BEIJING, June 30 (Xinhua) -- Sinopec, one of China's three oil giants, said on Monday that it will seek social and private capital through capital increase and share expansion, in the latest development in the company's mixed ownership endeavor.
In February, Sinopec proposed to sell up to 30 percent of its multi-billion-dollar marketing arm to social and private investors, the first move by a state-owned enterprise administered directly by the central authorities to share lucrative business with private investors. But the company did not specify then how a partnership would be established.
The combined assets of Sinopec's marketing arm reached 341.8 billion yuan (55.6 billion U.S. dollars) by April 30, and it has completed relevant auditing and assessment work for the mixed ownership, the company said in a statement.
It did not specify a timetable for completing social and private capital soliciting, but did say the effort will not be made through an initial public offering (IPO).
The total amount of social and private capital introduced into the company depends on the market situation, and several rounds of appraisal and competitive negotiation will take place before a final decision is made.
To unleash the vigor of a market economy, China vowed last November to actively promote mixed ownership and raise non-state share in the economy.
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