China's Sinochem in talks to transfer 33.6% stake in WEPEC refinery to PetroChina

China's Sinochem in talks to transfer 33.6% stake in WEPEC refinery to PetroChina

Photo: Reuters

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.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter