Markets

China Sinopec taps govt asset firms to restructure overseas upstream unit

Published April 15, 2016 Updated April 15, 2016 09:35am

1 min

By Shoaib Ur Rehman

Add BRecorder as a trusted
source on Google

BEIJING: 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.

Read Comments