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China Sinopec taps govt asset firms to restructure overseas upstream unit

Published 2016-04-15, 05:08 a/m
© Reuters.  China Sinopec taps govt asset firms to restructure overseas upstream unit

BEIJING, April 15 (Reuters) - China's state-run Sinopec
Group has brought in two government asset firms as strategic
investors to its overseas upstream unit to shore up profits amid
low oil prices.
China Chengtong Holdings Group Ltd and China Reform Holdings
will hold a combined 70 percent stake in Sinopec International
Petroleum Exploration and Production Corp (SIPC), while Sinopec
Group holds the remaining 30 percent.

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