SINOPEC USE $17.5 BLN
Asia's largest oil refiner Sinopec Corp, which on Thursday posted a 12 percent fall in quarterly earnings, aims to use part of $17.5 billion in proceeds from a stake sale to boost shale gas production and lower debt.
Sinopec unveiled a plan in September to sell the stake in its retail business, marking China's biggest privatisation push since President Xi Jinping came to power almost two years ago.
Chen Yang, head of Sinopec's investor relations, said in a conference call with analysts on Friday that the state-run oil company planned to use the proceeds partly to boost shale gas production, pay down debt and…
Log in to read the publication.
An authorized user gets access to four FREE publications per month.
You can also buy a full access to all publications of the site since January 2014.