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Sinopec May Announce Additional Reforms During Beijing Meetings

Feb. 26 (Bloomberg) -- China Petroleum & Chemical Corp., Asia’s biggest refiner, may announce additional restructuring next month, according to a report by the China Business News.

Sinopec, as the refiner is known, will probably introduce the next step for reforms during next month’s meetings in Beijing, Chairman Fu Chengyu said yesterday in the capital, the newspaper reported. The company needs to discuss the next phrase for its reform, and what it’ll do at different stages, he said.

China will host its annual National People’s Congress and the Chinese People’s Political Consultative Conference, or CPPCC, next month in Beijing. Fu is a member of the CPPCC. Sinopec last week approved a plan to sell as much as 30 percent of its oil retail unit, which includes the nation’s largest network of fuel stations, an initial step in a government-driven reform.

China can’t keep using its original development plan, Fu said. Going ahead, the nation needs the bigger companies to “bring along” the smaller firms, he said, according to the report.

Lv Dapeng, Sinopec’s Beijing-based spokesman, didn’t answer two calls to his office today.

Sinopec rose 4.1 percent to HK$6.64 at the close of trade in Hong Kong, the highest since Dec. 10. The company’s Shanghai-traded shares rose 3.7 percent to 5.07 yuan today.

Sinopec will seek private investors for as much as 30 percent of its oil retail unit, which includes more than 30,000 fuel stations, it said on Feb. 19, in a sale that could raise more than $20 billion according to Barclays Plc.

To contact the reporter on this story: Benjamin Haas in Hong Kong at bhaas7@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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