Sinochem Energy, a unit of China’s state-owned Sinochem Group, has filed for a Hong Kong initial public offering (IPO) of about $2 billion, as the group seeks to raise capital amid a shift to higher-value businesses, including petrochemicals production.
Sinochem Energy operates the group’s oil and petroleum products trading, oil refining, storage and logistics, as well as distribution and retail businesses, but not its struggling upstream business that includes overseas oil and gas production.
