Sinopec Shanghai to complete spin off of non-core businesses this year

Six years after it started the process, Sinopec Shanghai Petrochemical Co., Ltd., a core subsidiary of China's oil refinery giant Sinopec Group, will complete the spin-off and ownership reform on non-core business in 2008. From 2002, Sinopec Shanghai began splitting off the assets and operations engaged in the sectors outside of petrochemicals. By December 2007, it had retooled 46 units and rebuilt the ownership relationship with them. The last four units have already kicked off the reform and will finish by the end of 2008. Now, Sinopec Shanghai has primary processing capacity of 14 million tons of crude oil pa
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