Sinopec’s retail IPO gets green light from State

The Chinese authorities have finally approved Sinopec’s long-awaited initial public offering (IPO) of the business arm that runs its network of fuel retail outlets and convenience stores, reports Petrolworld.

Although a definitive timetable for when preparations will start has not been set, it is understood that Sinopec aims to sell shares in Sinopec Marketing Company during 2019, in a bid to raise between $5bn and $6bn.