Retail ties help Sinopec move to mixed ownership

Refiner takes the lead in pioneering the opening-up of State-owned enterprises, reports Du Juan.

Oil and natural gas giant China Petroleum and Chemical Corp (Sinopec) is leading the country's latest round of State-owned enterprise reform as it explores an innovative way to increase the value of national assets.

The crude refining conglomerate announced plans to sell a stake valued at 107.1 billion yuan ($17.5 billion) in its retail business to 25 investors that hail from a range of domestic and foreign industries.