2017-October-24  08:53    Shenzhen Daily

SINOCHEM Group has tapped three banks to work on the possible Hong Kong listing of its key oil assets, as it seeks to raise capital and revive the company, said sources with knowledge of the matter.

Citic Securities and BOC International are advising Sinochem, China’s fourth-largest oil firm, on the planned initial public offering (IPO), which will likely take place in the second half of next year, the sources said.

No formal mandate for the IPO has been awarded yet, they said, adding preparations for the market float are at an early stage and unlisted Sinochem has yet to decide the size of the public offering.

The IPO plan also comes amid China’s latest push to revive its State-owned enterprise sector via the mixed-ownership reforms by injecting private capital into State enterprises.

“Our people are preparing for it [IPO] ... but it’s still far away,” Sinochem chairman Ning Gaoning said.

The planned listing will likely include Sinochem’s refining, fuel marketing, trading and storing assets, but not its struggling upstream business — mostly overseas oil and gas production — the sources said.

“These assets are considered the best under the company,” said one of the sources, referring to the businesses likely to be part of the listing. “Sinochem is looking to offload its upstream business to the government rather than to investors.”

Hit by low oil prices, Sinochem has aimed to shift from oil exploration and production to the more value-added refining and retailing businesses. It has been looking to sell a stake in Brazil’s Peregrino offshore oilfield.

The government has been working toward creating bigger, stronger State firms, and building enterprises capable of competing globally.

It is also weeding out excessive capacity in bloated sectors, but wants to avoid any risk of mass layoffs or a blow to economic growth. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn