Deals
Sinochem Plans $5.5 Billion Shanghai IPO to Fund Refinery
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Nov. 11 (Bloomberg) -- Sinochem Corp. plans to raise asmuch as 35 billion yuan ($5.5 billion) in an initial publicoffering to fund an oil refinery project, in what would beChina’s sixth-biggest IPO.
The country’s largest supplier of chemical products aims tosell as much as 26.5 billion new shares in Shanghai, accordingto a statement posted on the Ministry of EnvironmentalProtection’s website yesterday. The unit of Sinochem Group willuse the proceeds to finance a 12 million metric-ton-a-year, or241,000 barrel-a-day, refinery in Fujian, the statement said.