Chinese oil champion Sinopec is selling a $17.4bn stake in its retail unit to a large group of mostly domestic investors as the country tries to reform its sprawling state-owned enterprises.
The 29.99 per cent stake sale – to investors including tech group Tencent, private conglomerate Fosun and China Life Insurance – was considered a precedent-setting deal in China’s efforts to realise value in its SOEs .
But the deal, announced yesterday, is far from the opening of the oil sector to outside forces that reformers had sought. Sinopec has ceded no control of its lucrative business while raising funds from a sprawling club of state-owned enterprises, leading private groups, pension funds and other domestic investors.
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