Sinopec retail plans on track

China Petroleum & Chemical Corp (Sinopec) has shortlisted at least 37 bidding consortia for a stake of up to 30 percent in its fuel retail unit and plans to choose a winner by end-September, its chairman said on Monday.

"The reaction from investors, from the market, is better than we originally expected," Chairman Fu Chengyu told reporters at the company's first-half results briefing.

"We have shortlisted about 37 consortia with each consortium including multiple enterprises or funds," he said, adding that he expected to conclude the selection process by the end of the third quarter. The shortlisted bidders are submitting binding bids, Fu said.