China's Sinopec said to secure Cabinet nod for retail unit IPO

China's Sinopec said to secure Cabinet nod for retail unit IPO

Signage for a China Petroleum & Chemical Corp. (Sinopec) gas station stands next to a road at dusk in Hong Kong, China Photographer: Vivek Prakash/Bloomberg

Sinopec, China’s top oil refiner, won approval from the country’s cabinet for a long-awaited initial public offering of the retail unit that runs its vast chain of gas stations and convenience stores, people with knowledge of the matter said.

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