Chinese state-run oil and chemicals group Sinochem is in advanced talks to transfer its 33.6 percent stake in a debt-laden refinery to state giant PetroChina, part of Sinochem’s plan to shed non-core assets ahead of a $2 billion listing of its energy arm, people briefed on the matter said.
The move is in line with a transformational strategy pushed by Sinochem chairman Ning Gaoning to zero in on core assets as it finalizes a merger with ChemChina that will create the world’s biggest industrial chemicals firm, worth around $120 billion.