Sinopec to restructure convenience store assets in non-fuel push

BEIJING/HONG KONG: Top Asian refiner Sinopec Corp said on Tuesday it plans to incorporate a company to hold its convenience store assets in a major push to boost non-fuel sales at its vast network of service stations.

The oil giant will set up a retail company to hold 23,000 convenience stores and other related assets at its over 30,000 service stations across China, it said in a Chinese statement.

The establishment of the retail company "marks a significant step taken by Sinopec to make its non-fuel business a more specialised and market-oriented operation", the statement said, adding that Sinopec had 23,000 convenience stores and sales of 13.3 billion yuan ($2.15 billion) in 2013.