Sinopec offers major stake in international unit to Chinese investment firms
China Petrochemical Corp., or Sinopec Group as it is commonly referred to, is selling more than half of a unit which holds its overseas assets to two state investment vehicles. No value for the transaction was provided, but the deal will split ownership into two 30% stakes and one 40% stake between Sinopec Group, China Chengtong Holdings Group Ltd. and China Reform Holdings Corp. No further detail on who will retain which stakes was provided, reports Bloomberg.

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