Sinopec sells $3.3bn stake in pipeline unit

Bloomberg reports China Petroleum & Chemical Corp. is selling a 50% stake in a pipeline unit to investors including China Life Insurance Co. for 22.8 billion yuan ($3.3 billion) as it seeks funds to expand its natural gas business. China Life will pay 20 billion yuan for a 43.86% stake in the pipeline, while a division of State Development & Investment Corp. will get the remaining 6.14% for 2.8 billion yuan, the state energy giant, known as Sinopec, said in a statement to the Hong Kong stock exchange Monday. Sinopec, the world’s biggest refiner and one of China’s Big Three energy companies, will use the funds to expand the capacity of the unit, Sinopec Sichuan-to-East China Gas Pipeline Co., build gas-storage facilities and push forward its natural gas business.