Sinopec, China’s largest oil refiner, announced on Sunday that it would be selling an almost 30% stake in its sales-and-marketing unit to 25 investors, The Wall Street Journal reported. The deal, which is still subject to regulatory approval, will see a mix of both Chinese and foreign companies including appliance maker Haier acquire the stake for a total of RMB107.1 billion (USD$17.5 billion), with no investor owning more than a 2.8% stake in the unit. The retail unit, Sinopec Sales, runs more than 30,000 gasoline stations and 23,000 convenience stores throughout China.
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