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Sinopec to seek capital increase, share expansion

English.news.cn   2014-07-01 08:41:07

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.


Sinopec to double energy efficiency by 2025

BEIJING, June 26 (Xinhua) -- China's top refiner, Sinopec, announced on Thursday a plan to double its energy efficiency from the current level by 2025 through more investment, better management and technologies.

The "Energy Efficiency Doubling" plan, the first of its kind adopted by any Chinese company, was unveiled by Sinopec Chairman Fu Chengyu at the China Summit on Caring for Climate which was hosted by the United Nations Global Compact Network China.Full Story

Sinopec Q1 net profits down 15 pct

BEIJING, April 28 (Xinhua) -- China's top oil refiner Sinopec on Monday reported a 15.3 percent year-on-year drop in net profits in the first quarter of 2014.

Net profits in Q1 stood at 14.1 billion yuan (2.31 billion U.S. dollars).Full Story

Editor: Yamei Wang
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