Sinopec to open distribution networks to outside investment

China Petroleum & Chemical Corporation (SNP.NYSE, 0386.HKG, 600028.SHA), known as Sinopec, said it will open up its domestic marketing and distribution operations to outside investors, The Wall Street Journal reported. It didn’t give details about the investment program and stopped short of fully opening up its gasoline stations and other distribution operations to third parties by capping the amount of outside investment at 30%. The move is a nod to Beijing’s latest efforts to reform state-owned companies and encourage a mixed-ownership economy. Sinopec has the largest petroleum sales-and-distribution network in China, with 30,532 fuel stations as of the end of last year.