Shell to sell entire stake in Sinopec

Royal Dutch/Shell Group said that it planned to sell its entire stake of 1.85 billion shares in China Petroleum & Chemical Corp (Sinopec) for as much as US$748.3 million. After confirming that it was looking to unload its Sinopec shares, Shell said a company statement on the transaction would come soon. Goldman Sachs is arranging the sale, from which Shell is expected to make US$371 million. Shell's sale of Sinopec shares will follow British Petroleum's recent sale of its entire stake in Sinopec.